Zeno Equity Partners LLP

Name: Zeno Equity Partners LLP 13F holdings, Q4 2025
Creator: Zeno Equity Partners LLP
Published: 2026-02-09

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Zeno Equity Partners LLP reported 10 stock positions worth $241.0 million. Its top holding was Linde (LIN) at 23.9% of the portfolio, followed by Danaher (DHR, 21.2%) and Somnigroup International (SGI, 9.9%). Compared with Q3 2025, it opened 2 new positions, added to 3 and reduced 4. The biggest buy was Linde (LIN, shares +105%) and the biggest sale Amazon.com (AMZN, shares −26%).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0002013334
Portfolio Value: $241.0M (Q4 2025)
SEC Filing: 0002013334-26-000002 ↗ filed Feb 9, 2026

Holdings Value

Holdings 10 stocks · $241.0M


LIN Linde PLC	23.91%	169,961	$57.6M	Add +105.2%
DHR Danaher Corp.	21.25%	223,448	$51.2M	Reduce -15.9%
SGI Somnigroup International Inc.	9.91%	267,584	$23.9M	Add +14.8%
MLKMF Waldencast PLC-A	9.56%	12,252,580	$23.0M	No change
AMZN Amazon.com Inc.	9.17%	95,684	$22.1M	Reduce -25.8%
HEI.A Heico Corp. Class A	9.03%	248,216	$21.8M	Add +182.5%
TXN Texas Instruments Inc.	6.60%	91,686	$15.9M	Reduce -2.9%
V Visa Inc. Class A	5.16%	35,441	$12.4M	New
PAX Patria Investments Ltd. Class A	3.90%	590,698	$9.4M	New
APH Amphenol Corp. Class A	1.52%	27,087	$3.7M	Reduce -69.3%

Other holdings (1): bonds, preferreds, convertibles and warrants · $178K (not counted above)

Security	Class	Shares / Principal	Value	Change
MLKWF Waldencast Acq Class A -CW27	*W EXP 07/27/202	4,892,767	$178K	No change

Total filed on the 13F, all lines: $241.2M.

Portfolio Sells Q3 2025 → Q4 2025


AMZN Amazon.com Inc.	Reduce -25.8%	9.17%	−4.00
APH Amphenol Corp. Class A	Reduce -69.3%	1.52%	−3.56
DHR Danaher Corp.	Reduce -15.9%	21.25%	−3.30
TXN Texas Instruments Inc.	Reduce -2.9%	6.60%	−1.47

Portfolio Buys Q3 2025 → Q4 2025


LIN Linde PLC	Add +105.2%	23.91%	+5.60
V Visa Inc. Class A	New	5.16%	+5.16
PAX Patria Investments Ltd. Class A	New	3.90%	+3.90
SGI Somnigroup International Inc.	Add +14.8%	9.91%	+0.77
HEI.A Heico Corp. Class A	Add +182.5%	9.03%	−1.36

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