Zeno Equity Partners LLP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Zeno Equity Partners LLP reported 11 stock positions worth $332.3 million. Its top holding was Waldencast PLC-A (MLKMF) at 18.6% of the portfolio, followed by Danaher (DHR, 12.0%) and General Electric (GE, 10.4%). Compared with Q3 2024, it opened 1 new position, sold out of 3, added to 5 and reduced 4. The biggest buy was a new position in Amphenol Class A (APH) and the biggest sale an exit from Amphenol Class A Ord.

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0002013334
Portfolio Value
$332.3M (Q4 2024)
SEC Filing
0002013334-25-000004 ↗ filed Feb 11, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $443.2M Q1 2024 Q2 2024: $371.1M Q2 2024 Q3 2024: $356.7M Q3 2024 Q4 2024: $332.3M $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 11 stocks · $332.3M
MLKMF Waldencast PLC-A 18.55% 15,335,543 $61.6M No change
DHR Danaher Corp. 12.02% 173,865 $39.9M Add +11.2%
GE General Electric filed as GE AEROSPACE 10.38% 206,492 $34.5M Reduce -5.5%
AMZN Amazon.com Inc. 10.01% 151,609 $33.3M Add +3.1%
APPF Appfolio Inc. Class A 9.60% 129,256 $31.9M Reduce -26.9%
LIN Linde PLC 9.37% 74,378 $31.1M Add +3.8%
DSGX The Descartes Systems Grp 8.76% 256,149 $29.1M Reduce -4.0%
TXN Texas Instruments Inc. 7.82% 138,678 $26.0M Reduce -9.2%
MEDP Medpace Holdings Inc. 6.07% 60,740 $20.2M Add +24.9%
HEI.A Heico Corp. Class A 4.01% 71,535 $13.3M Add +5.6%
APH Amphenol Corp. Class A 3.42% 163,269 $11.4M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 6,247,775$1.1MNo change

Total filed on the 13F, all lines: $333.4M.

Portfolio Sells Q3 2024 → Q4 2024
AMPHENOL CL A ORD Sold out 0.00% −3.28
APPF Appfolio Inc. Class A Reduce -26.9% 9.60% −2.08
SGI Somnigroup International Inc. Sold out 0.00% −1.86
RYAAY Ryanair Holdings PLC-SP ADR Sold out 0.00% −1.55
GE General Electric Reduce -5.5% 10.38% −1.19
TXN Texas Instruments Inc. Reduce -9.2% 7.82% −1.02
DSGX The Descartes Systems Grp Reduce -4.0% 8.76% +1.05

Portfolio Buys Q3 2024 → Q4 2024
APH Amphenol Corp. Class A New 3.42% +3.42
AMZN Amazon.com Inc. Add +3.1% 10.01% +2.33
MEDP Medpace Holdings Inc. Add +24.9% 6.07% +1.52
HEI.A Heico Corp. Class A Add +5.6% 4.01% +0.14
DHR Danaher Corp. Add +11.2% 12.02% −0.17
LIN Linde PLC Add +3.8% 9.37% −0.21

Options Activity Q3 2024 → Q4 2024
STATE STR SPDR S&P 500 ETF T put Sold out 2,234 $327Kbefore exit
INVESCO QQQ TR put Sold out 840 $162Kbefore exit

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