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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
-0.45%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.17B
AUM Growth
+$130M
Cap. Flow
-$914M
Cap. Flow %
-78.25%
Top 10 Hldgs %
46.23%
Holding
157
New
25
Increased
9
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
SPSB icon
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
+$8.99M
2
LUNR icon
Intuitive Machines
LUNR
+$1.53M
3
LUXE
LuxExperience B.V.
LUXE
+$1.21M
4
BA.PRA
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
+$895K
5
STKL
SunOpta
STKL
+$682K

Top Sells

Rank Stock Value
1
UAN icon
CVR Partners
UAN
+$5.57M
2
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$1.08M
3
LUNRW
Intuitive Machines, Inc. Warrants
LUNRW
+$927K
4
WEST icon
Westrock Coffee
WEST
+$666K
5
GDL
GDL Fund
GDL
+$660K

Sector Composition

Rank Sector Weight
1 Consumer Staples 0.67%
2 Communication Services 0.55%
3 Energy 0.45%
4 Real Estate 0.45%
5 Materials 0.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPSB icon
1
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.4B
$9.03M 0.77%
+300,000
New +$8.99M
KYN icon
2
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$7.61M 0.65%
592,945
-83,998
-12% -$1.08M
WEST icon
3
Westrock Coffee
WEST
$784M
$5.57M 0.48%
771,505
-101,574
-12% -$666K
BHR
4
Braemar Hotels & Resorts
BHR
$159M
$5.2M 0.45%
2,088,686
– –
VUSB icon
5
Vanguard Ultra-Short Bond ETF
VUSB
$8.93B
$4.99M 0.43%
100,000
– –
GRNT icon
6
Granite Ridge Resources
GRNT
$608M
$4.96M 0.42%
815,420
-98,093
-11% -$607K
UONEK icon
7
Urban One Class D
UONEK
$21.2M
$3.39M 0.29%
470,278
+54,380
+13% +$430K
RUMBW
8
RUM Group Inc Warrant
RUMBW
$12.4M
$2.49M 0.21%
1,078,092
+7,450
+0.7% +$28.1K
CCO icon
9
Clear Channel Outdoor Holdings
CCO
$1.22B
$2.33M 0.2%
2,094,793
+252,018
+14% +$333K
STKL
10
DELISTED
SunOpta
STKL
$1.65M 0.14%
340,447
+102,498
+43% +$682K
GDL
11
GDL Fund
GDL
$91.8M
$992K 0.08%
120,522
-80,000
-40% -$660K
LUXE
12
LuxExperience B.V.
LUXE
$1.14B
$985K 0.08%
+130,341
New +$1.21M
GROY icon
13
Gold Royalty Corp
GROY
$595M
$907K 0.08%
629,758
+188,758
+43% +$257K
BA.PRA
14
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$7.82B
$890K 0.08%
+15,000
New +$895K
ODV
15
DELISTED
Osisko Development Corp
ODV
$880K 0.08%
590,294
-2,568
-0.4% -$3.8K
THCH icon
16
TH International
THCH
$55.7M
$745K 0.06%
254,426
-11,004
-4% -$34.4K
LUNR icon
17
Intuitive Machines
LUNR
$1.95B
$726K 0.06%
+97,500
New +$1.53M
CMLS
18
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$676K 0.06%
1,528,428
– –
UONE icon
19
Urban One Class A
UONE
$22.7M
$665K 0.06%
46,152
– –
PCTTW
20
PureCycle Technologies Inc Warrant
PCTTW
$8.7M
$604K 0.05%
396,107
+6,250
+2% +$17.4K
CVI icon
21
CALL
CVR Energy
CVI
$3.42B
$570K 0.05%
+71,300
New +$1.39M
SAND
22
DELISTED
Sandstorm Gold
SAND
$566K 0.05%
+75,000
New +$469K
CPRI icon
23
Capri Holdings
CPRI
$1.85B
$493K 0.04%
25,000
– –
AB icon
24
CALL
AllianceBernstein
AB
$3.53B
$484K 0.04%
+67,400
New +$2.54M
UAN icon
25
CVR Partners
UAN
$1.27B
$481K 0.04%
6,400
-71,300
-92% -$5.57M
1
2 3

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Zazove Associates's Q1 2025 Portfolio in Review

As of Q1 2025, Zazove Associates held 157 positions worth $1.17B, up 12% from $1.04B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Zazove Associates withdrew a net $914M in Q1 2025, closing 5 positions and reducing 11 holdings. Its most notable exit was Intuitive Machines, Inc. Warrants, an estimated $927K position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 0.67% of assets, down from 0.8% a quarter earlier, followed by Communication Services and Energy.

Against the trend, Zazove Associates opened a new position in State Street SPDR Portfolio Short Term Corporate Bond ETF worth $9.03M.

  • Zazove Associates's largest Q1 2025 buy was State Street SPDR Portfolio Short Term Corporate Bond ETF: 300,000 shares worth $9.03M.
  • Zazove Associates added most to SunOpta in Q1 2025, an estimated $682K increase.
  • Zazove Associates's biggest Q1 2025 reduction was CVR Partners, cutting an estimated $5.57M.
  • Zazove Associates fully exited Intuitive Machines, Inc. Warrants in Q1 2025, selling an estimated $927K.
  • Zazove Associates's ten largest holdings make up 46% of its $1.17B portfolio in Q1 2025.
  • Zazove Associates opened 25 new positions and closed 5 in Q1 2025.
  • Zazove Associates's portfolio value rose 12% quarter-over-quarter to $1.17B.

Based on Zazove Associates's 13F filing for Q1 2025, filed 13 May 2025.