Zeno Research, LLC

CIK

1792460

Location

NEW YORK, NY

Portfolio Value

Small $196,934,408

Diversification

Diversified

Filing Date

Global Rank

#3,256 / 6,895 ▲ 730

Top Industry

Telecom Services 34.5%

3Y Alpha vs SPY

-8.0%

Period ended 2 years ago

Filed Nov 14, 2023 · 2y

12 quarters · since Dec 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+43.4%

SPY

+76.3%

Annualised alpha

-8.0%

Max drawdown

−15.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

21 positions · as of Sep 30, 2023 · Δ vs Jun 30, 2023

Top Position

13.7%

−2.0 pts

Top 5

55.1%

+2.1 pts

Top 10

80.6%

+4.1 pts

HHI

808

Diversified−27

Portfolio Trend

12 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2023

Sector	% Portfolio	Value	Positions
Communication Services	80.0%	$157,585,208	17
Real Estate	18.1%	$35,717,919	3
Unclassified	1.8%	$3,631,281	1

Last Quarter's Activity

Export CSV

Sep 30, 2023 vs Jun 30, 2023

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
RCI	Rogers Communications Inc	+208,039	535,729	$20,566,636
FOXA	Fox Corp	+143,610	256,602	$8,005,982
WMG	Warner Music Group Corp.	+117,033	860,940	$27,033,516
OMC	Omnicom Group Inc.	+112,840	148,443	$11,056,034
META	Meta Platforms, Inc.	+12,439	39,419	$11,833,977
SPOT	Spotify Technology S.A.	+2,888	38,664	$5,979,000
TTD	Trade Desk, Inc.	+2,435	90,092	$7,040,689
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
TGNA	TEGNA INC	−225,678	249,230	$3,631,281
CNK	Cinemark Holdings, Inc.	−68,030	221,251	$4,059,955
ROKU	Roku, Inc	−42,542	20,926	$1,477,166
LAMR	Lamar Advertising Co/New	−7,697	23,369	$1,950,610
No positions match the current search.

New Positions

Positions the filer opened this quarter

10 positions

Ticker	Company	Shares	Value
T	At&T Inc.	1,577,907	$23,700,163
DLR	Digital Realty Trust, Inc.	177,258	$21,451,763
CHTR	Charter Communications, Inc. /Mo/	35,785	$15,738,958
CCI	Crown Castle Inc.	133,821	$12,315,546
TDS	Telephone & Data Systems Inc /De/	370,000	$6,774,700
LYV	Live Nation Entertainment, Inc.	75,115	$6,237,549
GOOGL	Alphabet Inc.	30,454	$3,985,210
WBD	Warner Bros. Discovery, Inc.	277,735	$3,016,202
NFLX	Netflix Inc	15,705	$593,020
TTWO	Take Two Interactive Software Inc	3,465	$486,451
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
TMUS	T-Mobile US, Inc.	151,191	$21,000,429
AMT	American Tower Corp /Ma/	40,372	$7,829,745
VZ	Verizon Communications Inc	158,129	$5,880,817
CABO	Cable One, Inc.	8,173	$5,370,314
EQIX	Equinix Inc	6,557	$5,140,294
CMCSA	Comcast Corp	119,627	$4,658,395
GTN	Gray Media, Inc	309,219	$2,436,645
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

21 positions · $196,934,408 total · as of Sep 30, 2023

All sectors Communication Services Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WMG	Warner Music Group Corp. Communication Services	Added	860,940	+117,033	$27,033,516	+39.3%	13.73%
T	At&T Inc. Communication Services	NEW	1,577,907	NEW	$23,700,163	NEW	12.03%
DLR	Digital Realty Trust, Inc. Real Estate	NEW	177,258	NEW	$21,451,763	NEW	10.89%
RCI	Rogers Communications Inc Communication Services	Added	535,729	+208,039	$20,566,636	+37.5%	10.44%
CHTR	Charter Communications, Inc. /Mo/ Communication Services	NEW	35,785	NEW	$15,738,958	NEW	7.99%
CCI	Crown Castle Inc. Real Estate	NEW	133,821	NEW	$12,315,546	NEW	6.25%
META	Meta Platforms, Inc. Communication Services	Added	39,419	+12,439	$11,833,977	+52.8%	6.01%
OMC	Omnicom Group Inc. Communication Services	Added	148,443	+112,840	$11,056,034	+226.4%	5.61%
FOXA	Fox Corp Communication Services	Added	256,602	+143,610	$8,005,982	+108.4%	4.07%
TTD	Trade Desk, Inc. Communication Services	Added	90,092	+2,435	$7,040,689	+4.0%	3.58%
TDS	Telephone & Data Systems Inc /De/ Communication Services	NEW	370,000	NEW	$6,774,700	NEW	3.44%
LYV	Live Nation Entertainment, Inc. Communication Services	NEW	75,115	NEW	$6,237,549	NEW	3.17%
SPOT	Spotify Technology S.A. Communication Services	Added	38,664	+2,888	$5,979,000	+4.1%	3.04%
CNK	Cinemark Holdings, Inc. Communication Services	Reduced	221,251	-68,030	$4,059,955	−14.9%	2.06%
GOOGL	Alphabet Inc. Communication Services	NEW	30,454	NEW	$3,985,210	NEW	2.02%
TGNA	TEGNA INC	Reduced	249,230	-225,678	$3,631,281	−52.9%	1.84%
WBD	Warner Bros. Discovery, Inc. Communication Services	NEW	277,735	NEW	$3,016,202	NEW	1.53%
LAMR	Lamar Advertising Co/New Real Estate	Reduced	23,369	-7,697	$1,950,610	−36.7%	0.99%
ROKU	Roku, Inc Communication Services	Reduced	20,926	-42,542	$1,477,166	−63.6%	0.75%
NFLX	Netflix Inc Communication Services	NEW	15,705	NEW	$593,020	NEW	0.30%
TTWO	Take Two Interactive Software Inc Communication Services	NEW	3,465	NEW	$486,451	NEW	0.25%