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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
DEO icon
76
PUT
Diageo
DEO
$54B
– –
-28,800
Closed -$200K
DKNG icon
77
CALL
DraftKings
DKNG
$12B
– –
-50,000
Closed -$31K
ENVX icon
78
Enovix
ENVX
$1.01B
– –
-50,000
Closed -$499K
EOSEW
79
Eos Energy Enterprises Warrant
EOSEW
$27.7M
– –
-17,300
Closed -$30.4K
EQX icon
80
Equinox Gold
EQX
$13.5B
– –
-100,000
Closed -$1.26M
EWG icon
81
PUT
iShares MSCI Germany ETF
EWG
$1.67B
– –
-100,000
Closed -$65K
HLX icon
82
Helix Energy Solutions
HLX
$1.47B
– –
-30,400
Closed -$199K
JOBY.WS icon
83
Joby Aviation Warrants
JOBY.WS
$157K
– –
-145,000
Closed -$875K
KSS icon
84
PUT
Kohl's
KSS
$2.16B
– –
-60,000
Closed -$76.5K
MIR icon
85
Mirion Technologies
MIR
$3.75B
– –
-1,000
Closed -$23.3K
MPT
86
PUT
Medical Properties Trust
MPT
$2.48B
– –
-150,000
Closed -$73.5K
PLUG icon
87
PUT
Plug Power
PLUG
$2.94B
– –
-300,000
Closed -$116K
SAND
88
DELISTED
Sandstorm Gold
SAND
– –
-50,000
Closed -$626K
SLV icon
89
CALL
iShares Silver Trust
SLV
$32B
– –
-50,000
Closed -$130K
UAN icon
90
CALL
CVR Partners
UAN
$1.24B
– –
-100
Closed -$228
URA icon
91
CALL
Global X Uranium ETF
URA
$6.19B
– –
-60,000
Closed -$192K
XRT icon
92
PUT
State Street SPDR S&P Retail ETF
XRT
$652M
– –
-70,000
Closed -$286K
FLUT icon
93
CALL
Flutter Entertainment
FLUT
$16.4B
– –
-20,000
Closed -$286K
USAR
94
PUT
USA Rare Earth Inc
USAR
$4.66B
– –
-10,000
Closed -$4K
USARW
95
DELISTED
USA Rare Earth Inc Warrant
USARW
– –
-223,418
Closed -$1.6M
BULLW
96
Webull Corp Warrants
BULLW
$97.1M
– –
-145,605
Closed -$881K
BRKRP
97
Bruker Corporation 6.375% Series A Preferred Stock
BRKRP
$1.15B
– –
-1,300
Closed -$352K
1 2 3
4

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DGM
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GC
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CCM
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FLII
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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.