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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
+1.48%
1 Year Est. Return
+24.15%
3 Year Est. Return
+25.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$103M
AUM Growth
-$23.2M
Cap. Flow
-$20M
Cap. Flow %
-19.37%
Top 10 Hldgs %
64.94%
Holding
42
New
18
Increased
1
Reduced
8
Closed
15

Top Buys

Rank Stock Value
1
WMG icon
Warner Music
WMG
+$13.1M
2
LAMR icon
Lamar Advertising Co
LAMR
+$7.87M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$6.7M
4
TU icon
Telus
TU
+$5.2M
5
T icon
AT&T
T
+$5.17M

Top Sells

Rank Stock Value
1
SBAC icon
SBA Communications
SBAC
+$11.5M
2
TMUS icon
T-Mobile US
TMUS
+$8.29M
3
NFLX icon
Netflix
NFLX
+$8.19M
4
RCI icon
Rogers Communications
RCI
+$7.44M
5
BCE icon
BCE
BCE
+$7.16M

Sector Composition

Rank Sector Weight
1 Communication Services 69.52%
2 Real Estate 17.34%
3 Industrials 4.36%
4 Consumer Discretionary 3.41%
5 Technology 2.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LBRDK icon
26
Liberty Broadband Class C
LBRDK
$5.15B
$898K 0.87%
+5,576
New +$917K
IAS
27
DELISTED
Integral Ad Science
IAS
$454K 0.44%
+20,461
New +$466K
AAPL icon
28
Apple
AAPL
$4.57T
– –
-35,061
Closed -$4.96M
BCE icon
29
BCE
BCE
$21.2B
– –
-142,817
Closed -$7.16M
CCOI icon
30
Cogent Communications
CCOI
$508M
– –
-35,480
Closed -$2.51M
CNK icon
31
Cinemark Holdings
CNK
$4.32B
– –
-63,211
Closed -$1.21M
IPG
32
DELISTED
Interpublic Group of Companies
IPG
– –
-161,888
Closed -$5.94M
META icon
33
Meta Platforms (Facebook)
META
$1.51T
– –
-11,728
Closed -$3.98M
NFLX icon
34
Netflix
NFLX
$309B
– –
-134,140
Closed -$8.19M
OUT icon
35
Outfront Media
OUT
$5.5B
– –
-121,771
Closed -$3.02M
PARA
36
DELISTED
Paramount Global Class B
PARA
– –
-50,919
Closed -$2.01M
RCI icon
37
Rogers Communications
RCI
$18.6B
– –
-159,140
Closed -$7.44M
SBAC icon
38
SBA Communications
SBAC
$19.5B
– –
-34,902
Closed -$11.5M
SNAP icon
39
Snap
SNAP
$9.01B
– –
-27,724
Closed -$2.05M
WWE
40
DELISTED
World Wrestling Entertainment
WWE
– –
-23,896
Closed -$1.34M
COR
41
DELISTED
Coresite Realty Corporation
COR
– –
-34,980
Closed -$4.85M
DISH
42
DELISTED
DISH Network Corp.
DISH
– –
-32,755
Closed -$1.42M
1
2

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Zeno Research's Q4 2021 Portfolio in Review

As of Q4 2021, Zeno Research held 42 positions worth $103M, down 18% from $126M the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Zeno Research withdrew a net $20M in Q4 2021, closing 15 positions and reducing 8 holdings. Its most notable exit was SBA Communications, an estimated $11.5M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 70% of assets, down from 74% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Zeno Research opened a new position in Lamar Advertising Co worth $8.19M.

  • Zeno Research's largest Q4 2021 buy was Lamar Advertising Co: 67,525 shares worth $8.19M.
  • Zeno Research added most to Warner Music in Q4 2021, an estimated $13.1M increase.
  • Zeno Research's biggest Q4 2021 reduction was T-Mobile US, cutting an estimated $8.29M.
  • Zeno Research fully exited SBA Communications in Q4 2021, selling an estimated $11.5M.
  • Zeno Research's ten largest holdings make up 65% of its $103M portfolio in Q4 2021.
  • Zeno Research opened 18 new positions and closed 15 in Q4 2021.
  • Zeno Research's portfolio value fell 18% quarter-over-quarter to $103M.

Based on Zeno Research's 13F filing for Q4 2021, filed 14 Feb 2022.