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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
+0.95%
1 Year Est. Return
+24.15%
3 Year Est. Return
+25.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$51.7M
AUM Growth
-$118M
Cap. Flow
-$118M
Cap. Flow %
-227.55%
Top 10 Hldgs %
72.44%
Holding
30
New
5
Increased
2
Reduced
11
Closed
12

Top Buys

Rank Stock Value
1
TU icon
Telus
TU
+$4.9M
2
T icon
AT&T
T
+$3.91M
3
OPTU
Optimum Communications Inc
OPTU
+$3.05M
4
EQIX icon
Equinix
EQIX
+$2.53M
5
AMZN icon
Amazon
AMZN
+$2.08M

Top Sells

Rank Stock Value
1
TMUS icon
T-Mobile US
TMUS
+$20.4M
2
UNIT
Uniti Group
UNIT
+$17.9M
3
DIS icon
Walt Disney
DIS
+$12.9M
4
CONE
CyrusOne Inc Common Stock
CONE
+$8.62M
5
NFLX icon
Netflix
NFLX
+$7.62M

Sector Composition

Rank Sector Weight
1 Communication Services 51.31%
2 Real Estate 29.92%
3 Consumer Discretionary 7.96%
4 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RCI icon
26
Rogers Communications
RCI
$18.6B
– –
-74,800
Closed -$4.43M
TMUS icon
27
T-Mobile US
TMUS
$190B
– –
-151,200
Closed -$20.4M
SIX
28
DELISTED
Six Flags Entertainment Corp.
SIX
– –
-90,300
Closed -$3.08M
SJR
29
DELISTED
Shaw Communications Inc.
SJR
– –
-217,080
Closed -$4.85M
DISH
30
DELISTED
DISH Network Corp.
DISH
– –
-30,800
Closed -$996K
1
2

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TA
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RCGI
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KWA
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DLG
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GGPE
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SWA
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TOGEPT
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Zeno Research's Q1 2021 Portfolio in Review

As of Q1 2021, Zeno Research held 30 positions worth $51.7M, down 69% from $169M the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Zeno Research withdrew a net $118M in Q1 2021, closing 12 positions and reducing 11 holdings. Its most notable exit was T-Mobile US, an estimated $20.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 51% of assets, down from 60% a quarter earlier, followed by Real Estate and Consumer Discretionary.

Against the trend, Zeno Research opened a new position in Telus worth $4.7M.

  • Zeno Research's largest Q1 2021 buy was Telus: 236,120 shares worth $4.7M.
  • Zeno Research added most to Coresite Realty Corporation in Q1 2021, an estimated $1.37M increase.
  • Zeno Research's biggest Q1 2021 reduction was Uniti Group, cutting an estimated $17.9M.
  • Zeno Research fully exited T-Mobile US in Q1 2021, selling an estimated $20.4M.
  • Zeno Research's ten largest holdings make up 72% of its $51.7M portfolio in Q1 2021.
  • Zeno Research opened 5 new positions and closed 12 in Q1 2021.
  • Zeno Research's portfolio value fell 69% quarter-over-quarter to $51.7M.

Based on Zeno Research's 13F filing for Q1 2021, filed 17 May 2021.