Sandler Capital Management is an SEC-registered investment adviser based in New York, NY that reports managing 8 hedge funds on Form ADV. It reports $395.0 million in regulatory assets under management. Its private funds, of all types, hold $624.1 million in gross assets. Its disclosed U.S. stock holdings returned an estimated +28.1% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +62.3% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $395.0 millionForm ADV Item 5.F
- Gross assets of private funds
- $624.1 millionAll private fund types, Form ADV
- Hedge funds managed
- 811 private funds in total
- Employees
- 17Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 109856
- Latest Form ADV
- 05/14/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +22.6% | +14.8% |
| Q1 2026 | +4.4% | -4.6% |
| Q4 2025 | +5.8% | +2.4% |
| Q3 2025 | +10.4% | +7.8% |
| Q2 2025 | +14.5% | +10.4% |
| Q1 2025 | -9.5% | -4.5% |
| Q4 2024 | +0.1% | +2.1% |
| Q3 2024 | +4.6% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.
13F holdings as of Jun 30, 2026
The 50 largest of 112 share positions ($169,326,276) reported by Sandler Capital Management on Form 13F for the quarter ended Jun 30, 2026, filed Aug 14, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗
| Stock | Value | % of 13F portfolio | Shares | Shares vs prior quarter |
|---|---|---|---|---|
| Keysight Technologies Inc | $8,664,933 | 5.12% | 24,752 | -25.17% |
| Madison Square Grdn Sprt Cor | $4,539,586 | 2.68% | 11,297 | -30.80% |
| Eastgroup Pptys Inc | $4,234,092 | 2.50% | 20,906 | -18.73% |
| MSC Indl Direct Inc | $3,816,511 | 2.25% | 32,085 | New |
| Prologis Inc. | $3,691,422 | 2.18% | 27,249 | -18.36% |
| Hinge Health Inc | $3,292,859 | 1.94% | 39,673 | +26.58% |
| Madison Square Garden Entmt | $3,060,797 | 1.81% | 37,839 | -47.22% |
| Ametek Inc | $3,037,073 | 1.79% | 12,553 | +22.37% |
| Liberty Media Corp Del | $2,824,897 | 1.67% | 29,692 | New |
| Tko Group Holdings Inc | $2,817,535 | 1.66% | 13,996 | -56.83% |
| Marriott Intl Inc New | $2,794,990 | 1.65% | 7,542 | New |
| Sensient Technologies Corp | $2,784,875 | 1.64% | 22,588 | +105.25% |
| Starbucks Corp | $2,760,969 | 1.63% | 27,018 | +119.66% |
| Live Nation Entertainment In | $2,759,101 | 1.63% | 15,068 | -4.06% |
| Quest Diagnostics Inc | $2,731,824 | 1.61% | 12,889 | -13.81% |
| Select Sector SPDR TR | $2,702,614 | 1.60% | 17,034 | +138.77% |
| Clean Harbors Inc | $2,684,269 | 1.59% | 8,985 | -18.52% |
| Taiwan Semiconductor Manufac | $2,669,139 | 1.58% | 5,589 | -46.04% |
| Plexus Corp | $2,655,517 | 1.57% | 8,832 | New |
| Applied Matls Inc | $2,510,256 | 1.48% | 3,472 | New |
| Forestar Group Inc | $2,507,376 | 1.48% | 79,222 | -28.61% |
| RPM Intl Inc | $2,475,311 | 1.46% | 22,270 | New |
| Spotify Technology S A | $2,424,666 | 1.43% | 5,281 | New |
| Ebay Inc. | $2,314,343 | 1.37% | 20,710 | +70.55% |
| Amazon Com Inc | $2,304,033 | 1.36% | 9,667 | +25.43% |
| RTX Corporation | $2,282,642 | 1.35% | 12,031 | +23.72% |
| Hilton Worldwide Hldgs Inc | $2,116,596 | 1.25% | 6,405 | New |
| Levi Strauss & Co New | $1,982,924 | 1.17% | 79,860 | New |
| Teledyne Technologies Inc | $1,961,353 | 1.16% | 2,941 | -13.58% |
| Rockwell Automation Inc | $1,937,743 | 1.14% | 3,914 | +98.38% |
| RBC Bearings Inc | $1,934,756 | 1.14% | 3,004 | +24.80% |
| Equinix Inc | $1,849,200 | 1.09% | 1,774 | +21.51% |
| Applied Indl Technologies In | $1,769,201 | 1.04% | 5,232 | New |
| CSX Corp | $1,723,390 | 1.02% | 36,259 | +45.00% |
| Woodward Inc | $1,620,926 | 0.96% | 3,810 | -17.57% |
| Analog Devices Inc | $1,616,085 | 0.95% | 4,069 | -44.55% |
| Guardant Health Inc | $1,587,317 | 0.94% | 10,580 | New |
| Idex Corp | $1,575,260 | 0.93% | 6,941 | New |
| Avery Dennison Corp | $1,571,873 | 0.93% | 9,682 | New |
| Revolution Medicines Inc | $1,559,668 | 0.92% | 8,328 | New |
| Cadence Design System Inc | $1,504,283 | 0.89% | 4,008 | New |
| Masco Corp | $1,474,831 | 0.87% | 18,125 | New |
| Bloom Energy Corp | $1,473,846 | 0.87% | 4,869 | +58.96% |
| Stmicroelectronics N V | $1,463,276 | 0.86% | 19,539 | New |
| Talen Energy Corp | $1,450,582 | 0.86% | 3,775 | +114.49% |
| Sphere Entertainment Co | $1,442,897 | 0.85% | 8,339 | -15.10% |
| L3harris Technologies Inc | $1,411,686 | 0.83% | 4,858 | -26.44% |
| Cava Group Inc | $1,402,752 | 0.83% | 17,874 | +95.34% |
| Invesco Exchange Traded FD T | $1,360,790 | 0.80% | 41,000 | New |
| Ralph Lauren Corp | $1,360,378 | 0.80% | 3,389 | -58.51% |
Changes since Mar 31, 2026
Comparing the share counts in the two quarter-end filings: 46 new positions, 34 sold out, 21 increased, 44 reduced and 1 unchanged.
New positions
| Stock | Value | Shares |
|---|---|---|
| MSC Indl Direct Inc | $3,816,511 | 32,085 |
| Liberty Media Corp Del | $2,824,897 | 29,692 |
| Marriott Intl Inc New | $2,794,990 | 7,542 |
| Plexus Corp | $2,655,517 | 8,832 |
| Applied Matls Inc | $2,510,256 | 3,472 |
| RPM Intl Inc | $2,475,311 | 22,270 |
| Spotify Technology S A | $2,424,666 | 5,281 |
| Hilton Worldwide Hldgs Inc | $2,116,596 | 6,405 |
| Levi Strauss & Co New | $1,982,924 | 79,860 |
| Applied Indl Technologies In | $1,769,201 | 5,232 |
| Guardant Health Inc | $1,587,317 | 10,580 |
| Idex Corp | $1,575,260 | 6,941 |
| Avery Dennison Corp | $1,571,873 | 9,682 |
| Revolution Medicines Inc | $1,559,668 | 8,328 |
| Cadence Design System Inc | $1,504,283 | 4,008 |
| Masco Corp | $1,474,831 | 18,125 |
| Stmicroelectronics N V | $1,463,276 | 19,539 |
| Invesco Exchange Traded FD T | $1,360,790 | 41,000 |
| Qnity Electronics Inc | $1,358,086 | 8,316 |
| Toll Brothers Inc | $1,346,337 | 8,172 |
Sold out
| Stock | Value at Mar 31, 2026 | Shares held then |
|---|---|---|
| Honeywell Intl Inc | $1,887,351 | 8,350 |
| Wabtec | $1,852,083 | 7,411 |
| Boeing Co | $1,691,755 | 8,500 |
| Fedex Corp | $1,674,046 | 4,700 |
| Lockheed Martin Corp | $1,671,138 | 2,765 |
| Flex LTD | $1,659,935 | 25,358 |
| Cloudflare Inc | $1,228,548 | 5,954 |
| Steel Dynamics Inc | $1,171,440 | 6,508 |
| Idexx Labs Inc | $1,104,114 | 1,965 |
| Shopify Inc | $1,089,881 | 9,188 |
| Amrize LTD | $1,053,512 | 18,806 |
| Moodys Corp | $1,039,148 | 2,382 |
| Aehr Test SYS | $1,031,084 | 27,807 |
| Costco Wholesale Corporation | $978,494 | 982 |
| Bio-techne Corp | $937,335 | 17,936 |
| Veralto Corp | $879,514 | 9,947 |
| Hershey Co | $866,486 | 4,168 |
| CRH PLC | $861,143 | 8,192 |
| SPX Technologies Inc | $858,742 | 4,295 |
| Valmont Inds Inc | $856,678 | 2,144 |
Largest increases
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Select Sector SPDR TR | +9,900 | +138.77% | $2,702,614 | 17,034 |
| Starbucks Corp | +14,718 | +119.66% | $2,760,969 | 27,018 |
| Sensient Technologies Corp | +11,583 | +105.25% | $2,784,875 | 22,588 |
| Rockwell Automation Inc | +1,941 | +98.38% | $1,937,743 | 3,914 |
| Ebay Inc. | +8,567 | +70.55% | $2,314,343 | 20,710 |
| Talen Energy Corp | +2,015 | +114.49% | $1,450,582 | 3,775 |
| Hinge Health Inc | +8,332 | +26.58% | $3,292,859 | 39,673 |
| Cava Group Inc | +8,724 | +95.34% | $1,402,752 | 17,874 |
| Ametek Inc | +2,295 | +22.37% | $3,037,073 | 12,553 |
| Bloom Energy Corp | +1,806 | +58.96% | $1,473,846 | 4,869 |
| CSX Corp | +11,252 | +45.00% | $1,723,390 | 36,259 |
| Amazon Com Inc | +1,960 | +25.43% | $2,304,033 | 9,667 |
| RTX Corporation | +2,307 | +23.72% | $2,282,642 | 12,031 |
| RBC Bearings Inc | +597 | +24.80% | $1,934,756 | 3,004 |
| Equinix Inc | +314 | +21.51% | $1,849,200 | 1,774 |
| Axon Enterprise Inc | +510 | +69.86% | $695,156 | 1,240 |
| Dycom Inds Inc | +467 | +23.36% | $1,246,785 | 2,466 |
| BHP Billiton Limited | +2,100 | +17.78% | $1,158,842 | 13,910 |
| Alphabet Inc | +287 | +13.69% | $842,339 | 2,384 |
| Karman Hldgs Inc | +750 | +8.88% | $459,264 | 9,200 |
Largest reductions
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Corning Inc | -16,671 | -83.48% | $842,664 | 3,299 |
| Tko Group Holdings Inc | -18,423 | -56.83% | $2,817,535 | 13,996 |
| Keysight Technologies Inc | -8,325 | -25.17% | $8,664,933 | 24,752 |
| Madison Square Garden Entmt | -33,857 | -47.22% | $3,060,797 | 37,839 |
| Taiwan Semiconductor Manufac | -4,768 | -46.04% | $2,669,139 | 5,589 |
| Madison Square Grdn Sprt Cor | -5,028 | -30.80% | $4,539,586 | 11,297 |
| Ralph Lauren Corp | -4,779 | -58.51% | $1,360,378 | 3,389 |
| Danaher Corp Del | -8,533 | -69.66% | $708,014 | 3,717 |
| Nokia Corp | -120,056 | -66.54% | $801,607 | 60,362 |
| Teradyne Inc | -2,978 | -53.92% | $1,231,373 | 2,545 |
| Eli Lilly & Co | -1,159 | -53.39% | $1,213,823 | 1,012 |
| Analog Devices Inc | -3,269 | -44.55% | $1,616,085 | 4,069 |
| Macom Tech Solutions Hldgs I | -3,410 | -49.73% | $1,311,135 | 3,447 |
| Hubbell Inc | -2,187 | -50.30% | $1,130,635 | 2,161 |
| Forestar Group Inc | -31,743 | -28.61% | $2,507,376 | 79,222 |
| Coherent Corp | -2,480 | -67.93% | $461,924 | 1,171 |
| Eastgroup Pptys Inc | -4,817 | -18.73% | $4,234,092 | 20,906 |
| Nvent Elec PLC | -4,927 | -51.58% | $784,616 | 4,626 |
| Prologis Inc. | -6,127 | -18.36% | $3,691,422 | 27,249 |
| Home Depot Inc | -2,225 | -39.67% | $1,193,469 | 3,384 |
Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.
From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures
Hedge funds filing Form D (6)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (9)
As reported in the adviser's Form ADV filed May 6, 2024. Funds also listed from Form D are shown above.
Fund vehicles: feeder funds and single-deal vehicles (5)
Feeder funds invest through a master fund; single-deal vehicles (SPVs, co-investments, series) hold one investment.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures