Zevenbergen Capital Investments LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Zevenbergen Capital Investments LLC reported 101 stock positions worth $4.9 billion. Its top holding was Nvidia (NVDA) at 8.6% of the portfolio, followed by Tesla (TSLA, 8.5%) and Shopify Class A (SHOP, 5.7%). Compared with Q3 2024, it opened 8 new positions, sold out of 10, added to 29 and reduced 54. The biggest buy was a new position in Quanta Services (PWR) and the biggest sale First Solar (FSLR, shares −93%).

Most Recent 13F
Q2 2026
Location
EDMONDS, WA
CIK
0001276918
Portfolio Value
$4.9B (Q4 2024)
SEC Filing
0001276918-25-000002 ↗ filed Feb 11, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $4.7B Q1 2024 Q2 2024: $4.7B Q2 2024 Q3 2024: $4.8B Q3 2024 Q4 2024: $4.9B $4.9B Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $5.1B Q2 2025 Q3 2025: $5.1B Q3 2025 Q4 2025: $4.5B Q4 2025 Q1 2026: $3.5B Q1 2026 Q2 2026: $4.4B Q2 2026

Holdings 101 stocks · $4.9B
NVDA Nvidia Corp. 8.56% 3,127,309 $420.0M Reduce -7.4%
TSLA Tesla Inc. 8.51% 1,033,665 $417.4M Reduce -13.2%
SHOP Shopify Inc. Class A 5.68% 2,621,862 $278.8M Reduce -6.2%
AMZN Amazon.com Inc. 5.57% 1,246,016 $273.4M Reduce -8.5%
AXON Axon Enterprise Inc. 5.13% 423,239 $251.5M Reduce -12.7%
META Meta Platforms Inc. Class A 5.03% 421,446 $246.8M Reduce -6.1%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 5.01% 2,091,383 $245.8M Reduce -4.9%
MELI MercadoLibre Inc. 4.43% 127,688 $217.1M Reduce -3.2%
NOW ServiceNow Inc. 3.55% 164,475 $174.4M Reduce -3.2%
MSFT Microsoft Corp. 2.85% 331,404 $139.7M Add +0.0%
AMD Advanced Micro Devices 2.57% 1,044,000 $126.1M Add +2.0%
GOOG Alphabet Inc. Class C 2.56% 659,745 $125.6M Reduce -3.3%
NFLX Netflix Inc. 2.55% 140,093 $124.9M Reduce -9.3%
AAPL Apple Inc. 2.50% 488,796 $122.4M Reduce -1.3%
CRWD CrowdStrike Holdings Inc. Class A 2.07% 296,342 $101.4M Add +2.7%
UBER Uber Technologies Inc. 2.03% 1,653,415 $99.7M Reduce -14.8%
PANW Palo Alto Networks Inc. 1.86% 500,515 $91.1M Reduce -4.3%
AVGO Broadcom Inc. 1.75% 370,450 $85.9M No change
TOST Toast Inc. Class A 1.64% 2,202,735 $80.3M Add +4.6%
ELF Elf Beauty Inc. 1.59% 620,727 $77.9M Reduce -2.4%
EXAS Exact Sciences Corp. 1.58% 1,376,057 $77.3M Reduce -4.0%
SPOT Spotify Technology SA 1.51% 165,331 $74.0M Add +3.9%
NTRA Natera Inc. 1.42% 440,211 $69.7M Reduce -5.4%
Z Zillow Group Inc. Class C 1.32% 875,220 $64.8M Reduce -8.8%
ARM Arm Holdings PLC-ADR 1.18% 470,533 $58.0M Add +19.4%
WING Wingstop Inc. 1.01% 173,650 $49.4M Add +3.7%
CDNS Cadence Design SYS Inc. 0.96% 156,423 $47.0M Reduce -8.8%
ABNB Airbnb Inc. Class A 0.91% 340,639 $44.8M Reduce -20.0%
VEEV Veeva Systems Inc. Class A 0.91% 212,192 $44.6M Reduce -7.0%
SNOW Snowflake Inc. 0.79% 251,702 $38.9M Reduce -7.7%
ONON On Holding AG Class A filed as ON HLDG AG 0.71% 633,276 $34.7M Reduce -5.7%
PWR Quanta Services Inc. 0.63% 97,765 $30.9M New
DDOG Datadog Inc. Class A 0.62% 211,685 $30.2M Reduce -4.8%
DXCM Dexcom Inc. 0.61% 387,168 $30.1M Add +9.6%
ANET Arista Networks Inc. 0.57% 253,100 $28.0M Reduce -0.1%
ORCL Oracle Corp. 0.56% 163,770 $27.3M Add +0.1%
HUBS HubSpot Inc. 0.54% 38,115 $26.6M Add +7.6%
MU Micron Technology Inc. 0.53% 310,025 $26.1M Reduce -0.3%
MPWR Monolithic Power Systems Inc. 0.52% 42,913 $25.4M Reduce -0.0%
QCOM Qualcomm Inc. 0.38% 122,112 $18.8M Add +0.2%
DELL Dell Technologies -C 0.37% 158,480 $18.3M Add +5.7%
MDB Mongodb Inc. 0.37% 77,730 $18.1M Reduce -2.9%
IOT Samsara Inc. Class A 0.37% 413,825 $18.1M New
SYM Symbotic Inc. 0.35% 733,436 $17.4M Reduce -6.9%
ARES Ares Management Corp. Class A 0.35% 97,195 $17.2M New
CWAN Clearwater Analytics HDS-A 0.34% 612,015 $16.8M New
INTU Intuit Inc. 0.34% 26,211 $16.5M Add +7.3%
RGEN Repligen Corp. 0.33% 112,747 $16.2M Reduce -12.6%
BKNG Booking Holdings Inc. 0.31% 3,096 $15.4M Reduce -2.2%
APH Amphenol Corp. Class A 0.24% 171,060 $11.9M Add +0.1%
AMAT Applied Materials Inc. 0.23% 70,000 $11.4M No change
ADBE Adobe Inc. 0.23% 24,900 $11.1M Reduce -17.0%
PINS Pinterest Inc. Class A 0.22% 365,800 $10.6M New
VRT Vertiv Holdings Co. Class A 0.21% 90,000 $10.2M No change
ASML ASML Holding NV-NY Reg SHS 0.20% 14,174 $9.8M Reduce -82.3%
KLAC KLA Corp. 0.19% 15,000 $9.5M No change
CRM Salesforce Inc. 0.16% 23,100 $7.7M Add +54.0%
BR Broadridge Financial Solutio 0.16% 34,140 $7.7M Add +0.4%
COST Costco Wholesale Corp. 0.15% 8,245 $7.6M Reduce -0.1%
JPM JPMorgan Chase & Co. 0.15% 30,313 $7.3M Add +0.5%
DKNG Draftkings Inc. Class A 0.14% 191,090 $7.1M Reduce -4.1%
PCOR Procore Technologies Inc. 0.14% 90,595 $6.8M Reduce -3.8%
V Visa Inc. Class A 0.13% 20,258 $6.4M Reduce -61.5%
CRDO Credo Technology Group Holdi 0.13% 93,350 $6.3M Add +30.9%
APPF Appfolio Inc. Class A 0.11% 20,950 $5.2M Reduce -2.3%
BLK BlackRock Inc. 0.09% 4,453 $4.6M Reduce -0.3%
PGR Progressive Corp. 0.09% 18,775 $4.5M Add +0.3%
HD Home Depot Inc. 0.09% 11,357 $4.4M Add +0.7%
NXPI NXP Semiconductors NV 0.08% 20,000 $4.2M No change
SRAD Sportradar Group AG-A 0.08% 228,600 $4.0M New
FSLR First Solar Inc. 0.08% 21,430 $3.8M Reduce -93.2%
CTAS Cintas Corp. 0.08% 20,640 $3.8M Add +1.2%
PAYX Paychex Inc. 0.06% 22,475 $3.2M Add +1.9%
RIVN Rivian Automotive Inc. Class A 0.06% 229,005 $3.0M Reduce -8.6%
BE Bloom Energy Corp. Class A 0.06% 131,450 $2.9M Reduce -16.2%
BX Blackstone Inc. 0.06% 16,190 $2.8M Add +14.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 4,754 $2.8M Reduce -1.9%
AMGN Amgen Inc. 0.05% 9,819 $2.6M Reduce -0.8%
ZTS Zoetis Inc. 0.05% 15,535 $2.5M Reduce -0.1%
PCAR Paccar Inc. 0.05% 23,445 $2.4M Add +0.7%
ABT Abbott Laboratories 0.05% 21,339 $2.4M Reduce -0.7%
JNJ Johnson & Johnson 0.03% 10,724 $1.6M Reduce -24.6%
ECL Ecolab Inc. 0.03% 5,630 $1.3M Reduce -2.7%
NEE Nextera Energy Inc. 0.03% 17,398 $1.2M Add +16.6%
BDX Becton Dickinson and Co. 0.02% 4,980 $1.1M Add +2.4%
SBUX Starbucks Corp. 0.02% 11,482 $1.0M Reduce -3.0%
TSCO Tractor Supply Company 0.02% 18,625 $988K Add +0.1%
CSCO Cisco Systems Inc. 0.02% 15,725 $931K Reduce -1.6%
STZ Constellation Brands Inc. Class A 0.02% 4,185 $925K Reduce -35.2%
GOOGL Alphabet Inc. Class A 0.02% 4,195 $794K Reduce -5.1%
DSI iShares ESG MSCI KLD 400 ETF 0.02% 6,750 $744K No change
ACN Accenture PLC Class A 0.01% 2,038 $717K Add +1.2%
WM Waste Management Inc. 0.01% 3,090 $624K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 5,443 $606K Reduce -12.1%
AXP American Express Co. 0.01% 1,700 $505K No change
SOUN Soundhound AI Inc. Class A 0.01% 22,500 $446K Add +66.7%
XMTR Xometry Inc. Class A 0.01% 9,750 $416K Reduce -12.2%
ABBV Abbvie Inc. 0.01% 1,923 $342K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 650 $277K No change
DHI D.R. Horton Inc. 0.00% 1,565 $219K No change
ALAB Astera Labs Inc. 0.00% 1,650 $219K New

Portfolio Sells Q3 2024 → Q4 2024
FSLR First Solar Inc. Reduce -93.2% 0.08% −1.57
MELI MercadoLibre Inc. Reduce -3.2% 4.43% −1.25
ASML ASML Holding NV-NY Reg SHS Reduce -82.3% 0.20% −1.20
UBER Uber Technologies Inc. Reduce -14.8% 2.03% −1.03
EXAS Exact Sciences Corp. Reduce -4.0% 1.58% −0.47
EVH Evolent Health Inc. Class A Sold out 0.00% −0.45
META Meta Platforms Inc. Class A Reduce -6.1% 5.03% −0.36
MPWR Monolithic Power Systems Inc. Reduce -0.0% 0.52% −0.31
ABNB Airbnb Inc. Class A Reduce -20.0% 0.91% −0.22
V Visa Inc. Class A Reduce -61.5% 0.13% −0.17
MU Micron Technology Inc. Reduce -0.3% 0.53% −0.14
ADBE Adobe Inc. Reduce -17.0% 0.23% −0.10
VEEV Veeva Systems Inc. Class A Reduce -7.0% 0.91% −0.10
MDB Mongodb Inc. Reduce -2.9% 0.37% −0.09
PCTY Paylocity Holding Corp. Sold out 0.00% −0.07
RGEN Repligen Corp. Reduce -12.6% 0.33% −0.07
TTD Trade Desk Inc./the Class A Reduce -4.9% 5.01% −0.05
SYM Symbotic Inc. Reduce -6.9% 0.35% −0.05
NVDA Nvidia Corp. Reduce -7.4% 8.56% −0.04
CDW CDW Corp. Sold out 0.00% −0.04
DBRG Digitalbridge Group Inc. Sold out 0.00% −0.03
PANW Palo Alto Networks Inc. Reduce -4.3% 1.86% −0.02
DKNG Draftkings Inc. Class A Reduce -4.1% 0.14% −0.02
CDNS Cadence Design SYS Inc. Reduce -8.8% 0.96% −0.02
JNJ Johnson & Johnson Reduce -24.6% 0.03% −0.02
STZ Constellation Brands Inc. Class A Reduce -35.2% 0.02% −0.02
AMGN Amgen Inc. Reduce -0.8% 0.05% −0.01
ZTS Zoetis Inc. Reduce -0.1% 0.05% −0.01
IVV iShares Core S&P 500 ETF Sold out 0.00% −0.01
AGG iShares Core U.S. Aggregate Sold out 0.00% −0.01
EL Estee Lauder Companies Class A Sold out 0.00% −0.01
LEN Lennar Corp. Class A Sold out 0.00% −0.01
CAVA Cava Group Inc. Sold out 0.00% −0.00
ECL Ecolab Inc. Reduce -2.7% 0.03% −0.00
SBUX Starbucks Corp. Reduce -3.0% 0.02% −0.00
DLO Dlocal Ltd. Sold out 0.00% −0.00
ABT Abbott Laboratories Reduce -0.7% 0.05% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.9% 0.06% −0.00
APPF Appfolio Inc. Class A Reduce -2.3% 0.11% −0.00
DIS The Walt Disney Co. Reduce -12.1% 0.01% −0.00
COST Costco Wholesale Corp. Reduce -0.1% 0.15% +0.00
ONON On Holding AG Class A Reduce -5.7% 0.71% +0.00
GOOGL Alphabet Inc. Class A Reduce -5.1% 0.02% +0.00
CSCO Cisco Systems Inc. Reduce -1.6% 0.02% +0.00
RIVN Rivian Automotive Inc. Class A Reduce -8.6% 0.06% +0.00
BLK BlackRock Inc. Reduce -0.3% 0.09% +0.00
XMTR Xometry Inc. Class A Reduce -12.2% 0.01% +0.00
PCOR Procore Technologies Inc. Reduce -3.8% 0.14% +0.02
BE Bloom Energy Corp. Class A Reduce -16.2% 0.06% +0.02
BKNG Booking Holdings Inc. Reduce -2.2% 0.31% +0.03

Portfolio Buys Q3 2024 → Q4 2024
PWR Quanta Services Inc. New 0.63% +0.63
TOST Toast Inc. Class A Add +4.6% 1.64% +0.39
CRWD CrowdStrike Holdings Inc. Class A Add +2.7% 2.07% +0.37
IOT Samsara Inc. Class A New 0.37% +0.37
ARES Ares Management Corp. Class A New 0.35% +0.35
CWAN Clearwater Analytics HDS-A New 0.34% +0.34
SPOT Spotify Technology SA Add +3.9% 1.51% +0.28
PINS Pinterest Inc. Class A New 0.22% +0.22
HUBS HubSpot Inc. Add +7.6% 0.54% +0.15
DXCM Dexcom Inc. Add +9.6% 0.61% +0.12
CRDO Credo Technology Group Holdi Add +30.9% 0.13% +0.08
SRAD Sportradar Group AG-A New 0.08% +0.08
CRM Salesforce Inc. Add +54.0% 0.16% +0.07
INTU Intuit Inc. Add +7.3% 0.34% +0.02
JPM JPMorgan Chase & Co. Add +0.5% 0.15% +0.01
WM Waste Management Inc. New 0.01% +0.01
BX Blackstone Inc. Add +14.7% 0.06% +0.01
APH Amphenol Corp. Class A Add +0.1% 0.24% +0.01
SOUN Soundhound AI Inc. Class A Add +66.7% 0.01% +0.01
ALAB Astera Labs Inc. New 0.00% +0.00
BR Broadridge Financial Solutio Add +0.4% 0.16% +0.00
PAYX Paychex Inc. Add +1.9% 0.06% +0.00
PCAR Paccar Inc. Add +0.7% 0.05% +0.00
ARM Arm Holdings PLC-ADR Add +19.4% 1.18% +0.00
ACN Accenture PLC Class A Add +1.2% 0.01% −0.00
DELL Dell Technologies -C Add +5.7% 0.37% −0.00
NEE Nextera Energy Inc. Add +16.6% 0.03% −0.00
BDX Becton Dickinson and Co. Add +2.4% 0.02% −0.00
TSCO Tractor Supply Company Add +0.1% 0.02% −0.00
HD Home Depot Inc. Add +0.7% 0.09% −0.01
PGR Progressive Corp. Add +0.3% 0.09% −0.01
CTAS Cintas Corp. Add +1.2% 0.08% −0.01
ORCL Oracle Corp. Add +0.1% 0.56% −0.03
QCOM Qualcomm Inc. Add +0.2% 0.38% −0.05
MSFT Microsoft Corp. Add +0.0% 2.85% −0.14
WING Wingstop Inc. Add +3.7% 1.01% −0.46
AMD Advanced Micro Devices Add +2.0% 2.57% −0.95

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 109$4.4BNVDA, AMD, TSLA, MU, GOOG
Q1 2026 110$3.5BNVDA, TSLA, GOOG, SHOP, AMZN
Q4 2025 105$4.5BNVDA, TSLA, SHOP, META, AMZN
Q3 2025 103$5.1BNVDA, TSLA, SHOP, META, AXON
Q2 2025 105$5.1BNVDA, AXON, TSLA, META, MELI
Q1 2025 101$4.1BNVDA, TSLA, MELI, META, SHOP
Q4 2024 101$4.9BNVDA, TSLA, SHOP, AMZN, AXON
Q3 2024 103$4.8BNVDA, TSLA, MELI, META, AMZN
Q2 2024 102$4.7BNVDA, AMZN, TSLA, MELI, META
Q1 2024 104$4.7BNVDA, AMZN, META, MELI, TSLA