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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
Cap. Flow
-$1.52B
Cap. Flow %
-123.71%
Top 10 Hldgs %
39.52%
Holding
193
New
12
Increased
4
Reduced
38
Closed
42

Top Buys

Rank Stock Value
1
SOXS icon
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
UONEK icon
Urban One Class D
UONEK
+$25.3M
2
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$11.1M
3
BAC.PRL icon
Bank of America Series L
BAC.PRL
+$9.21M
4
UAN icon
CVR Partners
UAN
+$8.92M
5
SPSB icon
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
SPXC icon
51
PUT
SPX Corp
SPXC
$11B
$45.5K ﹤0.01%
+4,000
New +$875K
EP.PRC icon
52
El Paso Energy Capital Trust I
EP.PRC
$223M
$45.2K ﹤0.01%
887
-1,355
-60% -$68.7K
AB icon
53
CALL
AllianceBernstein
AB
$3.47B
$35.5K ﹤0.01%
49,000
-64,300
-57% -$2.43M
IAUX.WS
54
i-80 Gold Corp Warrants
IAUX.WS
$128M
$29.8K ﹤0.01%
38,466
– –
RDZNW icon
55
Roadzen Inc Warrants
RDZNW
$29.2K ﹤0.01%
150,602
-150,602
-50% -$28.9K
PEO
56
Adams Natural Resources Fund
PEO
$751M
$24.4K ﹤0.01%
987
-931
-49% -$24.2K
SPWRW
57
SunPower Inc Warrants
SPWRW
$2.09M
$1.77K ﹤0.01%
11,327
-25,171
-69% -$5.04K
AIIOW
58
Robo.ai Inc Warrant
AIIOW
$414K
$1.16K ﹤0.01%
29,141
-100,001
-77% -$4.03K
BBWI icon
59
CALL
Bath & Body Works
BBWI
$3.9B
– –
-50,000
Closed -$90K
CCO icon
60
Clear Channel Outdoor Holdings
CCO
$1.23B
– –
-1,360,000
Closed -$3.01M
CVI icon
61
PUT
CVR Energy
CVI
$3.41B
– –
-100,000
Closed -$263K
CVNA icon
62
PUT
Carvana
CVNA
$43.1B
– –
-15,000
Closed -$11.2K
DK icon
63
CALL
Delek US
DK
$3.97B
– –
-115,000
Closed -$315K
EQX icon
64
CALL
Equinox Gold
EQX
$7.33B
– –
-25,000
Closed -$97.5K
EWA icon
65
PUT
iShares MSCI Australia ETF
EWA
$1.33B
– –
-300,000
Closed -$218K
GDL
66
GDL Fund
GDL
$91.9M
– –
-241,044
Closed -$2.02M
GEL icon
67
CALL
Genesis Energy
GEL
$1.85B
– –
-267,600
Closed -$880K
GIS icon
68
General Mills
GIS
$19B
– –
-300
Closed -$11.2K
GIS icon
69
PUT
General Mills
GIS
$19B
– –
-25,000
Closed -$43.8K
GS icon
70
CALL
Goldman Sachs
GS
$317B
– –
-5,000
Closed -$311K
HDSN
71
Hudson Technologies
HDSN
$266M
– –
-100,000
Closed -$637K
HLT icon
72
PUT
Hilton Worldwide
HLT
$72.9B
– –
-12,500
Closed -$76.9K
HTZ icon
73
CALL
Hertz
HTZ
$603M
– –
-50,000
Closed -$36.3K
KYN icon
74
Kayne Anderson Energy Infrastructure Fund
KYN
$2.53B
– –
-829,922
Closed -$11.1M
LANV.WS
75
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
– –
-2,669,692
Closed -$37K
1 2
3
4

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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.