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Zeno Research Portfolio holdings
AUM
$223M
Turnover
59.46%
1-Year Est. Return
24.15%
This Fund
S&P 500
This Quarter Est. Return
-1.75%
1 Year Est. Return
+24.15%
3 Year Est. Return
+25.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$223M
AUM Growth
+$42.4M
(+24%)
Cap. Flow
+$41M
Cap. Flow % of AUM
Cap. Flow %
18.42%
Top 10 Holdings %
Top 10 Hldgs %
71.36%
Holding
37
New
11
Increased
10
Reduced
5
Closed
11
Avg Time Held
Equity + Options
0.4
years
Top 10 Avg Time Held
Equity + Options
0.3
years
Top 20 Avg Time Held
Equity + Options
0.3
years
Avg Time Held Equity only
0.4
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AT&T
T
|
+$23.1M |
| 2 |
Digital Realty Trust
DLR
|
+$21.8M |
| 3 |
Charter Communications
CHTR
|
+$14.9M |
| 4 |
Crown Castle
CCI
|
+$13.9M |
| 5 |
Omnicom Group
OMC
|
+$9.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$21M |
| 2 |
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
|
+$16.2M |
| 3 |
American Tower
AMT
|
+$7.83M |
| 4 |
WWE
World Wrestling Entertainment
WWE
|
+$6.6M |
| 5 |
Verizon
VZ
|
+$5.88M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 80.9% |
| 2 | Real Estate | 16.05% |
| 3 | Miscellaneous | 3.04% |
| 4 | Technology | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Warner Music
WMG
$16.4B
| $27M | 12.15% |
860,940
+117,033
| +16% | +$3.67M |
2022 Q3
4 quarters
|
|
|
2
AT&T
T
$146B
| $23.7M | 10.65% |
+1,577,907
| New | +$23.1M |
2023 Q3
0 quarters
|
|
|
3
Digital Realty Trust
DLR
$65.9B
| $21.5M | 9.64% |
+177,258
| New | +$21.8M |
2023 Q3
0 quarters
|
|
4
Rogers Communications
RCI
$18B
| $20.6M | 9.26% |
535,729
+208,039
| +63% | +$8.73M |
2022 Q1
6 quarters
|
|
|
5
Charter Communications
CHTR
$13.5B
| $15.7M | 7.07% |
+35,785
| New | +$14.9M |
2023 Q3
0 quarters
|
|
|
6
Crown Castle
CCI
$37.7B
| $12.3M | 5.53% |
+133,821
| New | +$13.9M |
2023 Q3
0 quarters
|
|
7
Meta Platforms (Facebook)
META
$1.56T
| $11.8M | 5.32% |
39,419
+12,439
| +46% | +$3.75M |
2022 Q2
5 quarters
|
|
|
8
Omnicom Group
OMC
$23.7B
| $11.1M | 4.97% |
148,443
+112,840
| +317% | +$9.3M |
2022 Q2
5 quarters
|
|
9
Fox Class A
FOXA
$28.1B
| $8.01M | 3.6% |
256,602
+143,610
| +127% | +$4.72M |
2023 Q2
1 quarter
|
|
10
Trade Desk
TTD
$6.11B
| $7.04M | 3.16% |
90,092
+2,435
| +3% | +$197K |
2023 Q1
2 quarters
|
|
11
CALL
Telephone and Data Systems
TDS
$3.78B
| $6.77M | 3.04% |
+370,000
| New | +$5.34M |
2023 Q3
0 quarters
|
|
12
DELISTED
Frontier Communications
FYBR
| $6.26M | 2.81% |
399,761
+80,726
| +25% | +$1.31M |
2023 Q1
2 quarters
|
|
13
Live Nation Entertainment
LYV
$41.3B
| $6.24M | 2.8% |
+75,115
| New | +$6.55M |
2023 Q3
0 quarters
|
|
14
Spotify
SPOT
$124B
| $5.98M | 2.69% |
38,664
+2,888
| +8% | +$440K |
2022 Q4
3 quarters
|
|
15
Netflix
NFLX
$260B
| $5.93M | 2.66% |
+157,050
| New | +$6.66M |
2023 Q3
0 quarters
|
|
16
DELISTED
Endeavor Group Holdings, Inc.
EDR
| $5.58M | 2.51% |
+280,496
| New | +$6.43M |
2023 Q3
0 quarters
|
|
17
Cinemark Holdings
CNK
$4.51B
| $4.06M | 1.82% |
221,251
-68,030
| -24% | -$1.14M |
2023 Q1
2 quarters
|
|
18
Alphabet (Google) Class A
GOOGL
$3.5T
| $3.99M | 1.79% |
+30,454
| New | +$3.94M |
2023 Q3
0 quarters
|
|
19
DELISTED
TEGNA Inc
TGNA
| $3.63M | 1.63% |
249,230
-225,678
| -48% | -$3.66M |
2023 Q1
2 quarters
|
|
20
Liberty Media Corporation Series C Common Stock
FWONK
$27.1B
| $3.06M | 1.37% |
49,101
+16,276
| +50% | +$1.12M |
2023 Q2
1 quarter
|
|
21
DELISTED
Warner Bros
WBD
| $3.02M | 1.36% |
+277,735
| New | +$3.47M |
2023 Q3
0 quarters
|
|
22
DELISTED
Six Flags Entertainment Corp.
SIX
| $2.97M | 1.33% |
126,266
+24,197
| +24% | +$572K |
2023 Q2
1 quarter
|
|
|
23
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $2.35M | 1.05% |
92,243
-685,398
| -88% | -$16.2M |
2022 Q4
3 quarters
|
|
24
Lamar Advertising Co
LAMR
$15.8B
| $1.95M | 0.88% |
23,369
-7,697
| -25% | -$707K |
2022 Q3
4 quarters
|
|
25
Roku
ROKU
$23.9B
| $1.48M | 0.66% |
20,926
-42,542
| -67% | -$3.29M |
2023 Q2
1 quarter
|
|
Similar funds
WA
DLG
Zeno Research's Q3 2023 Portfolio in Review
As of Q3 2023, Zeno Research held 37 positions worth $223M, up 24% from $180M the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Zeno Research deployed $41M of net new capital in Q3 2023, opening 11 new positions and adding to 10 existing holdings. Its largest new stake was AT&T: 1,577,907 shares worth $23.7M.
By sector, the portfolio is most concentrated in Communication Services at 81% of assets, down from 91% a quarter earlier, followed by Real Estate and Miscellaneous.
On the sell side, the largest reduction was Liberty Media Corporation Series A Liberty SiriusXM Common Stock, an estimated $16.2M trimmed.
- Zeno Research's largest Q3 2023 buy was AT&T: 1,577,907 shares worth $23.7M.
- Zeno Research added most to Omnicom Group in Q3 2023, an estimated $9.3M increase.
- Zeno Research's biggest Q3 2023 reduction was Liberty Media Corporation Series A Liberty SiriusXM Common Stock, cutting an estimated $16.2M.
- Zeno Research fully exited T-Mobile US in Q3 2023, selling an estimated $21M.
- Zeno Research's ten largest holdings make up 71% of its $223M portfolio in Q3 2023.
- Zeno Research opened 11 new positions and closed 11 in Q3 2023.
- Zeno Research's portfolio value rose 24% quarter-over-quarter to $223M.
Based on Zeno Research's 13F filing for Q3 2023, filed 14 Nov 2023.