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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
+0.51%
1 Year Est. Return
+21.29%
3 Year Est. Return
+93.69%
5 Year Est. Return
+97.87%
10 Year Est. Return
–
AUM
$3.26B
AUM Growth
-$5.42M
Cap. Flow
+$11.3M
Cap. Flow %
0.35%
Top 10 Hldgs %
39.57%
Holding
66
New
5
Increased
42
Reduced
13
Closed
4

Top Buys

Rank Stock Value
1
AJG icon
Arthur J. Gallagher & Co
AJG
+$60.8M
2
AMT icon
American Tower
AMT
+$33M
3
DHR icon
Danaher
DHR
+$30.7M
4
TT icon
Trane Technologies
TT
+$25.9M
5
LIN icon
Linde
LIN
+$22.5M

Top Sells

Rank Stock Value
1
FISV
Fiserv Inc
FISV
+$70.2M
2
APH icon
Amphenol
APH
+$53M
3
LRCX icon
Lam Research
LRCX
+$51.6M
4
SHOP icon
Shopify
SHOP
+$40.5M
5
CMG icon
Chipotle Mexican Grill
CMG
+$25.9M

Sector Composition

Rank Sector Weight
1 Technology 50.21%
2 Industrials 11.89%
3 Communication Services 9.43%
4 Healthcare 8.58%
5 Financials 8.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HEI.A icon
26
HEICO Corp Class A
HEI.A
$36B
$50.4M 1.55%
199,636
+2,004
+1% +$495K
MELI icon
27
Mercado Libre
MELI
$94.5B
$46.8M 1.44%
23,239
+1,826
+9% +$3.84M
TOST icon
28
Toast
TOST
$18.9B
$46M 1.41%
1,296,518
+10,234
+0.8% +$369K
TEAM icon
29
Atlassian
TEAM
$26.5B
$46M 1.41%
283,603
+72,423
+34% +$11.4M
ARM icon
30
Arm
ARM
$240B
$45M 1.38%
411,748
-36,207
-8% -$5.26M
SNPS icon
31
Synopsys
SNPS
$71.6B
$44.9M 1.38%
95,531
+682
+0.7% +$303K
PWR icon
32
Quanta Services
PWR
$84.2B
$43.6M 1.34%
103,258
+1,185
+1% +$521K
LSCC icon
33
Lattice Semiconductor
LSCC
$16B
$40.6M 1.24%
551,323
-119,823
-18% -$8.53M
SAIL
34
SailPoint Inc
SAIL
$9.01B
$39.6M 1.22%
1,959,650
+212,489
+12% +$4.43M
TTAN
35
ServiceTitan Inc
TTAN
$8.03B
$38.6M 1.18%
362,203
+20,456
+6% +$2M
GLBE icon
36
Global E Online
GLBE
$6.76B
$37.7M 1.16%
958,551
+7,920
+0.8% +$294K
HEI icon
37
HEICO Corp
HEI
$49.6B
$36.7M 1.13%
113,566
+1,120
+1% +$354K
MSFT icon
38
Microsoft
MSFT
$2.9T
$35.8M 1.1%
74,048
– –
MRVL icon
39
Marvell Technology
MRVL
$147B
$35.7M 1.1%
420,357
-96,974
-19% -$8.49M
PEN icon
40
Penumbra
PEN
$12.6B
$33.8M 1.04%
108,586
+21,602
+25% +$5.97M
RGEN icon
41
Repligen
RGEN
$6.91B
$32.6M 1%
198,803
+2,026
+1% +$317K
DASH icon
42
DoorDash
DASH
$84.3B
$31.9M 0.98%
140,991
+32,436
+30% +$7.61M
AXON
43
Axon Enterprise
AXON
$42.8B
$31.1M 0.95%
54,737
+26,362
+93% +$16.4M
CSGP icon
44
CoStar Group
CSGP
$12.2B
$29.7M 0.91%
441,362
+67,930
+18% +$4.81M
AFRM icon
45
Affirm
AFRM
$23.5B
$26.8M 0.82%
360,091
+3,165
+0.9% +$228K
Z icon
46
Zillow
Z
$7.78B
$26.4M 0.81%
386,733
+63,930
+20% +$4.63M
CGNX icon
47
Cognex
CGNX
$9.62B
$24.9M 0.76%
692,849
+6,873
+1% +$278K
MPWR icon
48
Monolithic Power Systems
MPWR
$61.4B
$23.8M 0.73%
26,209
+209
+0.8% +$201K
NOW icon
49
ServiceNow
NOW
$120B
$21.9M 0.67%
142,676
+10,251
+8% +$1.76M
RDDT icon
50
Reddit
RDDT
$34.3B
$21.6M 0.66%
94,117
+822
+0.9% +$173K
1
2
3

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NZS Capital's Q4 2025 Portfolio in Review

As of Q4 2025, NZS Capital held 66 positions worth $3.26B, down 0.17% from $3.27B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

NZS Capital's Q4 2025 filing shows 5 new, 42 increased, 13 reduced and 4 closed positions. Its largest new stake was Arthur J. Gallagher & Co: 229,704 shares worth $59.4M. The largest sale was Fiserv Inc, an estimated $70.2M.

By sector, the portfolio is most concentrated in Technology at 50% of assets, down from 56% a quarter earlier, followed by Industrials and Communication Services.

  • NZS Capital's largest Q4 2025 buy was Arthur J. Gallagher & Co: 229,704 shares worth $59.4M.
  • NZS Capital added most to American Tower in Q4 2025, an estimated $33M increase.
  • NZS Capital's biggest Q4 2025 reduction was Amphenol, cutting an estimated $53M.
  • NZS Capital fully exited Fiserv Inc in Q4 2025, selling an estimated $70.2M.
  • NZS Capital's ten largest holdings make up 40% of its $3.26B portfolio in Q4 2025.
  • NZS Capital opened 5 new positions and closed 4 in Q4 2025.
  • NZS Capital's portfolio value fell 0.17% quarter-over-quarter to $3.26B.

Based on NZS Capital's 13F filing for Q4 2025, filed 12 Feb 2026.