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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
+0.19%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.16B
AUM Growth
+$56.3M
Cap. Flow
-$947M
Cap. Flow %
-81.53%
Top 10 Hldgs %
45.75%
Holding
187
New
15
Increased
30
Reduced
9
Closed
27

Top Buys

Rank Stock Value
1
GRNT icon
Granite Ridge Resources
GRNT
+$3.52M
2
ACHR.WS icon
Archer Aviation Redeemable Warrants
ACHR.WS
+$2.02M
3
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$1.77M
4
OPFI.WS
OppFi Inc Warrants
OPFI.WS
+$1.14M
5
MNTN
MNTN Inc
MNTN
+$1.1M

Top Sells

Rank Stock Value
1
USARW
USA Rare Earth Inc Warrant
USARW
+$1.6M
2
EQX icon
Equinox Gold
EQX
+$1.26M
3
BULLW
Webull Corp Warrants
BULLW
+$881K
4
JOBY.WS icon
Joby Aviation Warrants
JOBY.WS
+$875K
5
SAND
Sandstorm Gold
SAND
+$626K

Sector Composition

Rank Sector Weight
1 Communication Services 0.75%
2 Materials 0.64%
3 Real Estate 0.6%
4 Consumer Staples 0.35%
5 Consumer Discretionary 0.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PL.WS
26
DELISTED
Planet Labs PBC Warrants
PL.WS
$815K 0.07%
+95,000
New +$455K
NPWR.WS icon
27
NET Power Inc Warrants
NPWR.WS
$16.2M
$808K 0.07%
1,538,612
+52,022
+3% +$45.6K
BRCC icon
28
BRC Inc
BRCC
$250M
$599K 0.05%
539,454
+291,433
+118% +$378K
THCH icon
29
TH International
THCH
$56.7M
$569K 0.05%
228,387
-9,306
-4% -$23.3K
PCTTW
30
PureCycle Technologies Inc Warrant
PCTTW
$11M
$552K 0.05%
575,464
+138,465
+32% +$302K
USAS
31
Americas Gold and Silver
USAS
$1.69B
$511K 0.04%
+100,000
New +$450K
R icon
32
PUT
Ryder
R
$10.1B
$466K 0.04%
25,600
+15,600
+156% +$2.8M
UONE icon
33
Urban One Class A
UONE
$23.8M
$449K 0.04%
43,182
-2,970
-6% -$36.5K
GEL icon
34
CALL
Genesis Energy
GEL
$1.84B
$442K 0.04%
133,800
+108,800
+435% +$1.71M
HDSN
35
Hudson Technologies
HDSN
$235M
$343K 0.03%
50,000
– –
PBF icon
36
PUT
PBF Energy
PBF
$7.31B
$325K 0.03%
100,000
– –
DK icon
37
CALL
Delek US
DK
$3.58B
$315K 0.03%
115,000
+85,000
+283% +$3.03M
GEV icon
38
CALL
GE Vernova
GEV
$264B
$298K 0.03%
+5,000
New +$3.05M
SYM icon
39
Symbotic
SYM
$5.22B
$298K 0.03%
+5,000
New +$330K
SVM
40
Silvercorp Metals
SVM
$2.53B
$288K 0.02%
+34,500
New +$251K
WFC.PRL icon
41
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.66B
$267K 0.02%
220
– –
BKV
42
CALL
BKV Corp
BKV
$2.68B
$240K 0.02%
+50,000
New +$1.26M
AB icon
43
CALL
AllianceBernstein
AB
$3.47B
$237K 0.02%
63,300
-121,100
-66% -$4.8M
RLJ.PRA icon
44
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$322M
$231K 0.02%
9,266
– –
PCT icon
45
PureCycle Technologies
PCT
$1.45B
$222K 0.02%
+25,869
New +$275K
EWA icon
46
PUT
iShares MSCI Australia ETF
EWA
$1.48B
$218K 0.02%
+300,000
New +$7.94M
OPK icon
47
Opko Health
OPK
$1.02B
$189K 0.02%
150,000
-57,600
-28% -$80.2K
SYM icon
48
CALL
Symbotic
SYM
$5.22B
$168K 0.01%
+17,000
New +$1.12M
AMPX.WS icon
49
Amprius Technologies Warrants
AMPX.WS
$556M
$160K 0.01%
+61,891
New +$279K
ULS icon
50
CALL
UL Solutions
ULS
$15.8B
$146K 0.01%
20,000
+10,000
+100% +$803K
1
2
3 4

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Zazove Associates's Q4 2025 Portfolio in Review

As of Q4 2025, Zazove Associates held 187 positions worth $1.16B, up 5.1% from $1.1B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Zazove Associates withdrew a net $947M in Q4 2025, closing 27 positions and reducing 9 holdings. Its most notable exit was USA Rare Earth Inc Warrant, an estimated $1.6M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.75% of assets, up from 0.63% a quarter earlier, followed by Materials and Real Estate.

Against the trend, Zazove Associates opened a new position in Granite Ridge Resources worth $3.21M.

  • Zazove Associates's largest Q4 2025 buy was Granite Ridge Resources: 683,056 shares worth $3.21M.
  • Zazove Associates added most to Archer Aviation Redeemable Warrants in Q4 2025, an estimated $2.02M increase.
  • Zazove Associates's biggest Q4 2025 reduction was The RealReal, cutting an estimated $588K.
  • Zazove Associates fully exited USA Rare Earth Inc Warrant in Q4 2025, selling an estimated $1.6M.
  • Zazove Associates's ten largest holdings make up 46% of its $1.16B portfolio in Q4 2025.
  • Zazove Associates opened 15 new positions and closed 27 in Q4 2025.
  • Zazove Associates's portfolio value rose 5.1% quarter-over-quarter to $1.16B.

Based on Zazove Associates's 13F filing for Q4 2025, filed 18 Feb 2026.