# Zeno Equity Partners LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2013334. Source: https://holderbook.com/funds/2013334-zeno-equity-partners-llp/

- Reported value: $269.0M
- Positions: 16
- Weight of the ten largest: 88.1%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $47.9M | 251,554 | 17.8% | 11 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $29.3M | 56,446 | 10.9% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $25.5M | 107,007 | 9.5% | 11 |
| VISTA ENERGY S.A.B. DE C.V. | [VIST](https://holderbook.com/stocks/VIST/) | $23.6M | 370,012 | 8.8% | 2 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $22.7M | 88,085 | 8.4% | 9 |
| WALDENCAST PLC | [WALD](https://holderbook.com/stocks/WALD/) | $21.6M | 12,252,580 | 8.0% | 11 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $19.4M | 279,581 | 7.2% | 2 |
| PATRIA INVESTMENTS LIMITED | [PAX](https://holderbook.com/stocks/PAX/) | $18.7M | 1,701,343 | 6.9% | 3 |
| ITAU UNIBANCO HLDG S A | [ITUB](https://holderbook.com/stocks/ITUB/) | $17.8M | 2,183,366 | 6.6% | 2 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $10.4M | 35,135 | 3.9% | 1 |
| PAMPA ENERGIA S A | [PAM](https://holderbook.com/stocks/PAM/) | $9.3M | 112,816 | 3.4% | 2 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $8.4M | 24,557 | 3.1% | 1 |
| SOMNIGROUP INTERNATIONAL INC | [SGI](https://holderbook.com/stocks/SGI/) | $7.7M | 98,756 | 2.9% | 6 |
| RYANAIR HOLDINGS PLC | [RYAAY](https://holderbook.com/stocks/RYAAY/) | $3.7M | 57,145 | 1.4% | 2 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $2.8M | 6,055 | 1.0% | 1 |
| WALDENCAST PLC | [WALDW](https://holderbook.com/stocks/WALDW/) | $229.5K | 4,892,767 | 0.1% | 11 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +5.7% | +14.8% | -9.1% | 100% |
| Q1 2026 | -9.1% | -4.6% | -4.4% | 123% |
| Q4 2025 | +2.5% | +2.4% | +0.1% | 100% |
| Q3 2025 | +0.7% | +7.8% | -7.2% | 100% |
| Q2 2025 | +6.7% | +10.5% | -3.8% | 100% |
| Q1 2025 | -6.8% | -4.6% | -2.2% | 100% |
| Q4 2024 | -1.5% | +2.1% | -3.6% | 97% |
| Q3 2024 | +6.3% | +5.4% | +0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $269.0M | 16 |
| Q1 2026 | $246.4M | 13 |
| Q4 2025 | $241.2M | 11 |
| Q3 2025 | $215.1M | 9 |
| Q2 2025 | $231.9M | 11 |
| Q1 2025 | $276.5M | 12 |
| Q4 2024 | $333.4M | 12 |
| Q3 2024 | $358.5M | 16 |
| Q2 2024 | $375.9M | 14 |
| Q1 2024 | $446.7M | 15 |
| Q4 2023 | $379.5M | 15 |