Sands Capital Management

Sands Capital Management as of March 31, 2012

Portfolio Holdings for Sands Capital Management

Sands Capital Management holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

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                                                     FORM 13F INFORMATION TABLE
                                                             VALUE  SHARES/ SH/ PUT/ INVSTMT  OTHER              VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP     (x$1000)  PRN AMT PRN CALL DSCRETN MANAGERS         SOLE   SHARED     NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3D SYSTEMS CORP			     COM	88554D205     7601   322910  SH 	SOLE		    243810	  0    79100
ABB LTD ADR			     ADR	000375204    34107  1671100  SH 	SOLE		   1164100	  0   507000
ALEXION PHARMACEUTICALS INC	     COM	015351109   849792  9151320  SH 	SOLE		   6283745	  0  2867575
ALLERGAN			     COM	018490102   649610  6807193  SH 	SOLE		   4695215	  0  2111978
AMAZON.COM			     COM	023135106  1402334  6924762  SH 	SOLE		   4785973	  0  2138789
ANSYS INC			     COM	03662Q105    11889   182855  SH 	SOLE		    138455	  0    44400
APPLE				     COM	037833100  2002088  3339318  SH 	SOLE		   2307405	  0  1031913
ARM HOLDINGS PLC - ADR		     ADR	042068106    15703   555085  SH 	SOLE		    419385	  0   135700
ASML ADR			     ADR	N07059186   675906 13480384  SH 	SOLE		   9300374	  0  4180010
ATHENAHEALTH, INC		     COM	04685W103   227438  3068507  SH 	SOLE		   2119347	  0   949160
BAIDU INC - ADR			     ADR	056752108     9404    64515  SH 	SOLE		     48415	  0    16100
BIOMARIN PHARMACEUTICAL INC.	     COM	09061G101    53454  1560700  SH 	SOLE		   1094200	  0   466500
CERNER CORP			     COM	156782104   300693  3948178  SH 	SOLE		   2719113	  0  1229065
CHARLES SCHWAB			     COM	808513105   112715  7843800  SH 	SOLE		   5202280	  0  2641520
CISCO SYSTEMS			     COM	17275R102      296    14000  SH 	SOLE		      7500	  0     6500
COACH, INC.			     COM	189754104   475521  6153227  SH 	SOLE		   4242847	  0  1910380
CONCUR TECHNOLOGIES INC		     COM	206708109    10647   185544  SH 	SOLE		    140460	  0    45084
F5 NETWORKS INC			     COM	315616102   712099  5276374  SH 	SOLE		   3631903	  0  1644471
FLIR SYSTEMS INC		     COM	302445101     9317   368130  SH 	SOLE		    277930	  0    90200
FMC TECHNOLOGIES		     COM	30249U101   580879 11520806  SH 	SOLE		   7923735	  0  3597071
GOOGLE			            CL A	38259P508  1416412  2208864  SH 	SOLE		   1531848	  0   677016
INTERCONTINENTAL EXCHANGE	     COM	45865V100   558990  4067749  SH 	SOLE		   2795573	  0  1272176
INTUITIVE SURGICAL		     COM	46120E602   637912  1177502  SH 	SOLE		    814326	  0   363176
IPG PHOTONICS CORP		     COM	44980X109    13760   264360  SH 	SOLE		    199660	  0    64700
LAS VEGAS SANDS			     COM	517834107   720941 12522863  SH 	SOLE		   8628563	  0  3894300
MERCADOLIBRE			     COM	58733R102    94805   969475  SH 	SOLE		    683375 	  0   286100
NATIONAL OILWELL VARCO		     COM	637071101   663202  8345309  SH 	SOLE		   5765444	  0  2579865
NETFLIX INC			     COM	64110L106   436428  3793709  SH 	SOLE		   2619801	  0  1173908
NETSUITE INC			     COM	64118Q107    18175   361400  SH 	SOLE		    272900	  0    88500
NEW ORIENTAL EDUCATION ADR	     ADR	647581107    63702  2319820  SH 	SOLE		   1643520	  0   676300
NIKE				    CL B	654106103   712175  6567461  SH 	SOLE		   4518191	  0  2049270
OPENTABLE INC			     COM	68372A104     8634   213355  SH 	SOLE		    167930	  0    45425
PRAXAIR, INC.			     COM	74005P104   668686  5832920  SH 	SOLE		   4027390	  0  1805530
PRICELINE.COM INC		     COM	741503403   767129  1069170  SH 	SOLE		    735124	  0   334046
QUALCOMM			     COM	747525103  1223031 17969899  SH 	SOLE		  12420664	  0  5549235
REGENERON PHARMACEUTICALS	     COM	75886F107   672562  5767122  SH 	SOLE		   3958587	  0  1808535
SALESFORCE.COM			     COM	79466L302  1530700  9906804  SH 	SOLE		   6856449	  0  3050355
SCHLUMBERGER			     COM	806857108   657863  9407444  SH 	SOLE		   6505919	  0  2901525
SOUTHWESTERN ENERGY COMPANY	     COM	845467109   304059  9936554  SH 	SOLE		   6836464	  0  3100090
STARBUCKS			     COM	855244109   740685 13252557  SH 	SOLE		   9113477	  0  4139080
VISA INC			     COM	92826C839  1695955 14372499  SH 	SOLE		   9928817	  0  4443682
WW GRAINGER INC			     COM	384802104   589005  2741983  SH 	SOLE		   1890288	  0   851695