Q2 2026 13F · SEC CIK 1816616

NZS Capital, LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $3.9B
Reported positions: 61
Top holdings a year, 3 yrs: +21.4%
Assets under management: $4.1B

NZS Capital, LLC is a hedge fund that reported 61 positions worth $3.9B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Alphabet Inc (GOOG, 7.7%), Lam Research Corp (LRCX, 6.0%), Cadence Design System Inc (CDNS, 4.9%). A portfolio copying its top holdings returned 21.4% a year over the last 3 years, against 22.3% for the S&P 500.

NZS Capital, LLC holdings largest 50 of 61 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

NZS Capital, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
GOOGAlphabet Inc	7.7%	7.3%	841,068	+10.6%	$297.2M
LRCXLam Research Corp	6.0%	4.1%	535,030	-6.8%	$231.8M
CDNSCadence Design System Inc	4.9%	4.9%	504,782	-4.3%	$189.5M
APHAmphenol Corp	4.7%	3.2%	1,024,330	+35.0%	$180.6M
NVDANvidia Corporation	4.2%	2.0%	811,031	+135.6%	$162.3M
TXNTexas Instrs Inc	3.8%	3.5%	495,364	-7.2%	$147.7M
KLACKla Corp	3.1%	2.1%	395,646	+816.4%	$119.4M
ROPRoper Technologies Inc	2.8%	3.4%	319,087	+10.3%	$108.0M
PGRProgressive Corp	2.7%	3.2%	484,418	+1.0%	$105.8M
TTTrane Technologies PLC	2.5%	2.7%	199,063	+0.9%	$97.8M
URIUnited Rentals Inc	2.5%	2.2%	85,939	-6.9%	$97.4M
LINLinde PLC	2.5%	3.8%	182,134	-20.9%	$94.5M
DHRDanaher Corp Del	2.4%	3.5%	477,506	-14.5%	$91.0M
AJGGallagher Arthur J & Co	2.3%	2.7%	389,613	+5.6%	$89.4M
ISRGIntuitive Surgical Inc	2.3%	2.4%	218,238	+37.2%	$86.8M
PWRQuanta Svcs Inc	2.2%	1.8%	119,746	+22.9%	$86.2M
SYKStryker Corporation	2.1%	2.6%	258,631	+10.9%	$81.4M
ARMArm Holdings PLC	2.1%	2.4%	229,378	-50.9%	$81.3M
SHOPShopify Inc	2.1%	2.2%	703,753	+27.9%	$80.4M
SNOWSnowflake Inc	2.0%	1.7%	299,061	-9.9%	$76.1M
MRVLMarvell Technology Inc	1.9%	1.5%	244,432	-47.2%	$72.8M
DASHDoordash Inc	1.7%	1.2%	364,078	+52.9%	$67.2M
IRIngersoll Rand Inc	1.7%	2.4%	791,359	-12.8%	$64.9M
AXONAxon Enterprise Inc	1.7%	1.0%	114,386	+54.4%	$64.1M
WDAYWorkday Inc Cl A	1.6%	2.3%	497,876	-6.4%	$60.9M
MELIMercadolibre Inc	1.5%	1.7%	34,469	+15.8%	$58.5M
LSCCLattice Semiconductor Corp	1.4%	1.7%	357,520	-36.6%	$54.7M
HEIHeico Corp New	1.4%	1.5%	153,023	-5.8%	$54.5M
HEI-AHeico Corp	1.4%	1.4%	205,928	+1.0%	$53.1M
AAPLApple Inc	1.3%	1.6%	168,904	-8.5%	$48.9M
TYLTyler Technologies Inc	1.2%	2.3%	163,214	-17.8%	$47.7M
TOSTToast Inc	1.2%	1.3%	1,610,331	+9.1%	$44.8M
GLBEGlobal E Online Ltd	1.0%	1.0%	1,146,508	+17.1%	$39.8M
FROGJfrog Ltd	1.0%	0.8%	433,501	-19.8%	$39.4M
NUNu Hldgs Ltd	1.0%	1.5%	2,902,887	-7.6%	$38.8M
UBERUber Technologies Inc	1.0%	1.8%	521,959	-29.8%	$37.7M
SAILSailpoint Inc	1.0%	1.0%	2,530,450	+9.6%	$37.0M
CRWDCrowdstrike Hldgs Inc	0.9%	—	47,712	—	$36.4M
MPWRMonolithic Pwr Sys Inc	0.9%	1.0%	25,529	-4.3%	$35.3M
NETCloudflare Inc	0.9%	0.9%	136,583	-0.4%	$33.5M
ONOn Semiconductor Corp	0.8%	—	335,531	—	$31.7M
TEAMAtlassian Corporation	0.8%	0.8%	405,847	+10.8%	$31.6M
RGENRepligen Corp	0.7%	0.8%	205,257	+1.0%	$28.0M
DSGXDescartes Systems Group	0.7%	—	398,945	—	$27.6M
DDOGDatadog Inc	0.6%	—	89,200	—	$23.2M
ADIAnalog Devices Inc	0.6%	0.7%	58,266	-17.1%	$23.1M
RDDTReddit Inc	0.6%	—	125,938	—	$21.9M
LITELumentum Hldgs Inc	0.5%	—	22,702	—	$19.5M
HTFLHeartflow Inc	0.5%	—	656,014	—	$19.2M
MSFTMicrosoft Corp	0.5%	0.9%	50,734	-32.8%	$18.9M

What NZS Capital, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

KLAC Kla Corp+816.4% shares
NVDA Nvidia Corporation+135.6% shares
AXON Axon Enterprise Inc+54.4% shares
DASH Doordash Inc+52.9% shares
ISRG Intuitive Surgical Inc+37.2% shares
APH Amphenol Corp+35.0% shares
SHOP Shopify Inc+27.9% shares
PWR Quanta Svcs Inc+22.9% shares

Reduced

ARM Arm Holdings PLC-50.9% shares
MRVL Marvell Technology Inc-47.2% shares
LSCC Lattice Semiconductor Corp-36.6% shares
MSFT Microsoft Corp-32.8% shares
UBER Uber Technologies Inc-29.8% shares
LIN Linde PLC-20.9% shares
FROG Jfrog Ltd-19.8% shares
TYL Tyler Technologies Inc-17.8% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +5.8% /yr; S&P 500 +11.7%
3 years: +21.4% /yr; S&P 500 +22.3%
5 years: +10.2% /yr; S&P 500 +10.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F 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

Questions about NZS Capital, LLC's portfolio

What stocks does NZS Capital, LLC own?

NZS Capital, LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 61 positions worth $3.9B. The largest are Alphabet Inc (GOOG) at 7.7%, Lam Research Corp (LRCX) at 6.0%, Cadence Design System Inc (CDNS) at 4.9%, Amphenol Corp (APH) at 4.7% and Nvidia Corporation (NVDA) at 4.2%.

What did NZS Capital, LLC buy last quarter?

In Q2 2026, NZS Capital, LLC added Kla Corp (KLAC) (+816.4% shares), Nvidia Corporation (NVDA) (+135.6% shares) and Axon Enterprise Inc (AXON) (+54.4% shares), compared with its Q1 2026 filing.

What did NZS Capital, LLC sell last quarter?

In Q2 2026, NZS Capital, LLC cut from its top 50 Synopsys Inc (SNPS), cut from its top 50 Costar Group Inc (CSGP), cut from its top 50 Zillow Group Inc (Z), cut from its top 50 Penumbra, Inc. (PEN), cut from its top 50 Affirm Hldgs Inc (AFRM), Arm Holdings PLC (ARM) (-50.9% shares), Marvell Technology Inc (MRVL) (-47.2% shares) and Lattice Semiconductor Corp (LSCC) (-36.6% shares), compared with its Q1 2026 filing.

How has NZS Capital, LLC's portfolio performed?

A portfolio copying NZS Capital, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +21.4% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +5.8% against +11.7%. Over 5 years: +10.2% a year against +10.6%.

When is NZS Capital, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. NZS Capital, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does NZS Capital, LLC manage?

NZS Capital, LLC reported $4.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $3.9B.