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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
AIIOW
76
Robo.ai Inc Warrant
AIIOW
$463K
$10.1K ﹤0.01%
64,571
– –
RDZNW icon
77
Roadzen Inc Warrants
RDZNW
$6.84M
$9.64K ﹤0.01%
150,602
– –
AIRJW
78
AirJoule Technologies Warrant
AIRJW
$84.5M
$7.74K ﹤0.01%
9,100
– –
SPWRW
79
SunPower Inc Warrants
SPWRW
$761K
$7.11K ﹤0.01%
25,171
– –
USAR
80
PUT
USA Rare Earth Inc
USAR
$4.66B
$4K ﹤0.01%
+10,000
New +$143K
ASTLW icon
81
Algoma Steel Group Warrant
ASTLW
$314K
$696 ﹤0.01%
4,540
-5,460
-55% -$1.57K
UAN icon
82
CALL
CVR Partners
UAN
$1.24B
$228 ﹤0.01%
+100
New +$9.02K
AAPL icon
83
PUT
Apple
AAPL
$4.5T
– –
-17,000
Closed -$73.5K
ALGN icon
84
PUT
Align Technology
ALGN
$12.5B
– –
-5,000
Closed -$12.3K
ARKK icon
85
PUT
ARK Innovation ETF
ARKK
$6.37B
– –
-30,000
Closed -$77.3K
ARKOW
86
DELISTED
ARKO Corp Warrant
ARKOW
– –
-727,117
Closed -$8.25K
DKS icon
87
PUT
Dick's Sporting Goods
DKS
$19.2B
– –
-15,000
Closed -$202K
EOSE icon
88
Eos Energy Enterprises
EOSE
$1.47B
– –
-175,000
Closed -$896K
FDD icon
89
PUT
First Trust STOXX European Select Dividend Income Fund
FDD
$906M
– –
-13,700
Closed -$2.74K
GRNT icon
90
Granite Ridge Resources
GRNT
$670M
– –
-815,420
Closed -$5.19M
IDXX icon
91
PUT
Idexx Laboratories
IDXX
$46.9B
– –
-12,500
Closed -$119K
JSPRW icon
92
Japer Therapeutics Warrants
JSPRW
$149K
– –
-65,456
Closed -$6.21K
LCID icon
93
PUT
Lucid Motors
LCID
$2.6B
– –
-10,620
Closed -$95K
MP icon
94
CALL
MP Materials
MP
$9.73B
– –
-1,200
Closed -$4.92K
PYPL icon
95
PUT
PayPal
PYPL
$50.5B
– –
-39,100
Closed -$40.1K
SNAP icon
96
PUT
Snap
SNAP
$9.05B
– –
-100,000
Closed -$52.5K
TSLL icon
97
PUT
Direxion Daily TSLA Bull 2X ETF
TSLL
$3.32B
– –
-100,000
Closed -$263K
TE.WS
98
DELISTED
T1 Energy Inc Warrants
TE.WS
– –
-186,863
Closed -$18.7K
CRWV
99
PUT
CoreWeave
CRWV
$48.1B
– –
-2,500
Closed -$66.8K
CRCL
100
PUT
Circle Internet Group
CRCL
$17B
– –
-2,500
Closed -$81.3K
1 2 3
4

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FLII
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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.