Zeno Equity Partners cites Patria Investments’ limited AI exposure as a drag on performance amid broader market gains in Q1 2026.
Patria Investments Limited (NASDAQ:PAX) closed at $11.59 on May 29, 2026, reflecting a 9.24% decline over the past 52 weeks. The firm’s market capitalization stands at $1.84 billion, with a one-month return of -8.60%. Zeno Equity Partners attributed the underperformance to the fund’s underexposure to AI-driven sectors, except for a 9% allocation to Amazon.
The fund’s portfolio has lagged benchmarks as large language models and agentic AI reshape market dynamics. Zeno noted that business-related factors and insights into human behavior influenced the allocation strategy. Patria Investments focuses on private equity, venture capital, and secondary investments.
Shares have struggled despite broader market trends favoring AI-adjacent stocks. The firm’s limited exposure contrasts with peers capitalizing on AI-driven growth.