Zeno Equity Partners LLP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Zeno Equity Partners LLP reported 12 stock positions worth $371.1 million. Its top holding was Waldencast PLC-A (MLKMF) at 14.8% of the portfolio, followed by General Electric (GE, 13.2%) and Danaher (DHR, 12.3%). Compared with Q1 2024, it opened 1 new position, sold out of 1, added to 4 and reduced 6. The biggest buy was a new position in Heico Class A (HEI.A) and the biggest sale an exit from Heico (HEI).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0002013334
Portfolio Value
$371.1M (Q2 2024)
SEC Filing
0002013334-24-000010 ↗ filed Aug 9, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $443.2M Q1 2024 Q2 2024: $371.1M $371.1M Q2 2024 Q3 2024: $356.7M Q3 2024 Q4 2024: $332.3M Q4 2024 Q1 2025: $275.7M Q1 2025 Q2 2025: $231.3M Q2 2025 Q3 2025: $214.9M Q3 2025 Q4 2025: $241.0M Q4 2025 Q1 2026: $246.3M Q1 2026 Q2 2026: $268.8M Q2 2026

Holdings 12 stocks · $371.1M
MLKMF Waldencast PLC-A 14.83% 15,332,933 $55.0M No change
GE General Electric filed as GE AEROSPACE 13.20% 308,092 $49.0M Add +1.6%
DHR Danaher Corp. 12.30% 182,612 $45.7M Reduce -5.7%
APPF Appfolio Inc. Class A 11.37% 172,564 $42.2M Reduce -16.1%
LIN Linde PLC 9.90% 83,759 $36.8M Reduce -15.7%
TXN Texas Instruments Inc. 8.22% 156,828 $30.5M Add +56.0%
AMZN Amazon.com Inc. 6.96% 133,644 $25.8M Reduce -9.3%
DSGX The Descartes Systems Grp 6.95% 266,276 $25.8M Add +0.6%
HEI.A Heico Corp. Class A 6.50% 135,899 $24.1M New
APH Amphenol Corp. Class A 3.76% 206,529 $13.9M Reduce -50.3%
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 3.56% 279,292 $13.2M Reduce -14.9%
RYAAY Ryanair Holdings PLC-SP ADR 2.44% 77,666 $9.0M Add +22.3%

Options reported separately and not counted above: SPY puts ($3.1M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 6,247,775$1.7MReduce 0.0%

Total filed on the 13F, all lines: $372.8M.

Portfolio Sells Q1 2024 → Q2 2024
HEI Heico Corp. Sold out 0.00% −5.61
APH Amphenol Corp. Class A Reduce -50.3% 3.76% −1.65
SGI Somnigroup International Inc. Reduce -14.9% 3.56% −0.65
LIN Linde PLC Reduce -15.7% 9.90% −0.50
APPF Appfolio Inc. Class A Reduce -16.1% 11.37% −0.08
AMZN Amazon.com Inc. Reduce -9.3% 6.96% +0.96
DHR Danaher Corp. Reduce -5.7% 12.30% +1.38

Portfolio Buys Q1 2024 → Q2 2024
HEI.A Heico Corp. Class A New 6.50% +6.50
TXN Texas Instruments Inc. Add +56.0% 8.22% +4.27
DSGX The Descartes Systems Grp Add +0.6% 6.95% +1.48
GE General Electric Add +1.6% 13.20% +1.19
RYAAY Ryanair Holdings PLC-SP ADR Add +22.3% 2.44% +0.35

Options Activity Q1 2024 → Q2 2024
SPY SS SPDR S&P 500 ETF Trust-US put New 10,589 $3.1M
LINDE PLC put Sold out 107 $5Kbefore exit
STATE STR SPDR S&P 500 ETF T put Sold out 1 $812before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 Reduce 0.0% 6,247,775 $1.7M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$268.8MDHR, LIN, AMZN, VIST, HEI.A
Q1 2026Amended 12$246.3MDHR, LIN, AMZN, VIST, DSGX
Q4 2025 10$241.0MLIN, DHR, SGI, MLKMF, AMZN
Q3 2025 8$214.9MDHR, LIN, AMZN, MLKMF, HEI.A
Q2 2025 10$231.3MDHR, MLKMF, LIN, AMZN, APH
Q1 2025Amended 11$275.7MMLKMF, DHR, AMZN, LIN, TXN
Q4 2024 11$332.3MMLKMF, DHR, GE, AMZN, APPF
Q3 2024 13$356.7MMLKMF, DHR, APPF, GE, LIN
Q2 2024 12$371.1MMLKMF, GE, DHR, APPF, LIN
Q1 2024 12$443.2MMLKMF, GE, APPF, DHR, LIN