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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
NCMI icon
76
National CineMedia
NCMI
$350M
– –
-716,314
Closed -$2.4M
NNAVW
77
DELISTED
NextNav Inc Warrant
NNAVW
– –
-341,310
Closed -$2.29M
PBF icon
78
PUT
PBF Energy
PBF
$7.33B
– –
-140,000
Closed -$393K
PL.WS
79
DELISTED
Planet Labs PBC Warrants
PL.WS
– –
-95,000
Closed -$815K
PRCH icon
80
Porch Group
PRCH
$1.27B
– –
-105,846
Closed -$759K
PSN icon
81
CALL
Parsons
PSN
$6.25B
– –
-25,000
Closed -$85K
PSQH.WS icon
82
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
$1.08M
– –
-983,870
Closed -$67.5K
R icon
83
PUT
Ryder
R
$10.4B
– –
-25,600
Closed -$466K
SOFI icon
84
CALL
SoFi Technologies
SOFI
$21.4B
– –
-50,000
Closed -$72K
SPSB icon
85
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.4B
– –
-200,000
Closed -$6.01M
STKL
86
DELISTED
SunOpta
STKL
– –
-275,000
Closed -$1.04M
SVM
87
CALL
Silvercorp Metals
SVM
$2.13B
– –
-68,700
Closed -$77.3K
SYM icon
88
Symbotic
SYM
$5.16B
– –
-5,000
Closed -$255K
TXG icon
89
CALL
10x Genomics
TXG
$6.1B
– –
-60,000
Closed -$140K
UAN icon
90
CVR Partners
UAN
$1.31B
– –
-77,923
Closed -$8.92M
WFC.PRL icon
91
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.66B
– –
-440
Closed -$522K
WHR icon
92
CALL
Whirlpool
WHR
$2.31B
– –
-30,000
Closed -$2.25K
WHR icon
93
Whirlpool
WHR
$2.31B
– –
-1,000
Closed -$53.9K
XNTK icon
94
PUT
State Street SPDR NYSE Technology ETF
XNTK
$2.11B
– –
-32,000
Closed -$19.8K
AIRJW
95
AirJoule Technologies Warrant
AIRJW
$61.4M
– –
-31,400
Closed -$23K
GCTS.WS
96
GCT Semiconductor Holding Warrants
GCTS.WS
$17.5M
– –
-611,744
Closed -$50.6K
GEV icon
97
CALL
GE Vernova
GEV
$275B
– –
-5,000
Closed -$298K
ULS icon
98
CALL
UL Solutions
ULS
$17.5B
– –
-20,000
Closed -$146K
TE
99
T1 Energy
TE
$1.59B
– –
-100,000
Closed -$439K
BKV
100
CALL
BKV Corp
BKV
$2.84B
– –
-50,000
Closed -$240K
1 2 3
4

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CCM
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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.