NZS Capital LLC

NZS Capital, LLC is an SEC-registered investment manager that provides discretionary portfolio management to institutional separately managed accounts and private funds, overseeing roughly $4.06 billion in discretionary assets. Clients are primarily large institutions—trusts, foundations, endowments and pooled vehicles—and the firm discloses relationships with several less-common client types for its category, including sovereign wealth funds, charitable organizations, pension or profit-sharing plans, and corporate/business clients.

The firm combines fundamental research with quantitative modeling to invest in public equities and special situations across technology, healthcare, industrials, financials, consumer and energy sectors. Its portfolio construction emphasizes long-duration growth, resilience and optionality (for example, network effects and management quality), and NZS operates on a discretionary basis with trade aggregation and allocation policies intended to address conflicts that can arise from performance-based compensation arrangements.

NZS’s structure and operations are distinguishable from many peers: it acts as general partner for its funds (with fund assets held by qualified custodians and subject to annual PCAOB-audited financials), relies on the QPAM exemption when managing ERISA plan assets, and maintains an operational and proxy support relationship with Jupiter Asset Management while disclosing a minority ownership interest by Jupiter Investment Management Holdings LLC and majority employee ownership. The firm typically negotiates sizable institutional mandates and documents specific compliance and trade error policies reflective of its pooled-vehicle and institutional focus.