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ZA
Zazove Associates Portfolio holdings
AUM
$1.22B
1-Year Est. Return
1.91%
This Fund
S&P 500
This Quarter
Est. Return
+0.95%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.22B
AUM Growth
-$894M
(-42%)
Cap. Flow
-$1.52B
Cap. Flow
% of AUM
-123.71%
Top 10 Holdings %
Top 10 Hldgs %
39.52%
Holding
193
New
12
Increased
4
Reduced
38
Closed
42
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Direxion Daily Semiconductor Bear 3X ETF
SOXS
|
+$1.67M |
| 2 |
GLAS
Glass House Brands
GLAS
|
+$1.04M |
| 3 |
GOOGM
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
|
+$628K |
| 4 |
AUROW
Aurora Innovation Warrant
AUROW
|
+$161K |
| 5 |
GOOGN
Alphabet Inc Depositary Shares Series B Preferred Stock
GOOGN
|
+$125K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Urban One Class D
UONEK
|
+$25.3M |
| 2 |
Kayne Anderson Energy Infrastructure Fund
KYN
|
+$11.1M |
| 3 |
Bank of America Series L
BAC.PRL
|
+$9.21M |
| 4 |
CVR Partners
UAN
|
+$8.92M |
| 5 |
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
|
+$6.01M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 0.39% |
| 2 | Consumer Staples | 0.39% |
| 3 | Consumer Discretionary | 0.33% |
| 4 | Energy | 0.3% |
| 5 | Materials | 0.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Bank of America Series L
BAC.PRL
$3.93B
| $45.1M | 3.68% |
35,925
-7,557
| -17% | -$9.21M |
|
2
Vanguard Ultra-Short Bond ETF
VUSB
$8.93B
| $4.98M | 0.41% |
100,000
-100,000
| -50% | -$4.97M |
|
|
BHR
3
Braemar Hotels & Resorts
BHR
$148M
| $4.79M | 0.39% |
2,217,055
-1,911,698
| -46% | -$4.58M |
|
4
Westrock Coffee
WEST
$738M
| $3.65M | 0.3% |
450,508
-703,222
| -61% | -$5.05M |
|
|
5
Urban One Class D
UONEK
$22.3M
| $2.46M | 0.2% |
512,035
-5,079,444
| -91% | -$25.3M |
|
|
RUMBW
6
RUM Group Inc Warrant
RUMBW
$13M
| $2.27M | 0.19% |
1,222,995
-1,053,224
| -46% | -$1.81M |
|
7
Granite Ridge Resources
GRNT
$650M
| $2.24M | 0.18% |
508,970
-867,042
| -63% | -$4.55M |
|
8
The RealReal
REAL
$1.37B
| $2.18M | 0.18% |
185,000
-70,000
| -27% | -$746K |
|
9
Brookdale Senior Living
BKD
$3.46B
| $2.17M | 0.18% |
135,000
-90,000
| -40% | -$1.22M |
|
|
BHR.PRB
10
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$52.6M
| $2.04M | 0.17% |
147,383
-145,843
| -50% | -$2.17M |
|
|
PCTTW
11
PureCycle Technologies Inc Warrant
PCTTW
$9.72M
| $2.04M | 0.17% |
759,412
-471,864
| -38% | -$1.1M |
|
|
MNTN
12
MNTN Inc
MNTN
$618M
| $1.84M | 0.15% |
200,000
-76,923
| -28% | -$700K |
|
|
ASA
13
ASA Gold and Precious Metals
ASA
$950M
| $1.7M | 0.14% |
32,655
-31,655
| -49% | -$1.98M |
|
|
LUXE
14
LuxExperience B.V.
LUXE
$1.11B
| $1.49M | 0.12% |
200,374
-200,374
| -50% | -$1.6M |
|
|
BKV
15
BKV Corp
BKV
$2.84B
| $1.28M | 0.1% |
46,912
-3,088
| -6% | -$85K |
|
16
BRC Inc
BRCC
$140M
| $1.12M | 0.09% |
1,010,918
-1,528,536
| -60% | -$1.89M |
|
|
ODV
17
DELISTED
Osisko Development Corp
ODV
| $1.11M | 0.09% |
450,000
-70,000
| -13% | -$208K |
|
|
GLAS
18
Glass House Brands
GLAS
$900M
| $1.04M | 0.08% |
+79,844
| New | +$1.04M |
|
|
USAS
19
Americas Gold and Silver
USAS
$1.37B
| $944K | 0.08% |
200,000
| – | – |
|
20
Gold Royalty Corp
GROY
$595M
| $828K | 0.07% |
300,000
-335,000
| -53% | -$1.1M |
|
|
WHR.PRA
21
Whirlpool Corp 8.50% Series A Preferred Stock
WHR.PRA
| $788K | 0.06% |
22,500
| – | – |
|
22
AllianceBernstein
AB
$3.47B
| $680K | 0.06% |
19,300
+1,000
| +5% | +$37.8K |
|
|
GOOGM
23
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
| $631K | 0.05% |
+12,500
| New | +$628K |
|
24
CALL
B2Gold
BTG
$5.12B
| $614K | 0.05% |
792,000
-945,800
| -54% | -$4.34M |
|
25
Amprius Technologies Warrants
AMPX.WS
$433M
| $595K | 0.05% |
102,096
-36,891
| -27% | -$291K |
|
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Zazove Associates's Q2 2026 Portfolio in Review
As of Q2 2026, Zazove Associates held 193 positions worth $1.22B, down 42% from $2.12B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Zazove Associates withdrew a net $1.52B in Q2 2026, closing 42 positions and reducing 38 holdings. Its most notable exit was Kayne Anderson Energy Infrastructure Fund, an estimated $11.1M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 0.39% of assets, down from 0.52% a quarter earlier, followed by Consumer Staples and Consumer Discretionary.
Against the trend, Zazove Associates opened a new position in Direxion Daily Semiconductor Bear 3X ETF worth $454K.
- Zazove Associates's largest Q2 2026 buy was Direxion Daily Semiconductor Bear 3X ETF: 14,000 shares worth $454K.
- Zazove Associates added most to Aurora Innovation Warrant in Q2 2026, an estimated $161K increase.
- Zazove Associates's biggest Q2 2026 reduction was Urban One Class D, cutting an estimated $25.3M.
- Zazove Associates fully exited Kayne Anderson Energy Infrastructure Fund in Q2 2026, selling an estimated $11.1M.
- Zazove Associates's ten largest holdings make up 40% of its $1.22B portfolio in Q2 2026.
- Zazove Associates opened 12 new positions and closed 42 in Q2 2026.
- Zazove Associates's portfolio value fell 42% quarter-over-quarter to $1.22B.
Based on Zazove Associates's 13F filing for Q2 2026, filed 16 Jul 2026.