NZS Growth Equity Strategy reports 24.96% gross return in Q2 2026, citing Lam Research as a top performer amid AI-driven semiconductor demand.
Lam Research Corporation (NASDAQ:LRCX) closed at $306.76 on July 20, 2026, reflecting a 214.01% gain over the past 52 weeks. The company, a key supplier of semiconductor processing equipment, saw its market capitalization reach $383.62 billion.
NZS Capital’s Q2 2026 investor letter attributed the fund’s 24.96% gross return to strong stock selection in semiconductors, software, and industrials, alongside zero exposure to energy. The Morningstar Global Target Market Exposure Index returned 14.79% in the same period.
The rally in LRCX aligns with broader equity market gains driven by AI infrastructure demand, geopolitical stabilization, and positive earnings reports in Q2 2026.