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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
+22.41%
1 Year Est. Return
+21.29%
3 Year Est. Return
+93.69%
5 Year Est. Return
+97.87%
10 Year Est. Return
–
AUM
$2.94B
AUM Growth
+$725M
Cap. Flow
+$271M
Cap. Flow %
9.23%
Top 10 Hldgs %
39.5%
Holding
61
New
2
Increased
48
Reduced
10
Closed
1

Top Buys

Rank Stock Value
1
IR icon
Ingersoll Rand
IR
+$36.3M
2
CDNS icon
Cadence Design Systems
CDNS
+$23.5M
3
NVDA icon
NVIDIA
NVDA
+$22.7M
4
DHR icon
Danaher
DHR
+$19.4M
5
PGR icon
Progressive
PGR
+$19.3M

Top Sells

Rank Stock Value
1
CPRT icon
Copart
CPRT
+$40.2M
2
MSFT icon
Microsoft
MSFT
+$39.5M
3
AXON
Axon Enterprise
AXON
+$14.7M
4
DASH icon
DoorDash
DASH
+$11.7M
5
UBER icon
Uber
UBER
+$8.6M

Sector Composition

Rank Sector Weight
1 Technology 58.05%
2 Industrials 11.12%
3 Communication Services 7.4%
4 Financials 7.06%
5 Consumer Discretionary 5.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4.29T
$173M 5.88%
975,863
+46,962
+5% +$7.76M
CDNS icon
2
Cadence Design Systems
CDNS
$90.4B
$163M 5.54%
528,839
+80,702
+18% +$23.5M
NVDA icon
3
NVIDIA
NVDA
$5.32T
$141M 4.79%
891,332
+180,407
+25% +$22.7M
APH icon
4
Amphenol
APH
$212B
$131M 4.44%
1,322,943
-52,952
-4% -$4.33M
PGR icon
5
Progressive
PGR
$124B
$109M 3.7%
408,366
+70,244
+21% +$19.3M
LRCX icon
6
Lam Research
LRCX
$395B
$103M 3.49%
1,054,878
+123,118
+13% +$9.76M
TXN icon
7
Texas Instruments
TXN
$260B
$90.6M 3.08%
436,139
+33,885
+8% +$6.02M
MCHP icon
8
Microchip Technology
MCHP
$45B
$86.6M 2.94%
1,231,066
+160,824
+15% +$8.84M
URI icon
9
United Rentals
URI
$72.2B
$83.3M 2.83%
110,618
+10,759
+11% +$7.2M
ROP icon
10
Roper Technologies
ROP
$39.9B
$82.6M 2.81%
145,769
+9,794
+7% +$5.53M
TT icon
11
Trane Technologies
TT
$108B
$76.4M 2.6%
174,763
+4,217
+2% +$1.66M
DHR icon
12
Danaher
DHR
$146B
$75.8M 2.58%
383,634
+100,083
+35% +$19.4M
AMT icon
13
American Tower
AMT
$79.5B
$73.9M 2.51%
334,424
+76,107
+29% +$16.4M
FISV
14
Fiserv Inc
FISV
$27.6B
$73.5M 2.5%
426,049
+68,732
+19% +$12.5M
LIN icon
15
Linde
LIN
$227B
$71.9M 2.44%
153,259
+32,213
+27% +$14.7M
SHOP icon
16
Shopify
SHOP
$197B
$70.2M 2.39%
608,677
+77,115
+15% +$7.71M
ADSK icon
17
Autodesk
ADSK
$53.6B
$62.8M 2.14%
202,937
+26,534
+15% +$7.53M
NET icon
18
Cloudflare
NET
$110B
$58.8M 2%
300,505
+1,109
+0.4% +$161K
MELI icon
19
Mercado Libre
MELI
$95.5B
$55.5M 1.89%
21,228
+1,686
+9% +$3.94M
ARM icon
20
Arm
ARM
$289B
$54.5M 1.85%
337,190
+145,859
+76% +$18.1M
TOST icon
21
Toast
TOST
$20.7B
$53.7M 1.82%
1,212,237
+92,347
+8% +$3.63M
SNOW icon
22
Snowflake
SNOW
$116B
$52.2M 1.78%
233,453
+22,435
+11% +$4.06M
PCOR icon
23
Procore
PCOR
$8.94B
$51.2M 1.74%
748,201
+211,825
+39% +$13.8M
KLAC icon
24
KLA
KLAC
$263B
$50.8M 1.73%
567,000
-17,930
-3% -$1.35M
CYBR
25
DELISTED
CyberArk
CYBR
$47.5M 1.61%
116,707
+25,526
+28% +$9.3M
1
2 3

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NZS Capital's Q2 2025 Portfolio in Review

As of Q2 2025, NZS Capital held 61 positions worth $2.94B, up 33% from $2.22B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

NZS Capital deployed $271M of net new capital in Q2 2025, opening 2 new positions and adding to 48 existing holdings. Its largest new stake was Ingersoll Rand: 460,512 shares worth $38.3M.

By sector, the portfolio is most concentrated in Technology at 58% of assets, up from 56% a quarter earlier, followed by Industrials and Communication Services.

On the sell side, the largest reduction was Microsoft, an estimated $39.5M trimmed.

  • NZS Capital's largest Q2 2025 buy was Ingersoll Rand: 460,512 shares worth $38.3M.
  • NZS Capital added most to Cadence Design Systems in Q2 2025, an estimated $23.5M increase.
  • NZS Capital's biggest Q2 2025 reduction was Microsoft, cutting an estimated $39.5M.
  • NZS Capital fully exited Copart in Q2 2025, selling an estimated $40.2M.
  • NZS Capital's ten largest holdings make up 40% of its $2.94B portfolio in Q2 2025.
  • NZS Capital opened 2 new positions and closed 1 in Q2 2025.
  • NZS Capital's portfolio value rose 33% quarter-over-quarter to $2.94B.

Based on NZS Capital's 13F filing for Q2 2025, filed 13 Aug 2025.