Zeno Equity Partners LLP
LONDON, X0
$269m in 16 US stocks at the end of 30 June 2026. The top 10 are 88.1% of the money. It changed about 12.2% of the portfolio this quarter.
Value
$269m
Stocks
16
Top 10 share
88.1%
Turnover
12.2%
What changed this quarter
New
Bought for the first time this quarter.
- Vulcan MaterialsVMC3.9% of the fund
- VisaV3.1% of the fund
- Spotify TechnologySPOT1.0% of the fund
Added
Bought more of a stock they already held.
- Vista Energy S.A.B. de C.V.VIST8.8% of the fund+27%
- Patria InvestmentsPAX6.9% of the fund+26%
- Ryanair HoldingsRYAAY1.4% of the fund+6%
Cut
Sold some of their stake.
- LindeLIN10.9% of the fund-8%
- Amazon.comAMZN9.5% of the fund-24%
- HeicoHEI-A8.4% of the fund-2%
- Descartes Systems GroupDSGX7.2% of the fund-2%
- Itau Unibanco Hldg S AITUB6.6% of the fund-2%
- Pampa EnergyPAM3.4% of the fund-2%
- Somnigroup InternationalSGI2.9% of the fund-58%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Vista Energy S.A.B. de C.V.VIST
- Share
- 8.8%
- Value
- $24m
- Shares
- 370,012
+27%
- Descartes Systems GroupDSGX
- Share
- 7.2%
- Value
- $19m
- Shares
- 279,581
-2%
- Itau Unibanco Hldg S AITUB
- Share
- 6.6%
- Value
- $18m
- Shares
- 2,183,366
-2%
- Ryanair HoldingsRYAAY
- Share
- 1.4%
- Value
- $4m
- Shares
- 57,145
+6%
- WaldencastWALDW
- Share
- <0.1%
- Value
- $229,471
- Shares
- 4,892,767
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| DanaherDHR | 17.8% | $48m | 251,554 | Held |
| LindeLIN | 10.9% | $29m | 56,446 | -8% |
| Amazon.comAMZN | 9.5% | $26m | 107,007 | -24% |
| Vista Energy S.A.B. de C.V.VIST | 8.8% | $24m | 370,012 | +27% |
| HeicoHEI-A | 8.4% | $23m | 88,085 | -2% |
| WaldencastWALD | 8.0% | $22m | 12,252,580 | Held |
| Descartes Systems GroupDSGX | 7.2% | $19m | 279,581 | -2% |
| Patria InvestmentsPAX | 6.9% | $19m | 1,701,343 | +26% |
| Itau Unibanco Hldg S AITUB | 6.6% | $18m | 2,183,366 | -2% |
| Vulcan MaterialsVMC | 3.9% | $10m | 35,135 | New |
| Pampa EnergyPAM | 3.4% | $9m | 112,816 | -2% |
| VisaV | 3.1% | $8m | 24,557 | New |
| Somnigroup InternationalSGI | 2.9% | $8m | 98,756 | -58% |
| Ryanair HoldingsRYAAY | 1.4% | $4m | 57,145 | +6% |
| Spotify TechnologySPOT | 1.0% | $3m | 6,055 | New |
| WaldencastWALDW | <0.1% | $229,471 | 4,892,767 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 16.0% since 30 June 2025.
Where the money is
Materials22.8%
Health care17.8%
Retail & consumer12.4%
Financial services10.1%
Industrials9.8%
Technology7.2%
Utilities3.4%
Media & telecom1.0%
Other15.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.