Q2 2025 · 13F-HR
SANDLER CAPITAL MANAGEMENTholdings as filed
Filed 2025-08-14 · accession 0001140361-25-031254
$369.6M
Reported value
147
Positions
2025-06-30
Period end
The Brief · SANDLER CAPITAL MANAGEMENT · Q2 2025
AI · grounded in 13F
Sandler Capital Management established a new position in GOGO valued at $17.0M. The fund also initiated new stakes in META for $14.3M and GLW for $9.4M. Additional new positions include NVDA at $8.9M and LYV at $8.5M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 38046C109 | GOGO | GOGO INC | $17.0M | 4.60% | 1,158,300 | PUT | SOLE |
| 219350105 | GLW | CORNING INC | $9.4M | 2.54% | 178,849 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $7.4M | 2.00% | 10,000 | CALL | SOLE |
| 87256C101 | TKO | TKO GROUP HOLDINGS INC | $7.3M | 1.98% | 40,189 | Common | SOLE |
| 882508104 | TXN | TEXAS INSTRS INC | $7.0M | 1.90% | 33,900 | CALL | SOLE |
| 436440101 | HO1 | HOLOGIC INC | $7.0M | 1.89% | 107,102 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $6.9M | 1.86% | 9,332 | Common | SOLE |
| 920253101 | VMI | VALMONT INDS INC | $6.8M | 1.85% | 20,946 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $6.3M | 1.71% | 39,900 | CALL | SOLE |
| 278642103 | EBAY | EBAY INC. | $6.3M | 1.70% | 84,523 | Common | SOLE |
| 09290D101 | BLK | BLACKROCK INC | $5.6M | 1.50% | 5,302 | Common | SOLE |
| 538034109 | LYV | LIVE NATION ENTERTAINMENT IN | $5.3M | 1.43% | 34,900 | PUT | SOLE |
| 92345Y106 | VRSK | VERISK ANALYTICS INC | $5.1M | 1.38% | 16,388 | Common | SOLE |
| 92840M102 | VST | VISTRA CORP | $5.0M | 1.35% | 25,795 | Common | SOLE |
| 75734B100 | RDDT | REDDIT INC | $4.9M | 1.33% | 32,600 | PUT | SOLE |
| 49338L103 | KEYS | KEYSIGHT TECHNOLOGIES INC | $4.9M | 1.32% | 29,869 | Common | SOLE |
| 387328107 | GVA | GRANITE CONSTR INC | $4.8M | 1.29% | 50,997 | Common | SOLE |
| 55024U109 | LITE | LUMENTUM HLDGS INC | $4.7M | 1.28% | 49,738 | Common | SOLE |
| 81282V100 | PRKS | UNITED PARKS & RESORTS INC | $4.6M | 1.24% | 97,400 | PUT | SOLE |
| 896239100 | TRMB | TRIMBLE INC | $4.4M | 1.20% | 58,402 | Common | SOLE |
| 75513E101 | RTX | RTX CORPORATION | $4.4M | 1.19% | 30,103 | Common | SOLE |
| 751212101 | RL | RALPH LAUREN CORP | $4.2M | 1.12% | 15,141 | Common | SOLE |
| 31620M106 | FIS | FIDELITY NATL INFORMATION SV | $4.0M | 1.07% | 48,663 | Common | SOLE |
| 184496107 | CLH | CLEAN HARBORS INC | $3.9M | 1.06% | 16,997 | Common | SOLE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $3.9M | 1.05% | 13,294 | Common | SOLE |
| 833445109 | SNOW | SNOWFLAKE INC | $3.8M | 1.04% | 17,190 | Common | SOLE |
| 49177J102 | KVUE | KENVUE INC | $3.8M | 1.03% | 182,171 | Common | SOLE |
| 007973100 | AEIS | ADVANCED ENERGY INDS | $3.8M | 1.03% | 28,631 | Common | SOLE |
| 82509L107 | SHOP | SHOPIFY INC | $3.8M | 1.02% | 32,547 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $3.7M | 1.01% | 31,965 | Common | SOLE |
| 55825T103 | MSGS | MADISON SQUARE GRDN SPRT COR | $3.7M | 1.01% | 17,891 | Common | SOLE |
| 879360105 | TDY | TELEDYNE TECHNOLOGIES INC | $3.7M | 1.00% | 7,246 | Common | SOLE |
| 277276101 | EGP | EASTGROUP PPTYS INC | $3.6M | 0.99% | 21,789 | Common | SOLE |
| 13321L108 | CCJ | CAMECO CORP | $3.5M | 0.96% | 47,812 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $3.5M | 0.95% | 15,985 | Common | SOLE |
| 81725T100 | SXT | SENSIENT TECHNOLOGIES CORP | $3.4M | 0.93% | 34,998 | Common | SOLE |
| 679295105 | OKTA | OKTA INC | $3.4M | 0.93% | 34,300 | CALL | SOLE |
| 231561101 | CW | CURTISS WRIGHT CORP | $3.3M | 0.89% | 6,710 | Common | SOLE |
| 91680M107 | UPST | UPSTART HLDGS INC | $3.2M | 0.87% | 50,000 | PUT | SOLE |
| 38141G104 | GS | GOLDMAN SACHS GROUP INC | $3.2M | 0.87% | 4,553 | Common | SOLE |
| 538034109 | LYV | LIVE NATION ENTERTAINMENT IN | $3.2M | 0.87% | 21,164 | Common | SOLE |
| 466313103 | JBL | JABIL INC | $3.1M | 0.84% | 14,218 | Common | SOLE |
| G29183103 | ETN | EATON CORP PLC | $3.1M | 0.83% | 8,607 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $3.0M | 0.82% | 6,081 | Common | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $3.0M | 0.81% | 37,400 | CALL | SOLE |
| M2682V108 | CYBR | CYBERARK SOFTWARE LTD | $2.9M | 0.80% | 7,237 | Common | SOLE |
| 55826T102 | SPHR | SPHERE ENTERTAINMENT CO | $2.9M | 0.79% | 70,040 | Common | SOLE |
| 21874A106 | CORZ | CORE SCIENTIFIC INC NEW | $2.9M | 0.79% | 171,071 | Common | SOLE |
| 98980G102 | ZS | ZSCALER INC | $2.9M | 0.78% | 9,176 | Common | SOLE |
| 18915M107 | NET | CLOUDFLARE INC | $2.9M | 0.78% | 14,678 | Common | SOLE |
| L8681T102 | SPOT | SPOTIFY TECHNOLOGY S A | $2.8M | 0.76% | 3,656 | Common | SOLE |
| 433313103 | HNGE | HINGE HEALTH INC | $2.7M | 0.73% | 52,000 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $2.6M | 0.71% | 16,557 | Common | SOLE |
| 19247G107 | COHR | COHERENT CORP | $2.6M | 0.70% | 29,093 | Common | SOLE |
| 92338C103 | VLTO | VERALTO CORP | $2.6M | 0.70% | 25,562 | Common | SOLE |
| 16411R208 | LNG | CHENIERE ENERGY INC | $2.5M | 0.68% | 10,362 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $2.5M | 0.67% | 1,848 | Common | SOLE |
| 46120E602 | ISRG | INTUITIVE SURGICAL INC | $2.5M | 0.67% | 4,552 | Common | SOLE |
| 23804L103 | DDOG | DATADOG INC | $2.5M | 0.67% | 18,317 | Common | SOLE |
| 09073M104 | TECH | BIO-TECHNE CORP | $2.4M | 0.66% | 47,300 | CALL | SOLE |
| 74340W103 | PLD | PROLOGIS INC. | $2.4M | 0.66% | 23,121 | Common | SOLE |
| 12503M108 | CBOE | CBOE GLOBAL MKTS INC | $2.4M | 0.66% | 10,402 | Common | SOLE |
| 009066101 | ABNB | AIRBNB INC | $2.4M | 0.65% | 18,181 | Common | SOLE |
| 863667101 | SYK | STRYKER CORPORATION | $2.3M | 0.63% | 5,884 | Common | SOLE |
| 518439104 | EL | LAUDER ESTEE COS INC | $2.3M | 0.63% | 28,700 | PUT | SOLE |
| 78464A862 | XSD | SPDR SERIES TRUST | $2.3M | 0.62% | 9,000 | Common | SOLE |
| 443510607 | HUBB | HUBBELL INC | $2.3M | 0.62% | 5,606 | Common | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $2.3M | 0.62% | 9,800 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $2.2M | 0.60% | 2,826 | Common | SOLE |
| 773903109 | ROK | ROCKWELL AUTOMATION INC | $2.2M | 0.60% | 6,625 | Common | SOLE |
| 50077B207 | KTOS | KRATOS DEFENSE & SEC SOLUTIO | $2.2M | 0.59% | 47,000 | Common | SOLE |
| 35671D857 | FCX | FREEPORT-MCMORAN INC | $2.2M | 0.59% | 50,000 | CALL | SOLE |
| 92537N108 | VRT | VERTIV HOLDINGS CO | $2.0M | 0.53% | 15,363 | Common | SOLE |
| 19260Q107 | COIN | COINBASE GLOBAL INC | $2.0M | 0.53% | 5,600 | PUT | SOLE |
| 35671D857 | FCX | FREEPORT-MCMORAN INC | $2.0M | 0.53% | 45,000 | Common | SOLE |
| 60471A101 | MIR | MIRION TECHNOLOGIES INC | $1.9M | 0.52% | 89,356 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $1.9M | 0.51% | 33,965 | Common | SOLE |
| 78473E103 | SPXC | SPX TECHNOLOGIES INC | $1.9M | 0.51% | 11,347 | Common | SOLE |
| 00846U101 | A | AGILENT TECHNOLOGIES INC | $1.9M | 0.51% | 15,838 | Common | SOLE |
| 558256103 | MSGE | MADISON SQUARE GARDEN ENTMT | $1.8M | 0.50% | 46,284 | Common | SOLE |
| 03957W106 | AROC | ARCHROCK INC | $1.8M | 0.49% | 73,641 | Common | SOLE |
| 500754106 | KHC | KRAFT HEINZ CO | $1.8M | 0.49% | 70,000 | PUT | SOLE |
| 67059N108 | NTNX | NUTANIX INC | $1.8M | 0.49% | 23,500 | Common | SOLE |
| 770700102 | HOOD | ROBINHOOD MKTS INC | $1.8M | 0.49% | 19,168 | Common | SOLE |
| G25508105 | CRH | CRH PLC | $1.8M | 0.48% | 19,421 | Common | SOLE |
| 824348106 | SHW | SHERWIN WILLIAMS CO | $1.8M | 0.48% | 5,175 | Common | SOLE |
| 695156109 | PKG | PACKAGING CORP AMER | $1.8M | 0.48% | 9,333 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $1.7M | 0.47% | 7,700 | Common | SOLE |
| 929160109 | VMC | VULCAN MATLS CO | $1.7M | 0.47% | 6,661 | Common | SOLE |
| 15687V109 | CERT | CERTARA INC | $1.7M | 0.47% | 148,026 | Common | SOLE |
| 101137107 | BSX | BOSTON SCIENTIFIC CORP | $1.7M | 0.46% | 15,915 | Common | SOLE |
| 09260D107 | BX | BLACKSTONE INC | $1.7M | 0.46% | 11,293 | Common | SOLE |
| 70614W100 | PTON | PELOTON INTERACTIVE INC | $1.6M | 0.44% | 232,700 | CALL | SOLE |
| 02156V109 | OKLO | OKLO INC | $1.6M | 0.43% | 28,400 | PUT | SOLE |
| 21037T109 | CEG | CONSTELLATION ENERGY CORP | $1.5M | 0.42% | 4,799 | Common | SOLE |
| 12504L109 | CBRE | CBRE GROUP INC | $1.5M | 0.41% | 10,838 | Common | SOLE |
| 109641100 | EAT | BRINKER INTL INC | $1.5M | 0.41% | 8,366 | Common | SOLE |
| 92942W107 | KLG | WK KELLOGG CO | $1.5M | 0.40% | 93,000 | PUT | SOLE |
| 74276L105 | PRCT | PROCEPT BIOROBOTICS CORP | $1.5M | 0.39% | 25,320 | Common | SOLE |
| 68389X105 | ORCL | ORACLE CORP | $1.4M | 0.38% | 6,500 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $1.4M | 0.38% | 7,877 | Common | SOLE |
| 87151X101 | SYM | SYMBOTIC INC | $1.4M | 0.37% | 35,000 | CALL | SOLE |
| 364760108 | GAP | GAP INC | $1.3M | 0.35% | 60,024 | Common | SOLE |
| 95082P105 | WCC | WESCO INTL INC | $1.3M | 0.35% | 7,012 | Common | SOLE |
| 781154109 | RBRK | RUBRIK INC. | $1.3M | 0.35% | 14,446 | Common | SOLE |
| 399473206 | GRPN | GROUPON INC | $1.3M | 0.34% | 37,999 | Common | SOLE |
| 36828A101 | GEV | GE VERNOVA INC | $1.3M | 0.34% | 2,400 | Common | SOLE |
| 629377508 | NRG | NRG ENERGY INC | $1.3M | 0.34% | 7,800 | Common | SOLE |
| 29977A105 | EVR | EVERCORE INC | $1.2M | 0.34% | 4,600 | Common | SOLE |
| 422806109 | HEI | HEICO CORP NEW | $1.2M | 0.32% | 3,594 | Common | SOLE |
| 553368101 | MP | MP MATERIALS CORP | $1.2M | 0.32% | 35,000 | CALL | SOLE |
| 343498101 | FLO | FLOWERS FOODS INC | $1.2M | 0.31% | 72,700 | PUT | SOLE |
| 26884L109 | EQT | EQT CORP | $1.1M | 0.30% | 19,000 | Common | SOLE |
| 81762P102 | NOW | SERVICENOW INC | $1.1M | 0.30% | 1,076 | Common | SOLE |
| 65290E101 | NXT | NEXTRACKER INC | $1.1M | 0.29% | 19,491 | Common | SOLE |
| 380237107 | GDDY | GODADDY INC | $1.0M | 0.27% | 5,588 | Common | SOLE |
| 535555106 | LNN | LINDSAY CORP | $1.0M | 0.27% | 6,951 | Common | SOLE |
| 58502B106 | MD | PEDIATRIX MEDICAL GROUP INC | $1.0M | 0.27% | 69,834 | Common | SOLE |
| 858119100 | STLD | STEEL DYNAMICS INC | $900,038 | 0.24% | 7,031 | Common | SOLE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $849,966 | 0.23% | 1,700 | Common | SOLE |
| 231021106 | CMI | CUMMINS INC | $746,373 | 0.20% | 2,279 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $739,458 | 0.20% | 5,988 | Common | SOLE |
| H5919C104 | ONON | ON HLDG AG | $703,248 | 0.19% | 13,511 | Common | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $637,040 | 0.17% | 8,000 | Common | SOLE |
| 311900104 | FAST | FASTENAL CO | $622,902 | 0.17% | 14,831 | Common | SOLE |
| 02376R102 | AAL | AMERICAN AIRLS GROUP INC | $613,521 | 0.17% | 54,681 | Common | SOLE |
| 460146103 | IP | INTERNATIONAL PAPER CO | $609,492 | 0.16% | 13,015 | Common | SOLE |
| 531229755 | FWONK | LIBERTY MEDIA CORP DEL | $564,927 | 0.15% | 5,406 | Common | SOLE |
| 303250104 | FICO | FAIR ISAAC CORP | $447,850 | 0.12% | 245 | Common | SOLE |
| 05464C101 | AXON | AXON ENTERPRISE INC | $381,680 | 0.10% | 461 | Common | SOLE |
| 337738108 | FISV | FISERV INC | $293,097 | 0.08% | 1,700 | Common | SOLE |
| 218937100 | CNR | CORE NATURAL RESOURCES INC | $261,525 | 0.07% | 3,750 | Common | SOLE |
| 747525103 | QCOM | QUALCOMM INC | $254,816 | 0.07% | 1,600 | Common | SOLE |
| 29362U104 | ENTG | ENTEGRIS INC | $241,950 | 0.07% | 3,000 | Common | SOLE |
| 958102105 | WDC | WESTERN DIGITAL CORP | $239,963 | 0.06% | 3,750 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $234,303 | 0.06% | 850 | Common | SOLE |
| 85254J102 | STAG | STAG INDL INC | $228,564 | 0.06% | 6,300 | Common | SOLE |
| 053484101 | AVB | AVALONBAY CMNTYS INC | $223,850 | 0.06% | 1,100 | Common | SOLE |
| 878742204 | TECK | TECK RESOURCES LTD | $222,090 | 0.06% | 5,500 | Common | SOLE |
| 36467J108 | GLPI | GAMING & LEISURE PPTYS INC | $221,730 | 0.06% | 4,750 | Common | SOLE |
| 78409V104 | SPGI | S&P GLOBAL INC | $210,916 | 0.06% | 400 | Common | SOLE |
| 046353108 | AZNN | ASTRAZENECA PLC | $209,640 | 0.06% | 3,000 | Common | SOLE |
| 682189105 | ON | ON SEMICONDUCTOR CORP | $209,640 | 0.06% | 4,000 | Common | SOLE |
| 22822V101 | CCI | CROWN CASTLE INC | $205,460 | 0.06% | 2,000 | Common | SOLE |
| 097023204 | BA 6 10/15/27 | BOEING CO | $204,000 | 0.06% | 3,000 | Common | SOLE |
| 531229AQ5 | FWONK 2.25 08/15/27 | LIBERTY MEDIA CORP DEL | $199,350 | 0.05% | 150,000 | Common | SOLE |
| 538034BA6 | LYV 3.125 01/15/29 | LIVE NATION ENTERTAINMENT IN | $192,000 | 0.05% | 125,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.