NZS Capital, LLC

NZS Capital LLC operates a $3.00B, 58-name 13F whose defining feature is extreme concentration through single-stock conviction rather than passive vehicle deployment — the top layer contains only single-name equities with zero ETFs, led by Alphabet (GOOG) at 7.3%, Cadence Design Systems (CDNS) at 4.9%, and Lam Research (LRCX) at 4.1%, three names that alone account for roughly 16% of a $3B portfolio in what is effectively a highly researched, name-selective mandate. With whaleScore of 62.25 reflecting concentration metrics appropriate to a 58-name book and average position size approaching $50M, this fund is among the most concentrated institutional players in this asset cohort — every position is large enough to indicate genuine research commitment and every portfolio change signals a deliberate conviction shift rather than a tracking-error event. The Q1 changes, topping out around 17-18 total, represent surgical moves in a concentrated portfolio rather than rebalancing noise.