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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 | |
|---|---|---|---|---|---|---|
26
NET Power Inc Warrants
NPWR.WS
$13.9M
| $475K | 0.04% |
1,533,692
-1,543,532
| -50% | -$429K |
|
|
27
Direxion Daily Semiconductor Bear 3X ETF
SOXS
$1.54B
| $454K | 0.04% |
+14,000
| New | +$1.67M |
|
|
SVM
28
Silvercorp Metals
SVM
$2.13B
| $417K | 0.03% |
41,264
-43,236
| -51% | -$522K |
|
29
TH International
THCH
$51.9M
| $383K | 0.03% |
200,281
-236,595
| -54% | -$459K |
|
30
B2Gold
BTG
$5.12B
| $281K | 0.02% |
75,100
+500
| +0.7% | +$2.29K |
|
31
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$321M
| $266K | 0.02% |
10,809
-7,723
| -42% | -$194K |
|
32
CALL
National Fuel Gas
NFG
$7.8B
| $244K | 0.02% |
+29,900
| New | +$2.47M |
|
33
CALL
Symbotic
SYM
$5.16B
| $236K | 0.02% |
55,000
+38,000
| +224% | +$1.94M |
|
34
CALL
Alphabet (Google) Class C
GOOG
$3.89T
| $202K | 0.02% |
+17,500
| New | +$6.25M |
|
|
AUROW
35
Aurora Innovation Warrant
AUROW
$463M
| $194K | 0.02% |
541,491
+473,791
| +700% | +$161K |
|
36
Simplify Volatility Premium ETF
SVOL
$529M
| $175K | 0.01% |
10,900
| – | – |
|
37
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$113M
| $164K | 0.01% |
5,122
-3,432
| -40% | -$111K |
|
38
PureCycle Technologies
PCT
$1.21B
| $159K | 0.01% |
19,569
-32,169
| -62% | -$288K |
|
39
PUT
Helen of Troy
HELE
$625M
| $151K | 0.01% |
+50,000
| New | +$1.18M |
|
40
Opko Health
OPK
$883M
| $150K | 0.01% |
100,000
-200,000
| -67% | -$255K |
|
41
Archer Aviation Redeemable Warrants
ACHR.WS
$26.3M
| $136K | 0.01% |
1,185,705
-1,001,600
| -46% | -$233K |
|
42
PUT
iShares MSCI Germany ETF
EWG
$1.49B
| $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 |
|
44
Energy Transfer Partners
ET
$70.3B
| $95.6K | 0.01% |
5,000
-5,000
| -50% | -$96.8K |
|
45
CALL
Five Below
FIVE
$11.1B
| $89.3K | 0.01% |
+15,000
| New | +$3.23M |
|
|
46
Urban One Class A
UONE
$23M
| $83.1K | 0.01% |
15,202
-459,618
| -97% | -$2.79M |
|
47
PUT
FIVE9
FIVN
$1.67B
| $61.5K | 0.01% |
+15,000
| New | +$296K |
|
48
PUT
Hims & Hers Health
HIMS
$7.58B
| $57K | ﹤0.01% |
+40,000
| New | +$1.07M |
|
|
OPFI.WS
49
DELISTED
OppFi Inc Warrants
OPFI.WS
| $51.2K | ﹤0.01% |
1,554,109
-916,272
| -37% | -$110K |
|
50
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $48K | ﹤0.01% |
60,500
-5,000
| -8% | -$3.63M |
|
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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.