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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
GOOG icon
1
Alphabet (Google) Class C
GOOG
$4T
$256M 7.85%
815,373
-75,904
-9% -$21.7M
CDNS icon
2
Cadence Design Systems
CDNS
$93.5B
$147M 4.5%
469,857
-42,887
-8% -$14M
DHR icon
3
Danaher
DHR
$137B
$144M 4.43%
630,666
+139,871
+28% +$30.7M
LRCX icon
4
Lam Research
LRCX
$368B
$127M 3.88%
739,673
-331,513
-31% -$51.6M
AMT icon
5
American Tower
AMT
$77.7B
$109M 3.35%
621,577
+181,364
+41% +$33M
PGR icon
6
Progressive
PGR
$125B
$107M 3.27%
468,365
-32,232
-6% -$7.28M
WDAY icon
7
Workday
WDAY
$36.6B
$105M 3.22%
488,576
+83,062
+20% +$18.9M
LIN icon
8
Linde
LIN
$235B
$104M 3.2%
244,345
+52,596
+27% +$22.5M
ROP icon
9
Roper Technologies
ROP
$37.1B
$101M 3.09%
226,315
+7,433
+3% +$3.44M
TXN icon
10
Texas Instruments
TXN
$255B
$90.6M 2.78%
522,259
+23,097
+5% +$3.96M
IR icon
11
Ingersoll Rand
IR
$33.1B
$77.8M 2.39%
982,491
+89,110
+10% +$7.04M
IT icon
12
Gartner
IT
$9.9B
$76M 2.33%
301,284
+43,246
+17% +$10.4M
TT icon
13
Trane Technologies
TT
$106B
$75M 2.3%
192,774
+62,652
+48% +$25.9M
URI icon
14
United Rentals
URI
$70B
$73M 2.24%
90,145
-5,173
-5% -$4.49M
APH icon
15
Amphenol
APH
$184B
$65.7M 2.01%
485,926
-396,200
-45% -$53M
ISRG icon
16
Intuitive Surgical
ISRG
$127B
$62.9M 1.93%
111,005
+991
+0.9% +$528K
SHOP icon
17
Shopify
SHOP
$163B
$61.1M 1.87%
379,328
-252,069
-40% -$40.5M
AJG icon
18
Arthur J. Gallagher & Co
AJG
$65.3B
$59.4M 1.82%
+229,704
New +$60.8M
UBER icon
19
Uber
UBER
$138B
$59.2M 1.82%
724,254
+228,487
+46% +$20.6M
KLAC icon
20
KLA
KLAC
$268B
$56.9M 1.74%
468,150
-6,960
-1% -$816K
AAPL icon
21
Apple
AAPL
$4.93T
$56.8M 1.74%
208,934
+47,683
+30% +$12.8M
PCOR icon
22
Procore
PCOR
$7.02B
$56.2M 1.72%
773,108
+22,389
+3% +$1.66M
NVDA icon
23
NVIDIA
NVDA
$4.79T
$54.9M 1.68%
294,117
-42,393
-13% -$7.89M
SNOW icon
24
Snowflake
SNOW
$94.3B
$54.5M 1.67%
248,459
+1,402
+0.6% +$342K
NU icon
25
Nu Holdings
NU
$69.9B
$51.3M 1.57%
3,066,393
+28,267
+0.9% +$454K
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.