Zeno Equity Partners, an investment management firm, released its first quarter 2026 investor letter. A copy of the letter is available to download here. The firm owns companies that benefit from AI trends, although they are not primarily driven by them. The portfolio has been underexposed to AI and related industries, except Amazon, which constitutes 9% of our fund. This underexposure has affected the fund’s performance compared to the major benchmark. The emergence of large language models (LLMs) and agentic AI has changed the market landscape. The Fund’s underexposure is due to both business-related factors and insights into human behavior and market structure. In addition, you can check the Strategy’s top 5 holdings to determine its best picks for 2026.
In its first-quarter 2026 investor letter, Zeno Equity Partners highlighted stocks like Vista Energy, S.A.B. de C.V. (NYSE:VIST). Vista Energy, S.A.B. de C.V. (NYSE:VIST) is a leading oil and natural gas production and exploration company in Latin America. On May 29, 2026, Vista Energy, S.A.B. de C.V. (NYSE:VIST) closed at $74.20 per share. One-month return of Vista Energy, S.A.B. de C.V. (NYSE:VIST) was 1.26%, and its shares gained 50.05% over the past 52 weeks. Vista Energy, S.A.B. de C.V. (NYSE:VIST) has a market capitalization of $8.27 billion.
Zeno Equity Partners stated the following regarding Vista Energy, S.A.B. de C.V. (NYSE:VIST) in its Q1 2026 investor letter:
“Another company that has quickly become a top four position is Vista Energy, S.A.B. de C.V. (NYSE:VIST). Vista owns tier one assets in the oil window of Argentina’s rapidly developing but still largely untapped Vaca Muerta shale formation, with break-evens comparable to the most productive North American shale acreage, but at a stage of maturity similar to the Permian in the early 2010s.
Our investors might be quite reasonably wondering why we feel more comfortable appraising the range of outcomes for an Argentinian upstream oil company in the midst of an energy crisis than an AI infrastructure company. Even in a world where the situation in the Middle East normalizes and we return to sixty-or-seventy-dollar oil, we think Vista can double production over the next five years at more than 20% marginal returns on capital, while simultaneously returning at least half of its market cap back to shareholders. It has been quite some time since we have come across such attractive IRR math on such undemanding assumptions…” (Click here to read the full text)
Vista Energy, S.A.B. de C.V. (NYSE:VIST) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 30 hedge fund portfolios held Vista Energy, S.A.B. de C.V. (NYSE:VIST) at the end of the first quarter, up from 15 in the previous quarter. While we acknowledge the risk and potential of Vista Energy, S.A.B. de C.V. (NYSE:VIST) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Vista Energy, S.A.B. de C.V. (NYSE:VIST) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Vista Energy, S.A.B. de C.V. (NYSE:VIST) and shared the list of most profitable natural gas stocks to buy. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
Disclosure: None. This article is originally published at Insider Monkey.
