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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
+10.26%
1 Year Est. Return
+24.15%
3 Year Est. Return
+25.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$151M
AUM Growth
+$45.5M
Cap. Flow
+$38.1M
Cap. Flow %
25.2%
Top 10 Hldgs %
67.37%
Holding
32
New
10
Increased
9
Reduced
6
Closed
7

Top Buys

Rank Stock Value
1
AMT icon
American Tower
AMT
+$9.64M
2
WMG icon
Warner Music
WMG
+$9.47M
3
T icon
AT&T
T
+$9.27M
4
AMZN icon
Amazon
AMZN
+$6.21M
5
CCOI icon
Cogent Communications
CCOI
+$5.44M

Top Sells

Rank Stock Value
1
CCI icon
Crown Castle
CCI
+$4.93M
2
VZ icon
Verizon
VZ
+$4.65M
3
OMC icon
Omnicom Group
OMC
+$4.44M
4
RCI icon
Rogers Communications
RCI
+$3.77M
5
TU icon
Telus
TU
+$3.72M

Sector Composition

Rank Sector Weight
1 Communication Services 68.46%
2 Real Estate 24.45%
3 Consumer Discretionary 4.19%
4 Industrials 1.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WMG icon
1
Warner Music
WMG
$13.8B
$16.1M 10.64%
459,378
+324,750
+241% +$9.47M
TMUS icon
2
T-Mobile US
TMUS
$190B
$15.1M 9.97%
107,621
+31,430
+41% +$4.52M
EQIX icon
3
Equinix
EQIX
$103B
$11.1M 7.31%
16,878
+879
+5% +$543K
SBAC icon
4
SBA Communications
SBAC
$19.5B
$10.6M 7.03%
37,911
-12,027
-24% -$3.35M
RCI icon
5
Rogers Communications
RCI
$18.6B
$10.6M 6.98%
225,482
-88,411
-28% -$3.77M
AMT icon
6
American Tower
AMT
$80.4B
$9.81M 6.49%
+46,306
New +$9.64M
T icon
7
AT&T
T
$163B
$9.53M 6.31%
+517,850
New +$9.27M
CHTR icon
8
Charter Communications
CHTR
$18.2B
$7.99M 5.28%
23,564
+11,799
+100% +$4.15M
CCOI icon
9
Cogent Communications
CCOI
$508M
$5.66M 3.74%
+99,171
New +$5.44M
LAMR icon
10
Lamar Advertising Co
LAMR
$16.3B
$5.48M 3.62%
58,027
+45,451
+361% +$4.21M
AMZN icon
11
Amazon
AMZN
$2.96T
$5.28M 3.49%
+62,859
New +$6.21M
SPOT icon
12
Spotify
SPOT
$100B
$5.21M 3.45%
+65,975
New +$5.32M
NFLX icon
13
Netflix
NFLX
$309B
$4.94M 3.27%
167,520
+52,180
+45% +$1.46M
LYV icon
14
Live Nation Entertainment
LYV
$42.1B
$4.5M 2.97%
64,469
+13,080
+25% +$969K
CD
15
DELISTED
Chindata Group Holdings Limited American Depositary Shares
CD
$4.24M 2.81%
532,605
+187,217
+54% +$1.31M
META icon
16
Meta Platforms (Facebook)
META
$1.51T
$4.09M 2.7%
33,955
-4,186
-11% -$492K
PINS icon
17
Pinterest
PINS
$13.4B
$3.48M 2.3%
143,481
+38,775
+37% +$925K
DIS icon
18
Walt Disney
DIS
$181B
$3.29M 2.18%
+37,878
New +$3.62M
WWE
19
DELISTED
World Wrestling Entertainment
WWE
$2.89M 1.91%
+42,163
New +$3.19M
LSXMA
20
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$2.26M 1.49%
+78,113
New +$2.38M
LBRDK icon
21
Liberty Broadband Class C
LBRDK
$5.15B
$2.16M 1.43%
+28,353
New +$2.31M
DY icon
22
Dycom Industries
DY
$12.3B
$2.12M 1.4%
+22,683
New +$2.28M
WBD icon
23
Warner Bros
WBD
$67.1B
$2M 1.32%
210,521
-280,562
-57% -$3.17M
OMC icon
24
Omnicom Group
OMC
$23.4B
$1.81M 1.2%
22,230
-59,834
-73% -$4.44M
PRKS icon
25
United Parks & Resorts
PRKS
$2.12B
$1.06M 0.7%
19,821
-33,447
-63% -$1.79M
1
2

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Zeno Research's Q4 2022 Portfolio in Review

As of Q4 2022, Zeno Research held 32 positions worth $151M, up 43% from $106M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Zeno Research deployed $38.1M of net new capital in Q4 2022, opening 10 new positions and adding to 9 existing holdings. Its largest new stake was American Tower: 46,306 shares worth $9.81M.

By sector, the portfolio is most concentrated in Communication Services at 68% of assets, down from 70% a quarter earlier, followed by Real Estate and Consumer Discretionary.

On the sell side, the largest reduction was Omnicom Group, an estimated $4.44M trimmed.

  • Zeno Research's largest Q4 2022 buy was American Tower: 46,306 shares worth $9.81M.
  • Zeno Research added most to Warner Music in Q4 2022, an estimated $9.47M increase.
  • Zeno Research's biggest Q4 2022 reduction was Omnicom Group, cutting an estimated $4.44M.
  • Zeno Research fully exited Crown Castle in Q4 2022, selling an estimated $4.93M.
  • Zeno Research's ten largest holdings make up 67% of its $151M portfolio in Q4 2022.
  • Zeno Research opened 10 new positions and closed 7 in Q4 2022.
  • Zeno Research's portfolio value rose 43% quarter-over-quarter to $151M.

Based on Zeno Research's 13F filing for Q4 2022, filed 14 Feb 2023.