SANDLER CAPITAL MANAGEMENT

13F filer, CIK 1000742, NEW YORK, NY

SANDLER CAPITAL MANAGEMENT reported $962,942,926 across 151 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-14. Its ten largest share positions make up 18.35% of the portfolio.

Filed 2025-02-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001140361-25-004741

Period: 2024-12-31
Reported value: $963M
Holdings: 151
Top 10 weight: 18.35%
New: 72
Sold out: 63

Largest buys vs the previous quarter

Security	Shares change	Approx. value
NETnew	+104,368	$11.2M
LITEnew	+126,787	$10.6M
MRVLnew	+94,423	$10.4M
GDDYnew	+51,633	$10.2M
MSFTnew	+23,754	$10M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
LYVreduced	-119,650	-$15.5M
METAreduced	-25,367	-$14.9M
TKOreduced	-94,923	-$13.5M
ARISTA NETWORKS INCexited	-27,752	-$10.7M
CEGexited	-35,609	-$9.26M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001140361-25-004741, largest first. % of portfolio is the value over $611,807,001, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
SHOPSHOPIFY INC	145,723	$15.5M	2.53%	+76,397	Timeline
SYKSTRYKER CORPORATION	32,419	$11.7M	1.91%	+18,674	Timeline
NETCLOUDFLARE INC	104,368	$11.2M	1.84%	new	Timeline
AMZNAMAZON COM INC	50,433	$11.1M	1.81%	+6,078	Timeline
CRLCHARLES RIV LABS INTL INC	57,718	$10.7M	1.74%	+52,928	Timeline
LITELUMENTUM HLDGS INC	126,787	$10.6M	1.74%	new	Timeline
FWONKLIBERTY MEDIA CORP DEL	113,661	$10.5M	1.72%	+27,194	Timeline
MRVLMARVELL TECHNOLOGY INC	94,423	$10.4M	1.7%	new	Timeline
TKOTKO GROUP HOLDINGS INC	72,391	$10.3M	1.68%	-94,923	Timeline
CCJCAMECO CORP	199,949	$10.3M	1.68%	+89,949	Timeline
WMBWILLIAMS COS INC	189,064	$10.2M	1.67%	+59,277	Timeline
GDDYGODADDY INC	51,633	$10.2M	1.67%	new	Timeline
MSFTMICROSOFT CORP	23,754	$10M	1.64%	new	Timeline
MIRMIRION TECHNOLOGIES INC	572,451	$9.99M	1.63%	+227,451	Timeline
VRSKVERISK ANALYTICS INC	35,300	$9.72M	1.59%	+13,796	Timeline
ETNEATON CORP PLC	29,017	$9.63M	1.57%	-21,389	Timeline
SPOTSPOTIFY TECHNOLOGY S A	21,315	$9.54M	1.56%	new	Timeline
WIXWIX COM LTD	44,439	$9.53M	1.56%	new	Timeline
MLMMARTIN MARIETTA MATLS INC	18,308	$9.46M	1.55%	+7,553	Timeline
GVAGRANITE CONSTR INC	106,494	$9.34M	1.53%	+41,494	Timeline
SHWSHERWIN WILLIAMS CO	27,055	$9.2M	1.5%	+11,557	Timeline
GLWCORNING INC	192,874	$9.17M	1.5%	-132,028	Timeline
CBOECBOE GLOBAL MKTS INC	46,547	$9.1M	1.49%	+11,605	Timeline
RDDTREDDIT INC	54,794	$8.96M	1.46%	new	Timeline
NFLXNETFLIX INC.	9,668	$8.62M	1.41%	+1,586	Timeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL	24,038	$8.01M	1.31%	-2,750
CWCURTISS WRIGHT CORP	22,420	$7.96M	1.3%	-16,784	Timeline
ANETARISTA NETWORKS INC	71,715	$7.93M	1.3%	new	Timeline
TRMBTRIMBLE INC	106,176	$7.5M	1.23%	new	Timeline
WCCWESCO INTL INC	39,948	$7.23M	1.18%	new	Timeline
LNGCHENIERE ENERGY INC	33,286	$7.15M	1.17%	new	Timeline
CMICUMMINS INC	20,508	$7.15M	1.17%	new	Timeline
FICOFAIR ISAAC CORP	3,542	$7.05M	1.15%	+1,587	Timeline
CRMSALESFORCE INC	20,798	$6.95M	1.14%	new	Timeline
FISVFISERV INC	33,215	$6.82M	1.12%	+31,215	Timeline
HUBBHUBBELL INC	16,107	$6.75M	1.1%	-393	Timeline
ABNBAIRBNB INC	50,906	$6.69M	1.09%	+29,052	Timeline
CLHCLEAN HARBORS INC	27,613	$6.35M	1.04%	-11,821	Timeline
WMWASTE MGMT INC DEL	31,283	$6.31M	1.03%	new	Timeline
TREXTREX INC	89,729	$6.19M	1.01%	new	Timeline
DOCUDOCUSIGN INC	66,509	$5.98M	0.98%	new	Timeline
PEVERPURE INC	96,736	$5.94M	0.97%	new	Timeline
DLRDIGITAL RLTY TR INC	33,285	$5.9M	0.96%	new	Timeline
LLYELI LILLY & CO	7,562	$5.84M	0.95%	-4,295	Timeline
ISRGINTUITIVE SURGICAL INC	11,109	$5.8M	0.95%	-2,734	Timeline
METAMETA PLATFORMS INC	9,860	$5.77M	0.94%	-25,367	Timeline
HUBSHUBSPOT INC	8,087	$5.63M	0.92%	new	Timeline
WSTWEST PHARMACEUTICAL SVSC INC	17,033	$5.58M	0.91%	new	Timeline
RTXRTX CORPORATION	48,189	$5.58M	0.91%	+9,979	Timeline
PKGPACKAGING CORP AMER	24,669	$5.55M	0.91%	new	Timeline
LYVLIVE NATION ENTERTAINMENT IN	42,745	$5.54M	0.9%	-119,650	Timeline
VLTOVERALTO CORP	53,294	$5.43M	0.89%	new	Timeline
VMIVALMONT INDS INC	17,633	$5.41M	0.88%	-367	Timeline
ITGARTNER INC	10,648	$5.16M	0.84%	new	Timeline
RSGREPUBLIC SVCS INC	25,415	$5.11M	0.84%	new	Timeline
COHRCOHERENT CORP	53,800	$5.1M	0.83%	new	Timeline
GEVGE VERNOVA INC	15,389	$5.06M	0.83%	new	Timeline
VRTVERTIV HOLDINGS CO	42,991	$4.88M	0.8%	new	Timeline
VSTVISTRA CORP	33,996	$4.69M	0.77%	-7,004	Timeline
WWDWOODWARD INC	27,967	$4.65M	0.76%	new	Timeline
AXONAXON ENTERPRISE INC	7,806	$4.64M	0.76%	-14,356	Timeline
RCLROYAL CARIBBEAN GROUP	19,895	$4.59M	0.75%	new	Timeline
DECKDECKERS OUTDOOR CORP	22,589	$4.59M	0.75%	new	Timeline
GAPGAP INC	193,619	$4.58M	0.75%	new	Timeline
TJXTJX COS INC NEW	37,439	$4.52M	0.74%	-12,685	Timeline
AERAERCAP HOLDINGS NV	47,227	$4.52M	0.74%	-30,576	Timeline
TERTERADYNE INC	35,175	$4.43M	0.72%	new	Timeline
CAVACAVA GROUP INC	37,501	$4.23M	0.69%	+27,081	Timeline
PRCTPROCEPT BIOROBOTICS CORP	52,223	$4.2M	0.69%	new	Timeline
WHDCACTUS INC	68,569	$4M	0.65%	new	Timeline
AAONAAON INC	33,904	$3.99M	0.65%	-7,284	Timeline
PGPROCTER & GAMBLE CO	22,270	$3.73M	0.61%	new	Timeline
ATMUATMUS FILTRATION TECHNOLOGIE	94,285	$3.69M	0.6%	+23,470	Timeline
RGENREPLIGEN CORP	25,393	$3.66M	0.6%	new	Timeline
GTLBGITLAB INC	62,372	$3.51M	0.57%	new	Timeline
DDOGDATADOG INC	22,974	$3.28M	0.54%	new	Timeline
TEAMATLASSIAN CORPORATION	13,476	$3.28M	0.54%	new	Timeline
HOLXHOLOGIC INC	44,534	$3.21M	0.52%	+11,134	Timeline
RHRH	7,995	$3.15M	0.51%	new	Timeline
BSXBOSTON SCIENTIFIC CORP	35,177	$3.14M	0.51%	-21,062	Timeline
BXBLACKSTONE INC	18,138	$3.13M	0.51%	-9,232	Timeline
TCOMTRIP COM GROUP LTD	45,257	$3.11M	0.51%	+1,257	Timeline
EXPOEXPONENT INC	34,861	$3.11M	0.51%	+8,657	Timeline
ZZILLOW GROUP INC	41,419	$3.07M	0.5%	+19,921	Timeline
TTEKTETRA TECH INC NEW	73,433	$2.93M	0.48%	+24,778	Timeline
ADIANALOG DEVICES INC	12,093	$2.57M	0.42%	new	Timeline
AITAPPLIED INDL TECHNOLOGIES IN	10,690	$2.56M	0.42%	+3,655	Timeline
RBRKRUBRIK INC.	38,695	$2.53M	0.41%	new	Timeline
MSMORGAN STANLEY	19,954	$2.51M	0.41%	new	Timeline
IPINTERNATIONAL PAPER CO	46,596	$2.51M	0.41%	-31,013	Timeline
ZSZSCALER INC	13,697	$2.47M	0.4%	+6,116	Timeline
FASTFASTENAL CO	33,295	$2.39M	0.39%	new	Timeline
TTDTHE TRADE DESK INC	19,971	$2.35M	0.38%	new	Timeline
TOSTTOAST INC	56,822	$2.07M	0.34%	new	Timeline
CBRECBRE GROUP INC	15,122	$1.99M	0.32%	-8,478	Timeline
BABOEING CO	11,161	$1.98M	0.32%	new	Timeline
EXPEAGLE MATLS INC	7,322	$1.81M	0.3%	-15,678	Timeline
PLTRPALANTIR TECHNOLOGIES INC	21,986	$1.66M	0.27%	new	Timeline
STLDSTEEL DYNAMICS INC	14,510	$1.66M	0.27%	-7,383	Timeline
UECURANIUM ENERGY CORP	239,765	$1.6M	0.26%	new	Timeline
DKSDICKS SPORTING GOODS INC	6,837	$1.56M	0.26%	new	Timeline
NVDANVIDIA CORPORATION	11,543	$1.55M	0.25%	-11,957	Timeline
DEDEERE & CO	3,379	$1.43M	0.23%	new	Timeline
FTAIFTAI AVIATION LTD	9,118	$1.31M	0.21%	-34,872	Timeline
KEYSKEYSIGHT TECHNOLOGIES INC	7,695	$1.24M	0.2%	new	Timeline
ONTOONTO INNOVATION INC	6,655	$1.11M	0.18%	-18,345	Timeline
HONHONEYWELL INTL INC	4,360	$985K	0.16%	new	Timeline
AVGOBROADCOM INC	4,190	$971K	0.16%	0	Timeline
ARCH RESOURCES INCARCH RESOURCES INC	3,500	$494K	0.08%	0
EDRENDEAVOR GROUP HLDGS INC	15,000	$469K	0.08%	0	Timeline
ONON SEMICONDUCTOR CORP	7,066	$446K	0.07%	0	Timeline
GPNGLOBAL PMTS INC	3,500	$392K	0.06%	0	Timeline
BAPRABOEING CO	6,000	$365K	0.06%	new	Timeline
SPGIS&P GLOBAL INC	700	$349K	0.06%	0	Timeline
TECKTECK RESOURCES LTD	7,500	$304K	0.05%	0	Timeline
QCOMQUALCOMM INC	1,900	$292K	0.05%	0	Timeline
AZNASTRAZENECA PLC-SPONS ADR	4,000	$262K	0.04%	0	Timeline
AVBAVALONBAY CMNTYS INC	1,150	$253K	0.04%	0	Timeline
GLPIGAMING & LEISURE P	4,600	$222K	0.04%	0	Timeline
PLDPROLOGIS INC.	1,900	$201K	0.03%	0	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS	put	366,200	$72.3M	+54,700
COFCAPITAL ONE FINL CORP COM	put	200,000	$35.7M	+136,000
UPSTUPSTART HLDGS INC STOK	put	464,900	$28.6M	+384,900
GMEGAMESTOP CORP CL A	put	564,600	$17.7M	+240,500
AAPLAPPLE INC COM	put	66,200	$16.6M	new
METAMETA PLATFORMS INC COM	call	26,700	$15.6M	new
CCITIGROUP INC COM	put	199,500	$14M	new
BGBUNGE GLOBAL SA Stock	put	164,900	$12.8M	new
SHOOMADDEN STEVEN LTD COM	put	276,500	$11.8M	new
BXMTBLACKSTONE MORTGAGE TRUST IN REIT	put	670,900	$11.7M	+267,600
SYFSYNCHRONY FINANCIAL STOK	put	168,700	$11M	new
ABRARBOR REALTY TRUST INC COM	put	786,100	$10.9M	+71,600
ROKUROKU INC Stock	put	137,100	$10.2M	new
KHCKRAFT HEINZ CO Stock	put	268,100	$8.23M	new
HOODROBINHOOD MKTS INC COM	put	219,900	$8.19M	new
GOGOGOGO INC COM	call	934,300	$7.56M	+161,300
GMGENERAL MTRS CO Stock	call	131,000	$6.98M	new
CMCSACOMCAST CORP NEW COM	put	181,300	$6.8M	new
PEVERPURE INC Stock	put	100,000	$6.14M	new
SMCISUPER MICRO COMPUTER INC COM NEW	put	199,800	$6.09M	new
VLYVALLEY NATL BANCORP COM	put	672,000	$6.09M	-472,100
MOALTRIA GROUP INC COM	put	111,600	$5.84M	new
ECHOECHOSTAR CORP CL A	call	216,500	$4.96M	+55,400
TNETTRINET GROUP INC Stock	call	48,100	$4.37M	new
DXCDXC TECHNOLOGY CO Stock	put	197,900	$3.95M	new
ZMZOOM COMMUNICATIONS INC Stock	call	39,700	$3.24M	-55,200
HLITHARMONIC INC COM	call	219,900	$2.91M	-30,100
MARAMARA HOLDINGS INC Stock	put	55,000	$922K	-247,300

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
WESTERN DIGITAL CORPWESTERN DIGITAL CORP NOTE 3.000%11/1	principal	300,000	$398K	new
LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN NOTE 3.125% 1/1	principal	250,000	$340K	0
LIBERTY MEDIA CORP DELLIBERTY MEDIA CORP DEL NOTE 2.250% 8/1	principal	250,000	$305K	0

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
AVGOBROADCOM INC	100,000	$17.2M	call
LYVLIVE NATION ENTERTAINMENT IN	133,600	$14.6M	put
MCKMCKESSON CORP	25,000	$12.4M	put
XYZBLOCK INC	164,900	$11.1M	put
ARISTA NETWORKS INCARISTA NETWORKS INC	27,752	$10.7M	shares
ARISTA NETWORKS INCARISTA NETWORKS INC	25,000	$9.6M	call
CEGCONSTELLATION ENERGY CORP	35,609	$9.26M	shares
ADBEADOBE INC	17,467	$9.04M	shares
ORCLORACLE CORP	50,000	$8.52M	shares
TLNTALEN ENERGY CORP	46,453	$8.28M	shares
TRMBTRIMBLE INC	125,000	$7.76M	call
PYPLPAYPAL HLDGS INC	87,700	$6.84M	shares
BAHBOOZ ALLEN HAMILTON HLDG COR	40,526	$6.6M	shares
OKTAOKTA INC	88,300	$6.56M	call
ZMZOOM COMMUNICATIONS INC	92,768	$6.47M	shares
DHRDANAHER CORP DEL	22,332	$6.21M	shares
CRWDCROWDSTRIKE HLDGS INC	22,000	$6.17M	shares
CCICROWN CASTLE INC	50,000	$5.93M	shares
CARRCARRIER GLOBAL CORPORATION	67,000	$5.39M	shares
YETIYETI HLDGS INC	130,700	$5.36M	put
FBINFORTUNE BRANDS INNOVATIONS I	59,102	$5.29M	shares
EGPEASTGROUP PPTYS INC	27,600	$5.16M	shares
ELLAUDER ESTEE COS INC	50,000	$4.98M	call
AOSSMITH A O CORP	54,600	$4.9M	put
URIUNITED RENTALS INC	6,016	$4.87M	shares
XYLXYLEM INC	35,660	$4.82M	shares
TTTRANE TECHNOLOGIES PLC	11,500	$4.47M	shares
MNROMONRO INC	149,700	$4.32M	put
ARMARM HOLDINGS PLC	30,000	$4.29M	shares
JNJJOHNSON & JOHNSON	25,892	$4.2M	shares
AMTAMERICAN TOWER CORP	18,000	$4.19M	shares
NXTNEXTPOWER INC	109,403	$4.1M	shares
PVHPVH CORPORATION	40,000	$4.03M	put
TRUTRANSUNION	34,668	$3.63M	shares
INFYINFOSYS LTD	162,600	$3.62M	call
NTNXNUTANIX INC	58,000	$3.44M	shares
CAECAE INC	179,787	$3.37M	shares
RKTROCKET COS INC	166,873	$3.2M	shares
ALLEALLEGION PLC	21,647	$3.15M	shares
TMOTHERMO FISHER SCIENTIFIC INC	5,000	$3.09M	shares
JDJD.COM INC	70,000	$2.8M	shares
DHID R HORTON INC	13,762	$2.63M	shares
PLTRPALANTIR TECHNOLOGIES INC	66,900	$2.49M	call
MTHMERITAGE HOMES CORP	11,595	$2.38M	shares
NXTNEXTPOWER INC	62,000	$2.32M	call
BIDUBAIDU INC	22,000	$2.32M	shares
PANWPALO ALTO NETWORKS INC	6,580	$2.25M	shares
ENTGENTEGRIS INC	19,407	$2.18M	shares
AAGILENT TECHNOLOGIES INC	14,200	$2.11M	shares
ROKROCKWELL AUTOMATION INC	7,500	$2.01M	shares
STESTERIS PLC	8,117	$1.97M	shares
BABAALIBABA GROUP HLDG LTD	18,000	$1.91M	shares
IJTISHARES TR	13,500	$1.88M	shares
OKTAOKTA INC	23,095	$1.72M	shares
CATXPERSPECTIVE THERAPEUTICS INC	102,806	$1.37M	shares
GOOGALPHABET INC	8,115	$1.36M	shares
TECHBIO-TECHNE CORP	15,493	$1.24M	shares
LBRTLIBERTY ENERGY INC	50,666	$967K	shares
JBHTHUNT J B TRANS SVCS INC	5,325	$918K	shares
EFXEQUIFAX INC	3,067	$901K	shares
ITBISHARES TR	5,800	$737K	shares
ELVELEVANCE HEALTH INC FORMERLY	700	$364K	shares
MRKMERCK & CO INC	2,000	$227K	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001140361-25-004741	base		2025-02-14	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC