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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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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.
"NZS Capital delivered 24.76% net returns in Q2 2026 driven by concentrated semiconductor exposure capturing AI infrastructure demand. The manager re-entered NVIDIA at attractive valuations while trimming momentum winners back to optionality."
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.
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