In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 22, 2024), Zeno Equity Partners LLP reported 12 stock positions worth $443.2 million . Its top holding was Waldencast PLC-A (MLKMF) at 22.5% of the portfolio, followed by General Electric (GE, 12.0% ) and Appfolio Class A (APPF, 11.5% ). Compared with Q4 2023, it opened 1 new position, sold out of 2 and added to 11. The biggest buy was General Electric (GE, shares +38% ) and the biggest sale an exit from Natura &co Holding-ADR (NTCOY).
Location LONDON, X0
CIK 0002013334
Portfolio Value $443.2M (Q1 2024) Holdings 12 stocks · $443.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 MLKMF Waldencast PLC-A 15,332,933 $99.7M Add +5.4% GE General Electric 303,191 $53.2M Add +37.9% APPF Appfolio Inc. Class A 205,781 $50.8M Add +6.6% DHR Danaher Corp. 193,670 $48.4M Add +81.1% LIN Linde PLC 99,311 $46.1M Add +32.1% AMZN Amazon.com Inc. 147,302 $26.6M Add +55.2% HEI Heico Corp. 161,570 $24.9M Add +154.3% DSGX The Descartes Systems Grp 264,580 $24.2M Add +100.2% APH Amphenol Corp. Class A 207,586 $24.0M Add +37.0% SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 328,265 $18.7M Add +37.2% TXN Texas Instruments Inc. 100,517 $17.5M New RYAAY Ryanair Holdings PLC-SP ADR 63,508 $9.2M Add +67.6%
Options reported separately and not counted above: LINDE PLC puts ($5K), STATE STR SPDR S&P 500 ETF T puts ($812).
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.5M (not counted above) Security Class Shares / Principal Value Change MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 6,247,776 $3.5M Add +4.5%
Total filed on the 13F, all lines: $446.7M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ NTCOY Natura &co Holding-ADR Sold out 0.00% −7.40 VLTO Veralto Corp. Sold out 0.00% −0.70
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ GE General Electric Add +37.9% 12.01% +4.49 DHR Danaher Corp. Add +81.1% 10.92% +4.29 TXN Texas Instruments Inc. New 3.95% +3.95 HEI Heico Corp. Add +154.3% 5.61% +3.19 APPF Appfolio Inc. Class A Add +6.6% 11.46% +2.50 DSGX The Descartes Systems Grp Add +100.2% 5.46% +2.49 LIN Linde PLC Add +32.1% 10.40% +2.13 AMZN Amazon.com Inc. Add +55.2% 5.99% +2.13 APH Amphenol Corp. Class A Add +37.0% 5.41% +1.39 SGI Somnigroup International Inc. Add +37.2% 4.21% +0.94 RYAAY Ryanair Holdings PLC-SP ADR Add +67.6% 2.09% +0.73 MLKMF Waldencast PLC-A Add +5.4% 22.49% −20.15
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,106 $246Kbefore exit LIN Linde PLC call Sold out 107 $42Kbefore exit LINDE PLC put New 107 $5K STATE STR SPDR S&P 500 ETF T put New 1 $812
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 Add +4.5% 6,247,776 $3.5M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 15 $268.8M DHR, LIN, AMZN, VIST, HEI.A Q1 2026 Amended 12 $246.3M DHR, LIN, AMZN, VIST, DSGX Q4 2025 10 $241.0M LIN, DHR, SGI, MLKMF, AMZN Q3 2025 8 $214.9M DHR, LIN, AMZN, MLKMF, HEI.A Q2 2025 10 $231.3M DHR, MLKMF, LIN, AMZN, APH Q1 2025 Amended 11 $275.7M MLKMF, DHR, AMZN, LIN, TXN Q4 2024 11 $332.3M MLKMF, DHR, GE, AMZN, APPF Q3 2024 13 $356.7M MLKMF, DHR, APPF, GE, LIN Q2 2024 12 $371.1M MLKMF, GE, DHR, APPF, LIN Q1 2024 12 $443.2M MLKMF, GE, APPF, DHR, LIN