Zeno Equity Partners LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), Zeno Equity Partners LLP reported 11 stock positions worth $275.7 million. Its top holding was Waldencast PLC-A (MLKMF) at 16.7% of the portfolio, followed by Danaher (DHR, 14.3%) and Amazon.com (AMZN, 12.4%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 5 and reduced 4. The biggest buy was a new position in Somnigroup International (SGI) and the biggest sale an exit from Descartes Systems Grp (DSGX).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0002013334
Portfolio Value
$275.7M (Q1 2025)
SEC Filing
0002013334-25-000010 ↗ filed May 16, 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 Q4 2024 Q1 2025: $275.7M $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 · $275.7M
MLKMF Waldencast PLC-A 16.69% 15,335,543 $46.0M No change
DHR Danaher Corp. 14.33% 192,450 $39.5M Add +10.7%
AMZN Amazon.com Inc. 12.36% 179,112 $34.1M Add +18.1%
LIN Linde PLC 10.78% 63,824 $29.7M Reduce -14.2%
TXN Texas Instruments Inc. 9.88% 151,586 $27.2M Add +9.3%
GE General Electric filed as GE AEROSPACE 9.80% 134,800 $27.0M Reduce -34.7%
APPF Appfolio Inc. Class A 7.08% 88,789 $19.5M Reduce -31.3%
MEDP Medpace Holdings Inc. 6.89% 62,304 $19.0M Add +2.6%
HEI.A Heico Corp. Class A 4.43% 57,889 $12.2M Reduce -19.1%
APH Amphenol Corp. Class A 3.91% 164,179 $10.8M Add +0.6%
SGI Somnigroup International Inc. 3.86% 177,595 $10.6M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $818K (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 6,247,775$818KNo change

Total filed on the 13F, all lines: $276.5M.

Portfolio Sells Q4 2024 → Q1 2025
DSGX The Descartes Systems Grp Sold out 0.00% −8.76
APPF Appfolio Inc. Class A Reduce -31.3% 7.08% −2.51
GE General Electric Reduce -34.7% 9.80% −0.58
HEI.A Heico Corp. Class A Reduce -19.1% 4.43% +0.42
LIN Linde PLC Reduce -14.2% 10.78% +1.41

Portfolio Buys Q4 2024 → Q1 2025
SGI Somnigroup International Inc. New 3.86% +3.86
AMZN Amazon.com Inc. Add +18.1% 12.36% +2.35
DHR Danaher Corp. Add +10.7% 14.33% +2.31
TXN Texas Instruments Inc. Add +9.3% 9.88% +2.06
MEDP Medpace Holdings Inc. Add +2.6% 6.89% +0.81
APH Amphenol Corp. Class A Add +0.6% 3.91% +0.49

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