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ZA

Zazove Associates Portfolio holdings

AUM $1.22B
1-Year Est. Return 1.92%
This Fund
S&P 500
This Quarter Est. Return
-0.33%
1 Year Est. Return
+1.92%
3 Year Est. Return
+11.02%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$957M
AUM Growth
-$204M
Cap. Flow
-$804M
Cap. Flow %
-84.03%
Top 10 Hldgs %
45.51%
Holding
170
New
18
Increased
16
Reduced
12
Closed
20

Top Buys

Rank Stock Value
1
BAC.PRL icon
Bank of America Series L
BAC.PRL
+$34.5M
2
SPSB icon
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
+$6.04M
3
BKV
BKV Corp
BKV
+$1.45M
4
BRCC icon
BRC Inc
BRCC
+$1.23M
5
WHR.PRA
Whirlpool Corp 8.50% Series A Preferred Stock
WHR.PRA
+$961K

Top Sells

Rank Stock Value
1
CCO icon
Clear Channel Outdoor Holdings
CCO
+$3.01M
2
BHR
Braemar Hotels & Resorts
BHR
+$2.05M
3
STKL
SunOpta
STKL
+$1.04M
4
PL.WS
Planet Labs PBC Warrants
PL.WS
+$815K
5
BKD icon
Brookdale Senior Living
BKD
+$490K

Sector Composition

Rank Sector Weight
1 Miscellaneous 96.36%
2 Materials 0.89%
3 Energy 0.58%
4 Communication Services 0.47%
5 Real Estate 0.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BAC.PRL icon
1
Bank of America Series L
BAC.PRL
$3.86B
$42.5M 4.44%
35,665
+27,848
+356% +$34.5M
SPSB icon
2
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$11.3B
$6.01M 0.63%
+200,000
New +$6.04M
KYN icon
3
Kayne Anderson Energy Infrastructure Fund
KYN
$2.44B
$5.93M 0.62%
414,961
– –
VUSB icon
4
Vanguard Ultra-Short Bond ETF
VUSB
$10.2B
$4.98M 0.52%
100,000
– –
UAN icon
5
CVR Partners
UAN
$1.44B
$4.89M 0.51%
38,578
-767
-2% -$87.7K
GRNT icon
6
Granite Ridge Resources
GRNT
$652M
$4.07M 0.43%
692,956
+9,900
+1% +$49.7K
BHR
7
Braemar Hotels & Resorts
BHR
$122M
$4M 0.42%
1,696,293
-736,167
-30% -$2.05M
UONEK icon
8
Urban One Class D
UONEK
$19.6M
$2.83M 0.3%
508,316
– –
WEST icon
9
Westrock Coffee
WEST
$760M
$2.38M 0.25%
560,004
-33,722
-6% -$151K
BHR.PRB
10
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$50.3M
$2.17M 0.23%
149,113
+5,000
+3% +$76.1K
ASA
11
ASA Gold and Precious Metals
ASA
$1.07B
$2.03M 0.21%
32,655
+1,000
+3% +$67.5K
LUXE
12
LuxExperience B.V.
LUXE
$1.32B
$1.6M 0.17%
200,374
– –
BRCC icon
13
BRC Inc
BRCC
$141M
$1.55M 0.16%
200,000
+146,055
+271% +$1.23M
REAL icon
14
The RealReal
REAL
$1.15B
$1.45M 0.15%
160,000
+65,000
+68% +$822K
BKV
15
BKV Corp
BKV
$2.49B
$1.43M 0.15%
+50,000
New +$1.45M
NCMI icon
16
National CineMedia
NCMI
$209M
$1.4M 0.15%
458,939
+201,564
+78% +$708K
MNTN
17
MNTN Inc
MNTN
$848M
$1.32M 0.14%
150,322
+23,721
+19% +$237K
BKD icon
18
Brookdale Senior Living
BKD
$2.77B
$1.3M 0.14%
95,000
-35,000
-27% -$490K
RUMBW
19
RUM Group Inc Warrant
RUMBW
$16.8M
$1.18M 0.12%
1,146,276
+16,333
+1% +$24.6K
GROY icon
20
Gold Royalty Corp
GROY
$785M
$1.07M 0.11%
300,000
-35,000
-10% -$149K
NNAVW
21
DELISTED
NextNav Inc Warrant
NNAVW
$1.07M 0.11%
170,655
– –
GDL
22
GDL Fund
GDL
$90.1M
$1M 0.1%
120,522
– –
WHR.PRA
23
Whirlpool Corp 8.50% Series A Preferred Stock
WHR.PRA
$926K 0.1%
+22,500
New +$961K
OGG
24
Osisko Gold Group
OGG
$838M
$845K 0.09%
260,000
– –
BTG icon
25
CALL
B2Gold
BTG
$7.13B
$833K 0.09%
803,600
-130,600
-14% -$656K
1
2 3 4

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Zazove Associates's Q1 2026 Portfolio in Review

As of Q1 2026, Zazove Associates held 170 positions worth $957M, down 18% from $1.16B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Zazove Associates withdrew a net $804M in Q1 2026, closing 20 positions and reducing 12 holdings. Its most notable exit was Clear Channel Outdoor Holdings, an estimated $3.01M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 96% of assets, down from 97% a quarter earlier, followed by Materials and Energy.

Against the trend, Zazove Associates opened a new position in State Street SPDR Portfolio Short Term Corporate Bond ETF worth $6.01M.

  • Zazove Associates's largest Q1 2026 buy was State Street SPDR Portfolio Short Term Corporate Bond ETF: 200,000 shares worth $6.01M.
  • Zazove Associates added most to Bank of America Series L in Q1 2026, an estimated $34.5M increase.
  • Zazove Associates's biggest Q1 2026 reduction was Braemar Hotels & Resorts, cutting an estimated $2.05M.
  • Zazove Associates fully exited Clear Channel Outdoor Holdings in Q1 2026, selling an estimated $3.01M.
  • Zazove Associates's ten largest holdings make up 46% of its $957M portfolio in Q1 2026.
  • Zazove Associates opened 18 new positions and closed 20 in Q1 2026.
  • Zazove Associates's portfolio value fell 18% quarter-over-quarter to $957M.

Based on Zazove Associates's 13F filing for Q1 2026, filed 15 Jun 2026.