NZS Capital, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), NZS Capital, LLC reported 58 stock positions worth $3.0 billion. Its top holding was Alphabet Class C (GOOG) at 7.3% of the portfolio, followed by Cadence Design SYS (CDNS, 4.9%) and Lam Research (LRCX, 4.1%). Compared with Q4 2025, it opened 4 new positions, sold out of 8, added to 44 and reduced 10. The biggest buy was a new position in Stryker (SYK) and the biggest sale American Tower (AMT, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0001816616
- Portfolio Value
- $3.0B (Q1 2026)
- SEC Filing
- 0001816616-26-000003 ↗ filed May 15, 2026
Holdings Value
Holdings 58 stocks · $3.0B
| GOOG Alphabet Inc. Class C | 7.28% | 760,682 | $218.2M | Reduce -6.7% |
| CDNS Cadence Design SYS Inc. | 4.89% | 527,423 | $146.6M | Add +12.3% |
| LRCX Lam Research Corp. | 4.09% | 573,887 | $122.6M | Reduce -22.4% |
| LIN Linde PLC | 3.81% | 230,175 | $114.1M | Reduce -5.8% |
| DHR Danaher Corp. | 3.53% | 558,409 | $105.9M | Reduce -11.5% |
| TXN Texas Instruments Inc. | 3.46% | 533,805 | $103.6M | Add +2.2% |
| ROP Roper Technologies Inc. | 3.41% | 289,295 | $102.4M | Add +27.8% |
| APH Amphenol Corp. Class A | 3.20% | 758,975 | $95.9M | Add +56.2% |
| PGR Progressive Corp. | 3.17% | 479,756 | $95.1M | Add +2.4% |
| TT Trane Technologies PLC | 2.74% | 197,197 | $82.2M | Add +2.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 2.67% | 368,965 | $79.9M | Add +60.6% |
| SYK Stryker Corp. | 2.55% | 233,119 | $76.6M | New |
| ISRG Intuitive Surgical Inc. | 2.45% | 159,105 | $73.3M | Add +43.3% |
| IR Ingersoll-Rand Inc. | 2.43% | 907,881 | $72.7M | Reduce -7.6% |
| ARM Arm Holdings PLC-ADR | 2.36% | 467,303 | $70.7M | Add +13.5% |
| WDAY Workday Inc. Class A | 2.31% | 532,142 | $69.1M | Add +8.9% |
| TYL Tyler Technologies Inc. | 2.27% | 198,464 | $68.0M | Add +508.4% |
| URI United Rentals Inc. | 2.24% | 92,312 | $67.3M | Add +2.4% |
| SHOP Shopify Inc. Class A | 2.18% | 550,389 | $65.3M | Add +45.1% |
| KLAC KLA Corp. | 2.12% | 43,175 | $63.6M | Reduce -7.8% |
| NVDA Nvidia Corp. | 2.00% | 344,238 | $60.0M | Add +17.0% |
| PWR Quanta Services Inc. | 1.78% | 97,407 | $53.5M | Reduce -5.7% |
| UBER Uber Technologies Inc. | 1.78% | 743,412 | $53.5M | Add +2.6% |
| LSCC Lattice Semiconductor Corp. | 1.75% | 564,039 | $52.3M | Add +2.3% |
| MELI MercadoLibre Inc. | 1.72% | 29,754 | $51.4M | Add +28.0% |
| SNOW Snowflake Inc. | 1.67% | 331,784 | $50.0M | Add +33.5% |
| AAPL Apple Inc. | 1.56% | 184,538 | $46.8M | Reduce -11.7% |
| MRVL Marvell Technology Inc. | 1.53% | 463,268 | $45.9M | Add +10.2% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.51% | 3,140,490 | $45.1M | Add +2.4% |
| HEI Heico Corp. | 1.49% | 162,462 | $44.5M | Add +43.1% |
| HEI.A Heico Corp. Class A | 1.44% | 203,943 | $43.1M | Add +2.2% |
| TOST Toast Inc. Class A | 1.30% | 1,475,513 | $39.1M | Add +13.8% |
| SNPS Synopsys Inc. | 1.29% | 97,464 | $38.6M | Add +2.0% |
| DASH DoorDash Inc. Class A | 1.19% | 238,051 | $35.7M | Add +68.8% |
| AXON Axon Enterprise Inc. | 1.05% | 74,069 | $31.5M | Add +35.3% |
| SAIL Sailpoint Inc. | 1.02% | 2,309,076 | $30.6M | Add +17.8% |
| GLBE Global-E Online Ltd. | 1.01% | 979,308 | $30.2M | Add +2.2% |
| MPWR Monolithic Power Systems Inc. | 0.97% | 26,679 | $29.2M | Add +1.8% |
| CSGP Costar Group Inc. | 0.95% | 709,426 | $28.6M | Add +60.7% |
| NET Cloudflare Inc. Class A | 0.94% | 137,103 | $28.3M | Add +28.7% |
| MSFT Microsoft Corp. | 0.93% | 75,548 | $28.0M | Add +2.0% |
| FROG Jfrog Ltd. | 0.85% | 540,609 | $25.4M | Add +128.8% |
| TEAM Atlassian Corp. Class A | 0.83% | 366,298 | $25.0M | Add +29.2% |
| Z Zillow Group Inc. Class C | 0.81% | 584,883 | $24.2M | Add +51.2% |
| RGEN Repligen Corp. | 0.80% | 203,225 | $23.9M | Add +2.2% |
| PEN Penumbra Inc. | 0.76% | 68,986 | $22.7M | Reduce -36.5% |
| ADI Analog Devices Inc. | 0.75% | 70,275 | $22.4M | Add +2.0% |
| AFRM Affirm Holdings Inc. | 0.56% | 366,379 | $16.8M | Add +1.8% |
| AMT American Tower Corp. | 0.53% | 91,839 | $15.8M | Reduce -85.2% |
| COIN Coinbase Global Inc. Class A | 0.51% | 86,743 | $15.1M | Add +2.0% |
| RDDT Reddit Inc. Class A | 0.43% | 96,020 | $12.9M | Add +2.0% |
| SABR Sabre Corp. | 0.27% | 5,508,444 | $8.0M | New |
| HTFL Heartflow Inc. | 0.24% | 290,133 | $7.1M | Add +38.4% |
| FIG Figma Inc. Class A | 0.19% | 272,131 | $5.8M | Add +52.4% |
| CRM Salesforce Inc. | 0.18% | 29,457 | $5.5M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.13% | 10,316 | $4.0M | Add +2.0% |
| SPOT Spotify Technology SA | 0.10% | 6,141 | $3.0M | Add +2.0% |
| IOT Samsara Inc. Class A | 0.05% | 51,522 | $1.6M | New |
Portfolio Sells Q4 2025 → Q1 2026
| AMT American Tower Corp. | Reduce -85.2% | 0.53% | −2.82 |
| IT Gartner Inc. | Sold out | 0.00% | −2.33 |
| PCOR Procore Technologies Inc. | Sold out | 0.00% | −1.72 |
| TTAN Servicetitan Inc. Class A | Sold out | 0.00% | −1.18 |
| DHR Danaher Corp. | Reduce -11.5% | 3.53% | −0.90 |
| CGNX Cognex Corp. | Sold out | 0.00% | −0.76 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.67 |
| GOOG Alphabet Inc. Class C | Reduce -6.7% | 7.28% | −0.57 |
| FND Floor & Decor Holdings Inc. Class A | Sold out | 0.00% | −0.50 |
| LMND Lemonade Inc. | Sold out | 0.00% | −0.28 |
| PEN Penumbra Inc. | Reduce -36.5% | 0.76% | −0.28 |
| AAPL Apple Inc. | Reduce -11.7% | 1.56% | −0.18 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −0.08 |
| IR Ingersoll-Rand Inc. | Reduce -7.6% | 2.43% | +0.04 |
| LRCX Lam Research Corp. | Reduce -22.4% | 4.09% | +0.21 |
| KLAC KLA Corp. | Reduce -7.8% | 2.12% | +0.38 |
| PWR Quanta Services Inc. | Reduce -5.7% | 1.78% | +0.45 |
| LIN Linde PLC | Reduce -5.8% | 3.81% | +0.61 |
Portfolio Buys Q4 2025 → Q1 2026
| SYK Stryker Corp. | New | 2.55% | +2.55 |
| TYL Tyler Technologies Inc. | Add +508.4% | 2.27% | +1.81 |
| APH Amphenol Corp. Class A | Add +56.2% | 3.20% | +1.18 |
| ARM Arm Holdings PLC-ADR | Add +13.5% | 2.36% | +0.98 |
| AJG Arthur J Gallagher & Co. | Add +60.6% | 2.67% | +0.84 |
| TXN Texas Instruments Inc. | Add +2.2% | 3.46% | +0.68 |
| ISRG Intuitive Surgical Inc. | Add +43.3% | 2.45% | +0.52 |
| LSCC Lattice Semiconductor Corp. | Add +2.3% | 1.75% | +0.50 |
| TT Trane Technologies PLC | Add +2.3% | 2.74% | +0.44 |
| MRVL Marvell Technology Inc. | Add +10.2% | 1.53% | +0.43 |
| FROG Jfrog Ltd. | Add +128.8% | 0.85% | +0.39 |
| CDNS Cadence Design SYS Inc. | Add +12.3% | 4.89% | +0.38 |
| HEI Heico Corp. | Add +43.1% | 1.49% | +0.36 |
| ROP Roper Technologies Inc. | Add +27.8% | 3.41% | +0.32 |
| NVDA Nvidia Corp. | Add +17.0% | 2.00% | +0.32 |
| SHOP Shopify Inc. Class A | Add +45.1% | 2.18% | +0.30 |
| NET Cloudflare Inc. Class A | Add +28.7% | 0.94% | +0.30 |
| MELI MercadoLibre Inc. | Add +28.0% | 1.72% | +0.28 |
| SABR Sabre Corp. | New | 0.27% | +0.27 |
| MPWR Monolithic Power Systems Inc. | Add +1.8% | 0.97% | +0.24 |
| DASH DoorDash Inc. Class A | Add +68.8% | 1.19% | +0.21 |
| CRM Salesforce Inc. | New | 0.18% | +0.18 |
| ADI Analog Devices Inc. | Add +2.0% | 0.75% | +0.17 |
| AXON Axon Enterprise Inc. | Add +35.3% | 1.05% | +0.10 |
| IOT Samsara Inc. Class A | New | 0.05% | +0.05 |
| HTFL Heartflow Inc. | Add +38.4% | 0.24% | +0.05 |
| CSGP Costar Group Inc. | Add +60.7% | 0.95% | +0.04 |
| URI United Rentals Inc. | Add +2.4% | 2.24% | +0.01 |
| Z Zillow Group Inc. Class C | Add +51.2% | 0.81% | −0.00 |
| SNOW Snowflake Inc. | Add +33.5% | 1.67% | −0.00 |
| SPOT Spotify Technology SA | Add +2.0% | 0.10% | −0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +2.0% | 0.13% | −0.01 |
| FIG Figma Inc. Class A | Add +52.4% | 0.19% | −0.01 |
| UBER Uber Technologies Inc. | Add +2.6% | 1.78% | −0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +2.4% | 1.51% | −0.07 |
| COIN Coinbase Global Inc. Class A | Add +2.0% | 0.51% | −0.08 |
| SNPS Synopsys Inc. | Add +2.0% | 1.29% | −0.09 |
| PGR Progressive Corp. | Add +2.4% | 3.17% | −0.10 |
| TOST Toast Inc. Class A | Add +13.8% | 1.30% | −0.11 |
| HEI.A Heico Corp. Class A | Add +2.2% | 1.44% | −0.11 |
| GLBE Global-E Online Ltd. | Add +2.2% | 1.01% | −0.15 |
| MSFT Microsoft Corp. | Add +2.0% | 0.93% | −0.17 |
| SAIL Sailpoint Inc. | Add +17.8% | 1.02% | −0.20 |
| RGEN Repligen Corp. | Add +2.2% | 0.80% | −0.20 |
| RDDT Reddit Inc. Class A | Add +2.0% | 0.43% | −0.23 |
| AFRM Affirm Holdings Inc. | Add +1.8% | 0.56% | −0.26 |
| TEAM Atlassian Corp. Class A | Add +29.2% | 0.83% | −0.58 |
| WDAY Workday Inc. Class A | Add +8.9% | 2.31% | −0.91 |
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 |