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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
NET icon
51
Cloudflare
NET
$101B
$21M 0.64%
106,537
+784
+0.7% +$166K
COIN icon
52
Coinbase
COIN
$43.1B
$19.2M 0.59%
85,051
+714
+0.8% +$213K
ADI icon
53
Analog Devices
ADI
$179B
$18.7M 0.57%
68,879
+19,965
+41% +$5.02M
FND icon
54
Floor & Decor
FND
$5.98B
$16.5M 0.5%
270,274
+2,524
+0.9% +$164K
TYL icon
55
Tyler Technologies
TYL
$13.2B
$14.8M 0.45%
+32,620
New +$15.5M
FROG icon
56
JFrog
FROG
$9.5B
$14.8M 0.45%
+236,247
New +$13.4M
LMND icon
57
Lemonade
LMND
$3.76B
$9.28M 0.28%
130,379
+1,295
+1% +$87K
FIG
58
Figma
FIG
$12.6B
$6.67M 0.2%
178,537
+22,955
+15% +$1.04M
HTFL
59
Heartflow Inc
HTFL
$2.23B
$6.11M 0.19%
+209,688
New +$6.75M
CRWD icon
60
CrowdStrike
CRWD
$189B
$4.74M 0.15%
40,444
– –
SPOT icon
61
Spotify
SPOT
$107B
$3.5M 0.11%
+6,019
New +$3.76M
MNDY icon
62
monday.com
MNDY
$3.73B
$2.46M 0.08%
16,646
-48,441
-74% -$8.16M
CMG icon
63
Chipotle Mexican Grill
CMG
$48.8B
– –
-660,172
Closed -$25.9M
CRM icon
64
Salesforce
CRM
$148B
– –
-80,846
Closed -$19.2M
FISV
65
Fiserv Inc
FISV
$28.8B
– –
-544,102
Closed -$70.2M
NFLX icon
66
Netflix
NFLX
$305B
– –
-61,070
Closed -$7.32M
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.