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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
XMTR icon
101
Xometry
XMTR
$5.34B
$357K 0.01%
6,000
-1,500
-20% -$84.6K
DIA icon
102
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$48.2B
$312K 0.01%
650
– –
LGIH icon
103
LGI Homes
LGIH
$1.32B
$264K 0.01%
6,150
+700
+13% +$32.8K
DHI icon
104
D.R. Horton
DHI
$40.8B
$225K 0.01%
1,565
– –
ABNB icon
105
Airbnb
ABNB
$108B
– –
-1,725
Closed -$209K
CAVA icon
106
CAVA Group
CAVA
$8.11B
– –
-4,800
Closed -$290K
DXCM icon
107
DexCom
DXCM
$34.3B
– –
-685,433
Closed -$46.1M
ELF icon
108
e.l.f. Beauty
ELF
$5.47B
– –
-466,968
Closed -$61.9M
HUBS icon
109
HubSpot
HUBS
$10.5B
– –
-38,715
Closed -$18.1M
ODD icon
110
ODDITY Tech
ODD
$595M
– –
-3,750
Closed -$234K
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.