NZS Capital, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), NZS Capital, LLC reported 61 stock positions worth $3.3 billion. Its top holding was Alphabet Class C (GOOG) at 6.6% of the portfolio, followed by Cadence Design SYS (CDNS, 5.5%) and Lam Research (LRCX, 4.4%). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 40 and reduced 13. The biggest buy was a new position in Workday Class A (WDAY) and the biggest sale an exit from Microchip Technology (MCHP).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001816616
- Portfolio Value
- $3.3B (Q3 2025)
- SEC Filing
- 0001816616-25-000008 ↗ filed Nov 12, 2025
Holdings Value
Holdings 61 stocks · $3.3B
| GOOG Alphabet Inc. Class C | 6.65% | 891,277 | $217.1M | Reduce -8.7% |
| CDNS Cadence Design SYS Inc. | 5.52% | 512,744 | $180.1M | Reduce -3.0% |
| LRCX Lam Research Corp. | 4.39% | 1,071,186 | $143.4M | Add +1.6% |
| PGR Progressive Corp. | 3.79% | 500,597 | $123.6M | Add +22.6% |
| APH Amphenol Corp. Class A | 3.34% | 882,126 | $109.2M | Reduce -33.3% |
| ROP Roper Technologies Inc. | 3.34% | 218,882 | $109.2M | Add +50.2% |
| WDAY Workday Inc. Class A | 2.99% | 405,514 | $97.6M | New |
| DHR Danaher Corp. | 2.98% | 490,795 | $97.3M | Add +27.9% |
| SHOP Shopify Inc. Class A | 2.87% | 631,397 | $93.8M | Add +3.7% |
| TXN Texas Instruments Inc. | 2.81% | 499,162 | $91.7M | Add +14.4% |
| LIN Linde PLC | 2.79% | 191,749 | $91.1M | Add +25.1% |
| URI United Rentals Inc. | 2.79% | 95,318 | $91.0M | Reduce -13.8% |
| AMT American Tower Corp. | 2.59% | 440,213 | $84.7M | Add +31.6% |
| IR Ingersoll-Rand Inc. | 2.26% | 893,381 | $73.8M | Add +94.0% |
| FISV Fiserv Inc. | 2.15% | 544,102 | $70.2M | Add +27.7% |
| IT Gartner Inc. | 2.08% | 258,038 | $67.8M | New |
| ARM Arm Holdings PLC-ADR | 1.94% | 447,955 | $63.4M | Add +32.9% |
| NVDA Nvidia Corp. | 1.92% | 336,510 | $62.8M | Reduce -62.3% |
| SNOW Snowflake Inc. | 1.71% | 247,057 | $55.7M | Add +5.8% |
| TT Trane Technologies PLC | 1.68% | 130,122 | $54.9M | Reduce -25.5% |
| PCOR Procore Technologies Inc. | 1.68% | 750,719 | $54.7M | Add +0.3% |
| KLAC KLA Corp. | 1.57% | 47,511 | $51.2M | Reduce -16.2% |
| HEI.A Heico Corp. Class A | 1.54% | 197,632 | $50.2M | Add +7.8% |
| MELI MercadoLibre Inc. | 1.53% | 21,413 | $50.0M | Add +0.9% |
| LSCC Lattice Semiconductor Corp. | 1.51% | 671,146 | $49.2M | Add +6.0% |
| ISRG Intuitive Surgical Inc. | 1.51% | 110,014 | $49.2M | Add +61.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.49% | 3,038,126 | $48.6M | Add +26.6% |
| UBER Uber Technologies Inc. | 1.49% | 495,767 | $48.6M | Add +6.5% |
| TOST Toast Inc. Class A | 1.44% | 1,286,284 | $47.0M | Add +6.1% |
| SNPS Synopsys Inc. | 1.43% | 94,849 | $46.8M | New |
| MRVL Marvell Technology Inc. | 1.33% | 517,331 | $43.5M | Add +5.8% |
| PWR Quanta Services Inc. | 1.30% | 102,073 | $42.3M | Add +71.6% |
| AAPL Apple Inc. | 1.26% | 161,251 | $41.1M | Add +42.6% |
| SAIL Sailpoint Inc. | 1.18% | 1,747,161 | $38.6M | Add +186.7% |
| MSFT Microsoft Corp. | 1.17% | 74,048 | $38.4M | No change |
| HEI Heico Corp. | 1.11% | 112,446 | $36.3M | Reduce -0.9% |
| TTAN Servicetitan Inc. Class A | 1.06% | 341,747 | $34.5M | Add +44.9% |
| GLBE Global-E Online Ltd. | 1.04% | 950,631 | $34.0M | Add +39.3% |
| TEAM Atlassian Corp. Class A | 1.03% | 211,180 | $33.7M | Add +5.6% |
| CSGP Costar Group Inc. | 0.96% | 373,432 | $31.5M | Add +6.5% |
| CGNX Cognex Corp. | 0.95% | 685,976 | $31.1M | Reduce -28.7% |
| DASH DoorDash Inc. Class A | 0.90% | 108,555 | $29.5M | Add +19.1% |
| COIN Coinbase Global Inc. Class A | 0.87% | 84,337 | $28.5M | Reduce -13.9% |
| RGEN Repligen Corp. | 0.81% | 196,777 | $26.3M | Add +35.4% |
| AFRM Affirm Holdings Inc. | 0.80% | 356,926 | $26.1M | Reduce -5.7% |
| CMG Chipotle Mexican Grill Inc. | 0.79% | 660,172 | $25.9M | Add +7.8% |
| Z Zillow Group Inc. Class C | 0.76% | 322,803 | $24.9M | Add +6.7% |
| NOW ServiceNow Inc. | 0.75% | 26,485 | $24.4M | Add +445.7% |
| MPWR Monolithic Power Systems Inc. | 0.73% | 26,000 | $23.9M | New |
| NET Cloudflare Inc. Class A | 0.69% | 105,753 | $22.7M | Reduce -64.8% |
| PEN Penumbra Inc. | 0.67% | 86,984 | $22.0M | Add +24.9% |
| RDDT Reddit Inc. Class A | 0.66% | 93,295 | $21.5M | Reduce -8.0% |
| AXON Axon Enterprise Inc. | 0.62% | 28,375 | $20.4M | Add +6.2% |
| FND Floor & Decor Holdings Inc. Class A | 0.60% | 267,750 | $19.7M | Add +50.6% |
| CRM Salesforce Inc. | 0.59% | 80,846 | $19.2M | Add +25.8% |
| MNDY Monday.com Ltd. | 0.39% | 65,087 | $12.6M | Add +415.4% |
| ADI Analog Devices Inc. | 0.37% | 48,914 | $12.0M | New |
| FIG Figma Inc. Class A | 0.25% | 155,582 | $8.1M | New |
| NFLX Netflix Inc. | 0.22% | 6,107 | $7.3M | No change |
| LMND Lemonade Inc. | 0.21% | 129,084 | $6.9M | Add +7.8% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.15% | 10,111 | $5.0M | Add +48.4% |
Portfolio Sells Q2 2025 → Q3 2025
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −2.94 |
| NVDA Nvidia Corp. | Reduce -62.3% | 1.92% | −2.86 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −2.14 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −1.61 |
| NET Cloudflare Inc. Class A | Reduce -64.8% | 0.69% | −1.30 |
| APH Amphenol Corp. Class A | Reduce -33.3% | 3.34% | −1.10 |
| TT Trane Technologies PLC | Reduce -25.5% | 1.68% | −0.92 |
| ON On Semiconductor | Sold out | 0.00% | −0.79 |
| THO Thor Industries Inc. | Sold out | 0.00% | −0.34 |
| COIN Coinbase Global Inc. Class A | Reduce -13.9% | 0.87% | −0.29 |
| KLAC KLA Corp. | Reduce -16.2% | 1.57% | −0.16 |
| HEI Heico Corp. | Reduce -0.9% | 1.11% | −0.15 |
| AFRM Affirm Holdings Inc. | Reduce -5.7% | 0.80% | −0.09 |
| CGNX Cognex Corp. | Reduce -28.7% | 0.95% | −0.09 |
| URI United Rentals Inc. | Reduce -13.8% | 2.79% | −0.05 |
| CDNS Cadence Design SYS Inc. | Reduce -3.0% | 5.52% | −0.02 |
| RDDT Reddit Inc. Class A | Reduce -8.0% | 0.66% | +0.14 |
| GOOG Alphabet Inc. Class C | Reduce -8.7% | 6.65% | +0.76 |
Portfolio Buys Q2 2025 → Q3 2025
| WDAY Workday Inc. Class A | New | 2.99% | +2.99 |
| IT Gartner Inc. | New | 2.08% | +2.08 |
| SNPS Synopsys Inc. | New | 1.43% | +1.43 |
| IR Ingersoll-Rand Inc. | Add +94.0% | 2.26% | +0.96 |
| LRCX Lam Research Corp. | Add +1.6% | 4.39% | +0.90 |
| MPWR Monolithic Power Systems Inc. | New | 0.73% | +0.73 |
| SAIL Sailpoint Inc. | Add +186.7% | 1.18% | +0.71 |
| NOW ServiceNow Inc. | Add +445.7% | 0.75% | +0.58 |
| ROP Roper Technologies Inc. | Add +50.2% | 3.34% | +0.53 |
| PWR Quanta Services Inc. | Add +71.6% | 1.30% | +0.53 |
| SHOP Shopify Inc. Class A | Add +3.7% | 2.87% | +0.49 |
| AAPL Apple Inc. | Add +42.6% | 1.26% | +0.47 |
| LSCC Lattice Semiconductor Corp. | Add +6.0% | 1.51% | +0.45 |
| DHR Danaher Corp. | Add +27.9% | 2.98% | +0.40 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +26.6% | 1.49% | +0.37 |
| ADI Analog Devices Inc. | New | 0.37% | +0.37 |
| LIN Linde PLC | Add +25.1% | 2.79% | +0.35 |
| GLBE Global-E Online Ltd. | Add +39.3% | 1.04% | +0.26 |
| MNDY Monday.com Ltd. | Add +415.4% | 0.39% | +0.25 |
| FIG Figma Inc. Class A | New | 0.25% | +0.25 |
| ISRG Intuitive Surgical Inc. | Add +61.1% | 1.51% | +0.25 |
| TTAN Servicetitan Inc. Class A | Add +44.9% | 1.06% | +0.20 |
| RGEN Repligen Corp. | Add +35.4% | 0.81% | +0.19 |
| FND Floor & Decor Holdings Inc. Class A | Add +50.6% | 0.60% | +0.15 |
| DASH DoorDash Inc. Class A | Add +19.1% | 0.90% | +0.14 |
| ARM Arm Holdings PLC-ADR | Add +32.9% | 1.94% | +0.09 |
| PGR Progressive Corp. | Add +22.6% | 3.79% | +0.08 |
| AMT American Tower Corp. | Add +31.6% | 2.59% | +0.08 |
| PEN Penumbra Inc. | Add +24.9% | 0.67% | +0.07 |
| MRVL Marvell Technology Inc. | Add +5.8% | 1.33% | +0.05 |
| Z Zillow Group Inc. Class C | Add +6.7% | 0.76% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +48.4% | 0.15% | +0.03 |
| LMND Lemonade Inc. | Add +7.8% | 0.21% | +0.03 |
| UBER Uber Technologies Inc. | Add +6.5% | 1.49% | +0.01 |
| CSGP Costar Group Inc. | Add +6.5% | 0.96% | +0.01 |
| CRM Salesforce Inc. | Add +25.8% | 0.59% | −0.01 |
| PCOR Procore Technologies Inc. | Add +0.3% | 1.68% | −0.06 |
| SNOW Snowflake Inc. | Add +5.8% | 1.71% | −0.07 |
| HEI.A Heico Corp. Class A | Add +7.8% | 1.54% | −0.07 |
| AXON Axon Enterprise Inc. | Add +6.2% | 0.62% | −0.13 |
| TXN Texas Instruments Inc. | Add +14.4% | 2.81% | −0.27 |
| TEAM Atlassian Corp. Class A | Add +5.6% | 1.03% | −0.35 |
| FISV Fiserv Inc. | Add +27.7% | 2.15% | −0.35 |
| MELI MercadoLibre Inc. | Add +0.9% | 1.53% | −0.35 |
| CMG Chipotle Mexican Grill Inc. | Add +7.8% | 0.79% | −0.38 |
| TOST Toast Inc. Class A | Add +6.1% | 1.44% | −0.39 |
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 |