NZS Capital, LLC
Sector Allocation
- Technology67.4%$2.6B
- Industrials11.6%$447.6M
- Healthcare8.3%$319.3M
- Financials6.5%$249.2M
- Consumer Discretionary3.6%$139.5M
- Materials2.5%$94.5M
- Communication Services0.1%$5.1M
AUM History
13fpro.ai/research/fund/nzs-capital-llc-1816616
Conviction and streaks
Concentrating · top 10 = 42.5%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
GOOG
$297.2MLRCX
$231.8MCDNS
$189.5MAPH
$180.6MNVDA
$162.3MTXN
$147.7MKLAC
$119.4MROP
$108.0MPGR
$105.8MTT
$97.8MURI
$97.4MLIN
$94.5MDHR
$91.0MAJG
$89.4MISRG
$86.8MPWR
$86.2MSYK
$81.4MARM
$81.3MSHOP
$80.4MSNOW
$76.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/nzs-capital-llc-1816616
NZS Capital, LLC 13F holdings — Q2 2026
$3.9B portfolio (+28.6% QoQ) · 61 holdings · Q2 2026 13F · top 10 are 43% of the stock portfolio
$297.2M
7.7% of stocks
+11%This quarter-8.5%Since filed10+ qtrsHeld$231.8M
6.0% of stocks
-7%This quarter-28.5%Since filed10+ qtrsHeld$189.5M
4.9% of stocks
-4%This quarter-0.8%Since filed10+ qtrsHeld$180.6M
4.7% of stocks
+35%This quarter-9.9%Since filed10+ qtrsHeld$162.3M
4.2% of stocks
+136%This quarter-4.1%Since filed10+ qtrsHeld$147.7M
3.8% of stocks
-7%This quarter+6.6%Since filed10+ qtrsHeld$119.4M
3.1% of stocks
+816%This quarter-26.8%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 7 qtrs in a row$108.0M
2.8% of stocks
+10%This quarter+10.6%Since filed9 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 9 qtrs in a row$105.8M
2.7% of stocks
+1.0%This quarter+9.4%Since filed10+ qtrsHeld$97.8M
2.5% of stocks
+0.9%This quarter-5.2%Since filed10+ qtrsHeld
All holdings — NZS Capital, LLC (Q2 2026)
61 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | UNITED RENTALS, INC. | Industrials | $97.4M | 2.5% | 86K | -7% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | LINDE PLC | Materials | $94.5M | 2.5% | 182K | -21% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | DANAHER CORP /DE/ | Healthcare | $91.0M | 2.4% | 478K | -14% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Arthur J. Gallagher & Co. | Financials | $89.4M | 2.3% | 390K | +6% | 3 qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | INTUITIVE SURGICAL INC | Healthcare | $86.8M | 2.3% | 218K | +37% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | QUANTA SERVICES, INC. | Industrials | $86.2M | 2.2% | 120K | +23% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | STRYKER CORP | Healthcare | $81.4M | 2.1% | 259K | +11% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | ARM HOLDINGS PLC /UKadr | Technology | $81.3M | 2.1% | 229K | -51% | 9 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | SHOPIFY INC. | Technology | $80.4M | 2.1% | 704K | +28% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Snowflake Inc. | Technology | $76.1M | 2.0% | 299K | -10% | 7 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | Marvell Technology, Inc. | Technology | $72.8M | 1.9% | 244K | -47% | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | DoorDash, Inc. | Consumer Discretionary | $67.2M | 1.7% | 364K | +53% | 10+ qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Ingersoll Rand Inc. | Industrials | $64.9M | 1.7% | 791K | -13% | 5 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | AXON ENTERPRISE, INC. | Industrials | $64.1M | 1.7% | 114K | +54% | 10+ qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Workday, Inc. | Technology | $60.9M | 1.6% | 498K | -6% | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $MELI | MERCADOLIBRE INC | Consumer Discretionary | $58.5M | 1.5% | 34K | +16% | |||
| 27 | $LSCC | LATTICE SEMICONDUCTOR CORP | Technology | $54.7M | 1.4% | 358K | -37% | |||
| 28 | $HEI | HEICO CORP | Industrials | $54.5M | 1.4% | 153K | -6% | |||
| 29 | $HEI.A | HEICO CORP | Industrials | $53.1M | 1.4% | 206K | +1.0% | |||
| 30 | $AAPL | Apple Inc. | Technology | $48.9M | 1.3% | 169K | -8% | |||
| 31 | $TYL | TYLER TECHNOLOGIES INC | Technology | $47.7M | 1.2% | 163K | -18% | |||
| 32 | $TOST | Toast, Inc. | Technology | $44.8M | 1.2% | 1.61M | +9% | |||
| 33 | $GLBE | Global-E Online Ltd. | Technology | $39.8M | 1.0% | 1.15M | +17% | |||
| 34 | $FROG | JFrog Ltd | Technology | $39.4M | 1.0% | 434K | -20% | |||
| 35 | $NU | Nu Holdings Ltd. | Financials | $38.8M | 1.0% | 2.90M | -8% | |||
| 36 | $UBER | Uber Technologies, Inc | Technology | $37.7M | 1.0% | 522K | -30% | |||
| 37 | $SAIL | SailPoint, Inc. | Technology | $37.0M | 1.0% | 2.53M | +10% | |||
| 38 | $CRWD | CrowdStrike Holdings, Inc. | Technology | $36.4M | 0.9% | 48K | +363% | |||
| 39 | $MPWR | MONOLITHIC POWER SYSTEMS, INC. | Technology | $35.3M | 0.9% | 26K | -4% | |||
| 40 | $NET | Cloudflare, Inc. | Technology | $33.5M | 0.9% | 137K | -0.4% | |||
| 41 | $ON | ON SEMICONDUCTOR CORP | Technology | $31.7M | 0.8% | 336K | New | |||
| 42 | $TEAM | Atlassian Corp | Technology | $31.6M | 0.8% | 406K | +11% | |||
| 43 | $RGEN | REPLIGEN CORP | Healthcare | $28.0M | 0.7% | 205K | +1.0% | |||
| 44 | $DSGX | DESCARTES SYSTEMS GROUP INC | Technology | $27.6M | 0.7% | 399K | New | |||
| 45 | $DDOG | Datadog, Inc. | Technology | $23.2M | 0.6% | 89K | New | |||
| 46 | $ADI | ANALOG DEVICES INC | Technology | $23.1M | 0.6% | 58K | -17% | |||
| 47 | $RDDT | Reddit, Inc. | Technology | $21.9M | 0.6% | 126K | +31% | |||
| 48 | $LITE | Lumentum Holdings Inc. | Technology | $19.5M | 0.5% | 23K | New | |||
| 49 | $HTFL | Heartflow, Inc. | Healthcare | $19.2M | 0.5% | 656K | +126% | |||
| 50 | $MSFT | MICROSOFT CORP | Technology | $18.9M | 0.5% | 51K | -33% | |||
| 51 | $COIN | Coinbase Global, Inc. | Financials | $15.1M | 0.4% | 103K | +19% | |||
| 52 | $Z | ZILLOW GROUP, INC. | Industrials | $14.0M | 0.4% | 443K | -24% | |||
| 53 | $AMZN | AMAZON COM INC | Consumer Discretionary | $13.8M | 0.4% | 58K | New | |||
| 54 | $CSGP | COSTAR GROUP, INC. | Industrials | $13.5M | 0.3% | 476K | -33% | |||
| 55 | $SNPS | SYNOPSYS INC | Technology | $12.9M | 0.3% | 29K | -70% | |||
| 56 | $AXGN | Axogen, Inc. | Healthcare | $12.8M | 0.3% | 278K | New | |||
| 57 | $SABR | Sabre Corp | Technology | $11.5M | 0.3% | 5.51M | +0.0% | |||
| 58 | $FIG | Figma, Inc. | Technology | $11.4M | 0.3% | 631K | +132% | |||
| 59 | $SPOT | Spotify Technology S.A. | Communication Services | $5.1M | 0.1% | 11K | +81% | |||
| 60 | $IOT | Samsara Inc. | Technology | $3.6M | 0.1% | 110K | +113% | |||
| 61 | $SPCX | SPACE EXPLORATION TECHNOLOGIES CORP | Technology | $2.4M | 0.1% | 14K | New |
What changed in Q2 2026
Against the previous quarter's 13F: 7 new, 29 added to, 25 trimmed, 4 sold out. Share-count changes; largest moves by dollar size first.
New positions (7)
$ONON SEMICONDUCTOR CORP$31.7M
first bought this quarter
$DSGXDESCARTES SYSTEMS GROUP INC$27.6M
first bought this quarter
$DDOGDatadog, Inc.$23.2M
first bought this quarter
$LITELumentum Holdings Inc.$19.5M
first bought this quarter
$AMZNAMAZON COM INC$13.8M
first bought this quarter
$AXGNAxogen, Inc.$12.8M
first bought this quarter
+1 more in the Excel export
Added to (29)
now $119.4M · held 10+ qtrs
now $162.3M · held 10+ qtrs, 2 adds in a row
now $180.6M · held 10+ qtrs, 2 adds in a row
$CRWDCrowdStrike Holdings, Inc.+363%
now $36.4M · held 6 qtrs, 2 adds in a row
now $297.2M · held 10+ qtrs
now $86.8M · held 10+ qtrs, 2 adds in a row
+23 more in the Excel export
Trimmed (25)
now $81.3M · held 9 qtrs
$MRVLMarvell Technology, Inc.-47%
now $72.8M · held 6 qtrs
$LSCCLATTICE SEMICONDUCTOR CORP-37%
now $54.7M · held 10+ qtrs
$SNPSSYNOPSYS INC-70%
now $12.9M · held 4 qtrs
now $94.5M · held 10+ qtrs, 2 trims in a row
now $231.8M · held 10+ qtrs, 3 trims in a row
+19 more in the Excel export
Holdings by quarter
Every 13F NZS Capital, LLC has filed, 20 earlier quarters. Pick one to see what it held then.
Is it too late to follow NZS Capital?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of NZS Capital's top 20 holdings: 76/100 (our AI quality score, weighted by position size; 17 of the 20 are scored)
Top 10 since filing
-7.5%
Value-weighted move of the 10 largest stock positions
Turnover
14%
Last quarter; 56% over the last 4
Top 10 weight
43%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
89%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
NZS Capital, LLC disclosed 61 positions worth $3.9B in its Form 13F-HR for Q2 2026, led by $GOOG (Alphabet Inc.) at 7.7% of the equity portfolio, followed by $LRCX and $CDNS. During the quarter the fund opened 7 new positions and exited 4 — including a new stake in $ON and a full exit from $PEN. The portfolio is most concentrated in Technology (67.4% of disclosed assets). All figures are sourced directly from NZS Capital, LLC’s Form 13F-HR filing with the SEC under CIK 1816616.
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