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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
+13.08%
1 Year Est. Return
+24.15%
3 Year Est. Return
+25.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$149M
AUM Growth
-$1.74M
Cap. Flow
-$9.85M
Cap. Flow %
-6.59%
Top 10 Hldgs %
58.52%
Holding
35
New
10
Increased
10
Reduced
10
Closed
5

Top Buys

Rank Stock Value
1
DLR icon
Digital Realty Trust
DLR
+$6.93M
2
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$6.37M
3
META icon
Meta Platforms (Facebook)
META
+$5.86M
4
FYBR
Frontier Communications
FYBR
+$4.88M
5
CNK icon
Cinemark Holdings
CNK
+$3.81M

Top Sells

Rank Stock Value
1
EQIX icon
Equinix
EQIX
+$11.1M
2
TMUS icon
T-Mobile US
TMUS
+$10.6M
3
SPOT icon
Spotify
SPOT
+$5.32M
4
AMZN icon
Amazon
AMZN
+$5.28M
5
LYV icon
Live Nation Entertainment
LYV
+$4.5M

Sector Composition

Rank Sector Weight
1 Communication Services 73.66%
2 Real Estate 16.53%
3 Consumer Discretionary 3.25%
4 Industrials 1.8%
5 Technology 0.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.51T
$14.5M 9.69%
68,346
+34,391
+101% +$5.86M
WMG icon
2
Warner Music
WMG
$13.8B
$14M 9.35%
418,969
-40,409
-9% -$1.36M
CHTR icon
3
Charter Communications
CHTR
$18.2B
$8.49M 5.68%
23,744
+180
+0.8% +$67.2K
AMT icon
4
American Tower
AMT
$80.4B
$8.47M 5.67%
41,438
-4,868
-11% -$1.02M
T icon
5
AT&T
T
$163B
$8.15M 5.45%
423,243
-94,607
-18% -$1.81M
SBAC icon
6
SBA Communications
SBAC
$19.5B
$7.3M 4.89%
27,966
-9,945
-26% -$2.74M
RCI icon
7
Rogers Communications
RCI
$18.6B
$6.86M 4.59%
148,200
-77,282
-34% -$3.67M
LSXMA
8
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$6.85M 4.58%
331,944
+253,831
+325% +$6.37M
DLR icon
9
Digital Realty Trust
DLR
$71.7B
$6.46M 4.32%
+65,724
New +$6.93M
DIS icon
10
Walt Disney
DIS
$181B
$6.41M 4.29%
64,027
+26,149
+69% +$2.64M
NFLX icon
11
Netflix
NFLX
$309B
$6.2M 4.15%
179,320
+11,800
+7% +$391K
OMC icon
12
Omnicom Group
OMC
$23.4B
$5.71M 3.82%
60,510
+38,280
+172% +$3.39M
TMUS icon
13
T-Mobile US
TMUS
$190B
$5.02M 3.36%
34,655
-72,966
-68% -$10.6M
PRKS icon
14
United Parks & Resorts
PRKS
$2.12B
$4.86M 3.25%
79,205
+59,384
+300% +$3.63M
CNK icon
15
Cinemark Holdings
CNK
$4.32B
$4.65M 3.11%
+314,362
New +$3.81M
CD
16
DELISTED
Chindata Group Holdings Limited American Depositary Shares
CD
$4.34M 2.9%
620,794
+88,189
+17% +$675K
LBRDK icon
17
Liberty Broadband Class C
LBRDK
$5.15B
$4.19M 2.8%
51,283
+22,930
+81% +$1.98M
FYBR
18
DELISTED
Frontier Communications
FYBR
$4.14M 2.77%
+181,885
New +$4.88M
TTD icon
19
Trade Desk
TTD
$6.49B
$4.08M 2.73%
+66,928
New +$3.56M
PARA
20
DELISTED
Paramount Global Class B
PARA
$3.41M 2.28%
+153,064
New +$3.28M
DY icon
21
Dycom Industries
DY
$12.3B
$2.69M 1.8%
28,765
+6,082
+27% +$565K
SPOT icon
22
Spotify
SPOT
$100B
$2.6M 1.74%
19,472
-46,503
-70% -$5.32M
LAMR icon
23
Lamar Advertising Co
LAMR
$16.3B
$2.47M 1.65%
24,735
-33,292
-57% -$3.38M
PINS icon
24
Pinterest
PINS
$13.4B
$2.16M 1.44%
79,155
-64,326
-45% -$1.67M
CCOI icon
25
Cogent Communications
CCOI
$508M
$2.08M 1.39%
32,592
-66,579
-67% -$4.28M
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 2023 Portfolio in Review

As of Q1 2023, Zeno Research held 35 positions worth $149M, down 1.1% from $151M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Zeno Research withdrew a net $9.85M in Q1 2023, closing 5 positions and reducing 10 holdings. Its most notable exit was Equinix, an estimated $11.1M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 74% of assets, up from 68% a quarter earlier, followed by Real Estate and Consumer Discretionary.

Against the trend, Zeno Research opened a new position in Digital Realty Trust worth $6.46M.

  • Zeno Research's largest Q1 2023 buy was Digital Realty Trust: 65,724 shares worth $6.46M.
  • Zeno Research added most to Liberty Media Corporation Series A Liberty SiriusXM Common Stock in Q1 2023, an estimated $6.37M increase.
  • Zeno Research's biggest Q1 2023 reduction was T-Mobile US, cutting an estimated $10.6M.
  • Zeno Research fully exited Equinix in Q1 2023, selling an estimated $11.1M.
  • Zeno Research's ten largest holdings make up 59% of its $149M portfolio in Q1 2023.
  • Zeno Research opened 10 new positions and closed 5 in Q1 2023.
  • Zeno Research's portfolio value fell 1.1% quarter-over-quarter to $149M.

Based on Zeno Research's 13F filing for Q1 2023, filed 15 May 2023.