Zevenbergen Capital Investments LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), Zevenbergen Capital Investments LLC reported 105 stock positions worth $4.5 billion. Its top holding was Nvidia (NVDA) at 9.8% of the portfolio, followed by Tesla (TSLA, 6.9%) and Shopify Class A (SHOP, 6.0%). Compared with Q3 2025, it opened 8 new positions, sold out of 6, added to 33 and reduced 51. The biggest buy was AppLovin Class A (APP, shares +426%) and the biggest sale Arm Holdings PLC-ADR (ARM, shares −89%).

Most Recent 13F
Q2 2026
Location
EDMONDS, WA
CIK
0001276918
Portfolio Value
$4.5B (Q4 2025)
SEC Filing
0001276918-26-000002 ↗ filed Jan 15, 2026

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

Holdings 105 stocks · $4.5B
NVDA Nvidia Corp. 9.77% 2,356,246 $439.4M Reduce -15.4%
TSLA Tesla Inc. 6.94% 694,114 $312.2M Reduce -19.5%
SHOP Shopify Inc. Class A 6.00% 1,674,737 $269.6M Reduce -18.4%
META Meta Platforms Inc. Class A 4.88% 332,284 $219.3M Reduce -14.3%
AMZN Amazon.com Inc. 4.34% 845,418 $195.1M Reduce -16.1%
AXON Axon Enterprise Inc. 4.28% 338,666 $192.3M Reduce -8.3%
GOOG Alphabet Inc. Class C 4.16% 595,660 $186.9M Reduce -6.4%
MELI MercadoLibre Inc. 4.10% 91,540 $184.4M Reduce -13.8%
MSFT Microsoft Corp. 3.38% 314,367 $152.0M Reduce -0.2%
AAPL Apple Inc. 3.03% 501,917 $136.5M Add +5.4%
AMD Advanced Micro Devices 2.62% 550,483 $117.9M Reduce -6.7%
AVGO Broadcom Inc. 2.41% 312,560 $108.2M Add +0.1%
SNOW Snowflake Inc. 2.13% 435,633 $95.6M Add +18.3%
CRWD CrowdStrike Holdings Inc. Class A 2.12% 203,113 $95.2M Reduce -16.5%
NOW ServiceNow Inc. 2.08% 610,885 $93.6M Reduce -11.6%
UBER Uber Technologies Inc. 1.78% 979,377 $80.0M Reduce -26.0%
GOOGL Alphabet Inc. Class A 1.75% 251,637 $78.8M Add +27.4%
MU Micron Technology Inc. 1.69% 266,850 $76.2M Reduce -9.1%
RKLB Rocket Lab Corp. 1.69% 1,090,798 $76.1M Add +4.4%
NTRA Natera Inc. 1.65% 323,571 $74.1M Reduce -18.0%
MPWR Monolithic Power Systems Inc. 1.64% 81,378 $73.8M Add +9.0%
NFLX Netflix Inc. 1.61% 773,275 $72.5M Reduce -24.5%
TOST Toast Inc. Class A 1.46% 1,854,996 $65.9M Reduce -12.4%
VRT Vertiv Holdings Co. Class A 1.25% 346,575 $56.1M Add +15.5%
SPOT Spotify Technology SA 1.23% 95,052 $55.2M Reduce -31.6%
PANW Palo Alto Networks Inc. 1.18% 289,228 $53.3M Reduce -19.9%
APP AppLovin Corp. Class A 1.17% 78,160 $52.7M Add +425.9%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 1.03% 1,220,465 $46.3M Reduce -40.6%
PWR Quanta Services Inc. 0.97% 102,908 $43.4M Reduce -5.9%
Z Zillow Group Inc. Class C 0.94% 617,563 $42.1M Reduce -22.0%
KRMN Karman Holdings Inc. 0.88% 539,600 $39.5M New
TMDX Transmedics Group Inc. 0.76% 280,178 $34.1M Add +8.4%
VEEV Veeva Systems Inc. Class A 0.74% 149,654 $33.4M Reduce -24.5%
ANET Arista Networks Inc. 0.72% 245,400 $32.2M No change
PODD Insulet Corp. 0.71% 113,083 $32.1M New
WING Wingstop Inc. 0.68% 129,055 $30.8M Reduce -14.8%
EXAS Exact Sciences Corp. 0.68% 302,777 $30.8M Reduce -68.7%
ORCL Oracle Corp. 0.68% 157,705 $30.7M Add +0.1%
IOT Samsara Inc. Class A 0.68% 863,551 $30.6M Reduce -13.5%
CRDO Credo Technology Group Holdi 0.62% 195,247 $28.1M Add +121.6%
DDOG Datadog Inc. Class A 0.58% 192,715 $26.2M Reduce -6.6%
APH Amphenol Corp. Class A 0.53% 177,935 $24.0M Add +0.3%
ONON On Holding AG Class A filed as ON HLDG AG 0.50% 482,648 $22.4M Reduce -24.7%
QCOM Qualcomm Inc. 0.48% 125,647 $21.5M Add +19.3%
KLAC KLA Corp. 0.41% 15,000 $18.2M No change
ARES Ares Management Corp. Class A 0.40% 112,431 $18.2M Reduce -29.7%
AMAT Applied Materials Inc. 0.40% 70,000 $18.0M No change
INTU Intuit Inc. 0.38% 25,781 $17.1M Add +0.2%
V Visa Inc. Class A 0.34% 43,163 $15.1M Add +39.8%
CAI Caris Life Sciences Inc. 0.33% 543,185 $14.7M New
ASML ASML Holding NV-NY Reg SHS 0.31% 13,222 $14.1M Reduce -1.7%
DELL Dell Technologies -C 0.31% 111,870 $14.1M Add +0.2%
BKNG Booking Holdings Inc. 0.29% 2,405 $12.9M Reduce -19.3%
MDB Mongodb Inc. 0.28% 30,000 $12.6M No change
CDNS Cadence Design SYS Inc. 0.28% 40,060 $12.5M No change
ARQT Arcutis Biotherapeutics Inc. 0.27% 418,035 $12.1M New
PINS Pinterest Inc. Class A 0.21% 370,905 $9.6M Reduce -4.1%
JPM JPMorgan Chase & Co. 0.21% 28,748 $9.3M Reduce -1.2%
COST Costco Wholesale Corp. 0.16% 8,163 $7.0M Add +0.3%
DKNG Draftkings Inc. Class A 0.15% 190,290 $6.6M Reduce -7.4%
BE Bloom Energy Corp. Class A 0.15% 75,375 $6.5M Reduce -28.0%
ARM Arm Holdings PLC-ADR 0.14% 55,690 $6.1M Reduce -88.9%
NXPI NXP Semiconductors NV 0.13% 26,400 $5.7M Add +43.5%
APPF Appfolio Inc. Class A 0.12% 23,800 $5.5M No change
SRAD Sportradar Group AG-A 0.12% 228,600 $5.4M No change
SYM Symbotic Inc. 0.12% 88,750 $5.3M Reduce -21.5%
MMYT Makemytrip Ltd. 0.12% 63,785 $5.2M Add +53.5%
MIR Mirion Technologies Inc. 0.12% 221,300 $5.2M Reduce -4.4%
BR Broadridge Financial Solutio 0.11% 23,040 $5.1M Reduce -0.3%
BLK BlackRock Inc. 0.11% 4,596 $4.9M Add +7.1%
CRM Salesforce Inc. 0.10% 17,400 $4.6M No change
TTAN Servicetitan Inc. Class A 0.10% 40,200 $4.3M New
PGR Progressive Corp. 0.09% 17,705 $4.0M Reduce -0.8%
CTAS Cintas Corp. 0.09% 20,850 $3.9M Add +4.2%
HD Home Depot Inc. 0.08% 10,987 $3.8M Reduce -0.9%
RDDT Reddit Inc. Class A 0.08% 16,050 $3.7M New
NBIS Nebius Group NV 0.08% 42,250 $3.5M Reduce -18.6%
RIVN Rivian Automotive Inc. Class A 0.08% 177,205 $3.5M Reduce -12.8%
AMGN Amgen Inc. 0.07% 9,959 $3.3M Add +0.5%
PCAR Paccar Inc. 0.07% 28,606 $3.1M Add +7.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 3,929 $2.7M Reduce -18.7%
ABT Abbott Laboratories 0.06% 21,364 $2.7M Add +1.1%
BX Blackstone Inc. 0.06% 16,185 $2.5M Reduce -1.2%
WM Waste Management Inc. 0.05% 10,880 $2.4M Add +7.0%
PAYX Paychex Inc. 0.05% 21,173 $2.4M Reduce -6.0%
JNJ Johnson & Johnson 0.05% 10,964 $2.3M Add +1.7%
ZTS Zoetis Inc. 0.04% 14,545 $1.8M Reduce -11.5%
DGX Quest Diagnostics Inc. 0.04% 10,420 $1.8M Add +12.8%
DE Deere & Co. 0.04% 3,785 $1.8M Reduce -0.5%
ECL Ecolab Inc. 0.04% 6,070 $1.6M Add +5.4%
CSCO Cisco Systems Inc. 0.03% 16,310 $1.3M Add +4.3%
TSCO Tractor Supply Company 0.02% 18,130 $907K Reduce -1.9%
SBUX Starbucks Corp. 0.02% 10,152 $855K Add +0.1%
DSI iShares ESG MSCI KLD 400 ETF 0.02% 6,075 $783K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 6,473 $736K Add +4.7%
NEE Nextera Energy Inc. 0.02% 9,108 $731K Add +5.6%
AXP American Express Co. 0.01% 1,700 $629K No change
PL Planet Labs PBC 0.01% 22,500 $444K Reduce -48.9%
ABBV Abbvie Inc. 0.01% 1,923 $439K No change
BBNX Beta Bionics Inc. 0.01% 13,350 $407K New
XMTR Xometry Inc. Class A 0.01% 6,000 $357K Reduce -20.0%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 650 $312K No change
KRKNF Kraken Robotics Inc. 0.01% 58,500 $273K New
LGIH Lgi Homes Inc. 0.01% 6,150 $264K Add +12.8%
DHI D.R. Horton Inc. 0.01% 1,565 $225K No change

Portfolio Sells Q3 2025 → Q4 2025
ARM Arm Holdings PLC-ADR Reduce -88.9% 0.14% −1.24
ELF Elf Beauty Inc. Sold out 0.00% −1.20
TTD Trade Desk Inc./the Class A Reduce -40.6% 1.03% −0.93
DXCM Dexcom Inc. Sold out 0.00% −0.90
AXON Axon Enterprise Inc. Reduce -8.3% 4.28% −0.88
NFLX Netflix Inc. Reduce -24.5% 1.61% −0.78
UBER Uber Technologies Inc. Reduce -26.0% 1.78% −0.74
MELI MercadoLibre Inc. Reduce -13.8% 4.10% −0.73
SPOT Spotify Technology SA Reduce -31.6% 1.23% −0.66
META Meta Platforms Inc. Class A Reduce -14.3% 4.88% −0.66
TSLA Tesla Inc. Reduce -19.5% 6.94% −0.52
VEEV Veeva Systems Inc. Class A Reduce -24.5% 0.74% −0.41
NOW ServiceNow Inc. Reduce -11.6% 2.08% −0.39
HUBS HubSpot Inc. Sold out 0.00% −0.35
EXAS Exact Sciences Corp. Reduce -68.7% 0.68% −0.34
NVDA Nvidia Corp. Reduce -15.4% 9.77% −0.33
Z Zillow Group Inc. Class C Reduce -22.0% 0.94% −0.25
PANW Palo Alto Networks Inc. Reduce -19.9% 1.18% −0.24
CRWD CrowdStrike Holdings Inc. Class A Reduce -16.5% 2.12% −0.20
ARES Ares Management Corp. Class A Reduce -29.7% 0.40% −0.09
WING Wingstop Inc. Reduce -14.8% 0.68% −0.06
IOT Samsara Inc. Class A Reduce -13.5% 0.68% −0.04
TOST Toast Inc. Class A Reduce -12.4% 1.46% −0.04
NBIS Nebius Group NV Reduce -18.6% 0.08% −0.03
ONON On Holding AG Class A Reduce -24.7% 0.50% −0.03
PINS Pinterest Inc. Class A Reduce -4.1% 0.21% −0.03
BE Bloom Energy Corp. Class A Reduce -28.0% 0.15% −0.03
BKNG Booking Holdings Inc. Reduce -19.3% 0.29% −0.03
ZTS Zoetis Inc. Reduce -11.5% 0.04% −0.01
CAVA Cava Group Inc. Sold out 0.00% −0.01
ODD Oddity Tech Ltd. Class A Sold out 0.00% −0.00
ABNB Airbnb Inc. Class A Sold out 0.00% −0.00
DKNG Draftkings Inc. Class A Reduce -7.4% 0.15% −0.00
HD Home Depot Inc. Reduce -0.9% 0.08% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -18.7% 0.06% −0.00
PAYX Paychex Inc. Reduce -6.0% 0.05% −0.00
PL Planet Labs PBC Reduce -48.9% 0.01% −0.00
SYM Symbotic Inc. Reduce -21.5% 0.12% −0.00
TSCO Tractor Supply Company Reduce -1.9% 0.02% −0.00
XMTR Xometry Inc. Class A Reduce -20.0% 0.01% 0.00
BX Blackstone Inc. Reduce -1.2% 0.06% +0.00
PGR Progressive Corp. Reduce -0.8% 0.09% +0.00
DE Deere & Co. Reduce -0.5% 0.04% +0.01
BR Broadridge Financial Solutio Reduce -0.3% 0.11% +0.01
MIR Mirion Technologies Inc. Reduce -4.4% 0.12% +0.01
DDOG Datadog Inc. Class A Reduce -6.6% 0.58% +0.01
RIVN Rivian Automotive Inc. Class A Reduce -12.8% 0.08% +0.02
JPM JPMorgan Chase & Co. Reduce -1.2% 0.21% +0.03
AMZN Amazon.com Inc. Reduce -16.1% 4.34% +0.04
ASML ASML Holding NV-NY Reg SHS Reduce -1.7% 0.31% +0.06

Portfolio Buys Q3 2025 → Q4 2025
APP AppLovin Corp. Class A Add +425.9% 1.17% +0.96
KRMN Karman Holdings Inc. New 0.88% +0.88
GOOGL Alphabet Inc. Class A Add +27.4% 1.75% +0.82
RKLB Rocket Lab Corp. Add +4.4% 1.69% +0.72
PODD Insulet Corp. New 0.71% +0.71
AAPL Apple Inc. Add +5.4% 3.03% +0.68
SNOW Snowflake Inc. Add +18.3% 2.13% +0.51
AVGO Broadcom Inc. Add +0.1% 2.41% +0.40
CRDO Credo Technology Group Holdi Add +121.6% 0.62% +0.38
VRT Vertiv Holdings Co. Class A Add +15.5% 1.25% +0.37
CAI Caris Life Sciences Inc. New 0.33% +0.33
MPWR Monolithic Power Systems Inc. Add +9.0% 1.64% +0.30
ARQT Arcutis Biotherapeutics Inc. New 0.27% +0.27
TMDX Transmedics Group Inc. Add +8.4% 0.76% +0.19
QCOM Qualcomm Inc. Add +19.3% 0.48% +0.14
V Visa Inc. Class A Add +39.8% 0.34% +0.13
APH Amphenol Corp. Class A Add +0.3% 0.53% +0.11
TTAN Servicetitan Inc. Class A New 0.10% +0.10
RDDT Reddit Inc. Class A New 0.08% +0.08
NXPI NXP Semiconductors NV Add +43.5% 0.13% +0.05
MMYT Makemytrip Ltd. Add +53.5% 0.12% +0.04
INTU Intuit Inc. Add +0.2% 0.38% +0.04
PCAR Paccar Inc. Add +7.7% 0.07% +0.02
AMGN Amgen Inc. Add +0.5% 0.07% +0.02
BLK BlackRock Inc. Add +7.1% 0.11% +0.01
JNJ Johnson & Johnson Add +1.7% 0.05% +0.01
COST Costco Wholesale Corp. Add +0.3% 0.16% +0.01
WM Waste Management Inc. Add +7.0% 0.05% +0.01
BBNX Beta Bionics Inc. New 0.01% +0.01
CTAS Cintas Corp. Add +4.2% 0.09% +0.01
CSCO Cisco Systems Inc. Add +4.3% 0.03% +0.01
KRKNF Kraken Robotics Inc. New 0.01% +0.01
DGX Quest Diagnostics Inc. Add +12.8% 0.04% +0.01
DELL Dell Technologies -C Add +0.2% 0.31% +0.01
ECL Ecolab Inc. Add +5.4% 0.04% +0.00
ABT Abbott Laboratories Add +1.1% 0.06% +0.00
NEE Nextera Energy Inc. Add +5.6% 0.02% +0.00
DIS The Walt Disney Co. Add +4.7% 0.02% +0.00
SBUX Starbucks Corp. Add +0.1% 0.02% +0.00
LGIH Lgi Homes Inc. Add +12.8% 0.01% +0.00
ORCL Oracle Corp. Add +0.1% 0.68% −0.18

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