NZS Capital Q2 2026 Shareholder Letter Highlights Strong Returns Driven by AI Infrastructure
NZS Capital's Q2 2026 shareholder letter reports strong performance for its Growth Equity strategy, with gross returns of +24.96% and net returns of +24.76%, significantly outperforming the Morningstar Global Target Market Exposure Index's +14.79%. Year-to-date, the strategy returned +14.03% gross and +13.63% net versus the index's +11.00%. The letter attributes outperformance to an overweight in Semiconductors, stock selection in Software and Industrials, and a zero weight to Energy, driven by robust demand for AI infrastructure, geopolitical stabilization, and positive earnings. Top contributors included ARM Holdings, Lam Research, ASML Holdings, Taiwan Semiconductor, and Marvell, all within the AI ecosystem. Detractors included Intuitive Surgical, Nintendo, Tyler Technologies, ON Semiconductor, and CoStar Group. The letter notes that Real Estate and Healthcare sectors contributed negatively, while Information Technology, Industrials, and Communication Services led gains.
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