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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
NZS Capital's Growth Equity strategy returned 24.76% net in Q2 2026, outperforming the index by 9.96% as seemingly insatiable AI infrastructure demand drove strength in semiconductors. All five top contributors came from the semiconductor industry and AI ecosystem, including ARM Holdings, Lam Research, ASML, Taiwan Semiconductor, and Marvell. The manager added NVIDIA back to the portfolio as a resilient position after exiting in Q3 2025, believing lowered valuations compensate for GPU market share risks. The team actively trimmed positions that outperformed into the middle of the portfolio back to optionality, maintaining strict discipline on risk management. Quanta Services was promoted to resilient given narrowing outcomes for grid infrastructure. The manager finds Healthcare increasingly attractive following post-pandemic recovery, with fundamentals returning to growth and the sector offering portfolio construction benefits by being untethered to AI capex. Despite steep derating in quality growth stocks outside AI, the team added materially to Intuitive Surgical, Axogen, and other healthcare names. The portfolio remains overweight Information Technology, Industrials, and Healthcare with 50-65 concentrated positions.
NZS Capital maintains concentrated exposure to AI infrastructure and semiconductors while selectively adding to Healthcare where multiple compression has created attractive entry points despite improving fundamentals and emerging tailwinds.
The manager views the current environment as presenting attractive opportunities in Healthcare given improving fundamentals, potential emerging tailwinds, and portfolio construction benefits from the sector being uncorrelated to AI capex spending. The team continues to maintain overweight positions in Information Technology, Industrials, and Healthcare. The manager expects to benefit from continued AI infrastructure demand while maintaining discipline around position sizing for stocks with wide ranging outcomes. The tone is constructive with selective optimism around specific sectors and themes, particularly where valuations have compressed despite solid fundamentals.
As of Jul 17, 2026
Founded by Brinton Johns and Brad Slingerlend, both veterans of Janus Henderson with extensive technology investing experience. Johns started his career in 2000, progressing to lead global technology research before co-founding NZS Capital. Slingerlend joined Janus Henderson in 1998, managing global technology strategies until 2018. The firm operates under an employee-owned structure with a collaborative, flat organizational hierarchy that emphasizes team-based decision making and high-functioning teams aligned with their investment philosophy.
NZS Capital's philosophy stems from the game theory term 'Non Zero Sumness,' focusing on creating win-win outcomes for all stakeholders. The firm employs 'Complexity Investing,' a proprietary framework that views markets through Complex Adaptive Systems rather than traditional economic theory. They invest in innovative companies that demonstrate adaptability and create sustainable competitive advantages through network effects and collaborative value creation. Portfolio construction combines resilient core holdings of 15-20 high-quality businesses with optionality positions representing asymmetric growth opportunities.
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