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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
ODV
Osisko Development Corp
ODV
+$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
UAN icon
1
CVR Partners
UAN
$1.33B
$6.9M 0.56%
77,700
+71,300
+1,114% +$5.74M
KYN icon
2
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$6.18M 0.5%
485,533
-107,412
-18% -$1.29M
GRNT icon
3
Granite Ridge Resources
GRNT
$632M
$5.19M 0.42%
815,420
– –
BHR
4
Braemar Hotels & Resorts
BHR
$148M
$5.12M 0.42%
2,088,686
– –
VUSB icon
5
Vanguard Ultra-Short Bond ETF
VUSB
$8.91B
$4.99M 0.41%
100,000
– –
WEST icon
6
Westrock Coffee
WEST
$807M
$4.06M 0.33%
708,035
-63,470
-8% -$410K
RUMBW
7
RUM Group Inc Warrant
RUMBW
$13.2M
$3.35M 0.27%
1,086,672
+8,580
+0.8% +$25.5K
UONEK icon
8
Urban One Class D
UONEK
$22.8M
$3.12M 0.25%
489,971
+19,693
+4% +$118K
CCO icon
9
Clear Channel Outdoor Holdings
CCO
$1.23B
$1.79M 0.15%
1,529,804
-564,989
-27% -$610K
PCTTW
10
PureCycle Technologies Inc Warrant
PCTTW
$10.6M
$1.75M 0.14%
400,787
+4,680
+1% +$10.8K
GROY icon
11
Gold Royalty Corp
GROY
$600M
$1.24M 0.1%
560,000
-69,758
-11% -$122K
STKL
12
DELISTED
SunOpta
STKL
$1.21M 0.1%
209,168
-131,279
-39% -$689K
GDL
13
GDL Fund
GDL
$92.1M
$1.01M 0.08%
120,522
– –
LUXE
14
LuxExperience B.V.
LUXE
$1.13B
$984K 0.08%
123,972
-6,369
-5% -$52.9K
REAL icon
15
The RealReal
REAL
$1.51B
$942K 0.08%
+196,596
New +$1.08M
EOSE icon
16
Eos Energy Enterprises
EOSE
$1.36B
$896K 0.07%
+175,000
New +$858K
THCH icon
17
TH International
THCH
$55.1M
$754K 0.06%
254,426
– –
UONE icon
18
Urban One Class A
UONE
$22.8M
$739K 0.06%
46,152
– –
BULLW
19
Webull Corp Warrants
BULLW
$93.6M
$582K 0.05%
+145,605
New +$431K
USARW
20
DELISTED
USA Rare Earth Inc Warrant
USARW
$528K 0.04%
+223,418
New +$458K
ENVX icon
21
Enovix
ENVX
$921M
$517K 0.04%
+57,143
New +$373K
NPWR.WS icon
22
NET Power Inc Warrants
NPWR.WS
$16.1M
$499K 0.04%
1,425,190
+4,200
+0.3% +$1.28K
EQX icon
23
Equinox Gold
EQX
$7.24B
$460K 0.04%
+80,000
New +$520K
HDSN
24
Hudson Technologies
HDSN
$262M
$457K 0.04%
56,250
– –
CPRI icon
25
Capri Holdings
CPRI
$1.88B
$443K 0.04%
25,000
– –
1
2 3 4

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DGM
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WCM
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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.