CIK: 0001816616
Total reported value
$3.0B
Reporting period: 2026-03-31 · Number of holdings: 58
NZS Capital, LLC disclosed 58 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.0B and a quarterly turnover rate of 31.1%.
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NZS Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 36 equally-sized positions, close to its 58 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.78), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim AMT
-85.2% -$93.3M
Add TYL
+508.4% $53.1M
Add APH
+56.2% $30.2M
Add ARM
+13.5% $25.7M
Trim WDAY
+8.9% -$35.8M
Trim DHR
-11.5% -$38.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 7.28% | -0.57% | -6.71% | |
| 2 | CDNS | Cadence Design Sys INC | Stock-Tech | 4.89% | — | +12.25% | |
| 3 | LRCX | Lam Research CORP | Stock-Tech | 4.09% | — | -22.41% | |
| 4 | LIN | Linde plc | Stock-Materials | 3.81% | +0.61% | -5.80% | |
| 5 | DHR | Danaher CORP | Stock-Healthcare | 3.53% | -0.90% | -11.46% | |
| 6 | TXN | Texas Instruments INC | Stock-Tech | 3.46% | +0.68% | +2.21% | |
| 7 | ROP | Roper Technologies INC | Stock-Tech | 3.41% | — | +27.83% | |
| 8 | APH | Amphenol Corp-cl A | Stock-Tech | 3.20% | +1.19% | +56.19% | |
| 9 | PGR | Progressive CORP | Stock-Financials | 3.17% | -0.10% | +2.43% | |
| 10 | TT | Trane Technologies plc | Stock-Industrials | 2.74% | +0.44% | +2.29% | |
| 11 | AJG | Arthur J Gallagher & Co | Stock-Financials | 2.67% | +0.85% | +60.63% | |
| 12 | SYK | Stryker CORP | Stock-Healthcare | 2.55% | +2.55% | NEW | |
| 13 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 2.45% | +0.52% | +43.33% | |
| 14 | IR | Ingersoll-rand INC | Stock-Industrials | 2.43% | +0.04% | -7.59% | |
| 15 | ARM | Arm Holdings Plc-adr | Stock-Tech | 2.36% | +0.98% | +13.49% | |
| 16 | WDAY | Workday Inc-class A | Stock-Tech | 2.31% | -0.91% | +8.92% | |
| 17 | TYL | Tyler Technologies INC | Stock-Tech | 2.27% | +1.82% | +508.41% | |
| 18 | URI | United Rentals INC | Stock-Industrials | 2.24% | — | +2.40% | |
| 19 | SHOP | Shopify INC - Class A | Stock-Tech | 2.18% | — | +45.10% | |
| 20 | KLAC | Kla CORP | Stock-Tech | 2.12% | +0.38% | -7.78% | |
| 21 | NVDA | Nvidia CORP | Stock-Tech | 2.00% | +0.32% | +17.04% | |
| 22 | PWR | Quanta Services INC | Stock-Industrials | 1.78% | +0.44% | -5.67% | |
| 23 | UBER | Uber Technologies INC | Stock-Industrials | 1.78% | -0.04% | +2.65% | |
| 24 | LSCC | Lattice Semiconductor CORP | Stock-Tech | 1.75% | +0.50% | +2.31% | |
| 25 | MELI | Mercadolibre INC | Stock-Consumer Disc | 1.72% | +0.28% | +28.03% | |
| 26 | SNOW | Snowflake INC | Stock-Tech | 1.67% | — | +33.54% | |
| 27 | AAPL | Apple INC | Stock-Tech | 1.56% | -0.18% | -11.68% | |
| 28 | MRVL | Marvell Technology INC | Stock-Tech | 1.53% | +0.43% | +10.21% | |
| 29 | NU | Nu Holdings Ltd. | Stock-Financials | 1.51% | -0.06% | +2.42% | |
| 30 | HEI | Heico CORP | Stock-Industrials | 1.49% | +0.36% | +43.06% | |
| 31 | HEI-A | Heico Corp-class A | Stock-Other | 1.44% | -0.11% | +2.16% | |
| 32 | TOST | Toast Inc-class A | Stock-Tech | 1.30% | -0.11% | +13.81% | |
| 33 | SNPS | Synopsys INC | Stock-Tech | 1.29% | -0.09% | +2.02% | |
| 34 | DASH | Doordash INC - A | Stock-Consumer Disc | 1.19% | — | +68.84% | |
| 35 | AXON | Axon Enterprise INC | Stock-Industrials | 1.05% | — | +35.32% | |
| 36 | SAIL | Sailpoint INC | Stock-Other | 1.02% | -0.20% | +17.83% | |
| 37 | GLBE | Global-E Online Ltd. | Stock-Other | 1.01% | -0.15% | +2.17% | |
| 38 | MPWR | Monolithic Power Systems INC | Stock-Tech | 0.97% | +0.24% | +1.79% | |
| 39 | CSGP | Costar Group INC | Stock-Real Estate | 0.95% | — | +60.74% | |
| 40 | NET | Cloudflare INC - Class A | Stock-Tech | 0.94% | +0.30% | +28.69% | |
| 41 | MSFT | Microsoft CORP | Stock-Tech | 0.93% | -0.17% | +2.03% | |
| 42 | FROG | JFrog Ltd. | Stock-Tech | 0.85% | +0.40% | +128.83% | |
| 43 | TEAM | Atlassian Corp-cl A | Stock-Tech | 0.83% | -0.58% | +29.16% | |
| 44 | Z | Zillow Group INC - C | Stock-Comm Services | 0.81% | — | +51.24% | |
| 45 | RGEN | Repligen CORP | Stock-Healthcare | 0.80% | -0.20% | +2.22% | |
| 46 | PEN | Penumbra INC | Stock-Healthcare | 0.76% | -0.28% | -36.47% | |
| 47 | ADI | Analog Devices INC | Stock-Tech | 0.75% | — | +2.03% | |
| 48 | AFRM | Affirm Holdings INC | Stock-Financials | 0.56% | -0.26% | +1.75% | |
| 49 | AMT | American Tower CORP | Stock-Real Estate | 0.53% | -2.82% | -85.22% | |
| 50 | COIN | Coinbase Global INC -class A | Stock-Financials | 0.51% | — | +1.99% |
Performance for Q3 2026
+5.5%
Performance Last 4 Quarters
+18.2%
Based on 81% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 58 | $3.0B | 31 | |
| 2025-12-31 | 62 | $3.3B | 23 | |
| 2025-09-30 | 61 | $3.3B | 51 | |
| 2025-06-30 | 60 | $2.9B | 0 | |
| 2025-03-31 | 59 | $2.2B | 100 | |
| 2024-12-31 | 59 | $2.3B | 0 | |
| 2024-09-30 | 58 | $2.6B | 0 | |
| 2024-06-30 | 58 | $2.4B | 0 | |
| 2024-03-31 | 54 | $2.4B | 0 | |
| 2023-12-31 | 55 | $1.9B | 0 | |
| 2023-09-30 | 65 | $1.9B | 0 | |
| 2023-06-30 | 64 | $2.0B | 0 | |
| 2023-03-31 | 65 | $1.9B | 0 | |
| 2022-12-31 | 64 | $1.2B | 0 | |
| 2022-09-30 | 67 | $1.1B | 0 | |
| 2022-06-30 | 62 | $935.0M | 0 | |
| 2022-03-31 | 65 | $989.4M | 0 | |
| 2021-12-31 | 68 | $1.1B | 0 | |
| 2021-09-30 | 68 | $1.0B | 0 | |
| 2021-06-30 | 62 | $1.1B | 0 |
NZS Capital, LLC's most significant position changes for 2026-03-31: New buy: Stryker CORP (SYK); Sold out: Gartner INC (IT); Sold out: Procore Technologies INC (PCOR); Sold out: Servicetitan Inc-a (TTAN); Sold out: Cognex CORP (CGNX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TYL | Tyler Technologies INC | +1.8% | +508.41% | Add |
| 2 | APH | Amphenol Corp-cl A | +1.2% | +56.19% | Add |
| 3 | ARM | Arm Holdings Plc-adr | +1% | +13.49% | Add |
| 4 | AJG | Arthur J Gallagher & Co | +0.9% | +60.63% | Add |
| 5 | TXN | Texas Instruments INC | +0.7% | +2.21% | Add |
| 6 | LIN | Linde plc | +0.6% | -5.80% | Trim |
| 7 | ISRG | Intuitive Surgical INC | +0.5% | +43.33% | Add |
| 8 | LSCC | Lattice Semiconductor CORP | +0.5% | +2.31% | Add |
| 9 | PWR | Quanta Services INC | +0.4% | -5.67% | Trim |
| 10 | TT | Trane Technologies plc | +0.4% | +2.29% | Add |
| 11 | MRVL | Marvell Technology INC | +0.4% | +10.21% | Add |
| 12 | FROG | JFrog Ltd. | +0.4% | +128.83% | Add |
| 13 | KLAC | Kla CORP | +0.4% | -7.78% | Trim |
| 14 | HEI | Heico CORP | +0.4% | +43.06% | Add |
| 15 | NVDA | Nvidia CORP | +0.3% | +17.04% | Add |
| 16 | NET | Cloudflare INC - Class A | +0.3% | +28.69% | Add |
| 17 | MELI | Mercadolibre INC | +0.3% | +28.03% | Add |
| 18 | MPWR | Monolithic Power Systems INC | +0.2% | +1.79% | Add |
| 19 | IR | Ingersoll-rand INC | 0% | -7.59% | Trim |
| 20 | URI | United Rentals INC | — | +2.40% | Add |
| 21 | SNOW | Snowflake INC | — | +33.54% | Add |
| 22 | UBER | Uber Technologies INC | 0% | +2.65% | Add |
| 23 | NU | Nu Holdings Ltd. | -0.1% | +2.42% | Add |
| 24 | SNPS | Synopsys INC | -0.1% | +2.02% | Add |
| 25 | PGR | Progressive CORP | -0.1% | +2.43% | Add |
| 26 | HEI-A | Heico Corp-class A | -0.1% | +2.16% | Add |
| 27 | TOST | Toast Inc-class A | -0.1% | +13.81% | Add |
| 28 | GLBE | Global-E Online Ltd. | -0.2% | +2.17% | Add |
| 29 | MSFT | Microsoft CORP | -0.2% | +2.03% | Add |
| 30 | AAPL | Apple INC | -0.2% | -11.68% | Trim |
| 31 | SAIL | Sailpoint INC | -0.2% | +17.83% | Add |
| 32 | RGEN | Repligen CORP | -0.2% | +2.22% | Add |
| 33 | RDDT | Reddit Inc-cl A | -0.2% | +2.02% | Add |
| 34 | AFRM | Affirm Holdings INC | -0.3% | +1.75% | Add |
| 35 | PEN | Penumbra INC | -0.3% | -36.47% | Trim |
| 36 | GOOG | Alphabet Inc-cl C | -0.6% | -6.71% | Trim |
| 37 | TEAM | Atlassian Corp-cl A | -0.6% | +29.16% | Add |
| 38 | DHR | Danaher CORP | -0.9% | -11.46% | Trim |
| 39 | WDAY | Workday Inc-class A | -0.9% | +8.92% | Add |
| 40 | AMT | American Tower CORP | -2.8% | -85.22% | Trim |
| 41 | SYK | Stryker CORP | — | NEW | New buy |
| 42 | IT | Gartner INC | — | EXIT | Sold out |
| 43 | PCOR | Procore Technologies INC | — | EXIT | Sold out |
| 44 | TTAN | Servicetitan Inc-a | — | EXIT | Sold out |
| 45 | CGNX | Cognex CORP | — | EXIT | Sold out |
| 46 | NOW | Servicenow INC | — | EXIT | Sold out |
| 47 | FND | Floor & Decor Holdings Inc-a | — | EXIT | Sold out |
| 48 | LMND | Lemonade INC | — | EXIT | Sold out |
| 49 | SABR | Sabre CORP | — | NEW | New buy |
| 50 | CRM | Salesforce INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-22 | 13F-HR | View on EDGAR |
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