Zevenbergen Capital Investments LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 7, 2025), Zevenbergen Capital Investments LLC reported 105 stock positions worth $5.1 billion. Its top holding was Nvidia (NVDA) at 9.2% of the portfolio, followed by Axon Enterprise (AXON, 6.3%) and Tesla (TSLA, 6.0%). Compared with Q1 2025, it opened 8 new positions, sold out of 4, added to 30 and reduced 52. The biggest buy was Rocket Lab (RKLB, shares +538%) and the biggest sale Apple (AAPL, shares −2%).

Most Recent 13F
Q2 2026
Location
EDMONDS, WA
CIK
0001276918
Portfolio Value
$5.1B (Q2 2025)
SEC Filing
0001276918-25-000008 ↗ filed Jul 7, 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 Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $5.1B $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 105 stocks · $5.1B
NVDA Nvidia Corp. 9.19% 2,980,228 $470.8M Reduce -4.1%
AXON Axon Enterprise Inc. 6.32% 391,441 $324.1M Reduce -5.7%
TSLA Tesla Inc. 5.97% 963,573 $306.1M Reduce -4.9%
META Meta Platforms Inc. Class A 5.80% 402,922 $297.4M Reduce -1.7%
MELI MercadoLibre Inc. 5.68% 111,405 $291.2M Reduce -8.1%
SHOP Shopify Inc. Class A 5.20% 2,310,999 $266.6M Reduce -4.2%
AMZN Amazon.com Inc. 4.78% 1,115,625 $244.8M Reduce -3.7%
NFLX Netflix Inc. 3.10% 118,732 $159.0M Reduce -13.3%
MSFT Microsoft Corp. 3.10% 319,428 $158.9M Reduce -3.3%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 3.05% 2,168,694 $156.1M Reduce -0.0%
NOW ServiceNow Inc. 2.97% 148,204 $152.4M Reduce -7.7%
UBER Uber Technologies Inc. 2.75% 1,508,937 $140.8M Reduce -3.3%
CRWD CrowdStrike Holdings Inc. Class A 2.61% 262,569 $133.7M Reduce -8.2%
SPOT Spotify Technology SA 2.29% 153,238 $117.6M Reduce -4.0%
GOOG Alphabet Inc. Class C 2.20% 636,235 $112.9M Reduce -2.8%
AAPL Apple Inc. 1.91% 475,911 $97.6M Reduce -2.4%
TOST Toast Inc. Class A 1.86% 2,156,167 $95.5M Reduce -3.1%
AVGO Broadcom Inc. 1.68% 312,100 $86.0M Reduce -15.7%
AMD Advanced Micro Devices 1.65% 595,989 $84.6M Reduce -32.4%
PANW Palo Alto Networks Inc. 1.63% 409,408 $83.8M Reduce -14.3%
ARM Arm Holdings PLC-ADR 1.51% 477,289 $77.2M Add +1.2%
NTRA Natera Inc. 1.34% 405,982 $68.6M Reduce -5.5%
SNOW Snowflake Inc. 1.31% 300,798 $67.3M Reduce -2.9%
ELF Elf Beauty Inc. 1.22% 502,786 $62.6M Reduce -26.3%
VEEV Veeva Systems Inc. Class A 1.15% 204,943 $59.0M Reduce -2.6%
Z Zillow Group Inc. Class C 1.13% 824,544 $57.8M Reduce -5.2%
WING Wingstop Inc. 1.09% 165,246 $55.6M Reduce -3.0%
DXCM Dexcom Inc. 1.06% 623,335 $54.4M Add +19.5%
EXAS Exact Sciences Corp. 1.06% 1,018,183 $54.1M Reduce -12.8%
PWR Quanta Services Inc. 0.82% 111,354 $42.1M Add +2.4%
RKLB Rocket Lab Corp. 0.76% 1,082,356 $38.7M Add +538.1%
IOT Samsara Inc. Class A 0.74% 954,791 $38.0M Add +62.4%
MU Micron Technology Inc. 0.73% 303,150 $37.4M Reduce -2.5%
ORCL Oracle Corp. 0.70% 163,910 $35.8M Add +0.1%
ABNB Airbnb Inc. Class A 0.68% 263,569 $34.9M Reduce -11.1%
ONON On Holding AG Class A filed as ON HLDG AG 0.64% 632,726 $32.9M Add +7.1%
MPWR Monolithic Power Systems Inc. 0.61% 42,428 $31.0M Reduce -0.6%
CWAN Clearwater Analytics HDS-A 0.58% 1,366,580 $30.0M Add +50.3%
DDOG Datadog Inc. Class A 0.55% 209,785 $28.2M No change
CYBR Cyberark Software Ltd./Israel 0.53% 66,657 $27.1M Add +1301.8%
ARES Ares Management Corp. Class A 0.51% 149,829 $26.0M Reduce -0.8%
ANET Arista Networks Inc. 0.49% 245,400 $25.1M Reduce -3.0%
HUBS HubSpot Inc. 0.43% 39,910 $22.2M Reduce -3.8%
INTU Intuit Inc. 0.40% 25,706 $20.2M Reduce -0.4%
BKNG Booking Holdings Inc. 0.35% 3,056 $17.7M Reduce -0.7%
APH Amphenol Corp. Class A 0.34% 175,790 $17.4M Reduce -0.1%
QCOM Qualcomm Inc. 0.33% 105,137 $16.7M Reduce -13.8%
TMDX Transmedics Group Inc. 0.32% 121,528 $16.3M New
PINS Pinterest Inc. Class A 0.30% 426,495 $15.3M Add +11.8%
DELL Dell Technologies -C 0.27% 111,620 $13.7M Reduce -29.7%
KLAC KLA Corp. 0.26% 15,000 $13.4M No change
AMAT Applied Materials Inc. 0.25% 70,000 $12.8M No change
CDNS Cadence Design SYS Inc. 0.24% 40,060 $12.3M Reduce -6.9%
VRT Vertiv Holdings Co. Class A 0.23% 90,000 $11.6M No change
ASML ASML Holding NV-NY Reg SHS 0.21% 13,472 $10.8M Reduce -2.8%
RGEN Repligen Corp. 0.21% 86,015 $10.7M Reduce -1.8%
ADBE Adobe Inc. 0.19% 24,900 $9.6M No change
DKNG Draftkings Inc. Class A 0.18% 214,490 $9.2M Add +12.3%
CRDO Credo Technology Group Holdi 0.17% 93,100 $8.6M No change
JPM JPMorgan Chase & Co. 0.17% 29,538 $8.6M Reduce -0.7%
COST Costco Wholesale Corp. 0.16% 8,130 $8.0M Add +0.4%
V Visa Inc. Class A 0.14% 20,518 $7.3M Add +1.4%
SRAD Sportradar Group AG-A 0.13% 228,600 $6.4M No change
MDB Mongodb Inc. 0.12% 30,000 $6.3M Reduce -54.4%
BR Broadridge Financial Solutio 0.11% 23,045 $5.6M Reduce -20.0%
SYM Symbotic Inc. 0.11% 141,746 $5.5M Reduce -74.8%
PGR Progressive Corp. 0.09% 17,900 $4.8M Reduce -1.6%
CRM Salesforce Inc. 0.09% 17,400 $4.7M Reduce -24.7%
APPF Appfolio Inc. Class A 0.09% 20,000 $4.6M No change
BLK BlackRock Inc. 0.09% 4,288 $4.5M Add +0.8%
CTAS Cintas Corp. 0.09% 19,985 $4.5M Add +0.3%
HD Home Depot Inc. 0.08% 11,032 $4.0M Add +1.1%
NBIS Nebius Group NV 0.07% 63,050 $3.5M No change
PAYX Paychex Inc. 0.06% 22,590 $3.3M Add +1.5%
RIVN Rivian Automotive Inc. Class A 0.06% 228,455 $3.1M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 4,705 $2.9M Reduce -1.1%
ABT Abbott Laboratories 0.06% 21,009 $2.9M Add +0.9%
BE Bloom Energy Corp. Class A 0.06% 118,200 $2.8M Reduce -4.6%
AMGN Amgen Inc. 0.05% 9,854 $2.8M Add +3.0%
ZTS Zoetis Inc. 0.05% 16,180 $2.5M Add +4.8%
BX Blackstone Inc. 0.05% 16,505 $2.5M Add +3.3%
NXPI NXP Semiconductors NV 0.05% 10,900 $2.4M No change
PCAR Paccar Inc. 0.04% 23,645 $2.2M Add +3.5%
WM Waste Management Inc. 0.04% 9,430 $2.2M Add +30.4%
JNJ Johnson & Johnson 0.03% 10,739 $1.6M Add +3.4%
DE Deere & Co. 0.03% 3,210 $1.6M New
ECL Ecolab Inc. 0.03% 5,690 $1.5M Add +3.5%
NEE Nextera Energy Inc. 0.03% 19,888 $1.4M Reduce -7.1%
CSCO Cisco Systems Inc. 0.02% 15,545 $1.1M Add +4.6%
SBUX Starbucks Corp. 0.02% 11,212 $1.0M Add +1.4%
TSCO Tractor Supply Company 0.02% 18,705 $987K Add +0.9%
DGX Quest Diagnostics Inc. 0.01% 4,050 $728K New
GOOGL Alphabet Inc. Class A 0.01% 4,120 $726K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 5,808 $720K Add +9.0%
DSI iShares ESG MSCI KLD 400 ETF 0.01% 6,075 $706K Reduce -10.0%
ACN Accenture PLC Class A 0.01% 2,133 $638K Add +5.7%
AXP American Express Co. 0.01% 1,700 $542K No change
ABBV Abbvie Inc. 0.01% 1,923 $357K No change
CAVA Cava Group Inc. 0.01% 3,975 $335K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 650 $286K No change

Show all 105 holdings

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -2.4% 1.91% −0.74
AMZN Amazon.com Inc. Reduce -3.7% 4.78% −0.60
AMD Advanced Micro Devices Reduce -32.4% 1.65% −0.56
TSLA Tesla Inc. Reduce -4.9% 5.97% −0.44
SHOP Shopify Inc. Class A Reduce -4.2% 5.20% −0.42
PANW Palo Alto Networks Inc. Reduce -14.3% 1.63% −0.35
Z Zillow Group Inc. Class C Reduce -5.2% 1.13% −0.33
PCOR Procore Technologies Inc. Sold out 0.00% −0.29
GOOG Alphabet Inc. Class C Reduce -2.8% 2.20% −0.29
ABNB Airbnb Inc. Class A Reduce -11.1% 0.68% −0.18
EXAS Exact Sciences Corp. Reduce -12.8% 1.06% −0.18
SYM Symbotic Inc. Reduce -74.8% 0.11% −0.17
MDB Mongodb Inc. Reduce -54.4% 0.12% −0.16
NOW ServiceNow Inc. Reduce -7.7% 2.97% −0.15
HUBS HubSpot Inc. Reduce -3.8% 0.43% −0.14
NTRA Natera Inc. Reduce -5.5% 1.34% −0.14
QCOM Qualcomm Inc. Reduce -13.8% 0.33% −0.13
DELL Dell Technologies -C Reduce -29.7% 0.27% −0.09
MELI MercadoLibre Inc. Reduce -8.1% 5.68% −0.08
RGEN Repligen Corp. Reduce -1.8% 0.21% −0.06
BR Broadridge Financial Solutio Reduce -20.0% 0.11% −0.06
CRM Salesforce Inc. Reduce -24.7% 0.09% −0.06
SEMR Semrush Holdings Inc. Class A Sold out 0.00% −0.06
VEEV Veeva Systems Inc. Class A Reduce -2.6% 1.15% −0.04
ARES Ares Management Corp. Class A Reduce -0.8% 0.51% −0.03
PGR Progressive Corp. Reduce -1.6% 0.09% −0.03
BDX Becton Dickinson and Co. Sold out 0.00% −0.03
CDNS Cadence Design SYS Inc. Reduce -6.9% 0.24% −0.03
UBER Uber Technologies Inc. Reduce -3.3% 2.75% −0.03
STZ Constellation Brands Inc. Class A Sold out 0.00% −0.02
ASML ASML Holding NV-NY Reg SHS Reduce -2.8% 0.21% −0.01
NFLX Netflix Inc. Reduce -13.3% 3.10% −0.01
JPM JPMorgan Chase & Co. Reduce -0.7% 0.17% −0.01
NEE Nextera Energy Inc. Reduce -7.1% 0.03% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.1% 0.06% −0.01
BE Bloom Energy Corp. Class A Reduce -4.6% 0.06% −0.00
DSI iShares ESG MSCI KLD 400 ETF Reduce -10.0% 0.01% −0.00
XMTR Xometry Inc. Class A Reduce -23.4% 0.01% −0.00
BKNG Booking Holdings Inc. Reduce -0.7% 0.35% −0.00
MPWR Monolithic Power Systems Inc. Reduce -0.6% 0.61% +0.00
INTU Intuit Inc. Reduce -0.4% 0.40% +0.01
ANET Arista Networks Inc. Reduce -3.0% 0.49% +0.01
META Meta Platforms Inc. Class A Reduce -1.7% 5.80% +0.04
APH Amphenol Corp. Class A Reduce -0.1% 0.34% +0.06
TOST Toast Inc. Class A Reduce -3.1% 1.86% +0.06
MU Micron Technology Inc. Reduce -2.5% 0.73% +0.07
MSFT Microsoft Corp. Reduce -3.3% 3.10% +0.07
CRWD CrowdStrike Holdings Inc. Class A Reduce -8.2% 2.61% +0.15
WING Wingstop Inc. Reduce -3.0% 1.09% +0.15
TTD Trade Desk Inc./the Class A Reduce -0.0% 3.05% +0.15

Portfolio Buys Q1 2025 → Q2 2025
RKLB Rocket Lab Corp. Add +538.1% 0.76% +0.68
CYBR Cyberark Software Ltd./Israel Add +1301.8% 0.53% +0.49
TMDX Transmedics Group Inc. New 0.32% +0.32
ARM Arm Holdings PLC-ADR Add +1.2% 1.51% +0.28
DXCM Dexcom Inc. Add +19.5% 1.06% +0.19
IOT Samsara Inc. Class A Add +62.4% 0.74% +0.19
PWR Quanta Services Inc. Add +2.4% 0.82% +0.15
ORCL Oracle Corp. Add +0.1% 0.70% +0.14
DE Deere & Co. New 0.03% +0.03
DKNG Draftkings Inc. Class A Add +12.3% 0.18% +0.02
DGX Quest Diagnostics Inc. New 0.01% +0.01
PINS Pinterest Inc. Class A Add +11.8% 0.30% +0.01
ONON On Holding AG Class A Add +7.1% 0.64% +0.01
CAVA Cava Group Inc. New 0.01% +0.01
ODD Oddity Tech Ltd. Class A New 0.01% +0.01
PLMR Palomar Holdings Inc. New 0.00% +0.00
MIR Mirion Technologies Inc. New 0.00% +0.00
DHI D.R. Horton Inc. New 0.00% +0.00
WM Waste Management Inc. Add +30.4% 0.04% +0.00
DIS The Walt Disney Co. Add +9.0% 0.01% +0.00
CSCO Cisco Systems Inc. Add +4.6% 0.02% −0.00
ACN Accenture PLC Class A Add +5.7% 0.01% −0.00
ECL Ecolab Inc. Add +3.5% 0.03% −0.00
TSCO Tractor Supply Company Add +0.9% 0.02% −0.01
BX Blackstone Inc. Add +3.3% 0.05% −0.01
SBUX Starbucks Corp. Add +1.4% 0.02% −0.01
CWAN Clearwater Analytics HDS-A Add +50.3% 0.58% −0.01
JNJ Johnson & Johnson Add +3.4% 0.03% −0.01
BLK BlackRock Inc. Add +0.8% 0.09% −0.01
PCAR Paccar Inc. Add +3.5% 0.04% −0.01
ABT Abbott Laboratories Add +0.9% 0.06% −0.01
ZTS Zoetis Inc. Add +4.8% 0.05% −0.01
CTAS Cintas Corp. Add +0.3% 0.09% −0.01
HD Home Depot Inc. Add +1.1% 0.08% −0.02
AMGN Amgen Inc. Add +3.0% 0.05% −0.02
PAYX Paychex Inc. Add +1.5% 0.06% −0.02
COST Costco Wholesale Corp. Add +0.4% 0.16% −0.03
V Visa Inc. Class A Add +1.4% 0.14% −0.03

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