Q4 2025 · 13F-HR
SANDLER CAPITAL MANAGEMENTholdings as filed
Filed 2026-02-17 · accession 0001140361-26-005786
$305.3M
Reported value
141
Positions
2025-12-31
Period end
The Brief · SANDLER CAPITAL MANAGEMENT · Q4 2025
AI · grounded in 13F
Sandler Capital Management closed its position in ROKU for a reduction of $10.01M. The fund established new positions in AVY for $6.98M and C for $5.25M. Additionally, the manager increased its holdings in LYV by 431.54% and TSM by 161.68%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 49338L103 | KEYS | KEYSIGHT TECHNOLOGIES INC | $10.1M | 3.30% | 49,571 | Common | SOLE |
| 219350105 | GLW | CORNING INC | $9.9M | 3.24% | 113,038 | Common | SOLE |
| 87256C101 | TKO | TKO GROUP HOLDINGS INC | $9.5M | 3.11% | 45,478 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $7.6M | 2.49% | 25,000 | PUT | SOLE |
| 219350105 | GLW | CORNING INC | $6.6M | 2.15% | 75,000 | PUT | SOLE |
| 74340W103 | PLD | PROLOGIS INC. | $5.9M | 1.92% | 45,863 | Common | SOLE |
| 75513E101 | RTX | RTX CORPORATION | $5.6M | 1.84% | 30,600 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $5.4M | 1.77% | 17,737 | Common | SOLE |
| 172967424 | C | CITIGROUP INC | $5.3M | 1.72% | 45,000 | PUT | SOLE |
| 436440101 | HO1 | HOLOGIC INC | $5.1M | 1.68% | 68,864 | Common | SOLE |
| 55825T103 | MSGS | MADISON SQUARE GRDN SPRT COR | $5.1M | 1.68% | 19,786 | Common | SOLE |
| 053611109 | AVY | AVERY DENNISON CORP | $4.4M | 1.44% | 24,200 | CALL | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $4.4M | 1.43% | 13,948 | Common | SOLE |
| 277276101 | EGP | EASTGROUP PPTYS INC | $4.3M | 1.41% | 24,175 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $4.1M | 1.34% | 15,000 | CALL | SOLE |
| 032095101 | APH | AMPHENOL CORP NEW | $4.1M | 1.33% | 30,071 | Common | SOLE |
| G87052109 | TEL | TE CONNECTIVITY PLC | $3.8M | 1.25% | 16,737 | Common | SOLE |
| 538034109 | LYV | LIVE NATION ENTERTAINMENT IN | $3.8M | 1.24% | 26,500 | PUT | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $3.7M | 1.22% | 20,000 | CALL | SOLE |
| 617446448 | MS | MORGAN STANLEY | $3.4M | 1.13% | 19,400 | PUT | SOLE |
| 19260Q107 | COIN | COINBASE GLOBAL INC | $3.4M | 1.11% | 15,000 | PUT | SOLE |
| 531229755 | FWONK | LIBERTY MEDIA CORP DEL | $3.4M | 1.10% | 34,036 | Common | SOLE |
| 13321L108 | CCJ | CAMECO CORP | $3.3M | 1.08% | 36,185 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $3.3M | 1.07% | 14,300 | Common | SOLE |
| 558256103 | MSGE | MADISON SQUARE GARDEN ENTMT | $3.2M | 1.05% | 59,748 | Common | SOLE |
| 456788108 | INFY | INFOSYS LTD | $3.2M | 1.05% | 180,000 | CALL | SOLE |
| 438516106 | HON | HONEYWELL INTL INC | $3.1M | 1.00% | 15,650 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $3.0M | 0.97% | 12,838 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $2.9M | 0.96% | 27,900 | Common | SOLE |
| 55826T102 | SPHR | SPHERE ENTERTAINMENT CO | $2.9M | 0.95% | 30,377 | Common | SOLE |
| 267475101 | DY | DYCOM INDS INC | $2.8M | 0.93% | 8,405 | Common | SOLE |
| 088606108 | BHP | BHP GROUP LTD | $2.8M | 0.92% | 46,732 | Common | SOLE |
| 12769G100 | CZR | CAESARS ENTERTAINMENT INC NE | $2.8M | 0.92% | 120,000 | PUT | SOLE |
| 910047109 | UAL | UNITED AIRLS HLDGS INC | $2.7M | 0.89% | 24,200 | CALL | SOLE |
| 032095101 | APH | AMPHENOL CORP NEW | $2.7M | 0.89% | 20,000 | CALL | SOLE |
| G25508105 | CRH | CRH PLC | $2.7M | 0.87% | 21,246 | Common | SOLE |
| 346232101 | FOR | FORESTAR GROUP INC | $2.6M | 0.85% | 105,354 | Common | SOLE |
| 053611109 | AVY | AVERY DENNISON CORP | $2.6M | 0.85% | 14,200 | Common | SOLE |
| 871829107 | SYY | SYSCO CORP | $2.6M | 0.84% | 35,000 | PUT | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $2.6M | 0.84% | 46,664 | Common | SOLE |
| 751212101 | RL | RALPH LAUREN CORP | $2.5M | 0.81% | 7,006 | Common | SOLE |
| 879360105 | TDY | TELEDYNE TECHNOLOGIES INC | $2.5M | 0.81% | 4,848 | Common | SOLE |
| 00846U101 | A | AGILENT TECHNOLOGIES INC | $2.5M | 0.81% | 18,113 | Common | SOLE |
| 896239100 | TRMB | TRIMBLE INC | $2.5M | 0.80% | 31,350 | Common | SOLE |
| 12503M108 | CBOE | CBOE GLOBAL MKTS INC | $2.4M | 0.79% | 9,630 | Common | SOLE |
| 573284106 | MLM | MARTIN MARIETTA MATLS INC | $2.4M | 0.77% | 3,799 | Common | SOLE |
| 433313103 | HNGE | HINGE HEALTH INC | $2.3M | 0.76% | 50,179 | Common | SOLE |
| 78464A714 | XRT | SPDR SERIES TRUST | $2.3M | 0.76% | 27,300 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $2.3M | 0.76% | 2,152 | Common | SOLE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $2.2M | 0.73% | 5,928 | Common | SOLE |
| 90384S303 | ULTA | ULTA BEAUTY INC | $2.2M | 0.72% | 3,633 | Common | SOLE |
| 83406F102 | SOFI | SOFI TECHNOLOGIES INC | $2.2M | 0.71% | 82,500 | CALL | SOLE |
| 538034109 | LYV | LIVE NATION ENTERTAINMENT IN | $2.2M | 0.71% | 15,109 | Common | SOLE |
| 55616P104 | M | MACYS INC | $2.1M | 0.70% | 97,100 | PUT | SOLE |
| 12504L109 | CBRE | CBRE GROUP INC | $2.1M | 0.69% | 13,193 | Common | SOLE |
| 502431109 | LHX | L3HARRIS TECHNOLOGIES INC | $2.1M | 0.69% | 7,217 | Common | SOLE |
| 91680M107 | UPST | UPSTART HLDGS INC | $2.1M | 0.69% | 48,400 | PUT | SOLE |
| 556269108 | SHOO | MADDEN STEVEN LTD | $2.1M | 0.68% | 50,000 | CALL | SOLE |
| 037833100 | AAPL | APPLE INC | $2.1M | 0.67% | 7,554 | Common | SOLE |
| 81725T100 | SXT | SENSIENT TECHNOLOGIES CORP | $2.0M | 0.66% | 21,521 | Common | SOLE |
| 518439104 | EL | LAUDER ESTEE COS INC | $2.0M | 0.65% | 18,900 | PUT | SOLE |
| 433000106 | HIMS | HIMS & HERS HEALTH INC | $1.9M | 0.64% | 60,000 | PUT | SOLE |
| 09290D101 | BLK | BLACKROCK INC | $1.9M | 0.63% | 1,800 | Common | SOLE |
| 855244109 | SBUX | STARBUCKS CORP | $1.9M | 0.61% | 22,200 | Common | SOLE |
| 556269108 | SHOO | MADDEN STEVEN LTD | $1.9M | 0.61% | 44,599 | Common | SOLE |
| 343498101 | FLO | FLOWERS FOODS INC | $1.8M | 0.60% | 169,500 | PUT | SOLE |
| 219798105 | QDEL | QUIDELORTHO CORP | $1.8M | 0.60% | 64,313 | Common | SOLE |
| 858119100 | STLD | STEEL DYNAMICS INC | $1.8M | 0.60% | 10,790 | Common | SOLE |
| 53626N102 | LION | LIONSGATE STUDIOS CORP | $1.7M | 0.55% | 185,300 | CALL | SOLE |
| 05464C101 | AXON | AXON ENTERPRISE INC | $1.7M | 0.55% | 2,930 | Common | SOLE |
| 920253101 | VMI | VALMONT INDS INC | $1.6M | 0.53% | 4,047 | Common | SOLE |
| 369550108 | GD | GENERAL DYNAMICS CORP | $1.6M | 0.53% | 4,830 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $1.6M | 0.53% | 3,333 | Common | SOLE |
| 79466L302 | CRM | SALESFORCE INC | $1.6M | 0.52% | 6,000 | Common | SOLE |
| 773903109 | ROK | ROCKWELL AUTOMATION INC | $1.6M | 0.51% | 4,020 | Common | SOLE |
| 04956D107 | ATMU | ATMUS FILTRATION TECHNOLOGIE | $1.5M | 0.50% | 29,327 | Common | SOLE |
| 594972408 | MSTR | STRATEGY INC | $1.5M | 0.50% | 10,000 | PUT | SOLE |
| 833445109 | SNOW | SNOWFLAKE INC | $1.5M | 0.49% | 6,805 | Common | SOLE |
| 22788C105 | CRWD | CROWDSTRIKE HLDGS INC | $1.5M | 0.49% | 3,183 | Common | SOLE |
| 346375108 | FORM | FORMFACTOR INC | $1.5M | 0.48% | 26,019 | Common | SOLE |
| 466313103 | JBL | JABIL INC | $1.4M | 0.46% | 6,200 | Common | SOLE |
| 19247G107 | COHR | COHERENT CORP | $1.4M | 0.46% | 7,638 | Common | SOLE |
| 58502B106 | MD | PEDIATRIX MEDICAL GROUP INC | $1.3M | 0.44% | 63,000 | CALL | SOLE |
| 78473E103 | SPXC | SPX TECHNOLOGIES INC | $1.3M | 0.43% | 6,615 | Common | SOLE |
| 589378108 | MRCY | MERCURY SYS INC | $1.3M | 0.43% | 17,800 | Common | SOLE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $1.3M | 0.42% | 1,500 | Common | SOLE |
| 009066101 | ABNB | AIRBNB INC | $1.3M | 0.42% | 9,397 | Common | SOLE |
| G2130T108 | INFQ | CHURCHILL CAP CORP X | $1.3M | 0.41% | 55,000 | CALL | SOLE |
| 16935C109 | CHYM | CHIME FINL INC | $1.3M | 0.41% | 50,000 | PUT | SOLE |
| 171779309 | CIEN | CIENA CORP | $1.2M | 0.40% | 5,255 | Common | SOLE |
| 92840M102 | VST | VISTRA CORP | $1.2M | 0.39% | 7,463 | Common | SOLE |
| 880770102 | TER | TERADYNE INC | $1.2M | 0.39% | 6,123 | Common | SOLE |
| 72703X106 | PL | PLANET LABS PBC | $1.2M | 0.39% | 59,690 | Common | SOLE |
| G29183103 | ETN | EATON CORP PLC | $1.2M | 0.38% | 3,666 | Common | SOLE |
| G6700G107 | NVT | NVENT ELECTRIC PLC | $1.2M | 0.38% | 11,385 | Common | SOLE |
| 916896103 | UEC | URANIUM ENERGY CORP | $1.1M | 0.37% | 97,000 | CALL | SOLE |
| 926400102 | VSCO | VICTORIAS SECRET AND CO | $1.1M | 0.37% | 20,911 | Common | SOLE |
| M2682V108 | CYBR | CYBERARK SOFTWARE LTD | $1.1M | 0.37% | 2,534 | Common | SOLE |
| 50077B207 | KTOS | KRATOS DEFENSE & SEC SOLUTIO | $1.1M | 0.37% | 14,800 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $1.1M | 0.37% | 1,700 | Common | SOLE |
| 512807306 | LRCX | LAM RESEARCH CORP | $1.1M | 0.36% | 6,500 | Common | SOLE |
| 770323103 | RHI | ROBERT HALF INC. | $1.1M | 0.36% | 40,000 | PUT | SOLE |
| 23204X103 | CTOS | CUSTOM TRUCK ONE SOURCE INC | $1.1M | 0.35% | 187,296 | Common | SOLE |
| 92338C103 | VLTO | VERALTO CORP | $1.1M | 0.35% | 10,717 | Common | SOLE |
| 45168D104 | IDXX | IDEXX LABS INC | $1.0M | 0.34% | 1,552 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $1.0M | 0.34% | 7,270 | Common | SOLE |
| 95082P105 | WCC | WESCO INTL INC | $1.0M | 0.34% | 4,251 | Common | SOLE |
| 231561101 | CW | CURTISS WRIGHT CORP | $1.0M | 0.34% | 1,886 | Common | SOLE |
| 046433108 | ATRO | ASTRONICS CORP | $1.0M | 0.34% | 19,094 | Common | SOLE |
| 82509L107 | SHOP | SHOPIFY INC | $1.0M | 0.33% | 6,228 | Common | SOLE |
| 980745103 | WWD | WOODWARD INC | $959,261 | 0.31% | 3,173 | Common | SOLE |
| 09073M104 | TECH | BIO-TECHNE CORP | $908,203 | 0.30% | 15,443 | Common | SOLE |
| 038222105 | AMAT | APPLIED MATLS INC | $880,448 | 0.29% | 3,426 | Common | SOLE |
| 15643U104 | LEU | CENTRUS ENERGY CORP | $866,410 | 0.28% | 3,569 | Common | SOLE |
| 60786M105 | MC | MOELIS & CO | $824,055 | 0.27% | 11,988 | Common | SOLE |
| 149123101 | CAT | CATERPILLAR INC | $823,787 | 0.27% | 1,438 | Common | SOLE |
| 21037T109 | CEG | CONSTELLATION ENERGY CORP | $809,342 | 0.27% | 2,291 | Common | SOLE |
| 447462102 | HURN | HURON CONSULTING GROUP INC | $808,700 | 0.26% | 4,677 | Common | SOLE |
| 36828A101 | GEV | GE VERNOVA INC | $784,284 | 0.26% | 1,200 | Common | SOLE |
| 399473206 | GRPN | GROUPON INC | $781,884 | 0.26% | 44,400 | CALL | SOLE |
| 09062W204 | BLFS | BIOLIFE SOLUTIONS INC | $764,983 | 0.25% | 31,637 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $735,370 | 0.24% | 3,943 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $722,151 | 0.24% | 9,883 | Common | SOLE |
| 23804L103 | DDOG | DATADOG INC | $700,213 | 0.23% | 5,149 | Common | SOLE |
| 98422D105 | XPEV | XPENG INC | $687,492 | 0.23% | 33,900 | CALL | SOLE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $687,103 | 0.23% | 1,205 | Common | SOLE |
| G2130T108 | INFQ | CHURCHILL CAP CORP X | $678,600 | 0.22% | 43,500 | Common | SOLE |
| 38046C109 | GOGO | GOGO INC | $677,564 | 0.22% | 145,400 | PUT | SOLE |
| 443510607 | HUBB | HUBBELL INC | $675,491 | 0.22% | 1,521 | Common | SOLE |
| 172573107 | CRCL | CIRCLE INTERNET GROUP INC | $674,050 | 0.22% | 8,500 | PUT | SOLE |
| 81369Y209 | XLV | SELECT SECTOR SPDR TR | $639,943 | 0.21% | 4,134 | Common | SOLE |
| 916896103 | UEC | URANIUM ENERGY CORP | $583,766 | 0.19% | 49,980 | Common | SOLE |
| 824348106 | SHW | SHERWIN WILLIAMS CO | $583,578 | 0.19% | 1,801 | Common | SOLE |
| 26740W109 | QBTS | D-WAVE QUANTUM INC | $523,000 | 0.17% | 20,000 | Common | SOLE |
| H2927K103 | AMRZ | AMRIZE LTD | $513,760 | 0.17% | 9,500 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $489,427 | 0.16% | 5,220 | Common | SOLE |
| 093671105 | HRB | BLOCK H & R INC | $427,084 | 0.14% | 9,800 | PUT | SOLE |
| 60937P106 | MDB | MONGODB INC | $406,680 | 0.13% | 969 | Common | SOLE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $399,574 | 0.13% | 1,400 | Common | SOLE |
| 60471A101 | MIR | MIRION TECHNOLOGIES INC | $355,843 | 0.12% | 15,194 | Common | SOLE |
| G25457105 | CRDO | CREDO TECHNOLOGY GROUP HOLDI | $326,199 | 0.11% | 2,267 | 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.