NZS Capital Q4 2025 Shareholder Letter: Portfolio Returns and Performance Overview

NZS Growth Equity strategy reported a gross return of -1.18% and net return of -1.35% for Q4 2025, underperforming the Morningstar Global Target Market Exposure Index by 4.71%. For the full year, the strategy generated a gross return of +18.76% and a net return of +17.94%, versus +22.23% for the Index. Top contributors to returns included Alphabet, Danaher, Lam Research, Taiwan Semiconductor, and Intuitive Surgical, while the largest detractors were Fiserv, Cadence, Linde, United Rentals, and Progressive.