Zeno Equity Partners LLP

The portfolio is currently characterized by extreme concentration, holding only 4 securities. This lack of diversification suggests a high-conviction approach where the manager prefers to allocate capital to a select few ideas rather than spread it across a broad index. The reduction in holdings implies a pivot toward capital preservation or a preparation for a significant shift in strategy.

Key Holdings

The portfolio is dominated by three primary positions, which together account for 99.77% of total assets: