NZS Capital Q2 2025 Shareholder Letter: NZS Growth Equity Strategy Outperforms Index with 19.57% Gross Return

The NZS Growth Equity strategy had a gross return of +19.57% and net return of +19.39% in Q2 2025, outperforming the Morningstar Global Target Market Exposure Index (+11.41%). The portfolio's top contributors included Amphenol, Taiwan Semiconductor, Cadence, NVIDIA, and Cloudflare. No sectors detracted from returns in the quarter. The strategy added to existing positions in Arm Holdings, NVIDIA, Danaher, Cadence, and Marvell, and introduced new holdings in Lam Research and MercadoLibre.