NZS Capital, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), NZS Capital, LLC reported 59 stock positions worth $2.3 billion. Its top holding was Alphabet Class C (GOOG) at 7.5% of the portfolio, followed by Cadence Design SYS (CDNS, 4.5%) and Microsoft (MSFT, 4.3%). Compared with Q3 2024, it opened 5 new positions, sold out of 4, added to 24 and reduced 30. The biggest buy was a new position in Ansys (ANSS) and the biggest sale Microsoft (MSFT, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001816616
- Portfolio Value
- $2.3B (Q4 2024)
- SEC Filing
- 0001816616-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 59 stocks · $2.3B
| GOOG Alphabet Inc. Class C | 7.49% | 924,120 | $176.0M | Reduce -10.9% |
| CDNS Cadence Design SYS Inc. | 4.54% | 355,087 | $106.7M | Add +2.3% |
| MSFT Microsoft Corp. | 4.35% | 242,302 | $102.1M | Reduce -32.4% |
| FISV Fiserv Inc. | 4.20% | 480,088 | $98.6M | Reduce -9.6% |
| PGR Progressive Corp. | 4.08% | 400,351 | $95.9M | Add +3.7% |
| TXN Texas Instruments Inc. | 3.38% | 423,500 | $79.4M | Reduce -11.4% |
| DHR Danaher Corp. | 3.30% | 338,173 | $77.6M | Add +5.0% |
| LIN Linde PLC | 3.17% | 178,049 | $74.5M | Add +3.8% |
| LRCX Lam Research Corp. | 2.91% | 946,373 | $68.4M | Reduce -0.3% |
| ROP Roper Technologies Inc. | 2.88% | 130,326 | $67.7M | Add +14.5% |
| APH Amphenol Corp. Class A | 2.88% | 973,265 | $67.6M | Add +6.8% |
| MCHP Microchip Technology Inc. | 2.65% | 1,085,648 | $62.3M | Add +14.2% |
| URI United Rentals Inc. | 2.47% | 82,441 | $58.1M | Reduce -1.6% |
| SHOP Shopify Inc. Class A | 2.45% | 540,465 | $57.5M | Reduce -7.3% |
| NVDA Nvidia Corp. | 2.41% | 421,975 | $56.7M | Reduce -21.6% |
| ADSK Autodesk Inc. | 2.23% | 177,265 | $52.4M | Reduce -7.2% |
| AMT American Tower Corp. | 1.92% | 245,704 | $45.1M | Add +44.2% |
| TOST Toast Inc. Class A | 1.76% | 1,136,908 | $41.4M | Reduce -6.4% |
| AAPL Apple Inc. | 1.72% | 161,829 | $40.5M | Reduce -43.0% |
| KLAC KLA Corp. | 1.68% | 62,828 | $39.6M | Reduce -43.3% |
| CPRT Copart Inc. | 1.64% | 670,449 | $38.5M | Add +118.0% |
| MELI MercadoLibre Inc. | 1.61% | 22,205 | $37.8M | Add +3.0% |
| TT Trane Technologies PLC | 1.53% | 97,155 | $35.9M | Reduce -35.7% |
| HEI Heico Corp. | 1.49% | 146,902 | $34.9M | Add +4.4% |
| UBER Uber Technologies Inc. | 1.48% | 575,582 | $34.7M | Add +34.9% |
| ISRG Intuitive Surgical Inc. | 1.41% | 63,550 | $33.2M | Reduce -4.2% |
| HEI.A Heico Corp. Class A | 1.34% | 168,885 | $31.4M | Add +4.7% |
| CSGP Costar Group Inc. | 1.32% | 433,500 | $31.0M | Reduce -4.8% |
| DASH DoorDash Inc. Class A | 1.31% | 183,360 | $30.8M | Reduce -6.7% |
| ANSS Ansys Inc. | 1.29% | 89,543 | $30.2M | New |
| NET Cloudflare Inc. Class A | 1.27% | 277,652 | $29.9M | Add +6.5% |
| PCOR Procore Technologies Inc. | 1.26% | 393,582 | $29.5M | Reduce -13.4% |
| LSCC Lattice Semiconductor Corp. | 1.21% | 500,300 | $28.3M | Add +0.8% |
| CMG Chipotle Mexican Grill Inc. | 1.16% | 451,628 | $27.2M | Add +5.0% |
| CGNX Cognex Corp. | 1.16% | 758,787 | $27.2M | Reduce -6.0% |
| ON On Semiconductor | 1.07% | 398,568 | $25.1M | Reduce -8.1% |
| TEAM Atlassian Corp. Class A | 1.05% | 101,403 | $24.7M | New |
| GLBE Global-E Online Ltd. | 1.02% | 438,263 | $23.9M | Add +214.8% |
| CYBR Cyberark Software Ltd./Israel | 1.01% | 71,421 | $23.8M | Reduce -30.8% |
| FND Floor & Decor Holdings Inc. Class A | 0.97% | 228,160 | $22.7M | Add +31.3% |
| AXON Axon Enterprise Inc. | 0.97% | 38,267 | $22.7M | Reduce -55.5% |
| SNOW Snowflake Inc. | 0.92% | 139,391 | $21.5M | New |
| Z Zillow Group Inc. Class C | 0.89% | 281,757 | $20.9M | Reduce -18.2% |
| RGEN Repligen Corp. | 0.82% | 133,694 | $19.2M | Add +4.6% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.77% | 153,998 | $18.1M | Reduce -17.0% |
| GTLS Chart Industries Inc. | 0.75% | 92,644 | $17.7M | Reduce -33.4% |
| AFRM Affirm Holdings Inc. | 0.73% | 281,388 | $17.1M | Add +8.6% |
| CCJ Cameco Corp. | 0.72% | 330,981 | $17.0M | Reduce -51.7% |
| ARM Arm Holdings PLC-ADR | 0.71% | 135,534 | $16.7M | Add +0.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.67% | 1,528,780 | $15.8M | Add +5.3% |
| TTAN Servicetitan Inc. Class A | 0.66% | 150,506 | $15.5M | New |
| PEN Penumbra Inc. | 0.65% | 64,314 | $15.3M | Add +3.6% |
| CRM Salesforce Inc. | 0.50% | 35,224 | $11.8M | Reduce -71.5% |
| NFLX Netflix Inc. | 0.49% | 12,829 | $11.4M | Reduce -32.4% |
| THO Thor Industries Inc. | 0.42% | 104,077 | $10.0M | Add +4.7% |
| CDW CDW Corp. | 0.35% | 47,573 | $8.3M | Reduce -47.5% |
| COIN Coinbase Global Inc. Class A | 0.34% | 32,204 | $8.0M | New |
| AMD Advanced Micro Devices | 0.30% | 58,498 | $7.1M | Reduce -77.4% |
| NOW ServiceNow Inc. | 0.28% | 6,199 | $6.6M | Reduce -33.0% |
Portfolio Sells Q3 2024 → Q4 2024
| MSFT Microsoft Corp. | Reduce -32.4% | 4.35% | −1.66 |
| KLAC KLA Corp. | Reduce -43.3% | 1.68% | −1.66 |
| AMD Advanced Micro Devices | Reduce -77.4% | 0.30% | −1.35 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.92 |
| AAPL Apple Inc. | Reduce -43.0% | 1.72% | −0.86 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.83 |
| CRM Salesforce Inc. | Reduce -71.5% | 0.50% | −0.82 |
| TT Trane Technologies PLC | Reduce -35.7% | 1.53% | −0.76 |
| CCJ Cameco Corp. | Reduce -51.7% | 0.72% | −0.55 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.51 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.49 |
| TXN Texas Instruments Inc. | Reduce -11.4% | 3.38% | −0.47 |
| CDW CDW Corp. | Reduce -47.5% | 0.35% | −0.45 |
| AXON Axon Enterprise Inc. | Reduce -55.5% | 0.97% | −0.37 |
| URI United Rentals Inc. | Reduce -1.6% | 2.47% | −0.17 |
| CYBR Cyberark Software Ltd./Israel | Reduce -30.8% | 1.01% | −0.16 |
| ON On Semiconductor | Reduce -8.1% | 1.07% | −0.16 |
| NVDA Nvidia Corp. | Reduce -21.6% | 2.41% | −0.14 |
| CGNX Cognex Corp. | Reduce -6.0% | 1.16% | −0.12 |
| LRCX Lam Research Corp. | Reduce -0.3% | 2.91% | −0.11 |
| NOW ServiceNow Inc. | Reduce -33.0% | 0.28% | −0.04 |
| NFLX Netflix Inc. | Reduce -32.4% | 0.49% | −0.04 |
| TTD Trade Desk Inc./the Class A | Reduce -17.0% | 0.77% | −0.02 |
| CSGP Costar Group Inc. | Reduce -4.8% | 1.32% | −0.02 |
| Z Zillow Group Inc. Class C | Reduce -18.2% | 0.89% | +0.03 |
| GTLS Chart Industries Inc. | Reduce -33.4% | 0.75% | +0.08 |
| ISRG Intuitive Surgical Inc. | Reduce -4.2% | 1.41% | +0.14 |
| PCOR Procore Technologies Inc. | Reduce -13.4% | 1.26% | +0.16 |
| ADSK Autodesk Inc. | Reduce -7.2% | 2.23% | +0.18 |
| DASH DoorDash Inc. Class A | Reduce -6.7% | 1.31% | +0.21 |
| TOST Toast Inc. Class A | Reduce -6.4% | 1.76% | +0.42 |
| FISV Fiserv Inc. | Reduce -9.6% | 4.20% | +0.48 |
| SHOP Shopify Inc. Class A | Reduce -7.3% | 2.45% | +0.63 |
| GOOG Alphabet Inc. Class C | Reduce -10.9% | 7.49% | +0.73 |
Portfolio Buys Q3 2024 → Q4 2024
| ANSS Ansys Inc. | New | 1.29% | +1.29 |
| TEAM Atlassian Corp. Class A | New | 1.05% | +1.05 |
| CPRT Copart Inc. | Add +118.0% | 1.64% | +1.01 |
| SNOW Snowflake Inc. | New | 0.92% | +0.92 |
| CDNS Cadence Design SYS Inc. | Add +2.3% | 4.54% | +0.87 |
| GLBE Global-E Online Ltd. | Add +214.8% | 1.02% | +0.81 |
| TTAN Servicetitan Inc. Class A | New | 0.66% | +0.66 |
| APH Amphenol Corp. Class A | Add +6.8% | 2.88% | +0.56 |
| NET Cloudflare Inc. Class A | Add +6.5% | 1.27% | +0.45 |
| ROP Roper Technologies Inc. | Add +14.5% | 2.88% | +0.41 |
| AMT American Tower Corp. | Add +44.2% | 1.92% | +0.37 |
| COIN Coinbase Global Inc. Class A | New | 0.34% | +0.34 |
| AFRM Affirm Holdings Inc. | Add +8.6% | 0.73% | +0.32 |
| PGR Progressive Corp. | Add +3.7% | 4.08% | +0.26 |
| UBER Uber Technologies Inc. | Add +34.9% | 1.48% | +0.23 |
| CMG Chipotle Mexican Grill Inc. | Add +5.0% | 1.16% | +0.19 |
| PEN Penumbra Inc. | Add +3.6% | 0.65% | +0.18 |
| LSCC Lattice Semiconductor Corp. | Add +0.8% | 1.21% | +0.18 |
| FND Floor & Decor Holdings Inc. Class A | Add +31.3% | 0.97% | +0.13 |
| RGEN Repligen Corp. | Add +4.6% | 0.82% | +0.08 |
| HEI.A Heico Corp. Class A | Add +4.7% | 1.34% | +0.06 |
| HEI Heico Corp. | Add +4.4% | 1.49% | +0.05 |
| THO Thor Industries Inc. | Add +4.7% | 0.42% | −0.00 |
| LIN Linde PLC | Add +3.8% | 3.17% | −0.02 |
| ARM Arm Holdings PLC-ADR | Add +0.8% | 0.71% | −0.04 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +5.3% | 0.67% | −0.10 |
| MELI MercadoLibre Inc. | Add +3.0% | 1.61% | −0.12 |
| DHR Danaher Corp. | Add +5.0% | 3.30% | −0.19 |
| MCHP Microchip Technology Inc. | Add +14.2% | 2.65% | −0.33 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 61 | $3.9B | GOOG, LRCX, CDNS, APH, NVDA |
| Q1 2026 | 58 | $3.0B | GOOG, CDNS, LRCX, LIN, DHR |
| Q4 2025 | 62 | $3.3B | GOOG, CDNS, DHR, LRCX, AMT |
| Q3 2025 | 61 | $3.3B | GOOG, CDNS, LRCX, PGR, APH |
| Q2 2025 | 60 | $2.9B | GOOG, CDNS, NVDA, APH, PGR |
| Q1 2025 | 59 | $2.2B | GOOG, CDNS, PGR, APH, ROP |
| Q4 2024 | 59 | $2.3B | GOOG, CDNS, MSFT, FISV, PGR |
| Q3 2024 | 58 | $2.6B | GOOG, MSFT, TXN, PGR, FISV |
| Q2 2024 | 58 | $2.4B | GOOG, MSFT, TXN, FISV, CDNS |
| Q1 2024 | 54 | $2.4B | MSFT, GOOG, NVDA, FISV, APH |