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Funds (13F)

Nzs Capital, LLC

Backtest from 23 Jul 2021 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+10.3%
S&P 500 +12.3%
Last 12 months
+9.2%
S&P 500 +12.1%
Sharpe ratio
0.38
S&P 500 0.57
Biggest drop
−38.1%
S&P 500 −23.9%
$10.0k$20.0k 202120222023202420252026 $18.4k$16.8k
Nzs Capital, LLCS&P 500 $10,000 in Nzs Capital, LLC from 23 Jul 2021 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Nzs Capital, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Nzs Capital, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+10.3%+12.3%
Total return+68%+84%
Last 12 months+9.2%+12.1%
Last 3 months+3.7%—
Last month−5.0%—
This year so far+11.1%—
Volatility a year22.8%15.9%
Sharpe ratio0.380.57
Biggest drop−38.1%−23.9%
Beta to the S&P 5001.301.00
Alpha a year (t-statistic)−3.1% (−0.75)—
Share of weeks up55%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
LRCX6.6%——
CDNS5.4%——
APH5.2%——
NVDA4.6%——
TXN4.2%——
KLAC3.4%——
ROP3.1%——
PGR3.0%——
TT2.8%——
URI2.8%——
LIN2.7%——
DHR2.6%——
AJG2.5%——
ISRG2.5%——
PWR2.5%——
SYK2.3%——
ARM2.3%——
SHOP2.3%——
SNOW2.2%——
MRVL2.1%——
DASH1.9%——
IR1.9%——
AXON1.8%——
WDAY1.7%——
MELI1.7%——
LSCC1.6%——
HEI1.6%——
AAPL1.4%——
TYL1.4%——
TOST1.3%——
GLBE1.1%——
FROG1.1%——
NU1.1%——
UBER1.1%——
SAIL1.1%——
CRWD1.0%——
MPWR1.0%——
NET1.0%——
ON0.9%——
TEAM0.9%——
RGEN0.8%——
DSGX0.8%——
DDOG0.7%——
ADI0.7%——
RDDT0.6%——
LITE0.6%——
HTFL0.6%——
MSFT0.5%——
COIN0.4%——
Z0.4%——
AMZN0.4%——
CSGP0.4%——
SNPS0.4%——
AXGN0.4%——
SABR0.3%——
FIG0.3%——
SPOT0.1%——
IOT0.1%——
SPCX0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest23 Jul 2021 to 2 Nov 2026+10.3%+12.3%0.380.57−38.1%1.30−3.1% (−0.75)
Last three years3 Nov 2023 to 2 Nov 2026+20.7%+21.8%0.821.16−20.9%1.26−4.0% (−0.73)
Last year7 Nov 2025 to 2 Nov 2026+12.8%+14.2%0.510.84−15.1%1.17−1.7% (−0.13)
DateCompanyAction
21 Aug 2026SPCXBought
21 Aug 2026ONBought
21 Aug 2026LITEBought
21 Aug 2026DSGXBought
21 Aug 2026DDOGBought
21 Aug 2026AXGNBought
21 Aug 2026AMZNBought
22 May 2026SYKBought
22 May 2026SABRBought
22 May 2026IOTBought
22 May 2026CRMBought
13 Feb 2026TYLBought
13 Feb 2026SPOTBought
13 Feb 2026HTFLBought
13 Feb 2026FROGBought
13 Feb 2026AJGBought
14 Nov 2025WDAYBought
14 Nov 2025SNPSBought
14 Nov 2025MPWRBought
14 Nov 2025ITBought
14 Nov 2025FIGBought
14 Nov 2025ADIBought
15 Aug 2025PWRBought
15 Aug 2025IRBought
16 May 2025SAILBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026PENSold
21 Aug 2026CRMSold
21 Aug 2026AMTSold
21 Aug 2026AFRMSold
22 May 2026TTANSold
22 May 2026PCORSold
22 May 2026NOWSold
22 May 2026MNDYSold
22 May 2026LMNDSold
22 May 2026ITSold
22 May 2026FNDSold
22 May 2026CGNXSold
13 Feb 2026NFLXSold
13 Feb 2026FISVSold
13 Feb 2026CRMSold
13 Feb 2026CMGSold
14 Nov 2025THOSold
14 Nov 2025ONSold
14 Nov 2025MCHPSold
14 Nov 2025ADSKSold
15 Aug 2025CPRTSold
16 May 2025TTDSold
16 May 2025CDWSold
16 May 2025CCJSold
16 May 2025AMDSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest