In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Zeno Equity Partners LLP reported 13 stock positions worth $356.7 million . Its top holding was Waldencast PLC-A (MLKMF) at 15.6% of the portfolio, followed by Danaher (DHR, 12.2% ) and Appfolio Class A (APPF, 11.7% ). Compared with Q2 2024, it opened 2 new positions, sold out of 1, added to 5 and reduced 6. The biggest buy was a new position in Medpace (MEDP) and the biggest sale an exit from Amphenol Class A (APH).
Location LONDON, X0
CIK 0002013334
Portfolio Value $356.7M (Q3 2024) Holdings 13 stocks · $356.7M 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 Q2 2024 MLKMF Waldencast PLC-A 15,335,543 $55.8M Add +0.0% DHR Danaher Corp. 156,299 $43.5M Reduce -14.4% APPF Appfolio Inc. Class A 176,925 $41.6M Add +2.5% GE General Electric filed as GE AEROSPACE 218,505 $41.3M Reduce -29.1% LIN Linde PLC 71,644 $34.2M Reduce -14.5% TXN Texas Instruments Inc. 152,782 $31.6M Reduce -2.6% DSGX The Descartes Systems Grp 266,968 $27.5M Add +0.3% AMZN Amazon.com Inc. 147,054 $27.4M Add +10.0% MEDP Medpace Holdings Inc. 48,619 $16.2M New HEI.A Heico Corp. Class A 67,721 $13.8M Reduce -50.2% AMPHENOL CL A ORD 179,079 $11.7M New SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 121,623 $6.6M Reduce -56.5% RYAAY Ryanair Holdings PLC-SP ADR 122,635 $5.5M Add +57.9%
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($327K), INVESCO QQQ TR puts ($162K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.3M (not counted above) Security Class Shares / Principal Value Change MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 6,247,775 $1.3M No change
Total filed on the 13F, all lines: $358.0M.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ APH Amphenol Corp. Class A Sold out 0.00% −3.76 HEI.A Heico Corp. Class A Reduce -50.2% 3.87% −2.63 SGI Somnigroup International Inc. Reduce -56.5% 1.86% −1.70 GE General Electric Reduce -29.1% 11.57% −1.63 LIN Linde PLC Reduce -14.5% 9.58% −0.33 DHR Danaher Corp. Reduce -14.4% 12.19% −0.11 TXN Texas Instruments Inc. Reduce -2.6% 8.85% +0.63
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ MEDP Medpace Holdings Inc. New 4.55% +4.55 AMPHENOL CL A ORD New 3.28% +3.28 MLKMF Waldencast PLC-A Add +0.0% 15.65% +0.81 DSGX The Descartes Systems Grp Add +0.3% 7.71% +0.76 AMZN Amazon.com Inc. Add +10.0% 7.68% +0.72 APPF Appfolio Inc. Class A Add +2.5% 11.68% +0.30 RYAAY Ryanair Holdings PLC-SP ADR Add +57.9% 1.55% −0.88
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 10,589 $3.1Mbefore exit STATE STR SPDR S&P 500 ETF T put New 2,234 $327K INVESCO QQQ TR put New 840 $162K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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