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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
+1.35%
1 Year Est. Return
+24.15%
3 Year Est. Return
+25.2%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$180M
AUM Growth
+$30.7M
Cap. Flow
+$27.6M
Cap. Flow %
15.32%
Top 10 Hldgs %
64.78%
Holding
39
New
9
Increased
13
Reduced
4
Closed
13

Top Buys

Rank Stock Value
1
TMUS icon
T-Mobile US
TMUS
+$16.4M
2
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$9.49M
3
WMG icon
Warner Music
WMG
+$9M
4
RCI icon
Rogers Communications
RCI
+$8.42M
5
TGNA
TEGNA Inc
TGNA
+$6.72M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$10.2M
2
CHTR icon
Charter Communications
CHTR
+$8.49M
3
T icon
AT&T
T
+$8.15M
4
SBAC icon
SBA Communications
SBAC
+$7.3M
5
DLR icon
Digital Realty Trust
DLR
+$6.46M

Sector Composition

Rank Sector Weight
1 Communication Services 80.48%
2 Real Estate 8.91%
3 Technology 0.2%
4 Consumer Discretionary 0%
5 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TMUS icon
1
T-Mobile US
TMUS
$190B
$21M 11.66%
151,191
+116,536
+336% +$16.4M
WMG icon
2
Warner Music
WMG
$13.8B
$19.4M 10.77%
743,907
+324,938
+78% +$9M
LSXMA
3
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$18.7M 10.41%
777,641
+445,697
+134% +$9.49M
RCI icon
4
Rogers Communications
RCI
$18.6B
$15M 8.3%
327,690
+179,490
+121% +$8.42M
AMT icon
5
American Tower
AMT
$80.4B
$7.83M 4.35%
40,372
-1,066
-3% -$208K
META icon
6
Meta Platforms (Facebook)
META
$1.51T
$7.74M 4.3%
26,980
-41,366
-61% -$10.2M
TGNA
7
DELISTED
TEGNA Inc
TGNA
$7.71M 4.28%
474,908
+412,581
+662% +$6.72M
TTD icon
8
Trade Desk
TTD
$6.49B
$6.77M 3.76%
87,657
+20,729
+31% +$1.4M
WWE
9
DELISTED
World Wrestling Entertainment
WWE
$6.6M 3.66%
+60,836
New +$6.29M
FYBR
10
DELISTED
Frontier Communications
FYBR
$5.95M 3.3%
319,035
+137,150
+75% +$2.57M
VZ icon
11
Verizon
VZ
$196B
$5.88M 3.26%
+158,129
New +$5.85M
SPOT icon
12
Spotify
SPOT
$100B
$5.74M 3.19%
35,776
+16,304
+84% +$2.36M
CABO icon
13
Cable One
CABO
$212M
$5.37M 2.98%
+8,173
New +$5.51M
CD
14
DELISTED
Chindata Group Holdings Limited American Depositary Shares
CD
$5.3M 2.94%
740,704
+119,910
+19% +$766K
EQIX icon
15
Equinix
EQIX
$103B
$5.14M 2.85%
+6,557
New +$4.8M
CMCSA icon
16
Comcast
CMCSA
$90B
$4.97M 2.76%
+119,627
New +$4.75M
CNK icon
17
Cinemark Holdings
CNK
$4.32B
$4.77M 2.65%
289,281
-25,081
-8% -$417K
PARA
18
DELISTED
Paramount Global Class B
PARA
$4.06M 2.26%
255,410
+102,346
+67% +$1.85M
ROKU icon
19
Roku
ROKU
$22.7B
$4.06M 2.25%
+63,468
New +$3.86M
FOXA icon
20
Fox Class A
FOXA
$26.9B
$3.84M 2.13%
+112,992
New +$3.7M
OMC icon
21
Omnicom Group
OMC
$23.4B
$3.39M 1.88%
35,603
-24,907
-41% -$2.31M
LAMR icon
22
Lamar Advertising Co
LAMR
$16.3B
$3.08M 1.71%
31,066
+6,331
+26% +$614K
SIX
23
DELISTED
Six Flags Entertainment Corp.
SIX
$2.65M 1.47%
+102,069
New +$2.64M
GTN icon
24
Gray Television
GTN
$552M
$2.44M 1.35%
309,219
+241,527
+357% +$1.86M
FWONK icon
25
Liberty Media Series C
FWONK
$25.8B
$2.39M 1.33%
+32,825
New +$2.33M
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 Q2 2023 Portfolio in Review

As of Q2 2023, Zeno Research held 39 positions worth $180M, up 21% from $149M the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Zeno Research deployed $27.6M of net new capital in Q2 2023, opening 9 new positions and adding to 13 existing holdings. Its largest new stake was World Wrestling Entertainment: 60,836 shares worth $6.6M.

By sector, the portfolio is most concentrated in Communication Services at 80% of assets, up from 74% a quarter earlier, followed by Real Estate and Technology.

On the sell side, the largest reduction was Meta Platforms (Facebook), an estimated $10.2M trimmed.

  • Zeno Research's largest Q2 2023 buy was World Wrestling Entertainment: 60,836 shares worth $6.6M.
  • Zeno Research added most to T-Mobile US in Q2 2023, an estimated $16.4M increase.
  • Zeno Research's biggest Q2 2023 reduction was Meta Platforms (Facebook), cutting an estimated $10.2M.
  • Zeno Research fully exited Charter Communications in Q2 2023, selling an estimated $8.49M.
  • Zeno Research's ten largest holdings make up 65% of its $180M portfolio in Q2 2023.
  • Zeno Research opened 9 new positions and closed 13 in Q2 2023.
  • Zeno Research's portfolio value rose 21% quarter-over-quarter to $180M.

Based on Zeno Research's 13F filing for Q2 2023, filed 14 Aug 2023.