The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2023
NZS Capital's Growth strategy returned 16% in Q1 2023, outperforming the benchmark's 7.11% return, driven primarily by technology holdings including Salesforce, Cadence Design, and Workday. The firm's underweight in traditional banks proved beneficial amid financial sector concerns, while maintaining exposure to digital payment companies. The portfolio combines resilient businesses with optionality positions focused on the analog-to-digital economic transition. Generative AI emerged as a key theme, with ChatGPT reaching 100M users faster than any app in history, prompting portfolio adjustments to favor AI beneficiaries and infrastructure providers. The firm expects semiconductor companies to benefit from increased AI spending, with AI servers requiring significantly more memory content. While acknowledging risks from interest rate policies and potential financial contagion, management believes they are closer to the end of valuation compression and expects markets to shift from macro-focused to company-centric environments. The strategy maintains its complexity investing approach, seeking companies that maximize non-zero-sum outcomes across all stakeholders.
NZS Capital focuses on companies leading the analog-to-digital transition of the global economy, combining resilient businesses with optionality positions to navigate increasing change and capitalize on AI-driven disruption.
The firm expects continued focus on interest rates, recession fears, and financial contagion risks, but believes they are closer to the end of valuation compression. They anticipate a shift from macro-focused markets to company-centric environments, with AI driving continued disruption and opportunity in semiconductor infrastructure.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with NZS Capital Technology or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.