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ZA

Zazove Associates Portfolio holdings

AUM $1.22B
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
Cap. Flow
-$796M
Cap. Flow %
-64.98%
Top 10 Hldgs %
39.52%
Holding
175
New
14
Increased
16
Reduced
18
Closed
24

Top Buys

Rank Stock Value
1
SOXS icon
Direxion Daily Semiconductor Bear 3X ETF
SOXS
+$1.67M
2
BHR
Braemar Hotels & Resorts
BHR
+$1.25M
3
GLAS
Glass House Brands
GLAS
+$1.04M
4
GOOGM
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
+$628K
5
USAS
Americas Gold and Silver
USAS
+$577K

Top Sells

Rank Stock Value
1
SPSB icon
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
+$6.01M
2
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$5.93M
3
UAN icon
CVR Partners
UAN
+$4.89M
4
NCMI icon
National CineMedia
NCMI
+$1.4M
5
BRCC icon
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
BAC.PRL icon
1
Bank of America Series L
BAC.PRL
$4B
$45.1M 3.68%
35,925
+260
+0.7% +$317K
VUSB icon
2
Vanguard Ultra-Short Bond ETF
VUSB
$10.2B
$4.98M 0.41%
100,000
– –
BHR
3
Braemar Hotels & Resorts
BHR
$130M
$4.79M 0.39%
2,217,055
+520,762
+31% +$1.25M
WEST icon
4
Westrock Coffee
WEST
$757M
$3.65M 0.3%
450,508
-109,496
-20% -$786K
UONEK icon
5
Urban One Class D
UONEK
$19.2M
$2.46M 0.2%
512,035
+3,719
+0.7% +$18.6K
RUMBW
6
RUM Group Inc Warrant
RUMBW
$16.7M
$2.27M 0.19%
1,222,995
+76,719
+7% +$132K
GRNT icon
7
Granite Ridge Resources
GRNT
$670M
$2.24M 0.18%
508,970
-183,986
-27% -$966K
REAL icon
8
The RealReal
REAL
$1.2B
$2.18M 0.18%
185,000
+25,000
+16% +$266K
BKD icon
9
Brookdale Senior Living
BKD
$2.81B
$2.17M 0.18%
135,000
+40,000
+42% +$544K
BHR.PRB
10
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$52.7M
$2.04M 0.17%
147,383
-1,730
-1% -$25.7K
PCTTW
11
PureCycle Technologies Inc Warrant
PCTTW
$9.44M
$2.04M 0.17%
759,412
+103,600
+16% +$242K
MNTN
12
MNTN Inc
MNTN
$969M
$1.84M 0.15%
200,000
+49,678
+33% +$452K
ASA
13
ASA Gold and Precious Metals
ASA
$1.19B
$1.7M 0.14%
32,655
– –
LUXE
14
LuxExperience B.V.
LUXE
$1.06B
$1.49M 0.12%
200,374
– –
BKV
15
BKV Corp
BKV
$2.85B
$1.28M 0.1%
46,912
-3,088
-6% -$85K
BRCC icon
16
BRC Inc
BRCC
$125M
$1.12M 0.09%
101,092
-98,908
-49% -$1.22M
OGG
17
Osisko Gold Group
OGG
$890M
$1.11M 0.09%
450,000
+190,000
+73% +$564K
GLAS
18
Glass House Brands
GLAS
$837M
$1.04M 0.08%
+79,844
New +$1.04M
USAS
19
Americas Gold and Silver
USAS
$1.81B
$944K 0.08%
200,000
+100,000
+100% +$577K
GROY icon
20
Gold Royalty Corp
GROY
$776M
$828K 0.07%
300,000
– –
WHR.PRA
21
Whirlpool Corp 8.50% Series A Preferred Stock
WHR.PRA
$788K 0.06%
22,500
– –
AB icon
22
AllianceBernstein
AB
$3.48B
$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
BTG icon
24
CALL
B2Gold
BTG
$7.41B
$614K 0.05%
792,000
-11,600
-1% -$53.2K
AMPX.WS icon
25
Amprius Technologies Warrants
AMPX.WS
$386M
$595K 0.05%
102,096
+25,000
+32% +$197K
1
2 3 4

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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.