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

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 Q2 2025 Q3 2025: $5.1B $5.1B Q3 2025 Q4 2025: $4.5B Q4 2025 Q1 2026: $3.5B Q1 2026 Q2 2026: $4.4B Q2 2026

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
DHI D.R. Horton Inc. 0.01% 1,565 $265K No change
ODD Oddity Tech Ltd. Class A 0.00% 3,750 $234K No change
ABNB Airbnb Inc. Class A 0.00% 1,725 $209K Reduce -99.3%

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

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