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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
(-69%)
Cap. Flow
-$118M
Cap. Flow
% of AUM
-227.55%
Top 10 Holdings %
Top 10 Hldgs %
72.44%
Holding
30
New
5
Increased
2
Reduced
11
Closed
12
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Telus
TU
|
+$4.9M |
| 2 |
AT&T
T
|
+$3.91M |
| 3 |
OPTU
Optimum Communications Inc
OPTU
|
+$3.05M |
| 4 |
Equinix
EQIX
|
+$2.53M |
| 5 |
Amazon
AMZN
|
+$2.08M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
T-Mobile US
TMUS
|
+$20.4M |
| 2 |
UNIT
Uniti Group
UNIT
|
+$17.9M |
| 3 |
Walt Disney
DIS
|
+$12.9M |
| 4 |
CONE
CyrusOne Inc Common Stock
CONE
|
+$8.62M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
COR
1
DELISTED
Coresite Realty Corporation
COR
| $5.24M | 10.13% |
43,677
+11,235
| +35% | +$1.37M |
|
2
Warner Music
WMG
$13.8B
| $5.14M | 9.95% |
149,759
-200,893
| -57% | -$7.19M |
|
|
3
Telus
TU
$15.3B
| $4.7M | 9.1% |
+236,120
| New | +$4.9M |
|
|
CONE
4
DELISTED
CyrusOne Inc Common Stock
CONE
| $4.06M | 7.85% |
59,908
-124,292
| -67% | -$8.62M |
|
|
5
AT&T
T
$163B
| $4.04M | 7.82% |
+176,825
| New | +$3.91M |
|
6
Charter Communications
CHTR
$18.2B
| $3.94M | 7.62% |
6,381
-2,719
| -30% | -$1.7M |
|
|
OPTU
7
Optimum Communications Inc
OPTU
$301M
| $2.84M | 5.5% |
+87,441
| New | +$3.05M |
|
8
American Tower
AMT
$80.4B
| $2.51M | 4.86% |
10,514
-18,815
| -64% | -$4.19M |
|
|
9
Equinix
EQIX
$103B
| $2.5M | 4.85% |
+3,686
| New | +$2.53M |
|
10
Meta Platforms (Facebook)
META
$1.51T
| $2.47M | 4.78% |
8,391
-27,809
| -77% | -$7.49M |
|
11
SBA Communications
SBAC
$19.5B
| $2.44M | 4.73% |
8,806
-16,394
| -65% | -$4.34M |
|
12
United Parks & Resorts
PRKS
$2.12B
| $2.08M | 4.03% |
41,972
+2,972
| +8% | +$118K |
|
|
13
Amazon
AMZN
$2.96T
| $2.03M | 3.93% |
+13,120
| New | +$2.08M |
|
|
14
Walt Disney
DIS
$181B
| $2.02M | 3.91% |
10,957
-70,043
| -86% | -$12.9M |
|
|
UNIT
15
Uniti Group
UNIT
$2.32B
| $1.7M | 3.29% |
154,217
-1,487,883
| -91% | -$17.9M |
|
|
LSXMA
16
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $1.53M | 2.96% |
47,295
-84,858
| -64% | -$2.72M |
|
17
iHeartMedia
IHRT
$583M
| $1.36M | 2.64% |
75,225
-332,975
| -82% | -$5.03M |
|
18
Lamar Advertising Co
LAMR
$16.3B
| $1.07M | 2.06% |
11,350
-48,092
| -81% | -$4.24M |
|
19
Digital Realty Trust
DLR
$71.7B
| – | – |
-21,800
| Closed | -$3.04M |
|
20
GDS Holdings
GDS
$6.41B
| – | – |
-43,900
| Closed | -$4.11M |
|
21
Gray Television
GTN
$552M
| – | – |
-73,200
| Closed | -$1.31M |
|
|
IPG
22
DELISTED
Interpublic Group of Companies
IPG
| – | – |
-145,600
| Closed | -$3.42M |
|
23
Liberty Broadband Class C
LBRDK
$5.15B
| – | – |
-24,800
| Closed | -$3.93M |
|
|
24
Netflix
NFLX
$309B
| – | – |
-141,000
| Closed | -$7.62M |
|
25
Nexstar Media Group
NXST
$5.97B
| – | – |
-18,600
| Closed | -$2.03M |
|
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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.