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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
NVDA icon
1
NVIDIA
NVDA
$5.27T
$439M 9.77%
2,356,246
-429,555
-15% -$80M
TSLA icon
2
Tesla
TSLA
$1.31T
$312M 6.94%
694,114
-168,583
-20% -$74.7M
SHOP icon
3
Shopify
SHOP
$196B
$270M 6%
1,674,737
-377,203
-18% -$60.6M
META icon
4
Meta Platforms (Facebook)
META
$1.53T
$219M 4.88%
332,284
-55,314
-14% -$36.9M
AMZN icon
5
Amazon
AMZN
$2.94T
$195M 4.34%
845,418
-162,036
-16% -$37.1M
AXON
6
Axon Enterprise
AXON
$51.7B
$192M 4.28%
338,666
-30,698
-8% -$19M
GOOG icon
7
Alphabet (Google) Class C
GOOG
$4.19T
$187M 4.16%
595,660
-40,595
-6% -$11.6M
MELI icon
8
Mercado Libre
MELI
$98.4B
$184M 4.1%
91,540
-14,702
-14% -$30.9M
MSFT icon
9
Microsoft
MSFT
$3.74T
$152M 3.38%
314,367
-512
-0.2% -$257K
AAPL icon
10
Apple
AAPL
$4.45T
$136M 3.03%
501,917
+25,866
+5% +$6.94M
AMD icon
11
Advanced Micro Devices
AMD
$774B
$118M 2.62%
550,483
-39,546
-7% -$8.88M
AVGO icon
12
Broadcom
AVGO
$1.98T
$108M 2.41%
312,560
+260
+0.1% +$93K
SNOW icon
13
Snowflake
SNOW
$116B
$95.6M 2.13%
435,633
+67,426
+18% +$16.5M
CRWD icon
14
CrowdStrike
CRWD
$226B
$95.2M 2.12%
812,452
-160,968
-17% -$20.5M
NOW icon
15
ServiceNow
NOW
$132B
$93.6M 2.08%
610,885
-80,445
-12% -$13.8M
UBER icon
16
Uber
UBER
$160B
$80M 1.78%
979,377
-344,618
-26% -$31M
GOOGL icon
17
Alphabet (Google) Class A
GOOGL
$4.2T
$78.8M 1.75%
251,637
+54,073
+27% +$15.5M
MU icon
18
Micron Technology
MU
$981B
$76.2M 1.69%
266,850
-26,800
-9% -$6.15M
RKLB icon
19
Rocket Lab Corp
RKLB
$50B
$76.1M 1.69%
1,090,798
+45,837
+4% +$2.63M
NTRA icon
20
Natera
NTRA
$45.1B
$74.1M 1.65%
323,571
-70,994
-18% -$14.8M
MPWR icon
21
Monolithic Power Systems
MPWR
$68.9B
$73.8M 1.64%
81,378
+6,710
+9% +$6.46M
NFLX icon
22
Netflix
NFLX
$311B
$72.5M 1.61%
773,275
-251,525
-25% -$27.1M
TOST icon
23
Toast
TOST
$20.2B
$65.9M 1.46%
1,854,996
-262,314
-12% -$9.46M
VRT icon
24
Vertiv
VRT
$108B
$56.1M 1.25%
346,575
+46,625
+16% +$8.1M
SPOT icon
25
Spotify
SPOT
$103B
$55.2M 1.23%
95,052
-43,902
-32% -$27.4M
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.