# Zeno Research, LLC

> Institutional holdings reported to the SEC as of Q3 2023 on Form 13F. CIK 1792460. Source: https://holderbook.com/funds/1792460-zeno-research-llc/

- Reported value: $222.5M
- Positions: 26
- Weight of the ten largest: 71.4%
- Filed: 2023-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| WARNER MUSIC GROUP CORP | [WMG](https://holderbook.com/stocks/WMG/) | $27.0M | 860,940 | 12.1% | 5 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $23.7M | 1,577,907 | 10.7% | 1 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $21.5M | 177,258 | 9.6% | 1 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $20.6M | 535,729 | 9.3% | 7 |
| CHARTER COMMUNICATIONS INC | [CHTR](https://holderbook.com/stocks/CHTR/) | $15.7M | 35,785 | 7.1% | 1 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $12.3M | 133,821 | 5.5% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $11.8M | 39,419 | 5.3% | 6 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $11.1M | 148,443 | 5.0% | 6 |
| FOX CORP | [FOXA](https://holderbook.com/stocks/FOXA/) | $8.0M | 256,602 | 3.6% | 2 |
| THE TRADE DESK INC | [TTD](https://holderbook.com/stocks/TTD/) | $7.0M | 90,092 | 3.2% | 3 |
| TELEPHONE & DATA SYS INC | [TDS](https://holderbook.com/stocks/TDS/) | $6.8M | 0 | 3.0% | 1 |
| FRONTIER COMMUNICATIONS PARE | [FYBR](https://holderbook.com/stocks/FYBR/) | $6.3M | 399,761 | 2.8% | 3 |
| LIVE NATION ENTERTAINMENT IN | [LYV](https://holderbook.com/stocks/LYV/) | $6.2M | 75,115 | 2.8% | 1 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $6.0M | 38,664 | 2.7% | 4 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $5.9M | 15,705 | 2.7% | 1 |
| ENDEAVOR GROUP HLDGS INC | [EDR](https://holderbook.com/stocks/EDR/) | $5.6M | 280,496 | 2.5% | 1 |
| CINEMARK HLDGS INC | [CNK](https://holderbook.com/stocks/CNK/) | $4.1M | 221,251 | 1.8% | 3 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $4.0M | 30,454 | 1.8% | 1 |
| TEGNA INC | [TGNA](https://holderbook.com/stocks/TGNA/) | $3.6M | 249,230 | 1.6% | 3 |
| LIBERTY MEDIA CORP DEL | [FWONK](https://holderbook.com/stocks/FWONK/) | $3.1M | 49,101 | 1.4% | 1 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $3.0M | 277,735 | 1.4% | 1 |
| SIX FLAGS ENTMT CORP NEW | [SIX](https://holderbook.com/stocks/SIX/) | $3.0M | 126,266 | 1.3% | 2 |
| LIBERTY MEDIA CORP DEL | [LSXMA](https://holderbook.com/stocks/LSXMA/) | $2.3M | 92,243 | 1.1% | 1 |
| LAMAR ADVERTISING CO | [LAMR](https://holderbook.com/stocks/LAMR/) | $2.0M | 23,369 | 0.9% | 5 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $1.5M | 20,926 | 0.7% | 2 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $486.5K | 3,465 | 0.2% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2023 | -4.4% | -3.6% | -0.9% | 96% |
| Q2 2023 | +2.1% | +8.3% | -6.2% | 100% |
| Q1 2023 | +8.5% | +7.0% | +1.4% | 100% |
| Q4 2022 | +6.7% | +7.1% | -0.3% | 100% |
| Q3 2022 | -13.4% | -5.3% | -8.1% | 100% |
| Q2 2022 | -18.4% | -16.5% | -2.0% | 100% |
| Q1 2022 | -4.4% | -4.9% | +0.5% | 100% |
| Q4 2021 | -0.6% | +10.7% | -11.2% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2023 | $222.5M | 26 |
| Q2 2023 | $180.2M | 26 |
| Q1 2023 | $149.5M | 30 |
| Q4 2022 | $151.2M | 25 |
| Q3 2022 | $105.7M | 22 |
| Q2 2022 | $91.3M | 23 |
| Q1 2022 | $115.9M | 22 |
| Q4 2021 | $103.2M | 27 |
| Q3 2021 | $126.4M | 24 |
| Q2 2021 | $125.8M | 21 |
| Q1 2021 | $51.7M | 18 |
| Q4 2020 | $169.3M | 25 |