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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
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4.29T
$145M 6.54%
928,901
+4,781
+0.5% +$876K
CDNS icon
2
Cadence Design Systems
CDNS
$90.4B
$114M 5.14%
448,137
+93,050
+26% +$25.9M
PGR icon
3
Progressive
PGR
$124B
$95.7M 4.31%
338,122
-62,229
-16% -$16.3M
APH icon
4
Amphenol
APH
$212B
$90.2M 4.07%
1,375,895
+402,630
+41% +$27.5M
ROP icon
5
Roper Technologies
ROP
$39.9B
$80.2M 3.61%
135,975
+5,649
+4% +$3.17M
FISV
6
Fiserv Inc
FISV
$27.6B
$78.9M 3.56%
357,317
-122,771
-26% -$26.9M
NVDA icon
7
NVIDIA
NVDA
$5.32T
$77.1M 3.47%
710,925
+288,950
+68% +$36.6M
TXN icon
8
Texas Instruments
TXN
$261B
$72.3M 3.26%
402,254
-21,246
-5% -$3.98M
LRCX icon
9
Lam Research
LRCX
$395B
$67.7M 3.05%
931,760
-14,613
-2% -$1.15M
URI icon
10
United Rentals
URI
$72.2B
$62.6M 2.82%
99,859
+17,418
+21% +$12M
MSFT icon
11
Microsoft
MSFT
$3.72T
$61.9M 2.79%
164,906
-77,396
-32% -$31.6M
DHR icon
12
Danaher
DHR
$146B
$58.1M 2.62%
283,551
-54,622
-16% -$11.9M
TT icon
13
Trane Technologies
TT
$108B
$57.5M 2.59%
170,546
+73,391
+76% +$26.5M
LIN icon
14
Linde
LIN
$227B
$56.4M 2.54%
121,046
-57,003
-32% -$25.7M
AMT icon
15
American Tower
AMT
$79.6B
$56.2M 2.53%
258,317
+12,613
+5% +$2.47M
MCHP icon
16
Microchip Technology
MCHP
$45B
$51.8M 2.34%
1,070,242
-15,406
-1% -$858K
SHOP icon
17
Shopify
SHOP
$197B
$50.8M 2.29%
531,562
-8,903
-2% -$970K
ADSK icon
18
Autodesk
ADSK
$53.6B
$46.2M 2.08%
176,403
-862
-0.5% -$245K
UBER icon
19
Uber
UBER
$160B
$41.5M 1.87%
570,179
-5,403
-0.9% -$389K
CPRT icon
20
Copart
CPRT
$27.3B
$40.2M 1.81%
710,561
+40,112
+6% +$2.26M
KLAC icon
21
KLA
KLAC
$263B
$39.8M 1.79%
584,930
-43,350
-7% -$3.12M
MELI icon
22
Mercado Libre
MELI
$95.5B
$38.1M 1.72%
19,542
-2,663
-12% -$5.29M
TOST icon
23
Toast
TOST
$20.7B
$37.1M 1.68%
1,119,890
-17,018
-1% -$637K
HEI icon
24
HEICO Corp
HEI
$51.4B
$36.5M 1.64%
136,476
-10,426
-7% -$2.54M
PCOR icon
25
Procore
PCOR
$8.94B
$35.4M 1.6%
536,376
+142,794
+36% +$10.8M
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.