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ZCI

Zevenbergen Capital Investments Portfolio holdings

AUM $4.38B
1-Year Est. Return 56.68%
This Fund
S&P 500
This Quarter Est. Return
+2.67%
1 Year Est. Return
+56.68%
3 Year Est. Return
+239.32%
5 Year Est. Return
+232.55%
10 Year Est. Return
+3,491.87%
AUM
$4.5B
AUM Growth
-$648M
Cap. Flow
-$638M
Cap. Flow %
-14.18%
Top 10 Hldgs %
50.88%
Holding
111
New
8
Increased
33
Reduced
51
Closed
6

Top Buys

Rank Stock Value
1
APP icon
Applovin
APP
+$39.9M
2
KRMN
Karman Holdings
KRMN
+$39.1M
3
PODD icon
Insulet
PODD
+$35.4M
4
CRDO icon
Credo Technology Group
CRDO
+$16.5M
5
SNOW icon
Snowflake
SNOW
+$16.5M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$80M
2
TSLA icon
Tesla
TSLA
+$74.7M
3
ARM icon
Arm
ARM
+$64.6M
4
ELF icon
e.l.f. Beauty
ELF
+$61.9M
5
SHOP icon
Shopify
SHOP
+$60.6M

Sector Composition

Rank Sector Weight
1 Technology 48.87%
2 Consumer Discretionary 17.33%
3 Communication Services 17.16%
4 Industrials 9.71%
5 Healthcare 5.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PANW icon
26
Palo Alto Networks
PANW
$315B
$53.3M 1.18%
289,228
-71,909
-20% -$14.5M
APP icon
27
Applovin
APP
$102B
$52.7M 1.17%
78,160
+63,298
+426% +$39.9M
TTD icon
28
Trade Desk
TTD
$6.34B
$46.3M 1.03%
1,220,465
-835,151
-41% -$37M
PWR icon
29
Quanta Services
PWR
$102B
$43.4M 0.97%
102,908
-6,497
-6% -$2.85M
Z icon
30
Zillow
Z
$7.48B
$42.1M 0.94%
617,563
-174,183
-22% -$12.6M
KRMN
31
Karman Holdings
KRMN
$8.21B
$39.5M 0.88%
+539,600
New +$39.1M
TMDX icon
32
Transmedics
TMDX
$3.02B
$34.1M 0.76%
280,178
+21,655
+8% +$2.72M
VEEV icon
33
Veeva Systems
VEEV
$39.2B
$33.4M 0.74%
149,654
-48,621
-25% -$12.9M
ANET icon
34
Arista Networks
ANET
$265B
$32.2M 0.72%
245,400
– –
PODD icon
35
Insulet
PODD
$10.1B
$32.1M 0.71%
+113,083
New +$35.4M
WING icon
36
Wingstop
WING
$3.05B
$30.8M 0.68%
129,055
-22,457
-15% -$5.56M
EXAS
37
DELISTED
Exact Sciences
EXAS
$30.8M 0.68%
302,777
-663,494
-69% -$53.3M
ORCL icon
38
Oracle
ORCL
$442B
$30.7M 0.68%
157,705
+220
+0.1% +$52.4K
IOT icon
39
Samsara
IOT
$22.9B
$30.6M 0.68%
863,551
-134,478
-13% -$5.2M
CRDO icon
40
Credo Technology Group
CRDO
$50B
$28.1M 0.62%
195,247
+107,147
+122% +$16.5M
DDOG icon
41
Datadog
DDOG
$86.5B
$26.2M 0.58%
192,715
-13,550
-7% -$2.14M
APH icon
42
Amphenol
APH
$210B
$24M 0.53%
177,935
+500
+0.3% +$66.9K
ONON icon
43
On Holding
ONON
$10.4B
$22.4M 0.5%
482,648
-158,521
-25% -$6.83M
QCOM icon
44
Qualcomm
QCOM
$171B
$21.5M 0.48%
125,647
+20,320
+19% +$3.48M
KLAC icon
45
KLA
KLAC
$272B
$18.2M 0.41%
150,000
– –
ARES icon
46
Ares Management
ARES
$32.1B
$18.2M 0.4%
112,431
-47,467
-30% -$7.39M
AMAT icon
47
Applied Materials
AMAT
$435B
$18M 0.4%
70,000
– –
INTU icon
48
Intuit
INTU
$91.6B
$17.1M 0.38%
25,781
+55
+0.2% +$36.3K
V icon
49
Visa
V
$671B
$15.1M 0.34%
43,163
+12,295
+40% +$4.19M
CAI
50
Caris Life Sciences
CAI
$6.29B
$14.7M 0.33%
+543,185
New +$15.3M
1
2
3 4 5

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Zevenbergen Capital Investments's Q4 2025 Portfolio in Review

As of Q4 2025, Zevenbergen Capital Investments held 111 positions worth $4.5B, down 13% from $5.14B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Zevenbergen Capital Investments withdrew a net $638M in Q4 2025, closing 6 positions and reducing 51 holdings. Its most notable exit was e.l.f. Beauty, an estimated $61.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 49% of assets, up from 48% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Zevenbergen Capital Investments opened a new position in Karman Holdings worth $39.5M.

  • Zevenbergen Capital Investments's largest Q4 2025 buy was Karman Holdings: 539,600 shares worth $39.5M.
  • Zevenbergen Capital Investments added most to Applovin in Q4 2025, an estimated $39.9M increase.
  • Zevenbergen Capital Investments's biggest Q4 2025 reduction was NVIDIA, cutting an estimated $80M.
  • Zevenbergen Capital Investments fully exited e.l.f. Beauty in Q4 2025, selling an estimated $61.9M.
  • Zevenbergen Capital Investments's ten largest holdings make up 51% of its $4.5B portfolio in Q4 2025.
  • Zevenbergen Capital Investments opened 8 new positions and closed 6 in Q4 2025.
  • Zevenbergen Capital Investments's portfolio value fell 13% quarter-over-quarter to $4.5B.

Based on Zevenbergen Capital Investments's 13F filing for Q4 2025, filed 15 Jan 2026.