NZS Capital, LLC Diversified Active

CIK: 0001816616 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $3,260,150 (100.0% shares, 0.0% debt)

Holdings (62)

New Positions (5)

AJG GALLAGHER ARTHUR J & CO 1.8%

Value ($000) $59,445 Shares 229,704 Est. Cost $264.22 Unrealized 0.0%

TYL TYLER TECHNOLOGIES INC 0.5%

Value ($000) $14,808 Shares 32,620 Est. Cost $476.40 Unrealized 0.0%

FROG JFROG LTD 0.5%

Value ($000) $14,756 Shares 236,247 Est. Cost $56.87 Unrealized 0.0%

HTFL HEARTFLOW INC 0.2%

Value ($000) $6,112 Shares 209,688 Est. Cost $32.19 Unrealized 0.0%

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value ($000) $3,495 Shares 6,019 Est. Cost $625.13 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AJG	GALLAGHER ARTHUR J & CO	229,704	$59,445	1.8%	$264.22	0.0%	COM	363576109
TYL	TYLER TECHNOLOGIES INC	32,620	$14,808	0.5%	$476.40	0.0%	COM	902252105
FROG	JFROG LTD	236,247	$14,756	0.5%	$56.87	0.0%	ORD SHS	M6191J100
HTFL	HEARTFLOW INC	209,688	$6,112	0.2%	$32.19	0.0%	COM	42238D107
SPOT	SPOTIFY TECHNOLOGY S A	6,019	$3,495	0.1%	$625.13	0.0%	SHS	L8681T102

Increased Positions (29)

DHR DANAHER CORPORATION 4.4%

Value ($000) $144,372 (+48.4%) Shares 630,666 (+28.5%) Est. Cost $216.33 Unrealized +1.5%

AMT AMERICAN TOWER CORP NEW 3.3%

Value ($000) $109,130 (+28.9%) Shares 621,577 (+41.2%) Est. Cost $198.84 Unrealized -9.3%

TT TRANE TECHNOLOGIES PLC 2.3%

Value ($000) $75,028 (+36.6%) Shares 192,774 (+48.1%) Est. Cost $317.00 Unrealized +30.5%

AAPL APPLE INC 1.7%

Value ($000) $56,801 (+38.3%) Shares 208,934 (+29.6%) Est. Cost $204.38 Unrealized +31.3%

LIN LINDE PLC 3.2%

Value ($000) $104,186 (+14.4%) Shares 244,345 (+27.4%) Est. Cost $409.61 Unrealized +4.3%

TEAM ATLASSIAN CORPORATION 1.4%

Value ($000) $45,983 (+36.3%) Shares 283,603 (+34.3%) Est. Cost $212.60 Unrealized -26.2%

PEN PENUMBRA INC 1.0%

Value ($000) $33,760 (+53.2%) Shares 108,586 (+24.8%) Est. Cost $221.91 Unrealized +24.5%

AXON AXON ENTERPRISE INC 1.0%

Value ($000) $31,087 (+52.7%) Shares 54,737 (+92.9%) Est. Cost $465.21 Unrealized +33.4%

UBER UBER TECHNOLOGIES INC 1.8%

Value ($000) $59,179 (+21.8%) Shares 724,254 (+46.1%) Est. Cost $71.99 Unrealized +25.1%

ROP ROPER TECHNOLOGIES INC 3.1%

Value ($000) $100,740 (-7.7%) Shares 226,315 (+3.4%) Est. Cost $535.68 Unrealized -13.7%

IT GARTNER INC 2.3%

Value ($000) $76,008 (+12.1%) Shares 301,284 (+16.8%) Est. Cost $284.34 Unrealized -15.4%

WDAY WORKDAY INC 3.2%

Value ($000) $104,936 (+7.5%) Shares 488,576 (+20.5%) Est. Cost $230.54 Unrealized -1.4%

ADI ANALOG DEVICES INC 0.6%

Value ($000) $18,680 (+55.4%) Shares 68,879 (+40.8%) Est. Cost $242.33 Unrealized +3.4%

RGEN REPLIGEN CORP 1.0%

Value ($000) $32,576 (+23.8%) Shares 198,803 (+1.0%) Est. Cost $145.55 Unrealized +7.6%

CGNX COGNEX CORP 0.8%

Value ($000) $24,929 (-19.8%) Shares 692,849 (+1.0%) Est. Cost $40.21 Unrealized +0.6%

TTAN SERVICETITAN INC 1.2%

Value ($000) $38,575 (+11.9%) Shares 362,203 (+6.0%) Est. Cost $107.35 Unrealized -9.0%

IR INGERSOLL RAND INC 2.4%

Value ($000) $77,833 (+5.4%) Shares 982,491 (+10.0%) Est. Cost $80.17 Unrealized -1.5%

MELI MERCADOLIBRE INC 1.4%

Value ($000) $46,809 (-6.5%) Shares 23,239 (+8.5%) Est. Cost $1478.94 Unrealized +42.0%

NOW SERVICENOW INC 0.7%

Value ($000) $21,857 (-10.3%) Shares 142,676 (+438.7%) Est. Cost $171.18 Unrealized +0.2%

DASH DOORDASH INC 1.0%

Value ($000) $31,932 (+8.1%) Shares 140,991 (+29.9%) Est. Cost $131.54 Unrealized +78.3%

LMND LEMONADE INC 0.3%

Value ($000) $9,280 (+34.3%) Shares 130,379 (+1.0%) Est. Cost $35.68 Unrealized +88.3%

CSGP COSTAR GROUP INC 0.9%

Value ($000) $29,677 (-5.8%) Shares 441,362 (+18.2%) Est. Cost $76.93 Unrealized -7.9%

Z ZILLOW GROUP INC 0.8%

Value ($000) $26,383 (+6.1%) Shares 386,733 (+19.8%) Est. Cost $54.32 Unrealized +33.3%

PCOR PROCORE TECHNOLOGIES INC 1.7%

Value ($000) $56,236 (+2.7%) Shares 773,108 (+3.0%) Est. Cost $63.43 Unrealized +16.6%

FIG FIGMA INC 0.2%

Value ($000) $6,672 (-17.3%) Shares 178,537 (+14.8%) Est. Cost $65.64 Unrealized -31.2%

PWR QUANTA SVCS INC 1.3%

Value ($000) $43,581 (+3.0%) Shares 103,258 (+1.2%) Est. Cost $350.07 Unrealized +25.5%

TXN TEXAS INSTRS INC 2.8%

Value ($000) $90,607 (-1.2%) Shares 522,259 (+4.6%) Est. Cost $166.02 Unrealized +2.8%

SAIL SAILPOINT INC 1.2%

Value ($000) $39,644 (+2.8%) Shares 1,959,650 (+12.2%) Est. Cost $20.43 Unrealized +2.0%

HEI/A HEICO CORP NEW 1.5%

Value ($000) $50,394 (+0.4%) Shares 199,636 (+1.0%) Est. Cost $181.04 Unrealized +36.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORPORATION	630,666 (+28.5%)	$144,372 (+48.4%)	4.4%	$216.33	+1.5%	COM	235851102
AMT	AMERICAN TOWER CORP NEW	621,577 (+41.2%)	$109,130 (+28.9%)	3.3%	$198.84	-9.3%	COM	03027X100
TT	TRANE TECHNOLOGIES PLC	192,774 (+48.1%)	$75,028 (+36.6%)	2.3%	$317.00	+30.5%	SHS	G8994E103
AAPL	APPLE INC	208,934 (+29.6%)	$56,801 (+38.3%)	1.7%	$204.38	+31.3%	COM	037833100
LIN	LINDE PLC	244,345 (+27.4%)	$104,186 (+14.4%)	3.2%	$409.61	+4.3%	SHS	G54950103
TEAM	ATLASSIAN CORPORATION	283,603 (+34.3%)	$45,983 (+36.3%)	1.4%	$212.60	-26.2%	CL A	049468101
PEN	PENUMBRA INC	108,586 (+24.8%)	$33,760 (+53.2%)	1.0%	$221.91	+24.5%	COM	70975L107
AXON	AXON ENTERPRISE INC	54,737 (+92.9%)	$31,087 (+52.7%)	1.0%	$465.21	+33.4%	COM	05464C101
UBER	UBER TECHNOLOGIES INC	724,254 (+46.1%)	$59,179 (+21.8%)	1.8%	$71.99	+25.1%	COM	90353T100
ROP	ROPER TECHNOLOGIES INC	226,315 (+3.4%)	$100,740 (-7.7%)	3.1%	$535.68	-13.7%	COM	776696106
IT	GARTNER INC	301,284 (+16.8%)	$76,008 (+12.1%)	2.3%	$284.34	-15.4%	COM	366651107
WDAY	WORKDAY INC	488,576 (+20.5%)	$104,936 (+7.5%)	3.2%	$230.54	-1.4%	CL A	98138H101
ADI	ANALOG DEVICES INC	68,879 (+40.8%)	$18,680 (+55.4%)	0.6%	$242.33	+3.4%	COM	032654105
RGEN	REPLIGEN CORP	198,803 (+1.0%)	$32,576 (+23.8%)	1.0%	$145.55	+7.6%	COM	759916109
CGNX	COGNEX CORP	692,849 (+1.0%)	$24,929 (-19.8%)	0.8%	$40.21	+0.6%	COM	192422103
TTAN	SERVICETITAN INC	362,203 (+6.0%)	$38,575 (+11.9%)	1.2%	$107.35	-9.0%	SHS CL A	81764X103
IR	INGERSOLL RAND INC	982,491 (+10.0%)	$77,833 (+5.4%)	2.4%	$80.17	-1.5%	COM	45687V106
MELI	MERCADOLIBRE INC	23,239 (+8.5%)	$46,809 (-6.5%)	1.4%	$1478.94	+42.0%	COM	58733R102
NOW	SERVICENOW INC	142,676 (+438.7%)	$21,857 (-10.3%)	0.7%	$171.18	+0.2%	COM	81762P102
DASH	DOORDASH INC	140,991 (+29.9%)	$31,932 (+8.1%)	1.0%	$131.54	+78.3%	CL A	25809K105
LMND	LEMONADE INC	130,379 (+1.0%)	$9,280 (+34.3%)	0.3%	$35.68	+88.3%	COM	52567D107
CSGP	COSTAR GROUP INC	441,362 (+18.2%)	$29,677 (-5.8%)	0.9%	$76.93	-7.9%	COM	22160N109
Z	ZILLOW GROUP INC	386,733 (+19.8%)	$26,383 (+6.1%)	0.8%	$54.32	+33.3%	CL C CAP STK	98954M200
PCOR	PROCORE TECHNOLOGIES INC	773,108 (+3.0%)	$56,236 (+2.7%)	1.7%	$63.43	+16.6%	COM	74275K108
FIG	FIGMA INC	178,537 (+14.8%)	$6,672 (-17.3%)	0.2%	$65.64	-31.2%	CLASS A COM STK	316841105
PWR	QUANTA SVCS INC	103,258 (+1.2%)	$43,581 (+3.0%)	1.3%	$350.07	+25.5%	COM	74762E102
TXN	TEXAS INSTRS INC	522,259 (+4.6%)	$90,607 (-1.2%)	2.8%	$166.02	+2.8%	COM	882508104
SAIL	SAILPOINT INC	1,959,650 (+12.2%)	$39,644 (+2.8%)	1.2%	$20.43	+2.0%	COM	78781J109
HEI/A	HEICO CORP NEW	199,636 (+1.0%)	$50,394 (+0.4%)	1.5%	$181.04	+36.4%	CL A	422806208

Exited Positions (4)

FISV FISERV INC 2.2%

Value ($000) $70,151 Shares 544,102 Est. Cost $128.13 Unrealized -34.5%

CMG CHIPOTLE MEXICAN GRILL INC 0.8%

Value ($000) $25,872 Shares 660,172 Est. Cost $57.43 Unrealized -37.0%

CRM SALESFORCE INC 0.6%

Value ($000) $19,161 Shares 80,846 Est. Cost $251.00 Unrealized -1.1%

NFLX NETFLIX INC 0.2%

Value ($000) $7,322 Shares 6,107 Est. Cost $54.90 Unrealized +96.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	544,102	$70,151	2.2%	$128.13	-34.5%	—	337738108
CMG	CHIPOTLE MEXICAN GRILL INC	660,172	$25,872	0.8%	$57.43	-37.0%	—	169656105
CRM	SALESFORCE INC	80,846	$19,161	0.6%	$251.00	-1.1%	—	79466L302
NFLX	NETFLIX INC	6,107	$7,322	0.2%	$54.90	+96.4%	—	64110L106

Decreased Positions (13)

APH AMPHENOL CORP NEW 2.0%

Value ($000) $65,668 (-39.8%) Shares 485,926 (-44.9%) Est. Cost $51.97 Unrealized +157.0%

GOOG ALPHABET INC 7.8%

Value ($000) $255,864 (+17.9%) Shares 815,373 (-8.5%) Est. Cost $122.64 Unrealized +133.5%

CDNS CADENCE DESIGN SYSTEM INC 4.5%

Value ($000) $146,868 (-18.5%) Shares 469,857 (-8.4%) Est. Cost $218.18 Unrealized +49.6%

SHOP SHOPIFY INC 1.9%

Value ($000) $61,060 (-34.9%) Shares 379,328 (-39.9%) Est. Cost $55.35 Unrealized +190.1%

ARM ARM HOLDINGS PLC 1.4%

Value ($000) $45,008 (-29.0%) Shares 411,748 (-8.1%) Est. Cost $149.20 Unrealized —

URI UNITED RENTALS INC 2.2%

Value ($000) $72,956 (-19.8%) Shares 90,145 (-5.4%) Est. Cost $520.56 Unrealized +66.6%

PGR PROGRESSIVE CORP 3.3%

Value ($000) $106,656 (-13.7%) Shares 468,365 (-6.4%) Est. Cost $170.13 Unrealized +24.8%

LRCX LAM RESEARCH CORP 3.9%

Value ($000) $126,617 (-11.7%) Shares 739,673 (-30.9%) Est. Cost $75.89 Unrealized +104.7%

MNDY MONDAY COM LTD 0.1%

Value ($000) $2,456 (-80.5%) Shares 16,646 (-74.4%) Est. Cost $236.93 Unrealized -28.9%

LSCC LATTICE SEMICONDUCTOR CORP 1.2%

Value ($000) $40,566 (-17.6%) Shares 551,323 (-17.9%) Est. Cost $61.68 Unrealized —

NVDA NVIDIA CORPORATION 1.7%

Value ($000) $54,853 (-12.6%) Shares 294,117 (-12.6%) Est. Cost $107.63 Unrealized +72.9%

MRVL MARVELL TECHNOLOGY INC 1.1%

Value ($000) $35,722 (-17.9%) Shares 420,357 (-18.7%) Est. Cost $81.19 Unrealized +7.7%

KLAC KLA CORP 1.7%

Value ($000) $56,884 (+11.0%) Shares 46,815 (-1.5%) Est. Cost $336.29 Unrealized +248.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APH	AMPHENOL CORP NEW	485,926 (-44.9%)	$65,668 (-39.8%)	2.0%	$51.97	+157.0%	CL A	032095101
GOOG	ALPHABET INC	815,373 (-8.5%)	$255,864 (+17.9%)	7.8%	$122.64	+133.5%	CAP STK CL C	02079K107
CDNS	CADENCE DESIGN SYSTEM INC	469,857 (-8.4%)	$146,868 (-18.5%)	4.5%	$218.18	+49.6%	COM	127387108
SHOP	SHOPIFY INC	379,328 (-39.9%)	$61,060 (-34.9%)	1.9%	$55.35	+190.1%	CL A SUB VTG SHS	82509L107
ARM	ARM HOLDINGS PLC	411,748 (-8.1%)	$45,008 (-29.0%)	1.4%	$149.20	—	SPONSORED ADS	042068205
URI	UNITED RENTALS INC	90,145 (-5.4%)	$72,956 (-19.8%)	2.2%	$520.56	+66.6%	COM	911363109
PGR	PROGRESSIVE CORP	468,365 (-6.4%)	$106,656 (-13.7%)	3.3%	$170.13	+24.8%	COM	743315103
LRCX	LAM RESEARCH CORP	739,673 (-30.9%)	$126,617 (-11.7%)	3.9%	$75.89	+104.7%	COM NEW	512807306
MNDY	MONDAY COM LTD	16,646 (-74.4%)	$2,456 (-80.5%)	0.1%	$236.93	-28.9%	SHS	M7S64H106
LSCC	LATTICE SEMICONDUCTOR CORP	551,323 (-17.9%)	$40,566 (-17.6%)	1.2%	$61.68	—	COM	518415104
NVDA	NVIDIA CORPORATION	294,117 (-12.6%)	$54,853 (-12.6%)	1.7%	$107.63	+72.9%	COM	67066G104
MRVL	MARVELL TECHNOLOGY INC	420,357 (-18.7%)	$35,722 (-17.9%)	1.1%	$81.19	+7.7%	COM	573874104
KLAC	KLA CORP	46,815 (-1.5%)	$56,884 (+11.0%)	1.7%	$336.29	+248.5%	COM NEW	482480100

Unchanged Positions (15)

ISRG INTUITIVE SURGICAL INC 1.9%

Value ($000) $62,869 Shares 111,005 Est. Cost $356.67 Unrealized +49.3%

COIN COINBASE GLOBAL INC 0.6%

Value ($000) $19,233 Shares 85,051 Est. Cost $242.36 Unrealized +22.9%

GLBE GLOBAL E ONLINE LTD 1.2%

Value ($000) $37,681 Shares 958,551 Est. Cost $40.16 Unrealized -7.6%

FND FLOOR & DECOR HLDGS INC 0.5%

Value ($000) $16,457 Shares 270,274 Est. Cost $93.36 Unrealized -30.6%

NU NU HLDGS LTD 1.6%

Value ($000) $51,331 Shares 3,066,393 Est. Cost $10.75 Unrealized +49.6%

MSFT MICROSOFT CORP 1.1%

Value ($000) $35,811 Shares 74,048 Est. Cost $265.11 Unrealized +88.8%

SNPS SYNOPSYS INC 1.4%

Value ($000) $44,873 Shares 95,531 Est. Cost $565.30 Unrealized -21.4%

NET CLOUDFLARE INC 0.6%

Value ($000) $21,004 Shares 106,537 Est. Cost $77.41 Unrealized +173.3%

SNOW SNOWFLAKE INC 1.7%

Value ($000) $54,502 Shares 248,459 Est. Cost $156.89 Unrealized +55.6%

TOST TOAST INC 1.4%

Value ($000) $46,039 Shares 1,296,518 Est. Cost $21.05 Unrealized +71.2%

AFRM AFFIRM HLDGS INC 0.8%

Value ($000) $26,802 Shares 360,091 Est. Cost $38.72 Unrealized +85.9%

HEI HEICO CORP NEW 1.1%

Value ($000) $36,749 Shares 113,566 Est. Cost $213.95 Unrealized +47.7%

CRWD CROWDSTRIKE HLDGS INC 0.1%

Value ($000) $4,740 Shares 10,111 Est. Cost $414.22 Unrealized +22.9%

MPWR MONOLITHIC PWR SYS INC 0.7%

Value ($000) $23,755 Shares 26,209 Est. Cost $808.07 Unrealized +18.9%

RDDT REDDIT INC 0.7%

Value ($000) $21,635 Shares 94,117 Est. Cost $146.74 Unrealized +43.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ISRG	INTUITIVE SURGICAL INC	111,005	$62,869	1.9%	$356.67	+49.3%	COM NEW	46120E602
COIN	COINBASE GLOBAL INC	85,051	$19,233	0.6%	$242.36	+22.9%	COM CL A	19260Q107
GLBE	GLOBAL E ONLINE LTD	958,551	$37,681	1.2%	$40.16	-7.6%	SHS	M5216V106
FND	FLOOR & DECOR HLDGS INC	270,274	$16,457	0.5%	$93.36	-30.6%	CL A	339750101
NU	NU HLDGS LTD	3,066,393	$51,331	1.6%	$10.75	+49.6%	ORD SHS CL A	G6683N103
MSFT	MICROSOFT CORP	74,048	$35,811	1.1%	$265.11	+88.8%	COM	594918104
SNPS	SYNOPSYS INC	95,531	$44,873	1.4%	$565.30	-21.4%	COM	871607107
NET	CLOUDFLARE INC	106,537	$21,004	0.6%	$77.41	+173.3%	CL A COM	18915M107
SNOW	SNOWFLAKE INC	248,459	$54,502	1.7%	$156.89	+55.6%	COM SHS	833445109
TOST	TOAST INC	1,296,518	$46,039	1.4%	$21.05	+71.2%	CL A	888787108
AFRM	AFFIRM HLDGS INC	360,091	$26,802	0.8%	$38.72	+85.9%	COM CL A	00827B106
HEI	HEICO CORP NEW	113,566	$36,749	1.1%	$213.95	+47.7%	COM	422806109
CRWD	CROWDSTRIKE HLDGS INC	10,111	$4,740	0.1%	$414.22	+22.9%	CL A	22788C105
MPWR	MONOLITHIC PWR SYS INC	26,209	$23,755	0.7%	$808.07	+18.9%	COM	609839105
RDDT	REDDIT INC	94,117	$21,635	0.7%	$146.74	+43.3%	CL A	75734B100