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ZR

Zeno Research Portfolio holdings

AUM $223M
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
Cap. Flow
+$41M
Cap. Flow %
18.42%
Top 10 Hldgs %
71.36%
Holding
37
New
11
Increased
10
Reduced
5
Closed
11

Top Buys

Rank Stock Value
1
T icon
AT&T
T
+$23.1M
2
DLR icon
Digital Realty Trust
DLR
+$21.8M
3
CHTR icon
Charter Communications
CHTR
+$14.9M
4
CCI icon
Crown Castle
CCI
+$13.9M
5
OMC icon
Omnicom Group
OMC
+$9.3M

Top Sells

Rank Stock Value
1
TMUS icon
T-Mobile US
TMUS
+$21M
2
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$16.2M
3
AMT icon
American Tower
AMT
+$7.83M
4
WWE
World Wrestling Entertainment
WWE
+$6.6M
5
VZ icon
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
WMG icon
1
Warner Music
WMG
$14.3B
$27M 12.15%
860,940
+117,033
+16% +$3.67M
T icon
2
AT&T
T
$174B
$23.7M 10.65%
+1,577,907
New +$23.1M
DLR icon
3
Digital Realty Trust
DLR
$67.2B
$21.5M 9.64%
+177,258
New +$21.8M
RCI icon
4
Rogers Communications
RCI
$17.4B
$20.6M 9.26%
535,729
+208,039
+63% +$8.73M
CHTR icon
5
Charter Communications
CHTR
$13.5B
$15.7M 7.07%
+35,785
New +$14.9M
CCI icon
6
Crown Castle
CCI
$28.8B
$12.3M 5.53%
+133,821
New +$13.9M
META icon
7
Meta Platforms (Facebook)
META
$1.98T
$11.8M 5.32%
39,419
+12,439
+46% +$3.75M
OMC icon
8
Omnicom Group
OMC
$20.5B
$11.1M 4.97%
148,443
+112,840
+317% +$9.3M
FOXA icon
9
Fox Class A
FOXA
$26.9B
$8.01M 3.6%
256,602
+143,610
+127% +$4.72M
TTD icon
10
Trade Desk
TTD
$5.97B
$7.04M 3.16%
90,092
+2,435
+3% +$197K
TDS icon
11
CALL
Telephone and Data Systems
TDS
$4.18B
$6.77M 3.04%
+370,000
New +$5.34M
FYBR
12
DELISTED
Frontier Communications
FYBR
$6.26M 2.81%
399,761
+80,726
+25% +$1.31M
LYV icon
13
Live Nation Entertainment
LYV
$39.9B
$6.24M 2.8%
+75,115
New +$6.55M
SPOT icon
14
Spotify
SPOT
$105B
$5.98M 2.69%
38,664
+2,888
+8% +$440K
NFLX icon
15
Netflix
NFLX
$299B
$5.93M 2.66%
+157,050
New +$6.66M
EDR
16
DELISTED
Endeavor Group Holdings, Inc.
EDR
$5.58M 2.51%
+280,496
New +$6.43M
CNK icon
17
Cinemark Holdings
CNK
$4.29B
$4.06M 1.82%
221,251
-68,030
-24% -$1.14M
GOOGL icon
18
Alphabet (Google) Class A
GOOGL
$4.19T
$3.99M 1.79%
+30,454
New +$3.94M
TGNA
19
DELISTED
TEGNA Inc
TGNA
$3.63M 1.63%
249,230
-225,678
-48% -$3.66M
FWONK icon
20
Liberty Media Corporation Series C Common Stock
FWONK
$23.8B
$3.06M 1.37%
49,101
+16,276
+50% +$1.12M
WBD icon
21
Warner Bros
WBD
$77.3B
$3.02M 1.36%
+277,735
New +$3.47M
SIX
22
DELISTED
Six Flags Entertainment Corp.
SIX
$2.97M 1.33%
126,266
+24,197
+24% +$572K
LSXMA
23
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$2.35M 1.05%
92,243
-685,398
-88% -$16.2M
LAMR icon
24
Lamar Advertising Co
LAMR
$14.6B
$1.95M 0.88%
23,369
-7,697
-25% -$707K
ROKU icon
25
Roku
ROKU
$22.8B
$1.48M 0.66%
20,926
-42,542
-67% -$3.29M
1
2

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TA
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TOGEPT
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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.