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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
SVM
51
CALL
Silvercorp Metals
SVM
$2.7B
$158K 0.01%
103,200
– –
AB icon
52
CALL
AllianceBernstein
AB
$3.45B
$151K 0.01%
184,400
+117,000
+174% +$4.68M
SLV icon
53
CALL
iShares Silver Trust
SLV
$32B
$130K 0.01%
50,000
+41,300
+475% +$1.48M
GCTS.WS
54
GCT Semiconductor Holding Warrants
GCTS.WS
$22.1M
$130K 0.01%
668,646
– –
PLUG icon
55
PUT
Plug Power
PLUG
$2.94B
$116K 0.01%
300,000
-150,000
-33% -$254K
DK icon
56
CALL
Delek US
DK
$3.72B
$107K 0.01%
+30,000
New +$784K
GEL icon
57
CALL
Genesis Energy
GEL
$1.9B
$106K 0.01%
+25,000
New +$420K
PSQH.WS icon
58
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
$96K 0.01%
491,935
+37,447
+8% +$8.16K
EPR.PRE icon
59
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$95.4K 0.01%
2,983
+2,176
+270% +$68.7K
EQX icon
60
CALL
Equinox Gold
EQX
$13.5B
$87.4K 0.01%
25,000
-125,000
-83% -$994K
ET icon
61
Energy Transfer Partners
ET
$70.9B
$85.8K 0.01%
5,000
– –
KSS icon
62
PUT
Kohl's
KSS
$2.16B
$76.5K 0.01%
+60,000
New +$800K
MPT
63
PUT
Medical Properties Trust
MPT
$2.48B
$73.5K 0.01%
150,000
– –
EP.PRC icon
64
El Paso Energy Capital Trust I
EP.PRC
$221M
$65.7K 0.01%
1,321
– –
EWG icon
65
PUT
iShares MSCI Germany ETF
EWG
$1.67B
$65K 0.01%
+100,000
New +$4.19M
ULS icon
66
CALL
UL Solutions
ULS
$15.8B
$62.5K 0.01%
+10,000
New +$682K
R icon
67
PUT
Ryder
R
$9.98B
$48.5K ﹤0.01%
+10,000
New +$1.8M
TXG icon
68
CALL
10x Genomics
TXG
$7.44B
$40.5K ﹤0.01%
+20,000
New +$261K
AUROW
69
Aurora Innovation Warrant
AUROW
$335M
$38.6K ﹤0.01%
+67,700
New +$51K
SPY icon
70
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$31.8K ﹤0.01%
38,500
+11,500
+43% +$7.37M
DKNG icon
71
CALL
DraftKings
DKNG
$12B
$31K ﹤0.01%
50,000
– –
EOSEW
72
Eos Energy Enterprises Warrant
EOSEW
$27.7M
$30.4K ﹤0.01%
+17,300
New +$9.91K
LANV.WS
73
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$26.2K ﹤0.01%
1,334,846
– –
MIR icon
74
Mirion Technologies
MIR
$3.75B
$23.3K ﹤0.01%
+1,000
New +$21.6K
PEO
75
Adams Natural Resources Fund
PEO
$750M
$20K ﹤0.01%
930
+22
+2% +$475
1 2
3
4

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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.