What smart money is saying about Zscaler
1 fund in our archive has pitched Zscaler — most recently Tributary Capital Management Multi-Cap Core Equity Strategy in September 2026.
Globally recognized, Zscaler, Inc. functions as a leading provider of cloud-based security solutions. Its core offerings include Zscaler Internet Access (ZIA), which ensures secure connectivity for a diverse range of entities – including users, servers, operational technology (OT), and IoT devices – when accessing external resources like software-as-a-service (SaaS) applications and general internet destinations. Complementing this, the Zscaler Private Access (ZPA) solution facilitates secure entry to internal applications residing in private or public clouds and traditional data centers. Zscaler also delivers Zscaler Digital Experience (ZDX), a tool that assesses the complete user journey across various business applications. ZDX then generates a clear, digestible digital experience score for individual users, specific applications, and different locations within an organization. Furthermore, the company's portfolio extends to advanced workload segmentation solutions. This category includes Zscaler Cloud Security Posture Management (CSPM), designed to identify and correct application misconfigurations across SaaS, IaaS, and PaaS environments, thereby minimizing risk and upholding compliance standards. Another key offering is Zscaler Cloud Workload Segmentation, specifically engineered to fortify application-to-application communication within public clouds and data centers. Its objective is to thwart lateral threat propagation, safeguard applications from compromise, and ultimately mitigate the potential for data breaches. The underlying platform is built upon integral components such as the Zscaler Central Authority, Zscaler Enforcement Nodes, and Zscaler Log Servers. Serving a diverse global clientele, Zscaler caters to numerous sectors including aviation and transportation, conglomerates, consumer goods and retail, financial services, healthcare, manufacturing, media and communications, public sector and education, as well as technology and telecommunications. Founded in 2007, the company initially operated as SafeChannel, Inc., before rebranding to Zscaler, Inc. in August 2008. Its corporate headquarters are located in San Jose, California.
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Position history
Between Q2 2026 and Q3 2026, 12 fund letters reported a position in Zscaler — 4 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 9 | 2 | 0 | 1 |
| Q2 2026 | 3 | 2 | 1 | 0 |
Fund activity · 12 positions · 5 moves
- September 2026
“Cloud-security specialist Zscaler (+41%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September, with both revenue and annual recurring revenue both increasing 25% year on year.”
Zscaler - New positionPender Bond Universe FundSeptember 2026
“On this theme, Zscaler’s 0% of 2028 convertible bonds were added to the non-investment grade sleeve of the Fund.”
Zscaler - September 2026
“Four new positions were added to the strategy in the quarter. Block (XYZ) operates two financial platforms: Square helps businesses accept payments and manage finances and Cash App works as a digital wallet for consumers. Demand for XYZ's lending products is growing sales across both platforms, and an aggressive restructuring program is cutting costs. The combination is lifting XYZ's profit outlook higher. Comfort Systems (FIX) builds and installs mechanical, electrical and plumbing systems inside large commercial facilities. Their specialty is modular, off-site construction which means faster builds, better quality and more predictable costs and scheduling. The companies building AI data centers and semiconductor plants need exactly what FIX delivers, and that demand is driving strong sales growth, margin expansion and an improving profit outlook at FIX. Seagate (STX) makes hard disk drives and solid-state drives that store data. Data centers need storage for the enormous amount of information that AI is consuming and generating. Accelerating unit demand and price increases are growing STX's sales. The price increases, and a new higher-margin product line, are expanding margins and producing an even more powerful boost in the profit outlook at STX. Zscaler (ZS) protects companies from cybersecurity threats and increasingly, from the risks that come with AI itself.”
Zscaler - September 2026
“Cloud-security specialist Zscaler (+42%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September, with both revenue and annual recurring revenue both increasing 25% year on year.”
22 more words on why — unlock Liontrust GF Sustainable Future Multi-Asset Global Fund’s full commentZscaler - September 2026
“Cloud-security specialist Zscaler (+41%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September, with both revenue and annual recurring revenue both increasing 25% year on year.”
Zscaler - September 2026
“Cloud-security specialist Zscaler (+41%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September, with both revenue and annual recurring revenue both increasing 25% year on year.”
Zscaler - September 2026
“Cloud-security specialist Zscaler (+41%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September,”
Zscaler - September 2026
“Cloud-security specialist Zscaler (+41%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September, with both revenue and annual recurring revenue both increasing 25% year on year.”
Zscaler - September 2026
“Cloud-security specialist Zscaler (+41%), held under our Enhancing digital security theme, was a strong contributor following its fiscal fourth-quarter results in September, with both revenue and annual recurring revenue both increasing 25% year on year.”
Zscaler - 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 - 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 - 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
Fund coverage · 1 thesis
Zscaler offers cloud-based cybersecurity and AI-powered tools that help protect data and improve its profit outlook as businesses adopt AI.
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