NZS Capital Q3 2025 Shareholder Letter

Pawel Kacperek/iStock via Getty Images Dear Investors and Friends, The NZS Growth Equity strategy (“strategy” or “portfolio”) had a gross return of +4.09% and net return of +3.93% for the third quarter as compared to +7.60% for the Morningstar Global Target Market Exposure Index (the “Index”) over the same period. Year-to-date, the strategy has generated a gross return of +20.18% and a net return of +19.60%, versus +18.26% for the Index.   PERIODIC RETURNS (%)* QTD 1Y (ANN) 3Y (ANN) 5Y (ANN) SI (ANN)    ...