# NZS Capital, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1816616. Source: https://holderbook.com/funds/1816616-nzs-capital-llc/

- Reported value: $3.9B
- Positions: 61
- Weight of the ten largest: 42.5%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $297.2M | 841,068 | 7.7% | 21 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $231.8M | 535,030 | 6.0% | 7 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $189.5M | 504,782 | 4.9% | 21 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $180.6M | 1,024,330 | 4.7% | 21 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $162.3M | 811,031 | 4.2% | 21 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $147.7M | 495,364 | 3.8% | 21 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $119.4M | 395,646 | 3.1% | 21 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $108.0M | 319,087 | 2.8% | 9 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $105.8M | 484,418 | 2.7% | 15 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $97.8M | 199,063 | 2.5% | 20 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $97.4M | 85,939 | 2.5% | 15 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $94.5M | 182,134 | 2.5% | 14 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $91.0M | 477,506 | 2.4% | 17 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $89.4M | 389,613 | 2.3% | 3 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $86.8M | 218,238 | 2.3% | 21 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $86.2M | 119,746 | 2.2% | 5 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $81.4M | 258,631 | 2.1% | 2 |
| ARM HOLDINGS PLC | [ARM](https://holderbook.com/stocks/ARM/) | $81.3M | 229,378 | 2.1% | 9 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $80.4M | 703,753 | 2.1% | 21 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $76.1M | 299,061 | 2.0% | 7 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $72.8M | 244,432 | 1.9% | 6 |
| DOORDASH INC | [DASH](https://holderbook.com/stocks/DASH/) | $67.2M | 364,078 | 1.7% | 14 |
| INGERSOLL RAND INC | [IR](https://holderbook.com/stocks/IR/) | $64.9M | 791,359 | 1.7% | 5 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $64.1M | 114,386 | 1.7% | 13 |
| WORKDAY INC | [WDAY](https://holderbook.com/stocks/WDAY/) | $60.9M | 497,876 | 1.6% | 4 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $58.5M | 34,469 | 1.5% | 21 |
| LATTICE SEMICONDUCTOR CORP | [LSCC](https://holderbook.com/stocks/LSCC/) | $54.7M | 357,520 | 1.4% | 17 |
| HEICO CORP NEW | [HEI](https://holderbook.com/stocks/HEI/) | $54.5M | 153,023 | 1.4% | 9 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $53.1M | 205,928 | 1.4% | 9 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $48.9M | 168,904 | 1.3% | 21 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $47.7M | 163,214 | 1.2% | 3 |
| TOAST INC | [TOST](https://holderbook.com/stocks/TOST/) | $44.8M | 1,610,331 | 1.2% | 16 |
| GLOBAL E ONLINE LTD | [GLBE](https://holderbook.com/stocks/GLBE/) | $39.8M | 1,146,508 | 1.0% | 10 |
| JFROG LTD | [FROG](https://holderbook.com/stocks/FROG/) | $39.4M | 433,501 | 1.0% | 3 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $38.8M | 2,902,887 | 1.0% | 12 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $37.7M | 521,959 | 1.0% | 11 |
| SAILPOINT INC | [SAIL](https://holderbook.com/stocks/SAIL/) | $37.0M | 2,530,450 | 1.0% | 6 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $36.4M | 47,712 | 0.9% | 6 |
| MONOLITHIC PWR SYS INC | [MPWR](https://holderbook.com/stocks/MPWR/) | $35.3M | 25,529 | 0.9% | 4 |
| CLOUDFLARE INC | [NET](https://holderbook.com/stocks/NET/) | $33.5M | 136,583 | 0.9% | 21 |
| ON SEMICONDUCTOR CORP | [ON](https://holderbook.com/stocks/ON/) | $31.7M | 335,531 | 0.8% | 1 |
| ATLASSIAN CORPORATION | [TEAM](https://holderbook.com/stocks/TEAM/) | $31.6M | 405,847 | 0.8% | 7 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $28.0M | 205,257 | 0.7% | 13 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $27.6M | 398,945 | 0.7% | 1 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $23.2M | 89,200 | 0.6% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $23.1M | 58,266 | 0.6% | 4 |
| REDDIT INC | [RDDT](https://holderbook.com/stocks/RDDT/) | $21.9M | 125,938 | 0.6% | 6 |
| LUMENTUM HLDGS INC | [LITE](https://holderbook.com/stocks/LITE/) | $19.5M | 22,702 | 0.5% | 1 |
| HEARTFLOW INC | [HTFL](https://holderbook.com/stocks/HTFL/) | $19.2M | 656,014 | 0.5% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $18.9M | 50,734 | 0.5% | 21 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $15.1M | 103,468 | 0.4% | 7 |
| ZILLOW GROUP INC | [Z](https://holderbook.com/stocks/Z/) | $14.0M | 442,953 | 0.4% | 9 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $13.8M | 57,870 | 0.4% | 1 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $13.5M | 475,551 | 0.3% | 19 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $12.9M | 28,972 | 0.3% | 4 |
| AXOGEN INC | [AXGN](https://holderbook.com/stocks/AXGN/) | $12.8M | 278,170 | 0.3% | 1 |
| SABRE CORP | [SABR](https://holderbook.com/stocks/SABR/) | $11.5M | 5,511,121 | 0.3% | 2 |
| FIGMA INC | [FIG](https://holderbook.com/stocks/FIG/) | $11.4M | 631,345 | 0.3% | 4 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $5.1M | 11,118 | 0.1% | 3 |
| SAMSARA INC | [IOT](https://holderbook.com/stocks/IOT/) | $3.6M | 109,984 | 0.1% | 2 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $2.4M | 14,068 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +27.4% | +14.8% | +12.6% | 100% |
| Q1 2026 | -10.3% | -4.6% | -5.6% | 100% |
| Q4 2025 | -1.2% | +2.4% | -3.6% | 100% |
| Q3 2025 | +6.7% | +7.8% | -1.1% | 100% |
| Q2 2025 | +18.8% | +10.5% | +8.3% | 100% |
| Q1 2025 | -5.4% | -4.6% | -0.8% | 100% |
| Q4 2024 | +0.2% | +2.1% | -2.0% | 100% |
| Q3 2024 | +2.5% | +5.4% | -3.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.9B | 61 |
| Q1 2026 | $3.0B | 58 |
| Q4 2025 | $3.3B | 62 |
| Q3 2025 | $3.3B | 61 |
| Q2 2025 | $2.9B | 60 |
| Q1 2025 | $2.2B | 59 |
| Q4 2024 | $2.3B | 59 |
| Q3 2024 | $2.6B | 58 |
| Q2 2024 | $2.4B | 58 |
| Q1 2024 | $2.4B | 54 |
| Q4 2023 | $1.9B | 55 |
| Q3 2023 | $1.9B | 65 |