13F
中
← All fund report cards

NZS Capital, LLC

13F equity value
$3.0B
Positions
58
Top 10 concentration
39.6%
Quarters / total new picks
18 / 71
13F equity value over time
$0M$2B$3B202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 18 quarters, returned +1.7% per quarter — versus +1.5% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 0.94, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.8%
t-stat
0.94
Quarterly win rate
50%
Annualized excess
-2.2%
$1 → follow vs universe
$1.12 vs $1.23
Cumulative return: $1 invested in new picks vs universe
1.00 20210930: universe 0.89820211231: universe 0.76420220331: universe 0.82020220630: universe 0.76020220930: universe 0.81620221231: universe 0.75820230331: universe 0.79920230630: universe 0.77020230930: universe 0.87420231231: universe 0.91320240331: universe 0.93420240630: universe 1.01920240930: universe 1.01020241231: universe 0.94220250331: universe 1.02720250630: universe 1.06020250930: universe 1.19220251231: universe 1.233 20210930: follow 0.76920211231: follow 0.62720220331: follow 0.63720220630: follow 0.59920220930: follow 0.58420221231: follow 0.57520230331: follow 0.60020230630: follow 0.60020230930: follow 0.56820231231: follow 0.52420240331: follow 0.56520240630: follow 0.68420240930: follow 0.72620241231: follow 0.65220250331: follow 0.97520250630: follow 1.01320250930: follow 1.06720251231: follow 1.120 0.48 0.91 1.33 20212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 58 · 2026 Q1

Ticker Value Weight QoQ
GOOG $218M
7.3%
TRIM
CDNS $147M
4.9%
ADD
LRCX $123M
4.1%
TRIM
LIN $114M
3.8%
TRIM
DHR $106M
3.5%
TRIM
TXN $104M
3.5%
ADD
ROP $102M
3.4%
ADD
APH $96M
3.2%
ADD
PGR $95M
3.2%
ADD
TT $82M
2.7%
ADD
AJG $80M
2.7%
ADD
SYK $77M
2.5%
NEW
ISRG $73M
2.5%
ADD
IR $73M
2.4%
TRIM
ARM $71M
2.4%
ADD
WDAY $69M
2.3%
ADD
TYL $68M
2.3%
ADD
URI $67M
2.2%
ADD
SHOP $65M
2.2%
ADD
KLAC $64M
2.1%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

CRMIOTSABRSYK

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.