Zeno Research, LLC

CIK

1792460

Location

NEW YORK, NY

Portfolio Value

Small $216,228,556

Diversification

Diversified

Filing Date

Global Rank

#4,325 / 7,036 ▲ 1054 · as of Sep 2023

Top Industry

Telecom Services 32.7%

3Y Alpha vs SPY

-19.8%

Period ended 3 years ago

Filed Nov 14, 2023 · 2y

12 quarters · since Dec 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2023, never from the firm's own description.

Style

Concentrated

The top 10 positions are 75.8% of the book (60%+)

Turnover

High turnover

142.3% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 3.0 quarters (under 4)

Closest benchmark: the Nasdaq-100 as of 2023-09-30, active share 91.7%; sector active share 84.7% against the combined 13F book's sector weights.

Over time 12 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

26 tracked positions · as of Sep 30, 2023 · Δ vs Jun 30, 2023

Top Position

12.5%

−1.9 pts

Top 5

50.2%

+1.6 pts

Top 10

73.4%

+2.5 pts

HHI

692

Diversified−35

Portfolio Trend

12 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2023

Sector	% Portfolio	Value	Positions
Communication Services	77.8%	$168,328,972	19
Real Estate	16.5%	$35,717,919	3
Unclassified	5.6%	$12,181,665	4

Last Quarter's Activity

Export CSV

Sep 30, 2023 vs Jun 30, 2023

Added To

Positions the filer increased

10 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
—		+80,726	399,761	$0
—		+24,197	126,266	$2,968,514
FWONK	Liberty Media Corp	+17,364	49,101	$3,058,992
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
—		−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	−7,697	23,369	$1,950,610
No positions match the current search.

New Positions

Positions the filer opened this quarter

11 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.	35,785	$15,738,958
CCI	Crown Castle Inc.	133,821	$12,315,546
LYV	Live Nation Entertainment, Inc.	75,115	$6,237,549
NFLX	Netflix Inc	15,705	$5,930,208
—		280,496	$5,581,870
GOOGL	Alphabet Inc.	30,454	$3,985,210
—		277,735	$3,016,202
LSXMA	Liberty Media Corp	92,243	$2,347,584
TTWO	Take Two Interactive Software Inc	3,465	$486,451
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
TMUS	T-Mobile US, Inc.	151,191	$21,000,429
AMT	American Tower Corp	40,372	$7,829,745
—		60,836	$6,598,881
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	$4,970,507
GTN	Gray Media, Inc	309,219	$2,436,645
—		4,287	$361,394
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

26 tracked positions · $216,228,556 total · filing declares 26 positions · $222,531,511 · as of Sep 30, 2023

All sectors Communication Services Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
WMG	Warner Music Group Corp. Communication Services	Added	860,940	+117,033	$27,033,516	+39.3%	5	$28.67	12.50%
T	At&T Inc. Communication Services	NEW	1,577,907	NEW	$23,700,163	NEW	1	$14.66	10.96%
DLR	Digital Realty Trust, Inc. Real Estate	NEW	177,258	NEW	$21,451,763	NEW	1	$122.80	9.92%
RCI	Rogers Communications Inc Communication Services	Added	535,729	+208,039	$20,566,636	+37.5%	7	$45.56	9.51%
CHTR	Charter Communications, Inc. Communication Services	NEW	35,785	NEW	$15,738,958	NEW	1	$415.80	7.28%
CCI	Crown Castle Inc. Real Estate	NEW	133,821	NEW	$12,315,546	NEW	1	$103.60	5.70%
META	Meta Platforms, Inc. Communication Services	Added	39,419	+12,439	$11,833,977	+52.8%	6	$212.16	5.47%
OMC	Omnicom Group Inc. Communication Services	Added	148,443	+112,840	$11,056,034	+226.4%	6	$82.45	5.11%
FOXA	Fox Corp Communication Services	Added	256,602	+143,610	$8,005,982	+108.4%	2	$32.79	3.70%
TTD	Trade Desk, Inc. Communication Services	Added	90,092	+2,435	$7,040,689	+4.0%	3	$57.29	3.26%
TDS	Telephone & Data Systems Inc CALL Communication Services	NEW	370,000	NEW	$6,774,700	NEW	—	—	3.13%
LYV	Live Nation Entertainment, Inc. Communication Services	NEW	75,115	NEW	$6,237,549	NEW	1	$87.14	2.88%
SPOT	Spotify Technology S.A. Communication Services	Added	38,664	+2,888	$5,979,000	+4.1%	4	$113.10	2.77%
NFLX	Netflix Inc Communication Services	NEW	15,705	NEW	$5,930,208	NEW	1	$423.91	2.74%
		NEW	280,496	NEW	$5,581,870	NEW	1	unpriced	2.58%
CNK	Cinemark Holdings, Inc. Communication Services	Reduced	221,251	-68,030	$4,059,955	−14.9%	3	$12.13	1.88%
GOOGL	Alphabet Inc. Communication Services	NEW	30,454	NEW	$3,985,210	NEW	1	$129.36	1.84%
		Reduced	249,230	-225,678	$3,631,281	−52.9%	3	unpriced	1.68%
FWONK	Liberty Media Corp Communication Services	Added	49,101	+17,364	$3,058,992	+28.0%	2	unpriced	1.41%
		NEW	277,735	NEW	$3,016,202	NEW	1	$12.48	1.39%
		Added	126,266	+24,197	$2,968,514	+11.9%	2	unpriced	1.37%
LSXMA	Liberty Media Corp Communication Services	NEW	92,243	NEW	$2,347,584	NEW	1	unpriced	1.09%
LAMR	Lamar Advertising Co Real Estate	Reduced	23,369	-7,697	$1,950,610	−36.7%	5	$93.92	0.90%
ROKU	Roku, Inc Communication Services	Reduced	20,926	-42,542	$1,477,166	−63.6%	2	$60.74	0.68%
TTWO	Take Two Interactive Software Inc Communication Services	NEW	3,465	NEW	$486,451	NEW	1	$143.94	0.22%
		Added	399,761	+80,726	$0	—	3	unpriced	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.