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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
WMG icon
1
Warner Music
WMG
$13.8B
$13.9M 13.43%
321,000
+292,071
+1,010% +$13.1M
LAMR icon
2
Lamar Advertising Co
LAMR
$16.3B
$8.19M 7.94%
+67,525
New +$7.87M
TMUS icon
3
T-Mobile US
TMUS
$190B
$7.46M 7.23%
64,288
-70,449
-52% -$8.29M
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.33T
$6.74M 6.53%
+46,540
New +$6.7M
FOXA icon
5
Fox Class A
FOXA
$26.9B
$6.06M 5.87%
164,261
-35,082
-18% -$1.38M
TU icon
6
Telus
TU
$15.3B
$5.36M 5.19%
+227,388
New +$5.2M
T icon
7
AT&T
T
$163B
$5.13M 4.98%
+276,393
New +$5.17M
AMT icon
8
American Tower
AMT
$80.4B
$5.02M 4.87%
17,168
-8,527
-33% -$2.33M
EQIX icon
9
Equinix
EQIX
$103B
$4.68M 4.54%
+5,533
New +$4.44M
DY icon
10
Dycom Industries
DY
$12.3B
$4.5M 4.36%
+48,008
New +$4.06M
SPOT icon
11
Spotify
SPOT
$100B
$4.27M 4.14%
+18,258
New +$4.57M
AMZN icon
12
Amazon
AMZN
$2.96T
$3.52M 3.41%
+21,120
New +$3.61M
SIX
13
DELISTED
Six Flags Entertainment Corp.
SIX
$3.13M 3.03%
73,453
-30,041
-29% -$1.25M
FWONK icon
14
Liberty Media Series C
FWONK
$25.8B
$3.03M 2.94%
49,613
-29,935
-38% -$1.68M
LUMN icon
15
Lumen
LUMN
$6.44B
$2.96M 2.87%
+236,012
New +$3M
DIS icon
16
Walt Disney
DIS
$181B
$2.37M 2.29%
15,277
-30,494
-67% -$4.92M
GDS icon
17
GDS Holdings
GDS
$6.41B
$2.12M 2.05%
+44,901
New +$2.47M
CMCSA icon
18
Comcast
CMCSA
$90B
$2.07M 2.01%
+41,144
New +$2.14M
OPTU
19
Optimum Communications Inc
OPTU
$301M
$2.01M 1.95%
124,221
-236,204
-66% -$4M
DISCK
20
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$1.78M 1.73%
+77,817
New +$1.87M
WBD icon
21
Warner Bros
WBD
$67.1B
$1.76M 1.7%
+74,595
New +$1.86M
OMC icon
22
Omnicom Group
OMC
$23.4B
$1.7M 1.65%
+23,240
New +$1.65M
LSXMA
23
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$1.63M 1.58%
43,728
-11,681
-21% -$431K
TWTR
24
DELISTED
Twitter, Inc.
TWTR
$1.48M 1.43%
+34,153
New +$1.77M
NXST icon
25
Nexstar Media Group
NXST
$5.97B
$989K 0.96%
+6,553
New +$1.02M
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.