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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
GIII icon
76
PUT
G-III Apparel Group
GIII
$1.5B
– –
-15,000
Closed -$40.1K
HLX icon
77
CALL
Helix Energy Solutions
HLX
$1.41B
– –
-90,000
Closed -$58.5K
HTZ icon
78
Hertz
HTZ
$809M
– –
-22,500
Closed -$88.7K
ILCV icon
79
PUT
iShares Morningstar Value ETF
ILCV
$1.35B
– –
-12,500
Closed -$6.69K
LSEAW
80
DELISTED
Landsea Homes Corporation Warrant
LSEAW
– –
-2,392,316
Closed -$144K
LUNR icon
81
Intuitive Machines
LUNR
$2.63B
– –
-97,500
Closed -$726K
SAND
82
DELISTED
Sandstorm Gold
SAND
– –
-75,000
Closed -$566K
SKIN icon
83
SkinHealth Systems
SKIN
$85.7M
– –
-234,730
Closed -$315K
SPSB icon
84
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.8B
– –
-300,000
Closed -$9.03M
VXX icon
85
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$147M
– –
-6,000
Closed -$28.9K
WSM icon
86
PUT
Williams-Sonoma
WSM
$29.6B
– –
-12,500
Closed -$181K
XSLV icon
87
PUT
Invesco S&P SmallCap Low Volatility ETF
XSLV
$249M
– –
-50,000
Closed -$195K
BA.PRA
88
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$8.27B
– –
-15,000
Closed -$890K
CMLS
89
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
– –
-1,528,428
Closed -$676K
1 2 3
4

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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.