Zevenbergen Capital Investments reported selling 19,102 of the Axon Enterprise shares it holds with sole discretion in its latest SEC filing for the period ended September 30, 2025. The sale netted the fund an estimated $14.49 million based on the average price during the quarter.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated October 09, 2025, Zevenbergen Capital Investments reduced its position in Axon Enterprise (AXON 1.03%) by selling 19,102 of the shares it holds with sole discretion during the quarter. The trade was valued at an estimated $14.5 million. After the transaction, the fund’s stake of Axon shares it holds with sole discretion stood at 255,839 shares, worth $184 million.
What else to know
When factoring in shares held with sole discretion as well as shares held in conjunction with others, Zevenbergen’s total Axon position decreased from 6.3% of assets under management (AUM) in the prior quarter (as of June 30, 2025) to 5.2% following the sale (as of September 30, 2025).
Top holdings after the filing:
- NVDA: $519.8 million (10.1% of AUM)
- TSLA: $383.7 million (7.5% of AUM)
- SHOP: $304.9 million (5.9% of AUM)
- META: $284.6 million (5.5% of AUM)
- AXON: $284.6 million (5.2% of AUM)
As of October 9, 2025, shares were priced at $734.01, up 72% over the past year, outperforming the S&P 500 by 55 percentage points over the past year
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close October 9, 2025) | $734.01 |
| Market Capitalization | $57.6 billion |
| Revenue (TTM) | $2.4 billion |
| Net Income (TTM) | $326 million |
Company Snapshot
Axon Enterprise, Inc. develops and sells conducted energy devices (CEDs) under the TASER brand, on-officer body cameras, in-car systems, and digital evidence management software.
The company generates revenue through hardware sales, recurring software subscriptions, and cloud-based evidence management services for law enforcement and public safety agencies.
Axon's customers include law enforcement agencies, public safety organizations, and government entities in the United States and internationally.
Axon Enterprise, Inc. is a leading provider of public safety technology, combining hardware innovation with integrated cloud software solutions. The company leverages its TASER brand and digital evidence platform to deliver mission-critical tools that enhance law enforcement effectiveness and accountability.
Foolish take
From the standpoint of this move within Zevenbergen's portfolio, this sale of Axon shares is a non-story. The amount raised in the same amounts to 0.3% of the fund's assets under management and will not move the needle in terms of the composition of the portfolio.
That said, the sale does move Axon down from the second largest position in Q2 to the fifth largest as of June 30. This may say less about Axon's business and more about Zevenbergen's desire to take some gains in an overheated market. Along with the Axon sale, the fund also trimmed 9 of its top 10 largest positions.
Cashing in on Axon's recent run up does make some sense. The stock is up 45% over the past six months. Some of that price movement is likely do to the overall market's performance but Axon has also been posting strong results. Over the past 5 reported quarters, Axon has grown its revenue at a compound annual growth rate (CAGR) of 33% and its future contracted bookings at a CAGR of 43%
Glossary
13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
AUM (Assets Under Management): The total market value of all investments managed by a fund or investment firm.
Quarter: A three-month period used for financial reporting and analysis, typically ending in March, June, September, or December.
Filing: An official document submitted to a regulatory authority, such as the SEC, detailing financial or ownership information.
Conducted Energy Devices (CEDs): Non-lethal weapons that use electrical current to temporarily incapacitate individuals, such as TASER devices.
Cloud-based evidence management: Digital storage and organization of evidence using remote servers accessed via the internet, often for law enforcement.
Recurring software subscriptions: Ongoing payments for software access, typically billed monthly or annually, providing continuous service.
Outperforming the S&P 500: Achieving a higher investment return than the S&P 500 index over a specified period.
Mission-critical tools: Products or services essential for an organization’s core operations, where failure could significantly impact performance.
TTM: The 12-month period ending with the most recent quarterly report.
