Many traditional investment models fail to account for rapid innovation and disruption. We've chosen to partner with NZS Capital because their approach moves beyond traditional economic models to focus on adaptability and resilience, not on trying to predict an unpredictable future.
We recently spoke with the team about their investment model.
The Founders' Story
Brad Slingerlend and Brinton Johns have been investing together for more than 20 years. They were joined by Jon Bathgate and Joe Furmanski shortly after their formative years at Janus Henderson Investors.
In 2019, they launched NZS Capital, driven by a desire for a more agile structure. This new model was founded on their Complexity Investing approach designed to create closer alignment with both their team and their investors. Today, the firm manages over US$4 billion in assets, guided by the same Day 1 principles it was founded on.
The NZS Capital Philosophy
The team’s unique philosophy began to form around 2011, as they started to question whether traditional investing and economic models were truly effective. Seeking new perspectives, they turned to the Santa Fe Institute, the birthplace of Complex Adaptive Systems.
This framework inspired them to look beyond traditional forecasting models. They found their answer in biological systems, building a process focused on two key principles: Adaptability and Non-Zero-Sumness (NZS).
“If humans can’t reliably predict the future, how do you invest? Our model takes cues from biology instead of economics and focuses on Adaptability and Non-Zero-Sumness. These principles help us navigate an increasingly complex world defined by rapid innovation and technological disruption.”
What Sets NZS Capital Apart
NZS Capital applies its Complexity Investing principles across three key areas: stock selection, portfolio construction, and team culture.
“While stock selection is critical, many managers do it well. What truly differentiates us is our approach to portfolio construction: a combination of roughly 15 core Resilient holdings and about 40 Optionality positions that offer asymmetric upside. Equally important is how we operate as a team. We maintain a completely flat structure with no analyst/portfolio manager hierarchy.”
At NZS Capital, every member of the investment team is also a Partner in the firm, which aligns incentives and encourages healthy debate.
NZS Capital's View on What's Next
The team believes AI is the next major acceleration of the global economy’s transition from analogue to digital. It’s hard to overstate its impact: it’s reshaping business models, productivity, and competitive dynamics across nearly every industry. Beyond this, NZS Capital is also closely watching how interest rates influence capital allocation, as well as how developments in blockchain and stablecoins could redefine aspects of the financial system.
However, they expect AI to remain the dominant topic and influencing factor in markets for the next several years.
Learn more about the NZS Capital
About NZS Capital | Experienced Investors in a Flat Team Structure
All members of the investment team are partners, ensuring strong alignment of interests.
JON BATHGATE, CFA Investor
Formerly a research analyst and co-head of the technology sector team at Janus Henderson, with 17 years of investment industry experience.
JOE FURMANSKI Investor
Formerly a research analyst in real estate, technology, and communications at Janus Henderson, with 19 years of investment industry experience.
BRINTON JOHNS Co-Founder, Investor
Formerly the head of the technology sector team and co-portfolio manager of the Janus Henderson Global Technology & Innovation strategies, with 24 years of investment industry experience.
BRETT LARSON, CFA Investor
Formerly a research analyst on the Industrials sector team at Janus Henderson, with 9 years of investment industry experience.
BRAD SLINGERLEND, CFA Co-Founder, Investor
Formerly the portfolio manager of the Janus Henderson Global Technology & Innovation strategies, with 27 years of investment industry experience.
