Zeno Equity Partners LLP

Name: Zeno Equity Partners LLP 13F holdings, Q3 2025
Creator: Zeno Equity Partners LLP
Published: 2025-11-10

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Zeno Equity Partners LLP reported 8 stock positions worth $214.9 million. Its top holding was Danaher (DHR) at 24.5% of the portfolio, followed by Linde (LIN, 18.3%) and Amazon.com (AMZN, 13.2%). Compared with Q2 2025, it sold out of 2, added to 6 and reduced 2. The biggest buy was Linde (LIN, shares +20%) and the biggest sale an exit from General Electric (GE).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0002013334
Portfolio Value: $214.9M (Q3 2025)
SEC Filing: 0002013334-25-000018 ↗ filed Nov 10, 2025

Holdings Value

Holdings 8 stocks · $214.9M


DHR Danaher Corp.	24.55%	265,795	$52.8M	Add +2.6%
LIN Linde PLC	18.31%	82,837	$39.3M	Add +20.1%
AMZN Amazon.com Inc.	13.17%	128,899	$28.3M	Add +8.8%
MLKMF Waldencast PLC-A	11.29%	12,252,580	$24.3M	Reduce -20.1%
HEI.A Heico Corp. Class A	10.39%	87,854	$22.3M	Add +39.3%
SGI Somnigroup International Inc.	9.14%	232,977	$19.6M	Add +2.0%
TXN Texas Instruments Inc.	8.07%	94,390	$17.3M	Add +13.6%
APH Amphenol Corp. Class A	5.08%	88,163	$10.9M	Reduce -50.0%

Other holdings (1): bonds, preferreds, convertibles and warrants · $190K (not counted above)

Security	Class	Shares / Principal	Value	Change
MLKWF Waldencast Acq Class A -CW27	*W EXP 07/27/202	4,892,767	$190K	Reduce -21.7%

Total filed on the 13F, all lines: $215.1M.

Portfolio Sells Q2 2025 → Q3 2025


GE General Electric	Sold out	0.00%	−5.96
MLKMF Waldencast PLC-A	Reduce -20.1%	11.29%	−4.96
APH Amphenol Corp. Class A	Reduce -50.0%	5.08%	−2.45
ITUB Itau Unibanco H-Spon PRF ADR	Sold out	0.00%	−1.64

Portfolio Buys Q2 2025 → Q3 2025


LIN Linde PLC	Add +20.1%	18.31%	+4.31
HEI.A Heico Corp. Class A	Add +39.3%	10.39%	+3.33
SGI Somnigroup International Inc.	Add +2.0%	9.14%	+2.42
DHR Danaher Corp.	Add +2.6%	24.55%	+2.41
AMZN Amazon.com Inc.	Add +8.8%	13.17%	+1.93
TXN Texas Instruments Inc.	Add +13.6%	8.07%	+0.61

Notes & Other Activity Q2 2025 → Q3 2025


MLKWF Waldencast Acq Class A -CW27	*W EXP 07/27/202	Reduce -21.7%	4,892,767	$190K

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 2026Amended	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 2025Amended	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