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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
+6.41%
1 Year Est. Return
+21.29%
3 Year Est. Return
+93.69%
5 Year Est. Return
+97.87%
10 Year Est. Return
–
AUM
$3.27B
AUM Growth
+$323M
Cap. Flow
+$164M
Cap. Flow %
5.04%
Top 10 Hldgs %
38.68%
Holding
66
New
6
Increased
40
Reduced
13
Closed
5

Top Buys

Rank Stock Value
1
WDAY icon
Workday
WDAY
+$93.8M
2
IT icon
Gartner
IT
+$75.3M
3
SNPS icon
Synopsys
SNPS
+$53.6M
4
ROP icon
Roper Technologies
ROP
+$39M
5
IR icon
Ingersoll Rand
IR
+$35.5M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$96.7M
2
MCHP icon
Microchip Technology
MCHP
+$86.6M
3
ADSK icon
Autodesk
ADSK
+$62.8M
4
APH icon
Amphenol
APH
+$48.4M
5
CYBR
CyberArk
CYBR
+$47.5M

Sector Composition

Rank Sector Weight
1 Technology 56.07%
2 Industrials 11.3%
3 Communication Services 8.29%
4 Financials 7.16%
5 Healthcare 5.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4.29T
$217M 6.65%
891,277
-84,586
-9% -$17.8M
CDNS icon
2
Cadence Design Systems
CDNS
$90.4B
$180M 5.52%
512,744
-16,095
-3% -$5.54M
LRCX icon
3
Lam Research
LRCX
$395B
$143M 4.39%
1,071,186
+16,308
+2% +$1.73M
PGR icon
4
Progressive
PGR
$124B
$124M 3.79%
500,597
+92,231
+23% +$22.7M
APH icon
5
Amphenol
APH
$212B
$109M 3.34%
882,126
-440,817
-33% -$48.4M
ROP icon
6
Roper Technologies
ROP
$39.9B
$109M 3.34%
218,882
+73,113
+50% +$39M
WDAY icon
7
Workday
WDAY
$45B
$97.6M 2.99%
+405,514
New +$93.8M
DHR icon
8
Danaher
DHR
$146B
$97.3M 2.98%
490,795
+107,161
+28% +$21.3M
SHOP icon
9
Shopify
SHOP
$197B
$93.8M 2.87%
631,397
+22,720
+4% +$3.08M
TXN icon
10
Texas Instruments
TXN
$260B
$91.7M 2.81%
499,162
+63,023
+14% +$12.3M
LIN icon
11
Linde
LIN
$227B
$91.1M 2.79%
191,749
+38,490
+25% +$18.2M
URI icon
12
United Rentals
URI
$72.2B
$91M 2.79%
95,318
-15,300
-14% -$13.6M
AMT icon
13
American Tower
AMT
$79.5B
$84.7M 2.59%
440,213
+105,789
+32% +$22M
IR icon
14
Ingersoll Rand
IR
$33.6B
$73.8M 2.26%
893,381
+432,869
+94% +$35.5M
FISV
15
Fiserv Inc
FISV
$27.6B
$70.2M 2.15%
544,102
+118,053
+28% +$16.9M
IT icon
16
Gartner
IT
$12B
$67.8M 2.08%
+258,038
New +$75.3M
ARM icon
17
Arm
ARM
$289B
$63.4M 1.94%
447,955
+110,765
+33% +$16.1M
NVDA icon
18
NVIDIA
NVDA
$5.32T
$62.8M 1.92%
336,510
-554,822
-62% -$96.7M
SNOW icon
19
Snowflake
SNOW
$116B
$55.7M 1.71%
247,057
+13,604
+6% +$2.92M
TT icon
20
Trane Technologies
TT
$108B
$54.9M 1.68%
130,122
-44,641
-26% -$19.1M
PCOR icon
21
Procore
PCOR
$8.94B
$54.7M 1.68%
750,719
+2,518
+0.3% +$176K
KLAC icon
22
KLA
KLAC
$263B
$51.2M 1.57%
475,110
-91,890
-16% -$8.57M
HEI.A icon
23
HEICO Corp Class A
HEI.A
$37.4B
$50.2M 1.54%
197,632
+14,360
+8% +$3.59M
MELI icon
24
Mercado Libre
MELI
$95.5B
$50M 1.53%
21,413
+185
+0.9% +$444K
LSCC icon
25
Lattice Semiconductor
LSCC
$18B
$49.2M 1.51%
671,146
+38,115
+6% +$2.32M
1
2 3

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NZS Capital's Q3 2025 Portfolio in Review

As of Q3 2025, NZS Capital held 66 positions worth $3.27B, up 11% from $2.94B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

NZS Capital deployed $164M of net new capital in Q3 2025, opening 6 new positions and adding to 40 existing holdings. Its largest new stake was Workday: 405,514 shares worth $97.6M.

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

On the sell side, the largest reduction was NVIDIA, an estimated $96.7M trimmed.

  • NZS Capital's largest Q3 2025 buy was Workday: 405,514 shares worth $97.6M.
  • NZS Capital added most to Roper Technologies in Q3 2025, an estimated $39M increase.
  • NZS Capital's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $96.7M.
  • NZS Capital fully exited Microchip Technology in Q3 2025, selling an estimated $86.6M.
  • NZS Capital's ten largest holdings make up 39% of its $3.27B portfolio in Q3 2025.
  • NZS Capital opened 6 new positions and closed 5 in Q3 2025.
  • NZS Capital's portfolio value rose 11% quarter-over-quarter to $3.27B.

Based on NZS Capital's 13F filing for Q3 2025, filed 12 Nov 2025.