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Soumya Eswaran
Mon, June 1, 2026 astatine 9:25 AM CDT 3 min read
Zeno Equity Partners, an concern absorption firm, released its archetypal 4th 2026 capitalist letter. A transcript of the missive is disposable to download here. The steadfast owns companies that payment from AI trends, though they are not chiefly driven by them. The portfolio has been underexposed to AI and related industries, but Amazon, which constitutes 9% of our fund. This underexposure has affected the fund's show compared to the large benchmark. The emergence of ample connection models (LLMs) and agentic AI has changed the marketplace landscape. The Fund's underexposure is owed to some business-related factors and insights into quality behaviour and marketplace structure. In addition, you tin cheque the Strategy’s apical 5 holdings to find its champion picks for 2026.
In its first-quarter 2026 capitalist letter, Zeno Equity Partners highlighted stocks similar Patria Investments Limited (NASDAQ:PAX). Patria Investments Limited (NASDAQ:PAX) is simply a backstage marketplace concern steadfast focuses connected investments successful backstage equity, secondary nonstop and indirect and task capital. On May 29, 2026, Patria Investments Limited (NASDAQ:PAX) closed astatine $11.59 per share. One-month instrumentality of Patria Investments Limited (NASDAQ:PAX) was -8.60%, and its shares mislaid 9.24% implicit the past 52 weeks. Patria Investments Limited (NASDAQ:PAX) has a marketplace capitalization of $1.84 billion.
Zeno Equity Partners stated the pursuing regarding Patria Investments Limited (NASDAQ:PAX) successful its Q1 2026 capitalist letter:
"Finally, astatine the extremity of past year, we began accumulating shares successful Patria Investments Limited (NASDAQ:PAX), a presumption which represented 5.2% of the money astatine 4th end. Patria is simply a founder-led, diversified alternatives plus manager focused connected Latin America. The institution has grown fee-earning assets from $8 cardinal astatine IPO successful 2021 to astir $50 cardinal contiguous done a operation of integrated maturation and M&A. In the process it has besides evolved from chiefly a backstage equity and infrastructure concern into a scope of verticals including existent estate, credit, and Global Private Market Solutions (GPMS). The conveyance operation has evolved successful parallel from predominantly drawdown funds to a premix that besides includes imperishable superior vehicles and separately managed accounts (SMAs). This is simply a precise bully concern exemplary with precocious switching costs and beardown barriers to introduction formed by years of narration gathering with investors and important economies of scale.
We judge the marketplace is failing to admit the standard of Patria’s translation and the prime of the underlying business. The existent property franchise is lawsuit successful point. Patria is the #1 REIT manager successful Brazil. This standard supports higher margins, and the size of the funds makes them centres of liquidity, positioning Patria for continued maturation successful a merchandise that is highly charismatic to Brazilian investors. Patria is besides good placed successful infrastructure acknowledgment to its expertise and relationships, alongside beardown request for caller infrastructure projects. The recognition concern is likewise charismatic with precise antithetic characteristics from the US backstage recognition marketplace successful presumption of economics and maturity."
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