NZS Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), NZS Capital, LLC reported 62 stock positions worth $3.3 billion. Its top holding was Alphabet Class C (GOOG) at 7.8% of the portfolio, followed by Cadence Design SYS (CDNS, 4.5%) and Danaher (DHR, 4.4%). Compared with Q3 2025, it opened 5 new positions, sold out of 4, added to 42 and reduced 13. The biggest buy was a new position in Arthur J Gallagher (AJG) and the biggest sale an exit from Fiserv (FISV).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001816616
- Portfolio Value
- $3.3B (Q4 2025)
- SEC Filing
- 0001816616-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 62 stocks · $3.3B
| GOOG Alphabet Inc. Class C | 7.85% | 815,373 | $255.9M | Reduce -8.5% |
| CDNS Cadence Design SYS Inc. | 4.50% | 469,857 | $146.9M | Reduce -8.4% |
| DHR Danaher Corp. | 4.43% | 630,666 | $144.4M | Add +28.5% |
| LRCX Lam Research Corp. | 3.88% | 739,673 | $126.6M | Reduce -30.9% |
| AMT American Tower Corp. | 3.35% | 621,577 | $109.1M | Add +41.2% |
| PGR Progressive Corp. | 3.27% | 468,365 | $106.7M | Reduce -6.4% |
| WDAY Workday Inc. Class A | 3.22% | 488,576 | $104.9M | Add +20.5% |
| LIN Linde PLC | 3.20% | 244,345 | $104.2M | Add +27.4% |
| ROP Roper Technologies Inc. | 3.09% | 226,315 | $100.7M | Add +3.4% |
| TXN Texas Instruments Inc. | 2.78% | 522,259 | $90.6M | Add +4.6% |
| IR Ingersoll-Rand Inc. | 2.39% | 982,491 | $77.8M | Add +10.0% |
| IT Gartner Inc. | 2.33% | 301,284 | $76.0M | Add +16.8% |
| TT Trane Technologies PLC | 2.30% | 192,774 | $75.0M | Add +48.1% |
| URI United Rentals Inc. | 2.24% | 90,145 | $73.0M | Reduce -5.4% |
| APH Amphenol Corp. Class A | 2.01% | 485,926 | $65.7M | Reduce -44.9% |
| ISRG Intuitive Surgical Inc. | 1.93% | 111,005 | $62.9M | Add +0.9% |
| SHOP Shopify Inc. Class A | 1.87% | 379,328 | $61.1M | Reduce -39.9% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.82% | 229,704 | $59.4M | New |
| UBER Uber Technologies Inc. | 1.82% | 724,254 | $59.2M | Add +46.1% |
| KLAC KLA Corp. | 1.74% | 46,815 | $56.9M | Reduce -1.5% |
| AAPL Apple Inc. | 1.74% | 208,934 | $56.8M | Add +29.6% |
| PCOR Procore Technologies Inc. | 1.72% | 773,108 | $56.2M | Add +3.0% |
| NVDA Nvidia Corp. | 1.68% | 294,117 | $54.9M | Reduce -12.6% |
| SNOW Snowflake Inc. | 1.67% | 248,459 | $54.5M | Add +0.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.57% | 3,066,393 | $51.3M | Add +0.9% |
| HEI.A Heico Corp. Class A | 1.55% | 199,636 | $50.4M | Add +1.0% |
| MELI MercadoLibre Inc. | 1.44% | 23,239 | $46.8M | Add +8.5% |
| TOST Toast Inc. Class A | 1.41% | 1,296,518 | $46.0M | Add +0.8% |
| TEAM Atlassian Corp. Class A | 1.41% | 283,603 | $46.0M | Add +34.3% |
| ARM Arm Holdings PLC-ADR | 1.38% | 411,748 | $45.0M | Reduce -8.1% |
| SNPS Synopsys Inc. | 1.38% | 95,531 | $44.9M | Add +0.7% |
| PWR Quanta Services Inc. | 1.34% | 103,258 | $43.6M | Add +1.2% |
| LSCC Lattice Semiconductor Corp. | 1.24% | 551,323 | $40.6M | Reduce -17.9% |
| SAIL Sailpoint Inc. | 1.22% | 1,959,650 | $39.6M | Add +12.2% |
| TTAN Servicetitan Inc. Class A | 1.18% | 362,203 | $38.6M | Add +6.0% |
| GLBE Global-E Online Ltd. | 1.16% | 958,551 | $37.7M | Add +0.8% |
| HEI Heico Corp. | 1.13% | 113,566 | $36.7M | Add +1.0% |
| MSFT Microsoft Corp. | 1.10% | 74,048 | $35.8M | No change |
| MRVL Marvell Technology Inc. | 1.10% | 420,357 | $35.7M | Reduce -18.8% |
| PEN Penumbra Inc. | 1.04% | 108,586 | $33.8M | Add +24.8% |
| RGEN Repligen Corp. | 1.00% | 198,803 | $32.6M | Add +1.0% |
| DASH DoorDash Inc. Class A | 0.98% | 140,991 | $31.9M | Add +29.9% |
| AXON Axon Enterprise Inc. | 0.95% | 54,737 | $31.1M | Add +92.9% |
| CSGP Costar Group Inc. | 0.91% | 441,362 | $29.7M | Add +18.2% |
| AFRM Affirm Holdings Inc. | 0.82% | 360,091 | $26.8M | Add +0.9% |
| Z Zillow Group Inc. Class C | 0.81% | 386,733 | $26.4M | Add +19.8% |
| CGNX Cognex Corp. | 0.76% | 692,849 | $24.9M | Add +1.0% |
| MPWR Monolithic Power Systems Inc. | 0.73% | 26,209 | $23.8M | Add +0.8% |
| NOW ServiceNow Inc. | 0.67% | 142,676 | $21.9M | Add +7.7% |
| RDDT Reddit Inc. Class A | 0.66% | 94,117 | $21.6M | Add +0.9% |
| NET Cloudflare Inc. Class A | 0.64% | 106,537 | $21.0M | Add +0.7% |
| COIN Coinbase Global Inc. Class A | 0.59% | 85,051 | $19.2M | Add +0.8% |
| ADI Analog Devices Inc. | 0.57% | 68,879 | $18.7M | Add +40.8% |
| FND Floor & Decor Holdings Inc. Class A | 0.50% | 270,274 | $16.5M | Add +0.9% |
| TYL Tyler Technologies Inc. | 0.45% | 32,620 | $14.8M | New |
| FROG Jfrog Ltd. | 0.45% | 236,247 | $14.8M | New |
| LMND Lemonade Inc. | 0.28% | 130,379 | $9.3M | Add +1.0% |
| FIG Figma Inc. Class A | 0.20% | 178,537 | $6.7M | Add +14.8% |
| HTFL Heartflow Inc. | 0.19% | 209,688 | $6.1M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.15% | 10,111 | $4.7M | No change |
| SPOT Spotify Technology SA | 0.11% | 6,019 | $3.5M | New |
| MNDY Monday.com Ltd. | 0.08% | 16,646 | $2.5M | Reduce -74.4% |
Portfolio Sells Q3 2025 → Q4 2025
| FISV Fiserv Inc. | Sold out | 0.00% | −2.15 |
| APH Amphenol Corp. Class A | Reduce -44.9% | 2.01% | −1.33 |
| CDNS Cadence Design SYS Inc. | Reduce -8.4% | 4.50% | −1.01 |
| SHOP Shopify Inc. Class A | Reduce -39.9% | 1.87% | −1.00 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.79 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.59 |
| ARM Arm Holdings PLC-ADR | Reduce -8.1% | 1.38% | −0.56 |
| URI United Rentals Inc. | Reduce -5.4% | 2.24% | −0.55 |
| PGR Progressive Corp. | Reduce -6.4% | 3.27% | −0.51 |
| LRCX Lam Research Corp. | Reduce -30.9% | 3.88% | −0.51 |
| MNDY Monday.com Ltd. | Reduce -74.4% | 0.08% | −0.31 |
| LSCC Lattice Semiconductor Corp. | Reduce -17.9% | 1.24% | −0.26 |
| NVDA Nvidia Corp. | Reduce -12.6% | 1.68% | −0.24 |
| MRVL Marvell Technology Inc. | Reduce -18.8% | 1.10% | −0.24 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.22 |
| KLAC KLA Corp. | Reduce -1.5% | 1.74% | +0.18 |
| GOOG Alphabet Inc. Class C | Reduce -8.5% | 7.85% | +1.20 |
Portfolio Buys Q3 2025 → Q4 2025
| AJG Arthur J Gallagher & Co. | New | 1.82% | +1.82 |
| DHR Danaher Corp. | Add +28.5% | 4.43% | +1.45 |
| AMT American Tower Corp. | Add +41.2% | 3.35% | +0.75 |
| TT Trane Technologies PLC | Add +48.1% | 2.30% | +0.62 |
| AAPL Apple Inc. | Add +29.6% | 1.74% | +0.48 |
| TYL Tyler Technologies Inc. | New | 0.45% | +0.45 |
| FROG Jfrog Ltd. | New | 0.45% | +0.45 |
| ISRG Intuitive Surgical Inc. | Add +0.9% | 1.93% | +0.42 |
| LIN Linde PLC | Add +27.4% | 3.20% | +0.41 |
| TEAM Atlassian Corp. Class A | Add +34.3% | 1.41% | +0.38 |
| PEN Penumbra Inc. | Add +24.8% | 1.04% | +0.36 |
| AXON Axon Enterprise Inc. | Add +92.9% | 0.95% | +0.33 |
| UBER Uber Technologies Inc. | Add +46.1% | 1.82% | +0.33 |
| IT Gartner Inc. | Add +16.8% | 2.33% | +0.25 |
| WDAY Workday Inc. Class A | Add +20.5% | 3.22% | +0.23 |
| ADI Analog Devices Inc. | Add +40.8% | 0.57% | +0.20 |
| RGEN Repligen Corp. | Add +1.0% | 1.00% | +0.19 |
| HTFL Heartflow Inc. | New | 0.19% | +0.19 |
| TTAN Servicetitan Inc. Class A | Add +6.0% | 1.18% | +0.13 |
| IR Ingersoll-Rand Inc. | Add +10.0% | 2.39% | +0.13 |
| GLBE Global-E Online Ltd. | Add +0.8% | 1.16% | +0.11 |
| SPOT Spotify Technology SA | New | 0.11% | +0.11 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +0.9% | 1.57% | +0.09 |
| DASH DoorDash Inc. Class A | Add +29.9% | 0.98% | +0.08 |
| LMND Lemonade Inc. | Add +1.0% | 0.28% | +0.07 |
| PCOR Procore Technologies Inc. | Add +3.0% | 1.72% | +0.05 |
| Z Zillow Group Inc. Class C | Add +19.8% | 0.81% | +0.05 |
| PWR Quanta Services Inc. | Add +1.2% | 1.34% | +0.04 |
| SAIL Sailpoint Inc. | Add +12.2% | 1.22% | +0.03 |
| AFRM Affirm Holdings Inc. | Add +0.9% | 0.82% | +0.02 |
| HEI Heico Corp. | Add +1.0% | 1.13% | +0.02 |
| HEI.A Heico Corp. Class A | Add +1.0% | 1.55% | +0.01 |
| RDDT Reddit Inc. Class A | Add +0.9% | 0.66% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +0.8% | 0.73% | −0.00 |
| TOST Toast Inc. Class A | Add +0.8% | 1.41% | −0.03 |
| TXN Texas Instruments Inc. | Add +4.6% | 2.78% | −0.03 |
| SNOW Snowflake Inc. | Add +0.6% | 1.67% | −0.03 |
| FIG Figma Inc. Class A | Add +14.8% | 0.20% | −0.04 |
| NET Cloudflare Inc. Class A | Add +0.7% | 0.64% | −0.05 |
| CSGP Costar Group Inc. | Add +18.2% | 0.91% | −0.05 |
| SNPS Synopsys Inc. | Add +0.7% | 1.38% | −0.06 |
| NOW ServiceNow Inc. | Add +7.7% | 0.67% | −0.08 |
| MELI MercadoLibre Inc. | Add +8.5% | 1.44% | −0.10 |
| FND Floor & Decor Holdings Inc. Class A | Add +0.9% | 0.50% | −0.10 |
| CGNX Cognex Corp. | Add +1.0% | 0.76% | −0.19 |
| ROP Roper Technologies Inc. | Add +3.4% | 3.09% | −0.25 |
| COIN Coinbase Global Inc. Class A | Add +0.8% | 0.59% | −0.28 |
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 |