NZS Capital
DENVER, COfiles as NZS Capital, LLC
$3.9bn in 61 US stocks at the end of 30 June 2026. The top 10 are 42.5% of the money. It changed about 15.0% of the portfolio this quarter.
Value
$3.9bn
Stocks
61
Top 10 share
42.5%
Turnover
15.0%
What changed this quarter
New
Bought for the first time this quarter.
- ON SemiconductorON0.8% of the fund
- Descartes Systems GroupDSGX0.7% of the fund
- DatadogDDOG0.6% of the fund
- Lumentum HoldingsLITE0.5% of the fund
- Amazon.comAMZN0.4% of the fund
- AxogenAXGN0.3% of the fund
- Space Exploration TechnologiesSPCX<0.1% of the fund
Added
Bought more of a stock they already held.
- AlphabetGOOG7.7% of the fund+11%
- AmphenolAPH4.7% of the fund+35%
- NvidiaNVDA4.2% of the fund+136%
- Roper TechnologiesROP2.8% of the fund+10%
- Arthur J. GallagherAJG2.3% of the fund+6%
- Intuitive SurgicalISRG2.3% of the fund+37%
- Quanta ServicesPWR2.2% of the fund+23%
- StrykerSYK2.1% of the fund+11%
- ShopifySHOP2.1% of the fund+28%
- DoorDashDASH1.7% of the fund+53%
- Axon EnterpriseAXON1.7% of the fund+54%
- MercadoLibreMELI1.5% of the fund+16%
- ToastTOST1.2% of the fund+9%
- Global-E OnlineGLBE1.0% of the fund+17%
- SailPointSAIL1.0% of the fund+10%
- CrowdStrike HoldingsCRWD0.9% of the fund+363%
- AtlassianTEAM0.8% of the fund+11%
- RedditRDDT0.6% of the fund+31%
- HeartflowHTFL0.5% of the fund+126%
- Coinbase GlobalCOIN0.4% of the fund+19%
- FigmaFIG0.3% of the fund+132%
- Spotify TechnologySPOT0.1% of the fund+81%
- SamsaraIOT<0.1% of the fund+113%
Cut
Sold some of their stake.
- Lam ResearchLRCX6.0% of the fund-7%
- Cadence Design SystemsCDNS4.9% of the fund-4%
- Texas InstrumentsTXN3.8% of the fund-7%
- KLAKLAC3.1% of the fund-8%
- United RentalsURI2.5% of the fund-7%
- LindeLIN2.5% of the fund-21%
- DanaherDHR2.4% of the fund-14%
- ARM HoldingsARM2.1% of the fund-51%
- SnowflakeSNOW2.0% of the fund-10%
- Marvell TechnologyMRVL1.9% of the fund-47%
- Ingersoll RandIR1.7% of the fund-13%
- WorkdayWDAY1.6% of the fund-6%
- Lattice SemiconductorLSCC1.4% of the fund-37%
- HeicoHEI1.4% of the fund-6%
- AppleAAPL1.3% of the fund-8%
- Tyler TechnologiesTYL1.2% of the fund-18%
- JFrogFROG1.0% of the fund-20%
- Nu HoldingsNU1.0% of the fund-8%
- Uber TechnologiesUBER1.0% of the fund-30%
- Monolithic Power SystemsMPWR0.9% of the fund-4%
- Analog DevicesADI0.6% of the fund-17%
- MicrosoftMSFT0.5% of the fund-33%
- Zillow GroupZ0.4% of the fund-24%
- Costar GroupCSGP0.3% of the fund-33%
- SynopsysSNPS0.3% of the fund-70%
Sold out
Sold their entire stake.
- PenumbraPEN-100%
- Affirm HoldingsAFRM-100%
- American TowerAMT-100%
- SalesforceCRM-100%
Holdings
- ARM HoldingsARM
- Share
- 2.1%
- Value
- $81m
- Shares
- 229,378
-51%
- Descartes Systems GroupDSGX
- Share
- 0.7%
- Value
- $28m
- Shares
- 398,945
New
- Space Exploration TechnologiesSPCX
- Share
- <0.1%
- Value
- $2m
- Shares
- 14,068
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOG | 7.7% | $297m | 841,068 | +11% |
| Lam ResearchLRCX | 6.0% | $232m | 535,030 | -7% |
| Cadence Design SystemsCDNS | 4.9% | $189m | 504,782 | -4% |
| AmphenolAPH | 4.7% | $181m | 1,024,330 | +35% |
| NvidiaNVDA | 4.2% | $162m | 811,031 | +136% |
| Texas InstrumentsTXN | 3.8% | $148m | 495,364 | -7% |
| KLAKLAC | 3.1% | $119m | 395,646 | -8% |
| Roper TechnologiesROP | 2.8% | $108m | 319,087 | +10% |
| ProgressivePGR | 2.7% | $106m | 484,418 | Held |
| Trane TechnologiesTT | 2.5% | $98m | 199,063 | Held |
| United RentalsURI | 2.5% | $97m | 85,939 | -7% |
| LindeLIN | 2.5% | $95m | 182,134 | -21% |
| DanaherDHR | 2.4% | $91m | 477,506 | -14% |
| Arthur J. GallagherAJG | 2.3% | $89m | 389,613 | +6% |
| Intuitive SurgicalISRG | 2.3% | $87m | 218,238 | +37% |
| Quanta ServicesPWR | 2.2% | $86m | 119,746 | +23% |
| StrykerSYK | 2.1% | $81m | 258,631 | +11% |
| ARM HoldingsARM | 2.1% | $81m | 229,378 | -51% |
| ShopifySHOP | 2.1% | $80m | 703,753 | +28% |
| SnowflakeSNOW | 2.0% | $76m | 299,061 | -10% |
| Marvell TechnologyMRVL | 1.9% | $73m | 244,432 | -47% |
| DoorDashDASH | 1.7% | $67m | 364,078 | +53% |
| Ingersoll RandIR | 1.7% | $65m | 791,359 | -13% |
| Axon EnterpriseAXON | 1.7% | $64m | 114,386 | +54% |
| WorkdayWDAY | 1.6% | $61m | 497,876 | -6% |
| MercadoLibreMELI | 1.5% | $59m | 34,469 | +16% |
| Lattice SemiconductorLSCC | 1.4% | $55m | 357,520 | -37% |
| HeicoHEI | 1.4% | $55m | 153,023 | -6% |
| HeicoHEI-A | 1.4% | $53m | 205,928 | Held |
| AppleAAPL | 1.3% | $49m | 168,904 | -8% |
| Tyler TechnologiesTYL | 1.2% | $48m | 163,214 | -18% |
| ToastTOST | 1.2% | $45m | 1,610,331 | +9% |
| Global-E OnlineGLBE | 1.0% | $40m | 1,146,508 | +17% |
| JFrogFROG | 1.0% | $39m | 433,501 | -20% |
| Nu HoldingsNU | 1.0% | $39m | 2,902,887 | -8% |
| Uber TechnologiesUBER | 1.0% | $38m | 521,959 | -30% |
| SailPointSAIL | 1.0% | $37m | 2,530,450 | +10% |
| CrowdStrike HoldingsCRWD | 0.9% | $36m | 47,712 | +363% |
| Monolithic Power SystemsMPWR | 0.9% | $35m | 25,529 | -4% |
| CloudflareNET | 0.9% | $34m | 136,583 | Held |
| ON SemiconductorON | 0.8% | $32m | 335,531 | New |
| AtlassianTEAM | 0.8% | $32m | 405,847 | +11% |
| RepligenRGEN | 0.7% | $28m | 205,257 | Held |
| Descartes Systems GroupDSGX | 0.7% | $28m | 398,945 | New |
| DatadogDDOG | 0.6% | $23m | 89,200 | New |
| Analog DevicesADI | 0.6% | $23m | 58,266 | -17% |
| RedditRDDT | 0.6% | $22m | 125,938 | +31% |
| Lumentum HoldingsLITE | 0.5% | $19m | 22,702 | New |
| HeartflowHTFL | 0.5% | $19m | 656,014 | +126% |
| MicrosoftMSFT | 0.5% | $19m | 50,734 | -33% |
| Coinbase GlobalCOIN | 0.4% | $15m | 103,468 | +19% |
| Zillow GroupZ | 0.4% | $14m | 442,953 | -24% |
| Amazon.comAMZN | 0.4% | $14m | 57,870 | New |
| Costar GroupCSGP | 0.3% | $13m | 475,551 | -33% |
| SynopsysSNPS | 0.3% | $13m | 28,972 | -70% |
| AxogenAXGN | 0.3% | $13m | 278,170 | New |
| SabreSABR | 0.3% | $12m | 5,511,121 | Held |
| FigmaFIG | 0.3% | $11m | 631,345 | +132% |
| Spotify TechnologySPOT | 0.1% | $5m | 11,118 | +81% |
| SamsaraIOT | <0.1% | $4m | 109,984 | +113% |
| Space Exploration TechnologiesSPCX | <0.1% | $2m | 14,068 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 31.0% since 30 June 2025.
Where the money is
Technology56.4%
Industrials14.4%
Media & telecom8.4%
Health care8.3%
Financial services7.6%
Materials2.5%
Retail & consumer2.1%
Real estate0.3%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.