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Zazove Associates Portfolio holdings
AUM
$1.22B
Turnover
21.71%
1-Year Est. Return
1.92%
This Fund
S&P 500
This Quarter Est. Return
+0.95%
1 Year Est. Return
+1.92%
3 Year Est. Return
+11.02%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.22B
AUM Growth
+$268M
(+28%)
Cap. Flow
-$796M
Cap. Flow % of AUM
Cap. Flow %
-64.98%
Top 10 Holdings %
Top 10 Hldgs %
39.52%
Holding
175
New
14
Increased
16
Reduced
18
Closed
24
Avg Time Held
Equity + Options
1
year
Top 10 Avg Time Held
Equity + Options
0.6
years
Top 20 Avg Time Held
Equity + Options
0.7
years
Avg Time Held Equity only
1.1
years
Top 10 Avg Time Held Equity only
0.6
years
Top 20 Avg Time Held Equity only
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Direxion Daily Semiconductor Bear 3X ETF
SOXS
|
+$1.67M |
| 2 |
Braemar Hotels & Resorts
BHR
|
+$1.25M |
| 3 |
Glass House Brands
GLAS
|
+$1.04M |
| 4 |
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
|
+$628K |
| 5 |
Americas Gold and Silver
USAS
|
+$577K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
|
+$6.01M |
| 2 |
Kayne Anderson Energy Infrastructure Fund
KYN
|
+$5.93M |
| 3 |
CVR Partners
UAN
|
+$4.89M |
| 4 |
National CineMedia
NCMI
|
+$1.4M |
| 5 |
BRC Inc
BRCC
|
+$1.22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 97.54% |
| 2 | Real Estate | 0.39% |
| 3 | Consumer Staples | 0.39% |
| 4 | Consumer Discretionary | 0.33% |
| 5 | Energy | 0.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Bank of America Series L
BAC.PRL
$3.6B
| $45.1M | 3.68% |
35,925
+260
| +0.7% | +$317K |
2025 Q3
3 quarters
|
|
2
Vanguard Ultra-Short Bond ETF
VUSB
$9.9B
| $4.98M | 0.41% |
100,000
| – | – |
2023 Q1
13 quarters
|
|
|
3
Braemar Hotels & Resorts
BHR
$94.1M
| $4.79M | 0.39% |
2,217,055
+520,762
| +31% | +$1.25M |
2020 Q2
24 quarters
|
|
4
Westrock Coffee
WEST
$952M
| $3.65M | 0.3% |
450,508
-109,496
| -20% | -$786K |
2024 Q3
7 quarters
|
|
5
Urban One Class D
UONEK
$16.7M
| $2.46M | 0.2% |
512,035
+3,719
| +0.7% | +$18.6K |
2019 Q4
26 quarters
|
|
6
RUM Group Inc Warrant
RUMBW
$7.81M
| $2.27M | 0.19% |
1,222,995
+76,719
| +7% | +$132K |
2022 Q1
17 quarters
|
|
7
Granite Ridge Resources
GRNT
$776M
| $2.24M | 0.18% |
508,970
-183,986
| -27% | -$966K |
2025 Q4
2 quarters
|
|
8
The RealReal
REAL
$1.32B
| $2.18M | 0.18% |
185,000
+25,000
| +16% | +$266K |
2025 Q2
4 quarters
|
|
9
Brookdale Senior Living
BKD
$2.39B
| $2.17M | 0.18% |
135,000
+40,000
| +42% | +$544K |
2025 Q3
3 quarters
|
|
|
10
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$46.4M
| $2.04M | 0.17% |
147,383
-1,730
| -1% | -$25.7K |
2025 Q3
3 quarters
|
|
11
PureCycle Technologies Inc Warrant
PCTTW
$2.8M
| $2.04M | 0.17% |
759,412
+103,600
| +16% | +$242K |
2021 Q2
20 quarters
|
|
12
MNTN Inc
MNTN
$727M
| $1.84M | 0.15% |
200,000
+49,678
| +33% | +$452K |
2025 Q3
3 quarters
|
|
13
ASA Gold and Precious Metals
ASA
$900M
| $1.7M | 0.14% |
32,655
| – | – |
2025 Q3
3 quarters
|
|
14
LuxExperience B.V.
LUXE
$1.31B
| $1.49M | 0.12% |
200,374
| – | – |
2025 Q1
5 quarters
|
|
15
BKV Corp
BKV
$2.3B
| $1.28M | 0.1% |
46,912
-3,088
| -6% | -$85K |
2026 Q1
1 quarter
|
|
|
16
BRC Inc
BRCC
$157M
| $1.12M | 0.09% |
101,092
-98,908
| -49% | -$1.22M |
2024 Q3
7 quarters
|
|
|
OGG
17
Osisko Gold Group
OGG
$742M
| $1.11M | 0.09% |
450,000
+190,000
| +73% | +$564K |
2022 Q4
14 quarters
|
|
|
18
Glass House Brands
GLAS
$196M
| $1.04M | 0.08% |
+79,844
| New | +$1.04M |
2026 Q2
0 quarters
|
|
|
19
Americas Gold and Silver
USAS
$1.06B
| $944K | 0.08% |
200,000
+100,000
| +100% | +$577K |
2025 Q4
2 quarters
|
|
20
Gold Royalty Corp
GROY
$658M
| $828K | 0.07% |
300,000
| – | – |
2024 Q3
7 quarters
|
|
21
Whirlpool Corp 8.50% Series A Preferred Stock
WHR.PRA
| $788K | 0.06% |
22,500
| – | – |
2026 Q1
1 quarter
|
|
22
AllianceBernstein
AB
$3.21B
| $680K | 0.06% |
19,300
+1,000
| +5% | +$37.8K |
2026 Q1
1 quarter
|
|
|
23
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
| $631K | 0.05% |
+12,500
| New | +$628K |
2026 Q2
0 quarters
|
|
24
CALL
B2Gold
BTG
$6.41B
| $614K | 0.05% |
792,000
-11,600
| -1% | -$53.2K |
2025 Q1
5 quarters
|
|
25
Amprius Technologies Warrants
AMPX.WS
$246M
| $595K | 0.05% |
102,096
+25,000
| +32% | +$197K |
2025 Q4
2 quarters
|
|
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Zazove Associates's Q2 2026 Portfolio in Review
As of Q2 2026, Zazove Associates held 175 positions worth $1.22B, up 28% from $957M the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Zazove Associates withdrew a net $796M in Q2 2026, closing 24 positions and reducing 18 holdings. Its most notable exit was State Street SPDR Portfolio Short Term Corporate Bond ETF, an estimated $6.01M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 98% of assets, up from 96% a quarter earlier, followed by Real Estate and Consumer Staples.
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 Braemar Hotels & Resorts in Q2 2026, an estimated $1.25M increase.
- Zazove Associates's biggest Q2 2026 reduction was BRC Inc, cutting an estimated $1.22M.
- Zazove Associates fully exited State Street SPDR Portfolio Short Term Corporate Bond ETF in Q2 2026, selling an estimated $6.01M.
- Zazove Associates's ten largest holdings make up 40% of its $1.22B portfolio in Q2 2026.
- Zazove Associates opened 14 new positions and closed 24 in Q2 2026.
- Zazove Associates's portfolio value rose 28% quarter-over-quarter to $1.22B.
Based on Zazove Associates's 13F filing for Q2 2026, filed 16 Jul 2026.