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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
+1.11%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.1B
AUM Growth
-$123M
Cap. Flow
-$1.05B
Cap. Flow %
-94.77%
Top 10 Hldgs %
43.11%
Holding
188
New
27
Increased
16
Reduced
14
Closed
18

Top Buys

Rank Stock Value
1
BAC.PRL icon
Bank of America Series L
BAC.PRL
+$9.21M
2
MNTN
MNTN Inc
MNTN
+$1.14M
3
BKD icon
Brookdale Senior Living
BKD
+$762K
4
ASA
ASA Gold and Precious Metals
ASA
+$642K
5
SAND
Sandstorm Gold
SAND
+$532K

Top Sells

Rank Stock Value
1
GRNT icon
Granite Ridge Resources
GRNT
+$5.19M
2
UAN icon
CVR Partners
UAN
+$3.46M
3
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$1.2M
4
EOSE icon
Eos Energy Enterprises
EOSE
+$896K
5
GROY icon
Gold Royalty Corp
GROY
+$726K

Sector Composition

Rank Sector Weight
1 Materials 0.7%
2 Communication Services 0.63%
3 Real Estate 0.56%
4 Consumer Staples 0.44%
5 Consumer Discretionary 0.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UONE icon
26
Urban One Class A
UONE
$23.8M
$642K 0.06%
46,152
– –
SAND
27
DELISTED
Sandstorm Gold
SAND
$626K 0.06%
+50,000
New +$532K
THCH icon
28
TH International
THCH
$52.9M
$616K 0.06%
237,693
-16,733
-7% -$45.3K
ENVX icon
29
Enovix
ENVX
$1.04B
$499K 0.05%
50,000
-7,143
-13% -$79.1K
CPRI icon
30
Capri Holdings
CPRI
$1.75B
$498K 0.05%
25,000
– –
HDSN
31
Hudson Technologies
HDSN
$239M
$497K 0.04%
50,000
-6,250
-11% -$58.7K
PBF icon
32
PUT
PBF Energy
PBF
$7.65B
$455K 0.04%
+100,000
New +$2.61M
BHR.PRB
33
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.8M
$445K 0.04%
+27,512
New +$396K
BTG icon
34
CALL
B2Gold
BTG
$6.71B
$404K 0.04%
351,500
– –
NNAVW
35
DELISTED
NextNav Inc Warrant
NNAVW
$392K 0.04%
70,580
+65,080
+1,183% +$420K
BRCC icon
36
BRC Inc
BRCC
$228M
$387K 0.04%
248,021
-10,000
-4% -$16K
BRKRP
37
Bruker Corporation 6.375% Series A Preferred Stock
BRKRP
$1.16B
$352K 0.03%
+1,300
New +$347K
OPFI.WS
38
DELISTED
OppFi Inc Warrants
OPFI.WS
$323K 0.03%
+140,587
New +$339K
OPK icon
39
Opko Health
OPK
$1.02B
$322K 0.03%
207,600
– –
FLUT icon
40
CALL
Flutter Entertainment
FLUT
$16.5B
$286K 0.03%
+20,000
New +$5.85M
XRT icon
41
PUT
State Street SPDR S&P Retail ETF
XRT
$652M
$286K 0.03%
70,000
-5,000
-7% -$417K
WFC.PRL icon
42
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.66B
$272K 0.02%
220
– –
RLJ.PRA icon
43
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$321M
$234K 0.02%
9,266
– –
ACHR.WS icon
44
Archer Aviation Redeemable Warrants
ACHR.WS
$32.9M
$220K 0.02%
100,000
– –
CVI icon
45
CALL
CVR Energy
CVI
$3.26B
$219K 0.02%
+35,300
New +$1.06M
DEO icon
46
PUT
Diageo
DEO
$53.6B
$200K 0.02%
+28,800
New +$3.02M
BE icon
47
PUT
Bloom Energy
BE
$63.7B
$200K 0.02%
+10,000
New +$464K
HLX icon
48
Helix Energy Solutions
HLX
$1.47B
$199K 0.02%
30,400
– –
URA icon
49
CALL
Global X Uranium ETF
URA
$6.27B
$192K 0.02%
+60,000
New +$2.47M
BRKR icon
50
CALL
Bruker
BRKR
$8.5B
$168K 0.02%
+51,000
New +$1.82M
1
2
3 4

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CCM
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Zazove Associates's Q3 2025 Portfolio in Review

As of Q3 2025, Zazove Associates held 188 positions worth $1.1B, down 10% from $1.23B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Zazove Associates withdrew a net $1.05B in Q3 2025, closing 18 positions and reducing 14 holdings. Its most notable exit was Granite Ridge Resources, an estimated $5.19M position sold in full.

By sector, the portfolio is most concentrated in Materials at 0.7% of assets, down from 0.77% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Bank of America Series L worth $9.5M.

  • Zazove Associates's largest Q3 2025 buy was Bank of America Series L: 7,417 shares worth $9.5M.
  • Zazove Associates added most to National CineMedia in Q3 2025, an estimated $523K increase.
  • Zazove Associates's biggest Q3 2025 reduction was CVR Partners, cutting an estimated $3.46M.
  • Zazove Associates fully exited Granite Ridge Resources in Q3 2025, selling an estimated $5.19M.
  • Zazove Associates's ten largest holdings make up 43% of its $1.1B portfolio in Q3 2025.
  • Zazove Associates opened 27 new positions and closed 18 in Q3 2025.
  • Zazove Associates's portfolio value fell 10% quarter-over-quarter to $1.1B.

Based on Zazove Associates's 13F filing for Q3 2025, filed 17 Oct 2025.