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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
+0.84%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.23B
AUM Growth
+$59.7M
Cap. Flow
-$1.01B
Cap. Flow %
-82.27%
Top 10 Hldgs %
46.98%
Holding
181
New
24
Increased
14
Reduced
9
Closed
16

Top Buys

Rank Stock Value
1
UAN icon
CVR Partners
UAN
+$5.74M
2
REAL icon
The RealReal
REAL
+$1.08M
3
EOSE icon
Eos Energy Enterprises
EOSE
+$858K
4
EQX icon
Equinox Gold
EQX
+$520K
5
USARW
USA Rare Earth Inc Warrant
USARW
+$458K

Top Sells

Rank Stock Value
1
SPSB icon
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
+$9.03M
2
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$1.29M
3
BA.PRA
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
+$890K
4
LUNR icon
Intuitive Machines
LUNR
+$726K
5
OGG
Osisko Gold Group Inc.
OGG
+$723K

Sector Composition

Rank Sector Weight
1 Materials 0.77%
2 Communication Services 0.49%
3 Consumer Staples 0.46%
4 Energy 0.45%
5 Real Estate 0.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OGG
26
Osisko Gold Group Inc.
OGG
$853M
$428K 0.03%
200,000
-390,294
-66% -$723K
BTG icon
27
CALL
B2Gold
BTG
$6.64B
$422K 0.03%
351,500
+1,500
+0.4% +$4.92K
JOBY.WS icon
28
Joby Aviation Warrants
JOBY.WS
$157K
$347K 0.03%
+145,000
New +$196K
BRCC icon
29
BRC Inc
BRCC
$250M
$338K 0.03%
258,021
+131,821
+104% +$244K
NCMI icon
30
National CineMedia
NCMI
$378M
$330K 0.03%
+68,106
New +$369K
ACHR.WS icon
31
Archer Aviation Redeemable Warrants
ACHR.WS
$24.7M
$324K 0.03%
100,000
– –
OPK icon
32
Opko Health
OPK
$1.02B
$274K 0.02%
207,600
– –
TSLL icon
33
PUT
Direxion Daily TSLA Bull 2X ETF
TSLL
$3.28B
$263K 0.02%
100,000
+50,000
+100% +$580K
WFC.PRL icon
34
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.66B
$258K 0.02%
+220
New +$256K
XRT icon
35
PUT
State Street SPDR S&P Retail ETF
XRT
$654M
$245K 0.02%
+75,000
New +$5.44M
RLJ.PRA icon
36
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$322M
$220K 0.02%
9,266
– –
DKS icon
37
PUT
Dick's Sporting Goods
DKS
$18.7B
$202K 0.02%
+15,000
New +$2.78M
HLX icon
38
Helix Energy Solutions
HLX
$1.41B
$190K 0.02%
30,400
– –
SVM
39
CALL
Silvercorp Metals
SVM
$2.53B
$181K 0.01%
103,200
+51,400
+99% +$199K
EQX icon
40
CALL
Equinox Gold
EQX
$13.5B
$175K 0.01%
150,000
+20,000
+15% +$130K
DKNG icon
41
CALL
DraftKings
DKNG
$11.9B
$170K 0.01%
+50,000
New +$1.79M
IDXX icon
42
PUT
Idexx Laboratories
IDXX
$46.2B
$119K 0.01%
+12,500
New +$5.98M
MPT
43
PUT
Medical Properties Trust
MPT
$2.81B
$110K 0.01%
150,000
-50,000
-25% -$247K
PLUG icon
44
PUT
Plug Power
PLUG
$3.04B
$99K 0.01%
450,000
+439,400
+4,145% +$438K
LCID icon
45
PUT
Lucid Motors
LCID
$2.77B
$95K 0.01%
+10,620
New +$254K
PSQH.WS icon
46
PSQ Holdings, Inc. Warrants, Each whole warrant exercisable for 1/15th of a share of Class A common stock at an exercise price of $172.50 per share
PSQH.WS
$1.73M
$91K 0.01%
454,488
+5,996
+1% +$1.38K
ET icon
47
Energy Transfer Partners
ET
$69.3B
$90.7K 0.01%
5,000
– –
AB icon
48
CALL
AllianceBernstein
AB
$3.47B
$87.6K 0.01%
67,400
– –
CRCL
49
PUT
Circle Internet Group
CRCL
$16.9B
$81.3K 0.01%
+2,500
New +$407K
ARKK icon
50
PUT
ARK Innovation ETF
ARKK
$6.29B
$77.3K 0.01%
+30,000
New +$1.65M
1
2
3 4

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Zazove Associates's Q2 2025 Portfolio in Review

As of Q2 2025, Zazove Associates held 181 positions worth $1.23B, up 5.1% from $1.17B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Zazove Associates withdrew a net $1.01B in Q2 2025, closing 16 positions and reducing 9 holdings. Its most notable exit was State Street SPDR Portfolio Short Term Corporate Bond ETF, an estimated $9.03M position sold in full.

By sector, the portfolio is most concentrated in Materials at 0.77% of assets, up from 0.27% a quarter earlier, followed by Communication Services and Consumer Staples.

Against the trend, Zazove Associates opened a new position in The RealReal worth $942K.

  • Zazove Associates's largest Q2 2025 buy was The RealReal: 196,596 shares worth $942K.
  • Zazove Associates added most to CVR Partners in Q2 2025, an estimated $5.74M increase.
  • Zazove Associates's biggest Q2 2025 reduction was Kayne Anderson Energy Infrastructure Fund, cutting an estimated $1.29M.
  • Zazove Associates fully exited State Street SPDR Portfolio Short Term Corporate Bond ETF in Q2 2025, selling an estimated $9.03M.
  • Zazove Associates's ten largest holdings make up 47% of its $1.23B portfolio in Q2 2025.
  • Zazove Associates opened 24 new positions and closed 16 in Q2 2025.
  • Zazove Associates's portfolio value rose 5.1% quarter-over-quarter to $1.23B.

Based on Zazove Associates's 13F filing for Q2 2025, filed 12 Aug 2025.