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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
NPWR.WS icon
26
NET Power Inc Warrants
NPWR.WS
$26.2M
$475K 0.04%
1,533,692
-4,920
-0.3% -$1.37K
SOXS icon
27
Direxion Daily Semiconductor Bear 3X ETF
SOXS
$1.33B
$454K 0.04%
+14,000
New +$1.67M
SVM
28
Silvercorp Metals
SVM
$2.76B
$417K 0.03%
41,264
-8,736
-17% -$105K
THCH icon
29
TH International
THCH
$43.2M
$383K 0.03%
200,281
-8,208
-4% -$15.9K
BTG icon
30
B2Gold
BTG
$7.41B
$281K 0.02%
75,100
+500
+0.7% +$2.29K
RLJ.PRA icon
31
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$327M
$266K 0.02%
10,809
+1,543
+17% +$38.7K
NFG icon
32
CALL
National Fuel Gas
NFG
$7.92B
$244K 0.02%
+29,900
New +$2.47M
SYM icon
33
CALL
Symbotic
SYM
$5.58B
$236K 0.02%
+55,000
New +$2.8M
GOOG icon
34
CALL
Alphabet (Google) Class C
GOOG
$4.1T
$202K 0.02%
+17,500
New +$6.25M
AUROW
35
Aurora Innovation Warrant
AUROW
$108M
$194K 0.02%
+541,491
New +$184K
SVOL icon
36
Simplify Volatility Premium ETF
SVOL
$533M
$175K 0.01%
10,900
– –
EPR.PRE icon
37
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$164K 0.01%
5,122
-449
-8% -$14.5K
PCT icon
38
PureCycle Technologies
PCT
$1.28B
$159K 0.01%
19,569
-6,300
-24% -$56.5K
HELE icon
39
PUT
Helen of Troy
HELE
$661M
$151K 0.01%
+50,000
New +$1.18M
OPK icon
40
Opko Health
OPK
$1.22B
$150K 0.01%
100,000
-50,000
-33% -$63.8K
ACHR.WS icon
41
Archer Aviation Redeemable Warrants
ACHR.WS
$136K 0.01%
1,185,705
-4,560
-0.4% -$1.06K
EWG icon
42
PUT
iShares MSCI Germany ETF
EWG
$1.75B
$132K 0.01%
+74,500
New +$3.13M
GOOGN
43
Alphabet Inc Depositary Shares Series B Preferred Stock
GOOGN
$126K 0.01%
+2,500
New +$125K
ET icon
44
Energy Transfer Partners
ET
$74B
$95.6K 0.01%
5,000
– –
FIVE icon
45
CALL
Five Below
FIVE
$13.9B
$89.3K 0.01%
+15,000
New +$3.23M
UONE icon
46
Urban One Class A
UONE
$21.8M
$83.1K 0.01%
15,202
-27,802
-65% -$169K
FIVN icon
47
PUT
FIVE9
FIVN
$2.49B
$61.5K 0.01%
+15,000
New +$296K
HIMS icon
48
PUT
Hims & Hers Health
HIMS
$6.47B
$57K ﹤0.01%
+40,000
New +$1.07M
OPFI.WS
49
DELISTED
OppFi Inc Warrants
OPFI.WS
$51.2K ﹤0.01%
1,554,109
-6,805
-0.4% -$820
SPY icon
50
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$814B
$48K ﹤0.01%
60,500
+54,500
+908% +$39.5M
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.