NZS Growth Equity adds Nvidia, boosts stakes in ASML and Axon among Q2 moves

NZS Growth Equity Strategy reported a strong second quarter, delivering a 24.96% gross return and 24.76% net return, well ahead of the 14.79% return on the Morningstar Global Target Market Exposure Index. The article highlights the fund’s Q2 portfolio changes, notably adding Nvidia and increasing stakes in ASML and Axon. These moves reinforce a pro-growth, AI/semiconductor/defense-technology tilt, signaling continued investor conviction in leading technology and infrastructure names. The discussion is primarily fund-positioning commentary rather than a direct company-specific catalyst, but it underscores ongoing institutional interest in Nvidia-related AI exposure and in semiconductor capital equipment and security/defense technology stocks.