NZS Capital, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), NZS Capital, LLC reported 59 stock positions worth $2.2 billion. Its top holding was Alphabet Class C (GOOG) at 6.5% of the portfolio, followed by Cadence Design SYS (CDNS, 5.1%) and Progressive (PGR, 4.3%). Compared with Q4 2024, it opened 6 new positions, sold out of 6, added to 21 and reduced 32. The biggest buy was Amphenol Class A (APH, shares +41%) and the biggest sale Microsoft (MSFT, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001816616
- Portfolio Value
- $2.2B (Q1 2025)
- SEC Filing
- 0001816616-25-000004 ↗ filed May 14, 2025
Holdings Value
Holdings 59 stocks · $2.2B
| GOOG Alphabet Inc. Class C | 6.54% | 928,901 | $145.1M | Add +0.5% |
| CDNS Cadence Design SYS Inc. | 5.14% | 448,137 | $114.0M | Add +26.2% |
| PGR Progressive Corp. | 4.31% | 338,122 | $95.7M | Reduce -15.5% |
| APH Amphenol Corp. Class A | 4.07% | 1,375,895 | $90.2M | Add +41.4% |
| ROP Roper Technologies Inc. | 3.61% | 135,975 | $80.2M | Add +4.3% |
| FISV Fiserv Inc. | 3.56% | 357,317 | $78.9M | Reduce -25.6% |
| NVDA Nvidia Corp. | 3.47% | 710,925 | $77.1M | Add +68.5% |
| TXN Texas Instruments Inc. | 3.26% | 402,254 | $72.3M | Reduce -5.0% |
| LRCX Lam Research Corp. | 3.05% | 931,760 | $67.7M | Reduce -1.5% |
| URI United Rentals Inc. | 2.82% | 99,859 | $62.6M | Add +21.1% |
| MSFT Microsoft Corp. | 2.79% | 164,906 | $61.9M | Reduce -31.9% |
| DHR Danaher Corp. | 2.62% | 283,551 | $58.1M | Reduce -16.1% |
| TT Trane Technologies PLC | 2.59% | 170,546 | $57.5M | Add +75.5% |
| LIN Linde PLC | 2.54% | 121,046 | $56.4M | Reduce -32.0% |
| AMT American Tower Corp. | 2.53% | 258,317 | $56.2M | Add +5.1% |
| MCHP Microchip Technology Inc. | 2.34% | 1,070,242 | $51.8M | Reduce -1.4% |
| SHOP Shopify Inc. Class A | 2.29% | 531,562 | $50.8M | Reduce -1.6% |
| ADSK Autodesk Inc. | 2.08% | 176,403 | $46.2M | Reduce -0.5% |
| UBER Uber Technologies Inc. | 1.87% | 570,179 | $41.5M | Reduce -0.9% |
| CPRT Copart Inc. | 1.81% | 710,561 | $40.2M | Add +6.0% |
| KLAC KLA Corp. | 1.79% | 58,493 | $39.8M | Reduce -6.9% |
| MELI MercadoLibre Inc. | 1.72% | 19,542 | $38.1M | Reduce -12.0% |
| TOST Toast Inc. Class A | 1.68% | 1,119,890 | $37.1M | Reduce -1.5% |
| HEI Heico Corp. | 1.64% | 136,476 | $36.5M | Reduce -7.1% |
| PCOR Procore Technologies Inc. | 1.60% | 536,376 | $35.4M | Add +36.3% |
| HEI.A Heico Corp. Class A | 1.59% | 166,781 | $35.2M | Reduce -1.3% |
| NET Cloudflare Inc. Class A | 1.52% | 299,396 | $33.7M | Add +7.8% |
| TEAM Atlassian Corp. Class A | 1.51% | 158,135 | $33.6M | Add +56.0% |
| CSGP Costar Group Inc. | 1.42% | 396,308 | $31.4M | Reduce -8.6% |
| ISRG Intuitive Surgical Inc. | 1.40% | 62,674 | $31.0M | Reduce -1.4% |
| SNOW Snowflake Inc. | 1.39% | 211,018 | $30.8M | Add +51.4% |
| CYBR Cyberark Software Ltd./Israel | 1.39% | 91,181 | $30.8M | Add +27.7% |
| DASH DoorDash Inc. Class A | 1.23% | 149,396 | $27.3M | Reduce -18.5% |
| CGNX Cognex Corp. | 1.19% | 887,550 | $26.5M | Add +17.0% |
| LSCC Lattice Semiconductor Corp. | 1.17% | 492,774 | $25.8M | Reduce -1.5% |
| AXON Axon Enterprise Inc. | 1.15% | 48,361 | $25.4M | Add +26.4% |
| CMG Chipotle Mexican Grill Inc. | 1.01% | 445,417 | $22.4M | Reduce -1.4% |
| GLBE Global-E Online Ltd. | 0.94% | 586,299 | $20.9M | Add +33.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.92% | 2,001,464 | $20.5M | Add +30.9% |
| ARM Arm Holdings PLC-ADR | 0.92% | 191,331 | $20.4M | Add +41.2% |
| AAPL Apple Inc. | 0.90% | 89,823 | $20.0M | Reduce -44.5% |
| Z Zillow Group Inc. Class C | 0.86% | 277,894 | $19.1M | Reduce -1.4% |
| FND Floor & Decor Holdings Inc. Class A | 0.82% | 225,339 | $18.1M | Reduce -1.2% |
| PEN Penumbra Inc. | 0.77% | 63,504 | $17.0M | Reduce -1.3% |
| MRVL Marvell Technology Inc. | 0.76% | 275,133 | $16.9M | New |
| RGEN Repligen Corp. | 0.76% | 131,922 | $16.8M | Reduce -1.3% |
| ON On Semiconductor | 0.72% | 392,664 | $16.0M | Reduce -1.5% |
| TTAN Servicetitan Inc. Class A | 0.64% | 148,336 | $14.1M | Reduce -1.4% |
| AFRM Affirm Holdings Inc. | 0.57% | 277,595 | $12.5M | Reduce -1.4% |
| CRM Salesforce Inc. | 0.54% | 44,392 | $11.9M | Add +26.0% |
| NFLX Netflix Inc. | 0.47% | 11,245 | $10.5M | Reduce -12.3% |
| COIN Coinbase Global Inc. Class A | 0.43% | 55,354 | $9.5M | Add +71.9% |
| THO Thor Industries Inc. | 0.35% | 102,740 | $7.8M | Reduce -1.3% |
| RDDT Reddit Inc. Class A | 0.31% | 65,180 | $6.8M | New |
| NOW ServiceNow Inc. | 0.17% | 4,707 | $3.7M | Reduce -24.1% |
| LMND Lemonade Inc. | 0.15% | 108,970 | $3.4M | New |
| MNDY Monday.com Ltd. | 0.13% | 12,247 | $3.0M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.08% | 5,057 | $1.8M | New |
| SAIL Sailpoint Inc. | 0.08% | 92,044 | $1.7M | New |
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Reduce -31.9% | 2.79% | −1.56 |
| ANSS Ansys Inc. | Sold out | 0.00% | −1.29 |
| AAPL Apple Inc. | Reduce -44.5% | 0.90% | −0.83 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.77 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.75 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.72 |
| DHR Danaher Corp. | Reduce -16.1% | 2.62% | −0.68 |
| FISV Fiserv Inc. | Reduce -25.6% | 3.56% | −0.64 |
| LIN Linde PLC | Reduce -32.0% | 2.54% | −0.63 |
| CDW CDW Corp. | Sold out | 0.00% | −0.35 |
| ON On Semiconductor | Reduce -1.5% | 0.72% | −0.35 |
| MCHP Microchip Technology Inc. | Reduce -1.4% | 2.34% | −0.31 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.30 |
| AFRM Affirm Holdings Inc. | Reduce -1.4% | 0.57% | −0.16 |
| SHOP Shopify Inc. Class A | Reduce -1.6% | 2.29% | −0.16 |
| CMG Chipotle Mexican Grill Inc. | Reduce -1.4% | 1.01% | −0.15 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -1.2% | 0.82% | −0.15 |
| ADSK Autodesk Inc. | Reduce -0.5% | 2.08% | −0.15 |
| TXN Texas Instruments Inc. | Reduce -5.0% | 3.26% | −0.12 |
| NOW ServiceNow Inc. | Reduce -24.1% | 0.17% | −0.11 |
| TOST Toast Inc. Class A | Reduce -1.5% | 1.68% | −0.09 |
| DASH DoorDash Inc. Class A | Reduce -18.5% | 1.23% | −0.08 |
| THO Thor Industries Inc. | Reduce -1.3% | 0.35% | −0.07 |
| RGEN Repligen Corp. | Reduce -1.3% | 0.76% | −0.06 |
| LSCC Lattice Semiconductor Corp. | Reduce -1.5% | 1.17% | −0.04 |
| Z Zillow Group Inc. Class C | Reduce -1.4% | 0.86% | −0.03 |
| TTAN Servicetitan Inc. Class A | Reduce -1.4% | 0.64% | −0.02 |
| NFLX Netflix Inc. | Reduce -12.3% | 0.47% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -1.4% | 1.40% | −0.01 |
| CSGP Costar Group Inc. | Reduce -8.6% | 1.42% | +0.10 |
| KLAC KLA Corp. | Reduce -6.9% | 1.79% | +0.11 |
| MELI MercadoLibre Inc. | Reduce -12.0% | 1.72% | +0.11 |
| PEN Penumbra Inc. | Reduce -1.3% | 0.77% | +0.12 |
| LRCX Lam Research Corp. | Reduce -1.5% | 3.05% | +0.15 |
| HEI Heico Corp. | Reduce -7.1% | 1.64% | +0.16 |
| PGR Progressive Corp. | Reduce -15.5% | 4.31% | +0.23 |
| HEI.A Heico Corp. Class A | Reduce -1.3% | 1.59% | +0.25 |
| UBER Uber Technologies Inc. | Reduce -0.9% | 1.87% | +0.40 |
Portfolio Buys Q4 2024 → Q1 2025
| APH Amphenol Corp. Class A | Add +41.4% | 4.07% | +1.19 |
| TT Trane Technologies PLC | Add +75.5% | 2.59% | +1.06 |
| NVDA Nvidia Corp. | Add +68.5% | 3.47% | +1.06 |
| MRVL Marvell Technology Inc. | New | 0.76% | +0.76 |
| ROP Roper Technologies Inc. | Add +4.3% | 3.61% | +0.73 |
| AMT American Tower Corp. | Add +5.1% | 2.53% | +0.62 |
| CDNS Cadence Design SYS Inc. | Add +26.2% | 5.14% | +0.60 |
| SNOW Snowflake Inc. | Add +51.4% | 1.39% | +0.47 |
| TEAM Atlassian Corp. Class A | Add +56.0% | 1.51% | +0.46 |
| CYBR Cyberark Software Ltd./Israel | Add +27.7% | 1.39% | +0.38 |
| URI United Rentals Inc. | Add +21.1% | 2.82% | +0.35 |
| PCOR Procore Technologies Inc. | Add +36.3% | 1.60% | +0.34 |
| RDDT Reddit Inc. Class A | New | 0.31% | +0.31 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +30.9% | 0.92% | +0.25 |
| NET Cloudflare Inc. Class A | Add +7.8% | 1.52% | +0.25 |
| ARM Arm Holdings PLC-ADR | Add +41.2% | 0.92% | +0.21 |
| AXON Axon Enterprise Inc. | Add +26.4% | 1.15% | +0.18 |
| CPRT Copart Inc. | Add +6.0% | 1.81% | +0.18 |
| LMND Lemonade Inc. | New | 0.15% | +0.15 |
| MNDY Monday.com Ltd. | New | 0.13% | +0.13 |
| COIN Coinbase Global Inc. Class A | Add +71.9% | 0.43% | +0.09 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.08% | +0.08 |
| SAIL Sailpoint Inc. | New | 0.08% | +0.08 |
| CRM Salesforce Inc. | Add +26.0% | 0.54% | +0.04 |
| CGNX Cognex Corp. | Add +17.0% | 1.19% | +0.04 |
| GLBE Global-E Online Ltd. | Add +33.8% | 0.94% | −0.07 |
| GOOG Alphabet Inc. Class C | Add +0.5% | 6.54% | −0.95 |
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 |