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NZS Capital Portfolio holdings

AUM $3B
1-Year Est. Return 21.29%
This Fund
S&P 500
This Quarter Est. Return
-4.42%
1 Year Est. Return
+21.29%
3 Year Est. Return
+93.69%
5 Year Est. Return
+97.87%
10 Year Est. Return
–
AUM
$2.22B
AUM Growth
-$132M
Cap. Flow
+$10.8M
Cap. Flow %
0.49%
Top 10 Hldgs %
39.85%
Holding
65
New
6
Increased
21
Reduced
32
Closed
6

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$36.6M
2
APH icon
Amphenol
APH
+$27.5M
3
MRVL icon
Marvell Technology
MRVL
+$26.7M
4
TT icon
Trane Technologies
TT
+$26.5M
5
CDNS icon
Cadence Design Systems
CDNS
+$25.9M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$31.6M
2
ANSS
Ansys
ANSS
+$30.2M
3
FISV
Fiserv Inc
FISV
+$26.9M
4
LIN icon
Linde
LIN
+$25.7M
5
TTD icon
Trade Desk
TTD
+$18.1M

Sector Composition

Rank Sector Weight
1 Technology 55.72%
2 Industrials 11.6%
3 Communication Services 8.18%
4 Financials 6.39%
5 Consumer Discretionary 6.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HEI.A icon
26
HEICO Corp Class A
HEI.A
$37B
$35.2M 1.59%
166,781
-2,104
-1% -$408K
NET icon
27
Cloudflare
NET
$110B
$33.7M 1.52%
299,396
+21,744
+8% +$2.88M
TEAM icon
28
Atlassian
TEAM
$39.1B
$33.6M 1.51%
158,135
+56,732
+56% +$15M
CSGP icon
29
CoStar Group
CSGP
$12.6B
$31.4M 1.42%
396,308
-37,192
-9% -$2.83M
ISRG icon
30
Intuitive Surgical
ISRG
$141B
$31M 1.4%
62,674
-876
-1% -$484K
SNOW icon
31
Snowflake
SNOW
$117B
$30.8M 1.39%
211,018
+71,627
+51% +$12.2M
CYBR
32
DELISTED
CyberArk
CYBR
$30.8M 1.39%
91,181
+19,760
+28% +$7.1M
DASH icon
33
DoorDash
DASH
$93.2B
$27.3M 1.23%
149,396
-33,964
-19% -$6.39M
CGNX icon
34
Cognex
CGNX
$10.7B
$26.5M 1.19%
887,550
+128,763
+17% +$4.53M
LSCC icon
35
Lattice Semiconductor
LSCC
$18.1B
$25.8M 1.17%
492,774
-7,526
-2% -$448K
AXON
36
Axon Enterprise
AXON
$50.9B
$25.4M 1.15%
48,361
+10,094
+26% +$5.91M
CMG icon
37
Chipotle Mexican Grill
CMG
$40.3B
$22.4M 1.01%
445,417
-6,211
-1% -$338K
GLBE icon
38
Global E Online
GLBE
$6.85B
$20.9M 0.94%
586,299
+148,036
+34% +$7.27M
NU icon
39
Nu Holdings
NU
$65.5B
$20.5M 0.92%
2,001,464
+472,684
+31% +$5.59M
ARM icon
40
Arm
ARM
$288B
$20.4M 0.92%
191,331
+55,797
+41% +$7.78M
AAPL icon
41
Apple
AAPL
$4.48T
$20M 0.9%
89,823
-72,006
-44% -$16.7M
Z icon
42
Zillow
Z
$7.76B
$19.1M 0.86%
277,894
-3,863
-1% -$295K
FND icon
43
Floor & Decor
FND
$6.36B
$18.1M 0.82%
225,339
-2,821
-1% -$266K
PEN icon
44
Penumbra
PEN
$12.9B
$17M 0.77%
63,504
-810
-1% -$219K
MRVL icon
45
Marvell Technology
MRVL
$189B
$16.9M 0.76%
+275,133
New +$26.7M
RGEN icon
46
Repligen
RGEN
$9.29B
$16.8M 0.76%
131,922
-1,772
-1% -$273K
ON icon
47
ON Semiconductor
ON
$31.8B
$16M 0.72%
392,664
-5,904
-1% -$297K
TTAN
48
ServiceTitan Inc
TTAN
$8.6B
$14.1M 0.64%
148,336
-2,170
-1% -$210K
AFRM icon
49
Affirm
AFRM
$25.6B
$12.5M 0.57%
277,595
-3,793
-1% -$225K
CRM icon
50
Salesforce
CRM
$162B
$11.9M 0.54%
44,392
+9,168
+26% +$2.85M
1
2
3

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NZS Capital's Q1 2025 Portfolio in Review

As of Q1 2025, NZS Capital held 65 positions worth $2.22B, down 5.6% from $2.35B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

NZS Capital's Q1 2025 filing shows 6 new, 21 increased, 32 reduced and 6 closed positions. Its largest new stake was Marvell Technology: 275,133 shares worth $16.9M. The largest sale was Microsoft, an estimated $31.6M.

By sector, the portfolio is most concentrated in Technology at 56% of assets, up from 55% a quarter earlier, followed by Industrials and Communication Services.

  • NZS Capital's largest Q1 2025 buy was Marvell Technology: 275,133 shares worth $16.9M.
  • NZS Capital added most to NVIDIA in Q1 2025, an estimated $36.6M increase.
  • NZS Capital's biggest Q1 2025 reduction was Microsoft, cutting an estimated $31.6M.
  • NZS Capital fully exited Ansys in Q1 2025, selling an estimated $30.2M.
  • NZS Capital's ten largest holdings make up 40% of its $2.22B portfolio in Q1 2025.
  • NZS Capital opened 6 new positions and closed 6 in Q1 2025.
  • NZS Capital's portfolio value fell 5.6% quarter-over-quarter to $2.22B.

Based on NZS Capital's 13F filing for Q1 2025, filed 14 May 2025.