What smart money is saying about Zscaler, Inc.
ZS
No fund has written a full thesis on Zscaler, Inc. in our archive, but 3 fund letters report a position in it — most recently Vision Capital Fund in June 2026.
Get an email when a fund writes about it
3
Reported positions
2
Bought
1
Sold
3
Letters
Position history
Every position in Zscaler, Inc. on record in the archive was reported in Q2 2026, across 3 fund letters — 2 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 3 | 2 | 1 | 0 |
Fund activity · 3 positions · 3 moves
- AddedVision Capital FundJune 2026
“We had strong inflows in early Q2 from our largest investors (us included) seeking to take advantage of buying opportunities. We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
Zscaler, Inc. - June 2026
“Top detractors from performance for the quarter Contribution to Return (%) Zscaler, Inc. (0.49) GDS Holdings Limited (0.44) Guidewire Software, Inc. (0.39) Spotify Technology S.A. (0.35) Snowflake Inc. (0.17) Shares of Zscaler, Inc. detracted from performance during the quarter as forward guidance overshadowed an otherwise solid print. The cloud security provider, whose zero-trust architecture hides applications from the internet and inspects traffic inline at scale, beat consensus on revenue and margins, but lowered full- year free cash flow margin guidance on higher capital expenditure, and set preliminary fiscal 2027 growth guidance below where the market had been modeling. Two sales-leader departures and softer new logo additions raised market concerns on competition in Zscaler's core network security space. We believe Zscaler retains a genuine architectural advantage and a capable engineering organization, and its zero-trust platform remains well-suited for enterprises navigating increasingly complex threat environments. That said, persistent sales execution challenges and what we believe is a weakening competitive position in the lower enterprise market gave us pause. With forward estimates at risk of further revision and no clear catalyst for a near-term inflection in go-to-market productivity, we chose to exit our position during the quarter.”
Zscaler, Inc. - May 2026
“Portfolio activity (Q2/2026) In Q2 we continued to concentrate our software holdings on companies and market segments that we consider long-term winners from AI. While some investors had worried that artificial-intelligence tools would displace traditional cybersecurity players, we have been of the opposite opinion for some time. The strong results reported by leading Cyber Security players and their enlisting as key partners to the Glasswing project by Anthropic Initiation/Increase SAP Increase position Booking Increase position Zscaler Increase position ServiceNow Increase position Synopsys Increase position Exit/Reduction Adobe Exit position Intuit Exit position Siemens Healthineers Exit position BYD Exit position Salesforce Exit position Quarterly Commentary – Growth Equity Strategy | June 2026 Emerald Wealth Partners AG |Weinbergstrasse 100 |CH-8802 Kilchberg |Switzerland Page 2 killed those fears and triggered a steep rally in the sub-sector.”
Zscaler, Inc.
Read the letters behind these Zscaler, Inc. positions
Every quote above comes from a fund letter in our archive. Get unlimited access to the letters themselves — and to Warren AI, which reads all of them for you.
View plans→Share this ledger