1y return+16.3%S&P 500 +20.9%
3y return+73.4%S&P 500 +68.5%
5y return+60.3%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2021: $160 against $174 in the S&P 500.2
NZS Capital, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| GOOGAlphabet Inc | $297.2M | 7.7% | +10.6% |
| LRCXLam Research Corp | $231.8M | 6.0% | −6.8% |
| CDNSCadence Design System Inc | $189.5M | 4.9% | −4.3% |
| APHAmphenol Corp | $180.6M | 4.7% | +35.0% |
| NVDANvidia Corporation | $162.3M | 4.2% | +135.6% |
| TXNTexas Instrs Inc | $147.7M | 3.8% | −7.2% |
| KLACKla Corp | $119.4M | 3.1% | +816.4% |
| ROPRoper Technologies Inc | $108.0M | 2.8% | +10.3% |
| PGRProgressive Corp | $105.8M | 2.7% | |
| Trane Technologies PLCCUSIP G8994E103 | $97.8M | 2.5% | |
| URIUnited Rentals Inc | $97.4M | 2.5% | −6.9% |
| Linde PLCCUSIP G54950103 | $94.5M | 2.5% | −20.9% |
| DHRDanaher Corp Del | $91.0M | 2.4% | −14.5% |
| AJGGallagher Arthur J & Co | $89.4M | 2.3% | +5.6% |
| ISRGIntuitive Surgical Inc | $86.8M | 2.3% | +37.2% |
| PWRQuanta Svcs Inc | $86.2M | 2.2% | +22.9% |
| SYKStryker Corporation | $81.4M | 2.1% | +10.9% |
| ARMArm Holdings PLC | $81.3M | 2.1% | −50.9% |
| SHOPShopify Inc | $80.4M | 2.1% | +27.9% |
| SNOWSnowflake Inc | $76.1M | 2.0% | −9.9% |
| MRVLMarvell Technology Inc | $72.8M | 1.9% | −47.2% |
| DASHDoordash Inc | $67.2M | 1.7% | +52.9% |
| IRIngersoll Rand Inc | $64.9M | 1.7% | −12.8% |
| AXONAxon Enterprise Inc | $64.1M | 1.7% | +54.4% |
| WDAYWorkday Inc | $60.9M | 1.6% | −6.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2021 | +900.3% | $162.3M |
| LRCXLam Research Corp | December 31, 2024 | +499.9% | $231.8M |
| APHAmphenol Corp | June 30, 2021 | +415.5% | $180.6M |
| URIUnited Rentals Inc | December 31, 2022 | +218.7% | $97.4M |
| LSCCLattice Semiconductor Corp | June 30, 2022 | +215.4% | $54.7M |
| DASHDoordash Inc | March 31, 2023 | +190.3% | $67.2M |
| AXONAxon Enterprise Inc | June 30, 2023 | +187.3% | $64.1M |
| Trane Technologies PLCCUSIP G8994E103 | September 30, 2021 | +184.5% | $97.8M |
| GOOGAlphabet Inc | June 30, 2021 | +182.0% | $297.2M |
| CDNSCadence Design System Inc | June 30, 2021 | +174.3% | $189.5M |
Sold off last quarter
- PENPenumbra Inc was $22.7M
- AFRMAffirm Hldgs Inc was $16.8M
- AMTAmerican Tower Corp was $15.8M
- CRMSalesforce Inc was $5.5M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +22.9% | +14.8% |
| March 31, 2026 | −10.3% | −4.6% |
| December 31, 2025 | −1.2% | +2.4% |
| September 30, 2025 | +6.7% | +7.8% |
| June 30, 2025 | +18.8% | +10.5% |
| March 31, 2025 | −5.4% | −4.6% |
| December 31, 2024 | +0.2% | +2.1% |
| September 30, 2024 | +2.5% | +5.4% |
| June 30, 2024 | +2.8% | +4.0% |
| March 31, 2024 | +14.4% | +10.0% |
| December 31, 2023 | +16.2% | +11.2% |
| September 30, 2023 | −5.6% | −3.6% |
| June 30, 2023 | +9.7% | +8.3% |
| March 31, 2023 | +19.0% | +7.0% |
| December 31, 2022 | +0.7% | +7.1% |
| September 30, 2022 | −2.9% | −5.3% |
| June 30, 2022 | −23.6% | −16.5% |
| March 31, 2022 | −11.3% | −4.9% |
| December 31, 2021 | +6.9% | +10.7% |
| September 30, 2021 | +0.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: NZS Capital, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1816616&type=13F-HR&dateb=&owner=include&count=40CIK 1816616
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1816616/000181661626000004/Filed August 14, 2026 · accession 0001816616-26-000004