| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 28 2026 | 2025 Q4 | - | - | - | |
| Oct 21 2025 | 2025 Q3 | - | - | - | |
| Jan 23 2025 | 2024 Q4 | - | - | - | |
| Jan 23 2025 | 2024 Q3 | - | - | - | This document is a website access form for NZS Capital's Q4 2024 letter, not the actual investment letter. It contains only navigation elements and form fields with no investment commentary, performance data, or portfolio analysis available for extraction. |
| Jul 10 2024 | 2024 Q2 | - | - | - | |
| Apr 10 2024 | 2024 Q1 | - | - | - | |
| Jan 16 2024 | 2023 Q4 | - | - | - | Corrupted Q4 2023 NZS Capital letter containing only website navigation elements and form fields. No investment content, performance data, or portfolio commentary available for analysis. Document appears to suffer from poor OCR quality or incomplete extraction, preventing any meaningful assessment of the fund's strategy or outlook. |
| Apr 28 2023 | 2023 Q1 | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | - | NZS Capital delivered strong Q1 performance driven by technology and consumer discretionary holdings, while benefiting from underweight traditional banking exposure. The firm repositioned for AI opportunities, emphasizing semiconductor infrastructure providers like TSMC and Nvidia. Despite ongoing macro uncertainties, NZS believes interest-rate-driven valuation compression is nearing an end, favoring their analog-to-digital transition thesis. |
| Mar 2 2023 | 2022 Q4 | - | - | - | |
| Oct 31 2022 | 2022 Q3 | - | Adaptability, Digital Transition, innovation, technology, uncertainty, volatility | - | NZS Capital outperformed in Q3 2022 despite volatility, maintaining focus on the analog-to-digital economic transition. The firm sees opportunities in semiconductors, software, and emerging areas like AI and automation. While acknowledging short-term uncertainty from policy and geopolitical risks, management remains optimistic about adaptable businesses creating non-zero-sum outcomes in the long-term digital transformation. |
| Jul 11 2022 | 2022 Q2 | AMZN, BALL, CRM, DHR, DIS, LRCX, MCHP, OKTA, PARA, SAIL, SNAP, TMUS, TSLA, WDAY | growth, inflation, innovation, rates, semiconductors, software, technology | - | NZS Capital's growth-focused strategy underperformed in Q2 2022 as rising rates pressured technology valuations. The manager added to software and semiconductor positions, viewing current prices as overly pessimistic about long-term growth potential. Their analog-to-digital transition thesis remains intact, with innovation expected to drive deflationary forces and create asymmetric opportunities despite near-term macro headwinds. |
| Apr 25 2022 | 2022 Q1 | 3659.T, CRM, LRCX, META, NTDOY, OKTA, PARA, PYPL, SAIL, SUI, TMUS | digital transformation, global, growth, inflation, long-term, rates, technology | - | NZS Capital's growth strategies declined in Q1 2022 as rising rates pressured technology holdings. The manager previously reduced exposure to highest growth names to avoid interest rate bets, shifting toward more resilient positions. Despite near-term volatility, they see opportunities in the market correction and maintain conviction in companies driving the analog-to-digital transition. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2023 Q1 |
AIGenerative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users faster than any app in history. Enterprise SaaS companies must adopt AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. |
Generative AI ChatGPT Enterprise Infrastructure Disruption |
SemiconductorsSemiconductors are crucial to an AI-enabled future, with the broader supply chain expected to benefit from robust AI model spending. AI servers require significantly more memory content, setting up a healthy backdrop for semiconductor equipment companies as markets recover from the current downcycle. |
AI Infrastructure Memory Equipment Recovery Supply Chain | |
Energy TransitionThe analog-to-digital transition continues across the global economy, with inflationary pressures adding fuel to the digital shift which provides deflation. Reshoring and massive investment in high-tech infrastructure remain attractive opportunities. |
Digital Transition Infrastructure Reshoring Technology | |
| 2022 Q3 |
AIManager expects resources and attention to shift to new origins of asymmetry in areas like AI, automation, healthcare, and other parts of the economy. AI is positioned as an emerging area of opportunity alongside automation as the economy transitions from analog to digital. |
Artificial Intelligence Automation Innovation |
SemiconductorsThe firm continues to see significant opportunities in the engines of the analog-to-digital transition of the global economy, specifically mentioning semiconductors alongside software and the Internet as key areas of focus. |
Chips Digital Transition Technology | |
AutomationAutomation is identified as one of the new origins of asymmetry where resources and attention are expected to shift. The manager views automation as part of the broader technological disruption creating pivot points for society. |
Industrial Automation Technology Innovation | |
| 2022 Q2 |
GrowthGrowth stocks significantly underperformed value stocks in Q2 2022, declining 20.15% versus 11.50% for value stocks. The manager views current growth stock valuations as overly pessimistic regarding long-term growth potential and underestimating deflationary forces these companies bring to the economy. |
Growth Stocks Valuations Technology Innovation |
RatesRapidly rising interest rates in 2022 had an outsized impact on valuations of growth companies. Higher discount rates are being used to value future cash flows, creating valuation pressure despite the manager making portfolio adjustments in 2021 to reduce interest rate exposure. |
Interest Rates Valuations Central Bank Monetary Policy | |
InflationThe manager believes inflation resulted primarily from excessive fiscal spending and overly accommodative monetary policy during the pandemic. They focus on innovation as the primary disinflationary force and expect market-based economies to be self-healing as fear of higher inflation prevents it from materializing. |
Inflation Fiscal Policy Innovation Productivity | |
SemiconductorsSeveral semiconductor investments including Microchip and Lam Research were among the largest detractors in the quarter. The manager believes current valuations reflect an overly pessimistic view of long-term growth potential and added to many existing positions. |
Semiconductors Microchip Lam Research Technology | |
Enterprise SoftwareSoftware investments including Workday, Salesforce, and Okta were significant detractors in the quarter. The manager views current sector valuations as overly pessimistic about long-term growth potential and underestimating deflationary forces, leading them to add to existing positions. |
Software SaaS Workday Salesforce Okta | |
| 2022 Q1 |
RatesRising interest rates significantly impacted portfolio performance as higher rates decrease the net present value of future cash flows for growth companies. The manager reduced exposure to highest growth stocks between March and December 2021 to avoid making explicit bets on interest rate direction. |
Interest Rates Discount Rate Growth Stocks Valuation Cash Flow |
TechnologyTechnology investments led the portfolio down 14.1% versus benchmark technology stocks down 10.4%. The manager believes in the deflationary power of technology and its ability to accelerate innovation cycles to solve global problems, despite near-term rate-driven volatility. |
Technology Innovation Digital Transformation Deflation Growth | |
InflationThe manager questions what part of inflation is structural versus due to pandemic stimulus, noting nobody knows with certainty. They believe technology's deflationary power will accelerate to solve problems, contradicting scenarios of long-term higher inflation. |
Inflation Deflation Technology Stimulus Structural |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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