NZS Capital, LLC

DENVER, CO · CIK 1816616 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2020 · limited liability company

Assets managed$4.1bn
Staff9 · 5 in investment roles
Main clients (by assets)Private funds 56%, Sovereign wealth funds 37%, Pension plans 7%
Private funds4 (3 hedge) · $989.3m gross assets
Websitenzscapital.com
Form ADV · 2026-04-23SEC adviser record

Legal entityNZS CAPITAL, LLC (US)

Kindhedge funds
Others nearbyDenver, CO

As an employer

Offices in1 country
Private fundshedge 3, other private 1

$3.9bn reported value +28.6% vs Q1 2026

61positions

42.5%in top 10

7 new 28 added 26 reduced 4 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ALPHABET INC CAP STK CL C GOOG	GOOG	841,068	$297.2m7.71%	7.71%	Added +80.4k	+80,386 10.6%
2	LAM RESEARCH CORP COM NEW LRCX	LRCX	535,030	$231.8m6.01%	6.01%	Reduced -38.9k	-38,857 -6.8%
3	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	504,782	$189.5m4.91%	4.91%	Reduced -22.6k	-22,641 -4.3%
4	AMPHENOL CORP CL A APH	APH	1,024,330	$180.6m4.68%	4.68%	Added +265.4k	+265,355 35.0%
5	NVIDIA CORPORATION COM NVDA	NVDA	811,031	$162.3m4.21%	4.21%	Added +466.8k	+466,793 135.6%
6	TEXAS INSTRS INC COM TXN	TXN	495,364	$147.7m3.83%	3.83%	Reduced -38.4k	-38,441 -7.2%
7	KLA CORP COM NEW KLAC	KLAC	395,646	$119.4m3.10%	3.10%	Reduced -36.1k	-36,104 -8.4%
8	ROPER TECHNOLOGIES INC COM ROP	ROP	319,087	$108.0m2.80%	2.80%	Added +29.8k	+29,792 10.3%
9	PROGRESSIVE CORP COM PGR	PGR	484,418	$105.8m2.74%	2.74%	Added +4.7k	+4,662 1.0%
10	TRANE TECHNOLOGIES PLC SHS TT	TT	199,063	$97.8m2.54%	2.54%	Added +1.9k	+1,866 0.9%
11	UNITED RENTALS INC COM URI	URI	85,939	$97.4m2.53%	2.53%	Reduced -6.4k	-6,373 -6.9%
12	LINDE PLC SHS LIN	LIN	182,134	$94.5m2.45%	2.45%	Reduced -48.0k	-48,041 -20.9%
13	DANAHER CORPORATION COM DHR	DHR	477,506	$91.0m2.36%	2.36%	Reduced -80.9k	-80,903 -14.5%
14	GALLAGHER ARTHUR J & CO COM AJG	AJG	389,613	$89.4m2.32%	2.32%	Added +20.6k	+20,648 5.6%
15	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	218,238	$86.8m2.25%	2.25%	Added +59.1k	+59,133 37.2%
16	QUANTA SVCS INC COM PWR	PWR	119,746	$86.2m2.24%	2.24%	Added +22.3k	+22,339 22.9%
17	STRYKER CORPORATION COM SYK	SYK	258,631	$81.4m2.11%	2.11%	Added +25.5k	+25,512 10.9%
18	ARM HOLDINGS PLC SPONSORED ADS ARM	ARM	229,378	$81.3m2.11%	2.11%	Reduced -237.9k	-237,925 -50.9%
19	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	703,753	$80.4m2.08%	2.08%	Added +153.4k	+153,364 27.9%
20	SNOWFLAKE INC CL A SNOW	SNOW	299,061	$76.1m1.97%	1.97%	Reduced -32.7k	-32,723 -9.9%
21	MARVELL TECHNOLOGY INC COM MRVL	MRVL	244,432	$72.8m1.89%	1.89%	Reduced -218.8k	-218,836 -47.2%
22	DOORDASH INC CL A DASH	DASH	364,078	$67.2m1.74%	1.74%	Added +126.0k	+126,027 52.9%
23	INGERSOLL RAND INC COM IR	IR	791,359	$64.9m1.68%	1.68%	Reduced -116.5k	-116,522 -12.8%
24	AXON ENTERPRISE INC COM AXON	AXON	114,386	$64.1m1.66%	1.66%	Added +40.3k	+40,317 54.4%
25	WORKDAY INC CL A WDAY	WDAY	497,876	$60.9m1.58%	1.58%	Reduced -34.3k	-34,266 -6.4%
26	MERCADOLIBRE INC COM MELI	MELI	34,469	$58.5m1.52%	1.52%	Added +4.7k	+4,715 15.8%
27	LATTICE SEMICONDUCTOR CORP COM LSCC	LSCC	357,520	$54.7m1.42%	1.42%	Reduced -206.5k	-206,519 -36.6%
28	HEICO CORP NEW COM HEI	HEI	153,023	$54.5m1.41%	1.41%	Reduced -9.4k	-9,439 -5.8%
29	HEICO CORP NEW CL A HEI.A	HEI.A	205,928	$53.1m1.38%	1.38%	Added +2.0k	+1,985 1.0%
30	APPLE INC COM AAPL	AAPL	168,904	$48.9m1.27%	1.27%	Reduced -15.6k	-15,634 -8.5%
31	TYLER TECHNOLOGIES INC COM TYL	TYL	163,214	$47.7m1.24%	1.24%	Reduced -35.2k	-35,250 -17.8%
32	TOAST INC CL A TOST	TOST	1,610,331	$44.8m1.16%	1.16%	Added +134.8k	+134,818 9.1%
33	GLOBAL E ONLINE LTD SHS GLBE	GLBE	1,146,508	$39.8m1.03%	1.03%	Added +167.2k	+167,200 17.1%
34	JFROG LTD ORD SHS FROG	FROG	433,501	$39.4m1.02%	1.02%	Reduced -107.1k	-107,108 -19.8%
35	NU HLDGS LTD ORD SHS CL A NU	NU	2,902,887	$38.8m1.01%	1.01%	Reduced -237.6k	-237,603 -7.6%
36	UBER TECHNOLOGIES INC COM UBER	UBER	521,959	$37.7m0.98%	0.98%	Reduced -221.5k	-221,453 -29.8%
37	SAILPOINT INC COM SAIL	SAIL	2,530,450	$37.0m0.96%	0.96%	Added +221.4k	+221,374 9.6%
38	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	47,712	$36.4m0.94%	0.94%	Added +37.4k	+37,396 362.5%
39	MONOLITHIC PWR SYS INC COM MPWR	MPWR	25,529	$35.3m0.92%	0.92%	Reduced -1.1k	-1,150 -4.3%
40	CLOUDFLARE INC CL A COM NET	NET	136,583	$33.5m0.87%	0.87%	Reduced -520	-520 -0.4%
41	ON SEMICONDUCTOR CORP COM ON	ON	335,531	$31.7m0.82%	0.82%	New
42	ATLASSIAN CORPORATION CL A TEAM	TEAM	405,847	$31.6m0.82%	0.82%	Added +39.5k	+39,549 10.8%
43	REPLIGEN CORP COM RGEN	RGEN	205,257	$28.0m0.73%	0.73%	Added +2.0k	+2,032 1.0%
44	DESCARTES SYS GROUP INC COM DSGX	DSGX	398,945	$27.6m0.72%	0.72%	New
45	DATADOG INC CL A COM DDOG	DDOG	89,200	$23.2m0.60%	0.60%	New
46	ANALOG DEVICES INC COM ADI	ADI	58,266	$23.1m0.60%	0.60%	Reduced -12.0k	-12,009 -17.1%
47	REDDIT INC CL A RDDT	RDDT	125,938	$21.9m0.57%	0.57%	Added +29.9k	+29,918 31.2%
48	LUMENTUM HLDGS INC COM LITE	LITE	22,702	$19.5m0.51%	0.51%	New
49	HEARTFLOW INC COM HTFL	HTFL	656,014	$19.2m0.50%	0.50%	Added +365.9k	+365,881 126.1%
50	MICROSOFT CORP COM MSFT	MSFT	50,734	$18.9m0.49%	0.49%	Reduced -24.8k	-24,814 -32.9%
51	COINBASE GLOBAL INC COM CL A COIN	COIN	103,468	$15.1m0.39%	0.39%	Added +16.7k	+16,725 19.3%
52	ZILLOW GROUP INC CL C CAP STK Z	Z	442,953	$14.0m0.36%	0.36%	Reduced -141.9k	-141,930 -24.3%
53	AMAZON COM INC COM AMZN	AMZN	57,870	$13.8m0.36%	0.36%	New
54	COSTAR GROUP INC COM CSGP	CSGP	475,551	$13.5m0.35%	0.35%	Reduced -233.9k	-233,875 -33.0%
55	SYNOPSYS INC COM SNPS	SNPS	28,972	$12.9m0.34%	0.34%	Reduced -68.5k	-68,492 -70.3%
56	AXOGEN INC COM AXGN	AXGN	278,170	$12.8m0.33%	0.33%	New
57	SABRE CORP COM SABR	SABR	5,511,121	$11.5m0.30%	0.30%	Added +2.7k	+2,677 0.1%
58	FIGMA INC CLASS A COM STK FIG	FIG	631,345	$11.4m0.30%	0.30%	Added +359.2k	+359,214 132.0%
59	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	11,118	$5.1m0.13%	0.13%	Added +5.0k	+4,977 81.0%
60	SAMSARA INC COM CL A IOT	IOT	109,984	$3.6m0.09%	0.09%	Added +58.5k	+58,462 113.5%
61	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	14,068	$2.4m0.06%	0.06%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PENUMBRA INC PEN	PEN	68,986	$22.7m69.0k shares
AFFIRM HLDGS INC AFRM	AFRM	366,379	$16.8m366.4k shares
AMERICAN TOWER CORP NEW AMT	AMT	91,839	$15.8m91.8k shares
SALESFORCE INC CRM	CRM	29,457	$5.5m29.5k shares