NZS Capital’s Q3 2025 Investor Letter

NZS Capital, LLC, an investment management company, released its “NZS Growth Equity Strategy” third-quarter 2025 investor letter. Equity markets continued their rally in the third quarter, which began in the previous quarter. The strategy returned +4.09% (a net return of +3.93%) for the quarter, compared to +7.60% for the Morningstar Global Target Market Exposure (NR) index over the same period. YTD, the fund returned +20.18% (net return of +19.60%) compared to the index’s +18.26% return. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

A copy of NZS Capital’s Q3 2025 investor letter can be downloaded here.