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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, 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
High-conviction positioning: NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Growth Outlook
Market outlook remains above average conviction: NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Risk Appetite
Risk appetite posture is above average conviction: NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Forward Guidance
Forward guidance signal: NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Language Signal
Tone analysis indicates high conviction language: NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
Time Horizon
Investment time horizon reflects a high conviction orientation. NZS Growth Equity delivered a strong +19.39% net return in Q2 2025, significantly beating its index, and actively reallocated capital into new names like Ingersoll Rand and Quanta ...
