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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
BAC.PRL icon
1
Bank of America Series L
BAC.PRL
$3.97B
$9.76M 0.84%
7,817
+400
+5% +$504K
BHR
2
Braemar Hotels & Resorts
BHR
$148M
$6.98M 0.6%
2,432,460
+163,197
+7% +$440K
KYN icon
3
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$5.14M 0.44%
414,961
+27,000
+7% +$322K
VUSB icon
4
Vanguard Ultra-Short Bond ETF
VUSB
$8.91B
$4.98M 0.43%
100,000
– –
UONEK icon
5
Urban One Class D
UONEK
$22.8M
$4.3M 0.37%
508,316
+5,873
+1% +$42.9K
UAN icon
6
CVR Partners
UAN
$1.33B
$4.03M 0.35%
39,345
– –
GRNT icon
7
Granite Ridge Resources
GRNT
$632M
$3.21M 0.28%
+683,056
New +$3.52M
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.23B
$3.01M 0.26%
1,360,000
+135,000
+11% +$250K
WEST icon
9
Westrock Coffee
WEST
$807M
$2.42M 0.21%
593,726
-30,249
-5% -$132K
RUMBW
10
RUM Group Inc Warrant
RUMBW
$13.2M
$2.19M 0.19%
1,129,943
+11,722
+1% +$24.9K
BHR.PRB
11
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.9M
$2.15M 0.18%
144,113
+116,601
+424% +$1.77M
ASA
12
ASA Gold and Precious Metals
ASA
$944M
$1.89M 0.16%
31,655
+13,955
+79% +$708K
LUXE
13
LuxExperience B.V.
LUXE
$1.13B
$1.67M 0.14%
200,374
+30,374
+18% +$271K
MNTN
14
MNTN Inc
MNTN
$704M
$1.51M 0.13%
126,601
+76,601
+153% +$1.1M
REAL icon
15
The RealReal
REAL
$1.51B
$1.5M 0.13%
95,000
-45,000
-32% -$588K
BKD icon
16
Brookdale Senior Living
BKD
$3.43B
$1.4M 0.12%
130,000
+30,000
+30% +$295K
OPFI.WS
17
DELISTED
OppFi Inc Warrants
OPFI.WS
$1.36M 0.12%
909,467
+768,880
+547% +$1.14M
GROY icon
18
Gold Royalty Corp
GROY
$600M
$1.35M 0.12%
335,000
+10,000
+3% +$38.3K
BTG icon
19
CALL
B2Gold
BTG
$5.13B
$1.24M 0.11%
934,200
+582,700
+166% +$2.72M
NNAVW
20
DELISTED
NextNav Inc Warrant
NNAVW
$1.22M 0.11%
170,655
+100,075
+142% +$559K
ACHR.WS icon
21
Archer Aviation Redeemable Warrants
ACHR.WS
$21.4M
$1.14M 0.1%
997,040
+897,040
+897% +$2.02M
STKL
22
DELISTED
SunOpta
STKL
$1.04M 0.09%
275,000
+35,000
+15% +$159K
GDL
23
GDL Fund
GDL
$92.1M
$1.02M 0.09%
120,522
– –
NCMI icon
24
National CineMedia
NCMI
$392M
$1M 0.09%
257,375
+77,136
+43% +$320K
ODV
25
DELISTED
Osisko Development Corp
ODV
$907K 0.08%
260,000
+60,000
+30% +$206K
1
2 3 4

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DGM
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WCM
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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.