NZS Capital, LLC, an investment management company, released its "NZS Growth Equity Strategy" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Equity markets delivered a strong performance in the second quarter of 2026, driven by demand for AI infrastructure, geopolitical stabilization, and positive earnings reports. The portfolio achieved a gross return of +24.96% and a net return of +24.76%, significantly outperforming the +14.79% return for the Morningstar Global Target Market Exposure Index. Overweight in Semiconductors, stock selection in areas like Software and Industrials, and zero exposure to Energy contributed to the Strategy's outperformance in the quarter. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, NZS Growth Equity Strategy highlighted Quanta Services, Inc. (NYSE:PWR). Quanta Services, Inc. (NYSE:PWR) is an infrastructure services company that provides engineering and construction services to utilities, energy infrastructure, and telecommunications projects. On July 20, 2026, Quanta Services, Inc. (NYSE:PWR) closed at $632.56 per share. One-month return of Quanta Services, Inc. (NYSE:PWR) was -9.93%, and its shares gained 60.17% over the past 52 weeks. Quanta Services, Inc. (NYSE:PWR) has a market capitalization of $94.92 billion.
NZS Growth Equity Strategy stated the following regarding Quanta Services, Inc. (NYSE:PWR) in its Q2 2026 investor update:
"Those familiar with our strategy may know a key part of our process concerns reassessment of optional positions that outperform their way into the "middle" of the portfolio. If the team determines that the range of outcomes has narrowed enough for promotion to a resilient position, we add capital; otherwise, we trim the position back to optionality. While we might leave incremental upside on the table, we believe this strict reduction in overactive stocks with wide ranging outcomes allows us to continue benefiting from further upside without letting risk run. This quarter, the portfolio had five positions that worked their way into the middle – a few even ran all the way through the middle in a single day. This situation is unusual and perhaps symptomatic of the volatility in the market. Quanta Services, Inc. (NYSE:PWR) also ran into the middle during the quarter, and we ultimately decided to add capital and promote the position to resilient, reflecting our view that the fundamental range of outcomes for Quanta's business – a US provider of craft labor for electricity generation, transmission, and distribution infrastructure – has continued to narrow."
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