Zevenbergen Capital Investments LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), Zevenbergen Capital Investments LLC reported 103 stock positions worth $5.1 billion. Its top holding was Nvidia (NVDA) at 10.1% of the portfolio, followed by Tesla (TSLA, 7.5%) and Shopify Class A (SHOP, 5.9%). Compared with Q2 2025, it opened 4 new positions, sold out of 6, added to 38 and reduced 47. The biggest buy was Alphabet Class A (GOOGL, shares +4695%) and the biggest sale Axon Enterprise (AXON, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- EDMONDS, WA
- CIK
- 0001276918
- Portfolio Value
- $5.1B (Q3 2025)
- SEC Filing
- 0001276918-25-000017 ↗ filed Oct 9, 2025
Holdings Value
Holdings 103 stocks · $5.1B
| NVDA Nvidia Corp. | 10.10% | 2,785,801 | $519.8M | Reduce -6.5% |
| TSLA Tesla Inc. | 7.46% | 862,697 | $383.7M | Reduce -10.5% |
| SHOP Shopify Inc. Class A | 5.93% | 2,051,940 | $304.9M | Reduce -11.2% |
| META Meta Platforms Inc. Class A | 5.53% | 387,598 | $284.6M | Reduce -3.8% |
| AXON Axon Enterprise Inc. | 5.15% | 369,364 | $265.1M | Reduce -5.6% |
| MELI MercadoLibre Inc. | 4.83% | 106,242 | $248.3M | Reduce -4.6% |
| AMZN Amazon.com Inc. | 4.30% | 1,007,454 | $221.2M | Reduce -9.7% |
| MSFT Microsoft Corp. | 3.17% | 314,879 | $163.1M | Reduce -1.4% |
| GOOG Alphabet Inc. Class C | 3.01% | 636,255 | $155.0M | Add +0.0% |
| UBER Uber Technologies Inc. | 2.52% | 1,323,995 | $129.7M | Reduce -12.3% |
| NOW ServiceNow Inc. | 2.47% | 138,266 | $127.2M | Reduce -6.7% |
| NFLX Netflix Inc. | 2.39% | 102,480 | $122.9M | Reduce -13.7% |
| AAPL Apple Inc. | 2.36% | 476,051 | $121.2M | Add +0.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 2.32% | 243,355 | $119.3M | Reduce -7.3% |
| AVGO Broadcom Inc. | 2.00% | 312,300 | $103.0M | Add +0.1% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 1.96% | 2,055,616 | $100.7M | Reduce -5.2% |
| SPOT Spotify Technology SA | 1.89% | 138,954 | $97.0M | Reduce -9.3% |
| AMD Advanced Micro Devices | 1.86% | 590,029 | $95.5M | Reduce -1.0% |
| SNOW Snowflake Inc. | 1.61% | 368,207 | $83.0M | Add +22.4% |
| TOST Toast Inc. Class A | 1.50% | 2,117,310 | $77.3M | Reduce -1.8% |
| PANW Palo Alto Networks Inc. | 1.43% | 361,137 | $73.5M | Reduce -11.8% |
| ARM Arm Holdings PLC-ADR | 1.37% | 499,772 | $70.7M | Add +4.7% |
| MPWR Monolithic Power Systems Inc. | 1.34% | 74,668 | $68.7M | Add +76.0% |
| NTRA Natera Inc. | 1.23% | 394,565 | $63.5M | Reduce -2.8% |
| ELF Elf Beauty Inc. | 1.20% | 466,968 | $61.9M | Reduce -7.1% |
| Z Zillow Group Inc. Class C | 1.19% | 791,746 | $61.0M | Reduce -4.0% |
| VEEV Veeva Systems Inc. Class A | 1.15% | 198,275 | $59.1M | Reduce -3.3% |
| EXAS Exact Sciences Corp. | 1.03% | 966,271 | $52.9M | Reduce -5.1% |
| RKLB Rocket Lab Corp. | 0.97% | 1,044,961 | $50.1M | Reduce -3.5% |
| MU Micron Technology Inc. | 0.96% | 293,650 | $49.1M | Reduce -3.1% |
| GOOGL Alphabet Inc. Class A | 0.93% | 197,564 | $48.0M | Add +4695.2% |
| DXCM Dexcom Inc. | 0.90% | 685,433 | $46.1M | Add +10.0% |
| PWR Quanta Services Inc. | 0.88% | 109,405 | $45.3M | Reduce -1.8% |
| VRT Vertiv Holdings Co. Class A | 0.88% | 299,950 | $45.3M | Add +233.3% |
| ORCL Oracle Corp. | 0.86% | 157,485 | $44.3M | Reduce -3.9% |
| WING Wingstop Inc. | 0.74% | 151,512 | $38.1M | Reduce -8.3% |
| IOT Samsara Inc. Class A | 0.72% | 998,029 | $37.2M | Add +4.5% |
| ANET Arista Networks Inc. | 0.70% | 245,400 | $35.8M | No change |
| DDOG Datadog Inc. Class A | 0.57% | 206,265 | $29.4M | Reduce -1.7% |
| TMDX Transmedics Group Inc. | 0.56% | 258,523 | $29.0M | Add +112.7% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.53% | 641,169 | $27.2M | Add +1.3% |
| ARES Ares Management Corp. Class A | 0.50% | 159,898 | $25.6M | Add +6.7% |
| APH Amphenol Corp. Class A | 0.43% | 177,435 | $22.0M | Add +0.9% |
| HUBS HubSpot Inc. | 0.35% | 38,715 | $18.1M | Reduce -3.0% |
| INTU Intuit Inc. | 0.34% | 25,726 | $17.6M | Add +0.1% |
| QCOM Qualcomm Inc. | 0.34% | 105,327 | $17.5M | Add +0.2% |
| KLAC KLA Corp. | 0.31% | 15,000 | $16.2M | No change |
| BKNG Booking Holdings Inc. | 0.31% | 2,980 | $16.1M | Reduce -2.5% |
| DELL Dell Technologies -C | 0.31% | 111,620 | $15.8M | No change |
| AMAT Applied Materials Inc. | 0.28% | 70,000 | $14.3M | No change |
| CDNS Cadence Design SYS Inc. | 0.27% | 40,060 | $14.1M | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.25% | 13,447 | $13.0M | Reduce -0.2% |
| CRDO Credo Technology Group Holdi | 0.25% | 88,100 | $12.8M | Reduce -5.4% |
| PINS Pinterest Inc. Class A | 0.24% | 386,870 | $12.4M | Reduce -9.3% |
| APP AppLovin Corp. Class A | 0.21% | 14,862 | $10.7M | New |
| V Visa Inc. Class A | 0.20% | 30,868 | $10.5M | Add +50.4% |
| MDB Mongodb Inc. | 0.18% | 30,000 | $9.3M | No change |
| JPM JPMorgan Chase & Co. | 0.18% | 29,098 | $9.2M | Reduce -1.5% |
| BE Bloom Energy Corp. Class A | 0.17% | 104,750 | $8.9M | Reduce -11.4% |
| DKNG Draftkings Inc. Class A | 0.15% | 205,590 | $7.7M | Reduce -4.2% |
| COST Costco Wholesale Corp. | 0.15% | 8,140 | $7.5M | Add +0.1% |
| APPF Appfolio Inc. Class A | 0.13% | 23,800 | $6.6M | Add +19.0% |
| SRAD Sportradar Group AG-A | 0.12% | 228,600 | $6.1M | No change |
| SYM Symbotic Inc. | 0.12% | 113,050 | $6.1M | Reduce -20.2% |
| NBIS Nebius Group NV | 0.11% | 51,925 | $5.8M | Reduce -17.6% |
| BR Broadridge Financial Solutio | 0.11% | 23,110 | $5.5M | Add +0.3% |
| MIR Mirion Technologies Inc. | 0.10% | 231,500 | $5.4M | Add +2169.6% |
| BLK BlackRock Inc. | 0.10% | 4,291 | $5.0M | Add +0.1% |
| HD Home Depot Inc. | 0.09% | 11,087 | $4.5M | Add +0.5% |
| PGR Progressive Corp. | 0.09% | 17,845 | $4.4M | Reduce -0.3% |
| NXPI NXP Semiconductors NV | 0.08% | 18,400 | $4.2M | Add +68.8% |
| CRM Salesforce Inc. | 0.08% | 17,400 | $4.1M | No change |
| CTAS Cintas Corp. | 0.08% | 20,020 | $4.1M | Add +0.2% |
| MMYT Makemytrip Ltd. | 0.08% | 41,560 | $3.9M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.06% | 4,835 | $3.2M | Add +2.8% |
| RIVN Rivian Automotive Inc. Class A | 0.06% | 203,305 | $3.0M | Reduce -11.0% |
| PAYX Paychex Inc. | 0.06% | 22,515 | $2.9M | Reduce -0.3% |
| ABT Abbott Laboratories | 0.06% | 21,124 | $2.8M | Add +0.6% |
| BX Blackstone Inc. | 0.05% | 16,375 | $2.8M | Reduce -0.8% |
| AMGN Amgen Inc. | 0.05% | 9,909 | $2.8M | Add +0.6% |
| PCAR Paccar Inc. | 0.05% | 26,566 | $2.6M | Add +12.3% |
| ZTS Zoetis Inc. | 0.05% | 16,440 | $2.4M | Add +1.6% |
| WM Waste Management Inc. | 0.04% | 10,170 | $2.2M | Add +7.8% |
| JNJ Johnson & Johnson | 0.04% | 10,779 | $2.0M | Add +0.4% |
| DGX Quest Diagnostics Inc. | 0.03% | 9,235 | $1.8M | Add +128.0% |
| DE Deere & Co. | 0.03% | 3,805 | $1.7M | Add +18.5% |
| ECL Ecolab Inc. | 0.03% | 5,760 | $1.6M | Add +1.2% |
| CSCO Cisco Systems Inc. | 0.02% | 15,645 | $1.1M | Add +0.6% |
| TSCO Tractor Supply Company | 0.02% | 18,490 | $1.1M | Reduce -1.1% |
| SBUX Starbucks Corp. | 0.02% | 10,142 | $858K | Reduce -9.5% |
| DSI iShares ESG MSCI KLD 400 ETF | 0.01% | 6,075 | $765K | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.01% | 6,183 | $708K | Add +6.5% |
| NEE Nextera Energy Inc. | 0.01% | 8,628 | $651K | Reduce -56.6% |
| PL Planet Labs PBC | 0.01% | 44,000 | $571K | New |
| AXP American Express Co. | 0.01% | 1,700 | $565K | No change |
| ABBV Abbvie Inc. | 0.01% | 1,923 | $445K | No change |
| XMTR Xometry Inc. Class A | 0.01% | 7,500 | $409K | Reduce -4.5% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.01% | 650 | $301K | No change |
| CAVA Cava Group Inc. | 0.01% | 4,800 | $290K | Add +20.8% |
| LGIH Lgi Homes Inc. | 0.01% | 5,450 | $282K | New |
Portfolio Sells Q2 2025 → Q3 2025
| AXON Axon Enterprise Inc. | Reduce -5.6% | 5.15% | −1.17 |
| TTD Trade Desk Inc./the Class A | Reduce -5.2% | 1.96% | −1.09 |
| MELI MercadoLibre Inc. | Reduce -4.6% | 4.83% | −0.85 |
| NFLX Netflix Inc. | Reduce -13.7% | 2.39% | −0.71 |
| ABNB Airbnb Inc. Class A | Reduce -99.3% | 0.00% | −0.68 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.58 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.53 |
| NOW ServiceNow Inc. | Reduce -6.7% | 2.47% | −0.50 |
| AMZN Amazon.com Inc. | Reduce -9.7% | 4.30% | −0.48 |
| SPOT Spotify Technology SA | Reduce -9.3% | 1.89% | −0.41 |
| TOST Toast Inc. Class A | Reduce -1.8% | 1.50% | −0.36 |
| WING Wingstop Inc. | Reduce -8.3% | 0.74% | −0.34 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -7.3% | 2.32% | −0.29 |
| META Meta Platforms Inc. Class A | Reduce -3.8% | 5.53% | −0.27 |
| UBER Uber Technologies Inc. | Reduce -12.3% | 2.52% | −0.23 |
| RGEN Repligen Corp. | Sold out | 0.00% | −0.21 |
| PANW Palo Alto Networks Inc. | Reduce -11.8% | 1.43% | −0.21 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.19 |
| NTRA Natera Inc. | Reduce -2.8% | 1.23% | −0.10 |
| HUBS HubSpot Inc. | Reduce -3.0% | 0.35% | −0.08 |
| PINS Pinterest Inc. Class A | Reduce -9.3% | 0.24% | −0.06 |
| BKNG Booking Holdings Inc. | Reduce -2.5% | 0.31% | −0.03 |
| DKNG Draftkings Inc. Class A | Reduce -4.2% | 0.15% | −0.03 |
| EXAS Exact Sciences Corp. | Reduce -5.1% | 1.03% | −0.03 |
| ELF Elf Beauty Inc. | Reduce -7.1% | 1.20% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -56.6% | 0.01% | −0.01 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.01 |
| PAYX Paychex Inc. | Reduce -0.3% | 0.06% | −0.01 |
| PGR Progressive Corp. | Reduce -0.3% | 0.09% | −0.01 |
| PLMR Palomar Holdings Inc. | Sold out | 0.00% | −0.00 |
| SBUX Starbucks Corp. | Reduce -9.5% | 0.02% | −0.00 |
| RIVN Rivian Automotive Inc. Class A | Reduce -11.0% | 0.06% | −0.00 |
| VEEV Veeva Systems Inc. Class A | Reduce -3.3% | 1.15% | −0.00 |
| TSCO Tractor Supply Company | Reduce -1.1% | 0.02% | +0.00 |
| XMTR Xometry Inc. Class A | Reduce -4.5% | 0.01% | +0.00 |
| BX Blackstone Inc. | Reduce -0.8% | 0.05% | +0.01 |
| SYM Symbotic Inc. | Reduce -20.2% | 0.12% | +0.01 |
| JPM JPMorgan Chase & Co. | Reduce -1.5% | 0.18% | +0.01 |
| DDOG Datadog Inc. Class A | Reduce -1.7% | 0.57% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -0.2% | 0.25% | +0.04 |
| NBIS Nebius Group NV | Reduce -17.6% | 0.11% | +0.05 |
| Z Zillow Group Inc. Class C | Reduce -4.0% | 1.19% | +0.06 |
| PWR Quanta Services Inc. | Reduce -1.8% | 0.88% | +0.06 |
| MSFT Microsoft Corp. | Reduce -1.4% | 3.17% | +0.07 |
| CRDO Credo Technology Group Holdi | Reduce -5.4% | 0.25% | +0.08 |
| BE Bloom Energy Corp. Class A | Reduce -11.4% | 0.17% | +0.12 |
| ORCL Oracle Corp. | Reduce -3.9% | 0.86% | +0.16 |
| AMD Advanced Micro Devices | Reduce -1.0% | 1.86% | +0.21 |
| RKLB Rocket Lab Corp. | Reduce -3.5% | 0.97% | +0.22 |
| MU Micron Technology Inc. | Reduce -3.1% | 0.96% | +0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +4695.2% | 0.93% | +0.92 |
| GOOG Alphabet Inc. Class C | Add +0.0% | 3.01% | +0.81 |
| MPWR Monolithic Power Systems Inc. | Add +76.0% | 1.34% | +0.73 |
| VRT Vertiv Holdings Co. Class A | Add +233.3% | 0.88% | +0.65 |
| AAPL Apple Inc. | Add +0.0% | 2.36% | +0.45 |
| AVGO Broadcom Inc. | Add +0.1% | 2.00% | +0.32 |
| SNOW Snowflake Inc. | Add +22.4% | 1.61% | +0.30 |
| TMDX Transmedics Group Inc. | Add +112.7% | 0.56% | +0.25 |
| APP AppLovin Corp. Class A | New | 0.21% | +0.21 |
| MIR Mirion Technologies Inc. | Add +2169.6% | 0.10% | +0.10 |
| APH Amphenol Corp. Class A | Add +0.9% | 0.43% | +0.09 |
| MMYT Makemytrip Ltd. | New | 0.08% | +0.08 |
| V Visa Inc. Class A | Add +50.4% | 0.20% | +0.06 |
| APPF Appfolio Inc. Class A | Add +19.0% | 0.13% | +0.04 |
| NXPI NXP Semiconductors NV | Add +68.8% | 0.08% | +0.04 |
| DGX Quest Diagnostics Inc. | Add +128.0% | 0.03% | +0.02 |
| QCOM Qualcomm Inc. | Add +0.2% | 0.34% | +0.01 |
| PL Planet Labs PBC | New | 0.01% | +0.01 |
| BLK BlackRock Inc. | Add +0.1% | 0.10% | +0.01 |
| HD Home Depot Inc. | Add +0.5% | 0.09% | +0.01 |
| PCAR Paccar Inc. | Add +12.3% | 0.05% | +0.01 |
| JNJ Johnson & Johnson | Add +0.4% | 0.04% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.8% | 0.06% | +0.01 |
| LGIH Lgi Homes Inc. | New | 0.01% | +0.01 |
| DE Deere & Co. | Add +18.5% | 0.03% | +0.00 |
| WM Waste Management Inc. | Add +7.8% | 0.04% | +0.00 |
| ECL Ecolab Inc. | Add +1.2% | 0.03% | +0.00 |
| AMGN Amgen Inc. | Add +0.6% | 0.05% | +0.00 |
| CSCO Cisco Systems Inc. | Add +0.6% | 0.02% | −0.00 |
| DIS The Walt Disney Co. | Add +6.5% | 0.01% | −0.00 |
| ABT Abbott Laboratories | Add +0.6% | 0.06% | −0.00 |
| CAVA Cava Group Inc. | Add +20.8% | 0.01% | −0.00 |
| BR Broadridge Financial Solutio | Add +0.3% | 0.11% | −0.00 |
| ZTS Zoetis Inc. | Add +1.6% | 0.05% | −0.00 |
| CTAS Cintas Corp. | Add +0.2% | 0.08% | −0.01 |
| ARES Ares Management Corp. Class A | Add +6.7% | 0.50% | −0.01 |
| COST Costco Wholesale Corp. | Add +0.1% | 0.15% | −0.01 |
| IOT Samsara Inc. Class A | Add +4.5% | 0.72% | −0.02 |
| INTU Intuit Inc. | Add +0.1% | 0.34% | −0.05 |
| ONON On Holding AG Class A | Add +1.3% | 0.53% | −0.11 |
| ARM Arm Holdings PLC-ADR | Add +4.7% | 1.37% | −0.13 |
| DXCM Dexcom Inc. | Add +10.0% | 0.90% | −0.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 109 | $4.4B | NVDA, AMD, TSLA, MU, GOOG |
| Q1 2026 | 110 | $3.5B | NVDA, TSLA, GOOG, SHOP, AMZN |
| Q4 2025 | 105 | $4.5B | NVDA, TSLA, SHOP, META, AMZN |
| Q3 2025 | 103 | $5.1B | NVDA, TSLA, SHOP, META, AXON |
| Q2 2025 | 105 | $5.1B | NVDA, AXON, TSLA, META, MELI |
| Q1 2025 | 101 | $4.1B | NVDA, TSLA, MELI, META, SHOP |
| Q4 2024 | 101 | $4.9B | NVDA, TSLA, SHOP, AMZN, AXON |
| Q3 2024 | 103 | $4.8B | NVDA, TSLA, MELI, META, AMZN |
| Q2 2024 | 102 | $4.7B | NVDA, AMZN, TSLA, MELI, META |
| Q1 2024 | 104 | $4.7B | NVDA, AMZN, META, MELI, TSLA |