NZS Capital Portfolio holdings
NZS Capital runs global growth stock portfolios for institutional clients, guided by an investing framework it calls Complexity Investing. Brad Slingerlend and Brinton Johns, who both previously ran technology strategies at Janus Henderson, founded the firm in 2019. Its portfolios hold larger positions in resilient companies and smaller positions in optionality companies, which offer more upside but need bolder predictions. Employees own most of the firm, and Jupiter Investment Management Holdings is its sole principal shareholder. Its separate-account clients are typically trusts, corporations, endowments and foundations.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$96M |
| 2 |
Amphenol
APH
|
+$38.3M |
| 3 |
ON Semiconductor
ON
|
+$34.4M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$28.7M |
| 5 |
Descartes Systems
DSGX
|
+$28.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Arm
ARM
|
+$63.3M |
| 2 |
Marvell Technology
MRVL
|
+$43.9M |
| 3 |
Synopsys
SNPS
|
+$32.2M |
| 4 |
Lattice Semiconductor
LSCC
|
+$26.7M |
| 5 |
Linde
LIN
|
+$24.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 55.54% |
| 2 | Industrials | 13.5% |
| 3 | Communication Services | 8.77% |
| 4 | Healthcare | 8.28% |
| 5 | Financials | 6.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class C
GOOG
$3.49T
| $297M | 7.71% |
841,068
+80,386
| +11% | +$28.7M |
2021 Q2
20 quarters
|
|
2
Lam Research
LRCX
$277B
| $232M | 6.01% |
535,030
-38,857
| -7% | -$11.8M |
2021 Q2
20 quarters
|
|
3
Cadence Design Systems
CDNS
$90.4B
| $189M | 4.91% |
504,782
-22,641
| -4% | -$7.93M |
2021 Q2
20 quarters
|
|
|
4
Amphenol
APH
$194B
| $181M | 4.68% |
2,048,660
+530,710
| +35% | +$38.3M |
2021 Q2
20 quarters
|
|
|
5
NVIDIA
NVDA
$4.07T
| $162M | 4.21% |
811,031
+466,793
| +136% | +$96M |
2021 Q2
20 quarters
|
|
6
Texas Instruments
TXN
$273B
| $148M | 3.83% |
495,364
-38,441
| -7% | -$10.7M |
2021 Q2
20 quarters
|
|
7
KLA
KLAC
$198B
| $119M | 3.1% |
395,646
-36,104
| -8% | -$7.17M |
2021 Q2
20 quarters
|
|
8
Roper Technologies
ROP
$46.9B
| $108M | 2.8% |
319,087
+29,792
| +10% | +$10.2M |
2024 Q2
8 quarters
|
|
9
Progressive
PGR
$134B
| $106M | 2.74% |
484,418
+4,662
| +1% | +$940K |
2022 Q4
14 quarters
|
|
10
Trane Technologies
TT
$92.3B
| $97.8M | 2.54% |
199,063
+1,866
| +0.9% | +$873K |
2021 Q3
19 quarters
|
|
11
United Rentals
URI
$68.2B
| $97.4M | 2.53% |
85,939
-6,373
| -7% | -$6.06M |
2022 Q4
14 quarters
|
|
|
12
Linde
LIN
$240B
| $94.5M | 2.45% |
182,134
-48,041
| -21% | -$24.3M |
2022 Q3
15 quarters
|
|
13
Danaher
DHR
$165B
| $91M | 2.36% |
477,506
-80,903
| -14% | -$14.7M |
2022 Q2
16 quarters
|
|
14
Arthur J. Gallagher & Co
AJG
$72.6B
| $89.4M | 2.32% |
389,613
+20,648
| +6% | +$4.38M |
2025 Q4
2 quarters
|
|
15
Intuitive Surgical
ISRG
$155B
| $86.8M | 2.25% |
218,238
+59,133
| +37% | +$25.8M |
2021 Q2
20 quarters
|
|
16
Quanta Services
PWR
$87.4B
| $86.2M | 2.24% |
119,746
+22,339
| +23% | +$15.3M |
2025 Q2
4 quarters
|
|
17
Stryker
SYK
$122B
| $81.4M | 2.11% |
258,631
+25,512
| +11% | +$8.04M |
2026 Q1
1 quarter
|
|
|
18
Arm
ARM
$191B
| $81.3M | 2.11% |
229,378
-237,925
| -51% | -$63.3M |
2024 Q2
8 quarters
|
|
19
Shopify
SHOP
$185B
| $80.4M | 2.08% |
703,753
+153,364
| +28% | +$17.5M |
2021 Q2
20 quarters
|
|
20
Snowflake
SNOW
$103B
| $76.1M | 1.97% |
299,061
-32,723
| -10% | -$6.02M |
2024 Q4
6 quarters
|
|
|
21
Marvell Technology
MRVL
$137B
| $72.8M | 1.89% |
244,432
-218,836
| -47% | -$43.9M |
2025 Q1
5 quarters
|
|
22
DoorDash
DASH
$76.4B
| $67.2M | 1.74% |
364,078
+126,027
| +53% | +$20.8M |
2023 Q1
13 quarters
|
|
23
Ingersoll Rand
IR
$33B
| $64.9M | 1.68% |
791,359
-116,522
| -13% | -$9.02M |
2025 Q2
4 quarters
|
|
24
Axon Enterprise
AXON
$24.1B
| $64.1M | 1.66% |
114,386
+40,317
| +54% | +$16.9M |
2023 Q2
12 quarters
|
|
25
Workday
WDAY
$45.3B
| $60.9M | 1.58% |
497,876
-34,266
| -6% | -$4.34M |
2025 Q3
3 quarters
|
|
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NZS Capital's Q2 2026 Portfolio in Review
As of Q2 2026, NZS Capital held 65 positions worth $3.86B, up 29% from $3B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
NZS Capital's Q2 2026 filing shows 7 new, 28 increased, 26 reduced and 4 closed positions. Its largest new stake was ON Semiconductor: 335,531 shares worth $31.7M. The largest sale was Arm, an estimated $63.3M.
By sector, the portfolio is most concentrated in Technology at 56% of assets, up from 50% a quarter earlier, followed by Industrials and Communication Services.
- NZS Capital's largest Q2 2026 buy was ON Semiconductor: 335,531 shares worth $31.7M.
- NZS Capital added most to NVIDIA in Q2 2026, an estimated $96M increase.
- NZS Capital's biggest Q2 2026 reduction was Arm, cutting an estimated $63.3M.
- NZS Capital fully exited Penumbra in Q2 2026, selling an estimated $22.7M.
- NZS Capital's ten largest holdings make up 43% of its $3.86B portfolio in Q2 2026.
- NZS Capital opened 7 new positions and closed 4 in Q2 2026.
- NZS Capital's portfolio value rose 29% quarter-over-quarter to $3.86B.
Based on NZS Capital's 13F filing for Q2 2026, filed 14 Aug 2026.