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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta Services while highlighting Toast as a core asymmetric compounder."
NZS Growth Equity returned +19.39% Net in Q2 2025, outperforming the Morningstar Global Target Market Exposure Index (+11.41%). Outperformance was driven by top contributors Amphenol, TSMC, Cadence, NVIDIA, and Cloudflare. No sectors detracted from returns. The fund took advantage of Q2 volatility to reallocate capital, exiting Microsoft and Copart to initiate positions in Ingersoll Rand, Quanta Services, and SailPoint. A deep-dive discussion highlights focus position Toast (TOST) as a top vertical software player with powerful local network effects and margin upside exceeding 40% over time.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon