NZS Capital, LLC
Long book
$3.00B
Q1 2026
Positions
58
Top-10 weight
40%
concentration
Last quarter
+25.4%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsNZS Capital, LLC is a diversified fundamental manager, running a $3.00B US long book across 58 positions.
The portfolio is moderately concentrated (top 10 ≈ 40% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: ALPHABET INC-CL C, CADENCE DESIGN SYS INC, LAM RESEARCH CORP, LINDE PLC, DANAHER CORP.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.0%
Q2 2024
+2.6%
Q3 2024
+0.1%
Q4 2024
-5.2%
Q1 2025
+19.0%
Q2 2025
+6.7%
Q3 2025
-1.1%
Q4 2025
-10.0%
Q1 2026
+25.4%
Sector allocation
Technology 57%
Industrials 13%
Services media 9%
Financials 9%
Healthcare 7%
Materials 4%
Other 2%
Communications 0%
Long book by quarter
What does NZS Capital, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOG ALPHABET INC-CL C | Technology | 760.7K | $218.2M | 7.3% | -6.7% |
| CDNS CADENCE DESIGN SYS INC | Technology | 527.4K | $146.6M | 4.9% | +12.3% |
| LRCX LAM RESEARCH CORP | Industrials | 573.9K | $122.6M | 4.1% | -22.4% |
| LIN LINDE PLC | Materials | 230.2K | $114.1M | 3.8% | -5.8% |
| DHR DANAHER CORP | Technology | 558.4K | $105.9M | 3.5% | -11.5% |
| TXN TEXAS INSTRUMENTS INC | Technology | 533.8K | $103.6M | 3.5% | +2.2% |
| ROP ROPER TECHNOLOGIES INC | Technology | 289.3K | $102.4M | 3.4% | +27.8% |
| APH AMPHENOL CORP-CL A | Technology | 759.0K | $95.9M | 3.2% | +56.2% |
| PGR PROGRESSIVE CORP | Financials | 479.8K | $95.1M | 3.2% | +2.4% |
| TT TRANE TECHNOLOGIES PLC | Technology | 197.2K | $82.2M | 2.7% | +2.3% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 369.0K | $79.9M | 2.7% | +60.6% |
| SYK STRYKER CORP | Healthcare | 233.1K | $76.6M | 2.6% | New |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 159.1K | $73.3M | 2.4% | +43.3% |
| IR INGERSOLL-RAND INC | Industrials | 907.9K | $72.7M | 2.4% | -7.6% |
| WDAY WORKDAY INC-CLASS A | Technology | 532.1K | $69.1M | 2.3% | +8.9% |
| TYL TYLER TECHNOLOGIES INC | Technology | 198.5K | $68.0M | 2.3% | +508.4% |
| URI UNITED RENTALS INC | Services media | 92.3K | $67.3M | 2.2% | +2.4% |
| SHOP SHOPIFY INC - CLASS A | Technology | 550.4K | $65.3M | 2.2% | +45.1% |
| KLAC KLA CORP | Other | 43.2K | $63.6M | 2.1% | -7.8% |
| NVDA NVIDIA CORP | Technology | 344.2K | $60.0M | 2.0% | +17.0% |
| PWR QUANTA SERVICES INC | Industrials | 97.4K | $53.5M | 1.8% | -5.7% |
| UBER UBER TECHNOLOGIES INC | Services media | 743.4K | $53.5M | 1.8% | +2.6% |
| LSCC LATTICE SEMICONDUCTOR CORP | Technology | 564.0K | $52.3M | 1.7% | +2.3% |
| MELI MERCADOLIBRE INC | Services media | 29.8K | $51.4M | 1.7% | +28.0% |
| SNOW SNOWFLAKE INC | Technology | 331.8K | $50.0M | 1.7% | +33.5% |
| AAPL APPLE INC | Technology | 184.5K | $46.8M | 1.6% | -11.7% |
| MRVL MARVELL TECHNOLOGY INC | Technology | 463.3K | $45.9M | 1.5% | +10.2% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 3.1M | $45.1M | 1.5% | +2.4% |
| HEI HEICO CORP | Industrials | 162.5K | $44.5M | 1.5% | +43.1% |
| HEI/A HEICO CORP-CLASS A | Industrials | 203.9K | $43.1M | 1.4% | +2.2% |
| TOST TOAST INC-CLASS A | Technology | 1.5M | $39.1M | 1.3% | +13.8% |
| SNPS SYNOPSYS INC | Technology | 97.5K | $38.6M | 1.3% | +2.0% |
| DASH DOORDASH INC - A | Services media | 238.1K | $35.7M | 1.2% | +68.8% |
| AXON AXON ENTERPRISE INC | Industrials | 74.1K | $31.5M | 1.0% | +35.3% |
| SAIL SAILPOINT INC | Technology | 2.3M | $30.6M | 1.0% | +17.8% |
| GLBE GLOBAL-E ONLINE LTD | Technology | 979.3K | $30.2M | 1.0% | +2.2% |
| MPWR MONOLITHIC POWER SYSTEMS INC | Technology | 26.7K | $29.2M | 1.0% | +1.8% |
| CSGP COSTAR GROUP INC | Services media | 709.4K | $28.6M | 1.0% | +60.7% |
| NET CLOUDFLARE INC - CLASS A | Technology | 137.1K | $28.3M | 0.9% | +28.7% |
| MSFT MICROSOFT CORP | Technology | 75.5K | $28.0M | 0.9% | +2.0% |
| FROG JFROG LTD | Technology | 540.6K | $25.4M | 0.8% | +128.8% |
| TEAM ATLASSIAN CORP-CL A | Technology | 366.3K | $25.0M | 0.8% | +29.2% |
| Z ZILLOW GROUP INC - C | Services media | 584.9K | $24.2M | 0.8% | +51.2% |
| RGEN REPLIGEN CORP | Healthcare | 203.2K | $23.9M | 0.8% | +2.2% |
| PEN PENUMBRA INC | Healthcare | 69.0K | $22.7M | 0.8% | -36.5% |
| ADI ANALOG DEVICES INC | Technology | 70.3K | $22.4M | 0.7% | +2.0% |
| AFRM AFFIRM HOLDINGS INC | Financials | 366.4K | $16.8M | 0.6% | +1.7% |
| COIN COINBASE GLOBAL INC -CLASS A | Financials | 86.7K | $15.1M | 0.5% | +2.0% |
| RDDT REDDIT INC-CL A | Technology | 96.0K | $12.9M | 0.4% | +2.0% |
| SABR SABRE CORP | Technology | 5.5M | $8.0M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 58 | $3.00B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 62 | $3.26B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 61 | $3.27B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 60 | $2.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 59 | $2.22B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 59 | $2.35B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 58 | $2.56B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 58 | $2.44B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 54 | $2.41B | canonical | SEC ↗ |
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