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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
TXG icon
51
CALL
10x Genomics
TXG
$7.44B
$140K 0.01%
60,000
+40,000
+200% +$604K
EQX icon
52
CALL
Equinox Gold
EQX
$13.5B
$97.5K 0.01%
25,000
– –
EPR.PRE icon
53
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$90K 0.01%
2,983
– –
PSN icon
54
CALL
Parsons
PSN
$4.93B
$85K 0.01%
+25,000
New +$1.96M
ET icon
55
Energy Transfer Partners
ET
$70.9B
$82.5K 0.01%
5,000
– –
SVM
56
CALL
Silvercorp Metals
SVM
$2.7B
$77.3K 0.01%
68,700
-34,500
-33% -$251K
HLT icon
57
PUT
Hilton Worldwide
HLT
$70B
$76.9K 0.01%
+12,500
New +$3.4M
EP.PRC icon
58
El Paso Energy Capital Trust I
EP.PRC
$221M
$55.2K ﹤0.01%
1,121
-200
-15% -$9.89K
GCTS.WS
59
GCT Semiconductor Holding Warrants
GCTS.WS
$22.1M
$50.6K ﹤0.01%
611,744
-56,902
-9% -$6.58K
PSQH.WS icon
60
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
$46.7K ﹤0.01%
491,935
– –
GIS icon
61
PUT
General Mills
GIS
$19.9B
$43.8K ﹤0.01%
+25,000
New +$1.19M
RDZNW icon
62
Roadzen Inc Warrants
RDZNW
$6.84M
$41.4K ﹤0.01%
150,602
– –
SPY icon
63
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$33.3K ﹤0.01%
59,500
+21,000
+55% +$14.2M
LANV.WS
64
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$21K ﹤0.01%
1,334,846
– –
PEO
65
Adams Natural Resources Fund
PEO
$750M
$20.7K ﹤0.01%
950
+20
+2% +$430
AUROW
66
Aurora Innovation Warrant
AUROW
$335M
$15.7K ﹤0.01%
67,700
– –
AIRJW
67
AirJoule Technologies Warrant
AIRJW
$84.5M
$14.1K ﹤0.01%
15,700
+6,600
+73% +$6.49K
CVNA icon
68
PUT
Carvana
CVNA
$81.5B
$11.2K ﹤0.01%
+15,000
New +$1.12M
SPWRW
69
SunPower Inc Warrants
SPWRW
$761K
$6.56K ﹤0.01%
25,171
– –
AIIOW
70
Robo.ai Inc Warrant
AIIOW
$463K
$3.02K ﹤0.01%
64,571
– –
ASTLW icon
71
Algoma Steel Group Warrant
ASTLW
$314K
– –
-4,540
Closed -$696
BE icon
72
PUT
Bloom Energy
BE
$62B
– –
-10,000
Closed -$200K
BRKR icon
73
CALL
Bruker
BRKR
$8.58B
– –
-51,000
Closed -$168K
CPRI icon
74
Capri Holdings
CPRI
$1.75B
– –
-25,000
Closed -$498K
CVI icon
75
CALL
CVR Energy
CVI
$3.26B
– –
-35,300
Closed -$219K
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.