NZS Growth Equity Strategy added Nvidia NASDAQ:NVDA back to its portfolio during the second quarter while increasing stakes in several high-conviction technology and healthcare names.
The fund returned 24.96% gross and 24.76% net during the quarter, comfortably ahead of the Morningstar Global Target Market Exposure Index's 14.79% gain.
NZS focuses on companies with durable growth, strong competitive positions and long-term upside from structural trends. Alongside Nvidia, it boosted holdings in ASML NASDAQ:ASML, Amphenol NYSE:APH, Intuitive Surgical NASDAQ:ISRG, Axon NASDAQ:AXON, HeartFlow NASDAQ:HTFL and Stryker.
The fund also opened smaller optionality positions in ON Semiconductor, CrowdStrike NASDAQ:CRWD, Datadog NASDAQ:DDOG, Lumentum NASDAQ:LITE, Descartes, CATL, Axogen NASDAQ:AXGN and WuXi XDC. At the same time, it reduced Arm, Marvell, Lattice Semiconductor NASDAQ:LSCC and Snowflake NYSE:SNOW to optionality-sized positions.