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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
AAPL icon
51
PUT
Apple
AAPL
$4.57T
$73.5K 0.01%
+17,000
New +$3.43M
CRWV
52
PUT
CoreWeave
CRWV
$49.5B
$66.8K 0.01%
+2,500
New +$230K
EP.PRC icon
53
El Paso Energy Capital Trust I
EP.PRC
$223M
$64.9K 0.01%
1,321
– –
GCTS.WS
54
GCT Semiconductor Holding Warrants
GCTS.WS
$21.7M
$64.8K 0.01%
668,646
– –
SNAP icon
55
PUT
Snap
SNAP
$9.01B
$52.5K ﹤0.01%
+100,000
New +$830K
PYPL icon
56
PUT
PayPal
PYPL
$50.5B
$40.1K ﹤0.01%
+39,100
New +$2.68M
NNAVW
57
DELISTED
NextNav Inc Warrant
NNAVW
$34.9K ﹤0.01%
5,500
– –
LANV.WS
58
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$25.2K ﹤0.01%
1,334,846
– –
EPR.PRE icon
59
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$113M
$25.1K ﹤0.01%
+807
New +$24.1K
PEO
60
Adams Natural Resources Fund
PEO
$725M
$19.4K ﹤0.01%
908
+22
+2% +$453
TE.WS
61
DELISTED
T1 Energy Inc Warrants
TE.WS
$18.7K ﹤0.01%
186,863
– –
SLV icon
62
CALL
iShares Silver Trust
SLV
$30.9B
$17.4K ﹤0.01%
+8,700
New +$266K
ALGN icon
63
PUT
Align Technology
ALGN
$12.3B
$12.3K ﹤0.01%
+5,000
New +$883K
SPY icon
64
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$10.6K ﹤0.01%
27,000
+11,000
+69% +$6.29M
ARKOW
65
DELISTED
ARKO Corp Warrant
ARKOW
$8.25K ﹤0.01%
727,117
– –
RDZNW icon
66
Roadzen Inc Warrants
RDZNW
$8.64M
$7.83K ﹤0.01%
150,602
– –
SPWRW
67
SunPower Inc Warrants
SPWRW
$1.15M
$6.61K ﹤0.01%
25,171
– –
JSPRW icon
68
Japer Therapeutics Warrants
JSPRW
$6.21K ﹤0.01%
65,456
– –
AIRJW
69
AirJoule Technologies Warrant
AIRJW
$90.2M
$5.59K ﹤0.01%
9,100
– –
MP icon
70
CALL
MP Materials
MP
$9.1B
$4.92K ﹤0.01%
1,200
-42,300
-97% -$1.08M
ASTLW icon
71
Algoma Steel Group Warrant
ASTLW
$4.81K ﹤0.01%
10,000
– –
AIIOW
72
Robo.ai Inc Warrant
AIIOW
$436K
$3.07K ﹤0.01%
64,571
– –
FDD icon
73
PUT
First Trust STOXX European Select Dividend Income Fund
FDD
$911M
$2.74K ﹤0.01%
+13,700
New +$200K
CVI icon
74
CALL
CVR Energy
CVI
$3.13B
– –
-71,300
Closed -$570K
ENVX icon
75
CALL
Enovix
ENVX
$1.03B
– –
-85,714
Closed -$44K
1 2
3
4

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DGM
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GC
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CCM
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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.