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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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NZS Capital - Growth 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (NZS Capital - Growth)

Primary Source Intelligence • Q1 2026 Letter Analysis

NZS Capital - Growth Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, NZS Capital - Growth. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD-9%

YTD-9%

Annualized+16.68%

Positioning StanceNEUTRAL

GeographyGlobal

Digest Analysis

Quick Take

"The manager is aggressively buying the software selloff, focusing on vertical market players with defensible moats. Healthcare additions capitalize on normalized fundamentals and GLP-1 tailwinds."

Executive Summary

NZS Capital's growth strategy fell 8.91% in Q1 as AI disruption fears hammered software while semiconductors outperformed on infrastructure demand. The manager is aggressively buying the software selloff, focusing on vertical market players with defensible moats. Healthcare additions capitalize on normalized fundamentals and GLP-1 tailwinds. Current growth valuations offer compelling multi-year opportunities.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

Manager demonstrates moderate-high conviction through specific position sizing decisions, named holdings with clear rationales, and decisive action in adding to software during selloff. Portfolio holds 50-70 names with clear thesis articulation for major positions, though some hedging language around AI disruption risks prevents higher scoring.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager sees compelling opportunities emerging from market weakness, describing growth equity valuations as at the most attractive levels in some time. While acknowledging current headwinds from inflation and rates, the tone is constructive about positioning for recovery.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

Portfolio is actively deploying capital into software opportunities and adding healthcare positions. Manager is harvesting from resilient positions to fund optional ideas that have become compelling, indicating selective risk-taking appetite.

Capital Deployment

45%

De-riskingDeploying

Net Neutral (45%)

Active deployment evident through harvesting resilient positions to fund optional ideas, adding to software sector, and introducing new healthcare positions. Multiple new additions including Stryker, Tyler Technologies, and WuXi XDC indicate moderate deployment activity.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

Manager is actively deploying into software opportunities described as compelling multi-year investments. Clear bias toward adding positions in attractive areas while maintaining selective approach to new investments.

Language Signal

30%

BearishBullish

Bearish (30%)

Language balances opportunity-focused terms like compelling, attractive, and multi-year opportunities with risk acknowledgment around disruption concerns and market weakness. Net positive directional language but measured.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

Manager identifies specific risks including AI disruption to software platforms, seat reduction risks from AI efficiency, and macro headwinds from inflation and rates. Detailed discussion of software displacement scenarios and market uncertainty indicates meaningful risk awareness.

Opportunity Density

75%

ScarceAbundant

Abundant (75%)

Manager sees abundant opportunities, particularly describing software selloff as providing some of the most compelling multi-year opportunities in the market. Growth equity valuations characterized as most attractive in some time, indicating rich opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Manager emphasizes multi-year opportunities in software and describes positioning for longer-term value realization. Discussion of companies adapting to AI over time and focus on sustainable competitive advantages suggests 2-5 year investment horizon.