NZS Capital, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), NZS Capital, LLC reported 60 stock positions worth $2.9 billion. Its top holding was Alphabet Class C (GOOG) at 5.9% of the portfolio, followed by Cadence Design SYS (CDNS, 5.5%) and Nvidia (NVDA, 4.8%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 48 and reduced 10. The biggest buy was Nvidia (NVDA, shares +25%) and the biggest sale an exit from Copart (CPRT).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001816616
- Portfolio Value
- $2.9B (Q2 2025)
- SEC Filing
- 0001816616-25-000005 ↗ filed Aug 13, 2025
Holdings Value
Holdings 60 stocks · $2.9B
| GOOG Alphabet Inc. Class C | 5.88% | 975,863 | $173.1M | Add +5.1% |
| CDNS Cadence Design SYS Inc. | 5.54% | 528,839 | $163.0M | Add +18.0% |
| NVDA Nvidia Corp. | 4.79% | 891,332 | $140.8M | Add +25.4% |
| APH Amphenol Corp. Class A | 4.44% | 1,322,943 | $130.6M | Reduce -3.9% |
| PGR Progressive Corp. | 3.70% | 408,366 | $109.0M | Add +20.8% |
| LRCX Lam Research Corp. | 3.49% | 1,054,878 | $102.7M | Add +13.2% |
| TXN Texas Instruments Inc. | 3.08% | 436,139 | $90.6M | Add +8.4% |
| MCHP Microchip Technology Inc. | 2.94% | 1,231,066 | $86.6M | Add +15.0% |
| URI United Rentals Inc. | 2.83% | 110,618 | $83.3M | Add +10.8% |
| ROP Roper Technologies Inc. | 2.81% | 145,769 | $82.6M | Add +7.2% |
| TT Trane Technologies PLC | 2.60% | 174,763 | $76.4M | Add +2.5% |
| DHR Danaher Corp. | 2.58% | 383,634 | $75.8M | Add +35.3% |
| AMT American Tower Corp. | 2.51% | 334,424 | $73.9M | Add +29.5% |
| FISV Fiserv Inc. | 2.50% | 426,049 | $73.5M | Add +19.2% |
| LIN Linde PLC | 2.44% | 153,259 | $71.9M | Add +26.6% |
| SHOP Shopify Inc. Class A | 2.39% | 608,677 | $70.2M | Add +14.5% |
| ADSK Autodesk Inc. | 2.14% | 202,937 | $62.8M | Add +15.0% |
| NET Cloudflare Inc. Class A | 2.00% | 300,505 | $58.8M | Add +0.4% |
| MELI MercadoLibre Inc. | 1.89% | 21,228 | $55.5M | Add +8.6% |
| ARM Arm Holdings PLC-ADR | 1.85% | 337,190 | $54.5M | Add +76.2% |
| TOST Toast Inc. Class A | 1.82% | 1,212,237 | $53.7M | Add +8.3% |
| SNOW Snowflake Inc. | 1.78% | 233,453 | $52.2M | Add +10.6% |
| PCOR Procore Technologies Inc. | 1.74% | 748,201 | $51.2M | Add +39.5% |
| KLAC KLA Corp. | 1.73% | 56,700 | $50.8M | Reduce -3.1% |
| CYBR Cyberark Software Ltd./Israel | 1.61% | 116,707 | $47.5M | Add +28.0% |
| HEI.A Heico Corp. Class A | 1.61% | 183,272 | $47.4M | Add +9.9% |
| UBER Uber Technologies Inc. | 1.48% | 465,654 | $43.4M | Reduce -18.3% |
| TEAM Atlassian Corp. Class A | 1.38% | 199,961 | $40.6M | Add +26.4% |
| IR Ingersoll-Rand Inc. | 1.30% | 460,512 | $38.3M | New |
| MRVL Marvell Technology Inc. | 1.29% | 488,953 | $37.8M | Add +77.7% |
| HEI Heico Corp. | 1.26% | 113,446 | $37.2M | Reduce -16.9% |
| ISRG Intuitive Surgical Inc. | 1.26% | 68,306 | $37.1M | Add +9.0% |
| MSFT Microsoft Corp. | 1.25% | 74,048 | $36.8M | Reduce -55.1% |
| CMG Chipotle Mexican Grill Inc. | 1.17% | 612,205 | $34.4M | Add +37.5% |
| COIN Coinbase Global Inc. Class A | 1.17% | 97,915 | $34.3M | Add +76.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.12% | 2,400,684 | $32.9M | Add +19.9% |
| LSCC Lattice Semiconductor Corp. | 1.05% | 633,031 | $31.0M | Add +28.5% |
| CGNX Cognex Corp. | 1.04% | 962,284 | $30.5M | Add +8.4% |
| CSGP Costar Group Inc. | 0.96% | 350,527 | $28.2M | Reduce -11.6% |
| AFRM Affirm Holdings Inc. | 0.89% | 378,330 | $26.2M | Add +36.3% |
| TTAN Servicetitan Inc. Class A | 0.86% | 235,803 | $25.3M | Add +59.0% |
| ON On Semiconductor | 0.79% | 445,379 | $23.3M | Add +13.4% |
| AAPL Apple Inc. | 0.79% | 113,080 | $23.2M | Add +25.9% |
| GLBE Global-E Online Ltd. | 0.78% | 682,303 | $22.9M | Add +16.4% |
| PWR Quanta Services Inc. | 0.76% | 59,468 | $22.5M | New |
| DASH DoorDash Inc. Class A | 0.76% | 91,153 | $22.5M | Reduce -39.0% |
| AXON Axon Enterprise Inc. | 0.75% | 26,723 | $22.1M | Reduce -44.7% |
| Z Zillow Group Inc. Class C | 0.72% | 302,430 | $21.2M | Add +8.8% |
| RGEN Repligen Corp. | 0.61% | 145,294 | $18.1M | Add +10.1% |
| PEN Penumbra Inc. | 0.61% | 69,629 | $17.9M | Add +9.7% |
| CRM Salesforce Inc. | 0.60% | 64,253 | $17.5M | Add +44.7% |
| RDDT Reddit Inc. Class A | 0.52% | 101,391 | $15.3M | Add +55.6% |
| SAIL Sailpoint Inc. | 0.47% | 609,518 | $13.9M | Add +562.2% |
| FND Floor & Decor Holdings Inc. Class A | 0.46% | 177,753 | $13.5M | Reduce -21.1% |
| THO Thor Industries Inc. | 0.34% | 112,845 | $10.0M | Add +9.8% |
| NFLX Netflix Inc. | 0.28% | 6,107 | $8.2M | Reduce -45.7% |
| LMND Lemonade Inc. | 0.18% | 119,708 | $5.2M | Add +9.8% |
| NOW ServiceNow Inc. | 0.17% | 4,853 | $5.0M | Add +3.1% |
| MNDY Monday.com Ltd. | 0.14% | 12,628 | $4.0M | Add +3.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.12% | 6,812 | $3.5M | Add +34.7% |
Portfolio Sells Q1 2025 → Q2 2025
| CPRT Copart Inc. | Sold out | 0.00% | −1.81 |
| MSFT Microsoft Corp. | Reduce -55.1% | 1.25% | −1.54 |
| DASH DoorDash Inc. Class A | Reduce -39.0% | 0.76% | −0.47 |
| CSGP Costar Group Inc. | Reduce -11.6% | 0.96% | −0.46 |
| UBER Uber Technologies Inc. | Reduce -18.3% | 1.48% | −0.40 |
| AXON Axon Enterprise Inc. | Reduce -44.7% | 0.75% | −0.40 |
| HEI Heico Corp. | Reduce -16.9% | 1.26% | −0.38 |
| FND Floor & Decor Holdings Inc. Class A | Reduce -21.1% | 0.46% | −0.36 |
| NFLX Netflix Inc. | Reduce -45.7% | 0.28% | −0.19 |
| KLAC KLA Corp. | Reduce -3.1% | 1.73% | −0.07 |
| APH Amphenol Corp. Class A | Reduce -3.9% | 4.44% | +0.37 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +25.4% | 4.79% | +1.31 |
| IR Ingersoll-Rand Inc. | New | 1.30% | +1.30 |
| ARM Arm Holdings PLC-ADR | Add +76.2% | 1.85% | +0.93 |
| PWR Quanta Services Inc. | New | 0.76% | +0.76 |
| COIN Coinbase Global Inc. Class A | Add +76.9% | 1.17% | +0.74 |
| MCHP Microchip Technology Inc. | Add +15.0% | 2.94% | +0.61 |
| MRVL Marvell Technology Inc. | Add +77.7% | 1.29% | +0.52 |
| NET Cloudflare Inc. Class A | Add +0.4% | 2.00% | +0.48 |
| LRCX Lam Research Corp. | Add +13.2% | 3.49% | +0.44 |
| CDNS Cadence Design SYS Inc. | Add +18.0% | 5.54% | +0.40 |
| SAIL Sailpoint Inc. | Add +562.2% | 0.47% | +0.40 |
| SNOW Snowflake Inc. | Add +10.6% | 1.78% | +0.38 |
| AFRM Affirm Holdings Inc. | Add +36.3% | 0.89% | +0.32 |
| CYBR Cyberark Software Ltd./Israel | Add +28.0% | 1.61% | +0.22 |
| TTAN Servicetitan Inc. Class A | Add +59.0% | 0.86% | +0.22 |
| RDDT Reddit Inc. Class A | Add +55.6% | 0.52% | +0.21 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +19.9% | 1.12% | +0.20 |
| MELI MercadoLibre Inc. | Add +8.6% | 1.89% | +0.17 |
| CMG Chipotle Mexican Grill Inc. | Add +37.5% | 1.17% | +0.16 |
| TOST Toast Inc. Class A | Add +8.3% | 1.82% | +0.15 |
| PCOR Procore Technologies Inc. | Add +39.5% | 1.74% | +0.14 |
| SHOP Shopify Inc. Class A | Add +14.5% | 2.39% | +0.10 |
| ON On Semiconductor | Add +13.4% | 0.79% | +0.07 |
| CRM Salesforce Inc. | Add +44.7% | 0.60% | +0.06 |
| ADSK Autodesk Inc. | Add +15.0% | 2.14% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +34.7% | 0.12% | +0.04 |
| HEI.A Heico Corp. Class A | Add +9.9% | 1.61% | +0.03 |
| LMND Lemonade Inc. | Add +9.8% | 0.18% | +0.02 |
| URI United Rentals Inc. | Add +10.8% | 2.83% | +0.01 |
| TT Trane Technologies PLC | Add +2.5% | 2.60% | +0.01 |
| MNDY Monday.com Ltd. | Add +3.1% | 0.14% | +0.00 |
| NOW ServiceNow Inc. | Add +3.1% | 0.17% | +0.00 |
| THO Thor Industries Inc. | Add +9.8% | 0.34% | −0.01 |
| AMT American Tower Corp. | Add +29.5% | 2.51% | −0.02 |
| DHR Danaher Corp. | Add +35.3% | 2.58% | −0.05 |
| LIN Linde PLC | Add +26.6% | 2.44% | −0.10 |
| AAPL Apple Inc. | Add +25.9% | 0.79% | −0.11 |
| LSCC Lattice Semiconductor Corp. | Add +28.5% | 1.05% | −0.11 |
| TEAM Atlassian Corp. Class A | Add +26.4% | 1.38% | −0.13 |
| ISRG Intuitive Surgical Inc. | Add +9.0% | 1.26% | −0.14 |
| Z Zillow Group Inc. Class C | Add +8.8% | 0.72% | −0.14 |
| RGEN Repligen Corp. | Add +10.1% | 0.61% | −0.14 |
| CGNX Cognex Corp. | Add +8.4% | 1.04% | −0.16 |
| PEN Penumbra Inc. | Add +9.7% | 0.61% | −0.16 |
| GLBE Global-E Online Ltd. | Add +16.4% | 0.78% | −0.16 |
| TXN Texas Instruments Inc. | Add +8.4% | 3.08% | −0.18 |
| PGR Progressive Corp. | Add +20.8% | 3.70% | −0.61 |
| GOOG Alphabet Inc. Class C | Add +5.1% | 5.88% | −0.66 |
| ROP Roper Technologies Inc. | Add +7.2% | 2.81% | −0.81 |
| FISV Fiserv Inc. | Add +19.2% | 2.50% | −1.06 |
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 |