Zazove Associates

INCLINE VILLAGE, NVfiles as ZAZOVE ASSOCIATES LLC

$92m in 46 US stocks at the end of 30 June 2026. The top 10 are 78.4% of the money. It changed about 31.5% of the portfolio this quarter.

Value

$92m

Stocks

Top 10 share

78.4%

Turnover

31.5%

What changed this quarter

New

Bought for the first time this quarter.

Glass House BrandsGLAS
1.1% of the fund
Alphabet
0.7% of the fund
Direxion Shares ETF Trust
0.5% of the fund
Alphabet
0.1% of the fund

Added

Bought more of a stock they already held.

Alliancebernstein Hldg L PAB
0.7% of the fund
+5%
Aurora InnovationAUROW
0.2% of the fund
+700%

Cut

Sold some of their stake.

Bank of Amer
49.2% of the fund
-17%
Vanguard BD Index FDSVUSB
5.4% of the fund
-50%
Braemar Hotels & ResortsBHR
5.2% of the fund
-46%
Westrock CoffeeWEST
4.0% of the fund
-61%
RUM GroupRUMBW
2.5% of the fund
-46%
Granite Ridge ResourcesGRNT
2.4% of the fund
-63%
TheRealRealREAL
2.4% of the fund
-27%
Brookdale Senior LivingBKD
2.4% of the fund
-40%
Braemar Hotels & Resorts
2.2% of the fund
-50%
Purecycle TechnologiesPCTTW
2.2% of the fund
-38%
MntnMNTN
2.0% of the fund
-28%
ASA Gold & Precious MetalsASA
1.9% of the fund
-49%
Luxexperience BVLUXE
1.6% of the fund
-50%
BKVBKV
1.4% of the fund
-6%
BRCBRCC
1.2% of the fund
-60%
Osisko Development
1.2% of the fund
-13%
Gold RoyaltyGROY
0.9% of the fund
-53%
Amprius TechnologiesAMPX-WS
0.6% of the fund
-27%
NET PowerNPWR-WS
0.5% of the fund
-50%
Silvercorp MetalsSVM
0.5% of the fund
-51%
TH InternationalTHCH
0.4% of the fund
-54%
RLJ Lodging TR
0.3% of the fund
-42%
EPR Pptys
0.2% of the fund
-40%
PureCycle TechnologiesPCT
0.2% of the fund
-62%
Opko HealthOPK
0.2% of the fund
-67%

Sold out

Sold their entire stake.

Kayne Anderson Energy Infrastructure FundKYN
-100%
CVR Partners Lp/cvr NitrogenUAN
-100%
Spdr Series TrustSPSB
-100%
Urban One
-100%
Clear Channel Outdoor HoldingsCCO
-100%
National CineMediaNCMI
-100%
NextnavNNAVW
-100%
GDL FundGDL
-100%
SunoptaSTKL
-100%
Planet Labs PBCPL-WS
-100%
Porch GroupPRCH
-100%
Hudson TechnologiesHDSN
-100%
Wells Fargo
-100%
Urban One
-100%
T1 EnergyTE
-100%
SymboticSYM
-100%
PSQ HoldingsPSQH-WS
-100%
WhirlpoolWHR
-100%
GCT Semiconductor HldgGCTS-WS
-100%
Lanvin Group Holdings LimiteLANWF
-100%
Airjoule TechnologiesAIRJW
-100%
General MillsGIS
-100%

Holdings

Bank of Amer
Share
49.2%
Value
$45m
Shares
35,925
-17%
Vanguard BD Index FDSVUSB
Share
5.4%
Value
$5m
Shares
100,000
-50%
Braemar Hotels & ResortsBHR
Share
5.2%
Value
$5m
Shares
2,217,055
-46%
Westrock CoffeeWEST
Share
4.0%
Value
$4m
Shares
450,508
-61%
Urban OneUONEK
Share
2.7%
Value
$2m
Shares
512,035
Held
RUM GroupRUMBW
Share
2.5%
Value
$2m
Shares
1,222,995
-46%
Granite Ridge ResourcesGRNT
Share
2.4%
Value
$2m
Shares
508,970
-63%
TheRealRealREAL
Share
2.4%
Value
$2m
Shares
185,000
-27%
Brookdale Senior LivingBKD
Share
2.4%
Value
$2m
Shares
135,000
-40%
Braemar Hotels & Resorts
Share
2.2%
Value
$2m
Shares
147,383
-50%
Purecycle TechnologiesPCTTW
Share
2.2%
Value
$2m
Shares
759,412
-38%
MntnMNTN
Share
2.0%
Value
$2m
Shares
200,000
-28%
ASA Gold & Precious MetalsASA
Share
1.9%
Value
$2m
Shares
32,655
-49%
Luxexperience BVLUXE
Share
1.6%
Value
$1m
Shares
200,374
-50%
BKVBKV
Share
1.4%
Value
$1m
Shares
46,912
-6%
BRCBRCC
Share
1.2%
Value
$1m
Shares
1,010,918
-60%
Osisko Development
Share
1.2%
Value
$1m
Shares
450,000
-13%
Glass House BrandsGLAS
Share
1.1%
Value
$1m
Shares
79,844
New
Americas Gold & SilverUSAS
Share
1.0%
Value
$944,000
Shares
200,000
Held
Gold RoyaltyGROY
Share
0.9%
Value
$828,000
Shares
300,000
-53%
Whirlpool
Share
0.9%
Value
$788,400
Shares
22,500
Held
Alliancebernstein Hldg L PAB
Share
0.7%
Value
$679,746
Shares
19,300
+5%
Alphabet
Share
0.7%
Value
$631,000
Shares
12,500
New
Amprius TechnologiesAMPX-WS
Share
0.6%
Value
$594,709
Shares
102,096
-27%
NET PowerNPWR-WS
Share
0.5%
Value
$475,445
Shares
1,533,692
-50%
Direxion Shares ETF Trust
Share
0.5%
Value
$453,600
Shares
140,000
New
Silvercorp MetalsSVM
Share
0.5%
Value
$416,766
Shares
41,264
-51%
TH InternationalTHCH
Share
0.4%
Value
$382,537
Shares
200,281
-54%
B2goldBTG
Share
0.3%
Value
$280,874
Shares
75,100
Held
RLJ Lodging TR
Share
0.3%
Value
$265,901
Shares
10,809
-42%
Aurora InnovationAUROW
Share
0.2%
Value
$194,395
Shares
541,491
+700%
Simplify Exchange Traded FUNSVOL
Share
0.2%
Value
$174,836
Shares
10,900
Held
EPR Pptys
Share
0.2%
Value
$164,160
Shares
5,122
-40%
PureCycle TechnologiesPCT
Share
0.2%
Value
$158,705
Shares
19,569
-62%
Opko HealthOPK
Share
0.2%
Value
$150,000
Shares
100,000
-67%
Archer AviationACHR-WS
Share
0.1%
Value
$136,356
Shares
1,185,705
-46%
Alphabet
Share
0.1%
Value
$125,675
Shares
2,500
New
Energy Transfer L PET
Share
0.1%
Value
$95,600
Shares
5,000
-50%
Urban OneUONE
Share
<0.1%
Value
$83,079
Shares
15,202
-65%
OppfiOPFI-WS
Share
<0.1%
Value
$51,208
Shares
1,554,109
-37%
EL Paso Energy CAP TR I
Share
<0.1%
Value
$45,179
Shares
887
-60%
I-80 GoldIAUX-WS
Share
<0.1%
Value
$29,811
Shares
38,466
Held
RoadzenRDZNW
Share
<0.1%
Value
$29,179
Shares
150,602
-50%
Adams Natural Resources FundPEO
Share
<0.1%
Value
$24,399
Shares
987
-49%
SunpowerSPWRW
Share
<0.1%
Value
$1,773
Shares
11,327
-69%
Robo.aiAIIOW
Share
<0.1%
Value
$1,155
Shares
29,141
-77%

Company	Share of fund	Value	Shares	Change
Bank of Amer	49.2%	$45m	35,925	-17%
Vanguard BD Index FDSVUSB	5.4%	$5m	100,000	-50%
Braemar Hotels & ResortsBHR	5.2%	$5m	2,217,055	-46%
Westrock CoffeeWEST	4.0%	$4m	450,508	-61%
Urban OneUONEK	2.7%	$2m	512,035	Held
RUM GroupRUMBW	2.5%	$2m	1,222,995	-46%
Granite Ridge ResourcesGRNT	2.4%	$2m	508,970	-63%
TheRealRealREAL	2.4%	$2m	185,000	-27%
Brookdale Senior LivingBKD	2.4%	$2m	135,000	-40%
Braemar Hotels & Resorts	2.2%	$2m	147,383	-50%
Purecycle TechnologiesPCTTW	2.2%	$2m	759,412	-38%
MntnMNTN	2.0%	$2m	200,000	-28%
ASA Gold & Precious MetalsASA	1.9%	$2m	32,655	-49%
Luxexperience BVLUXE	1.6%	$1m	200,374	-50%
BKVBKV	1.4%	$1m	46,912	-6%
BRCBRCC	1.2%	$1m	1,010,918	-60%
Osisko Development	1.2%	$1m	450,000	-13%
Glass House BrandsGLAS	1.1%	$1m	79,844	New
Americas Gold & SilverUSAS	1.0%	$944,000	200,000	Held
Gold RoyaltyGROY	0.9%	$828,000	300,000	-53%
Whirlpool	0.9%	$788,400	22,500	Held
Alliancebernstein Hldg L PAB	0.7%	$679,746	19,300	+5%
Alphabet	0.7%	$631,000	12,500	New
Amprius TechnologiesAMPX-WS	0.6%	$594,709	102,096	-27%
NET PowerNPWR-WS	0.5%	$475,445	1,533,692	-50%
Direxion Shares ETF Trust	0.5%	$453,600	140,000	New
Silvercorp MetalsSVM	0.5%	$416,766	41,264	-51%
TH InternationalTHCH	0.4%	$382,537	200,281	-54%
B2goldBTG	0.3%	$280,874	75,100	Held
RLJ Lodging TR	0.3%	$265,901	10,809	-42%
Aurora InnovationAUROW	0.2%	$194,395	541,491	+700%
Simplify Exchange Traded FUNSVOL	0.2%	$174,836	10,900	Held
EPR Pptys	0.2%	$164,160	5,122	-40%
PureCycle TechnologiesPCT	0.2%	$158,705	19,569	-62%
Opko HealthOPK	0.2%	$150,000	100,000	-67%
Archer AviationACHR-WS	0.1%	$136,356	1,185,705	-46%
Alphabet	0.1%	$125,675	2,500	New
Energy Transfer L PET	0.1%	$95,600	5,000	-50%
Urban OneUONE	<0.1%	$83,079	15,202	-65%
OppfiOPFI-WS	<0.1%	$51,208	1,554,109	-37%
EL Paso Energy CAP TR I	<0.1%	$45,179	887	-60%
I-80 GoldIAUX-WS	<0.1%	$29,811	38,466	Held
RoadzenRDZNW	<0.1%	$29,179	150,602	-50%
Adams Natural Resources FundPEO	<0.1%	$24,399	987	-49%
SunpowerSPWRW	<0.1%	$1,773	11,327	-69%
Robo.aiAIIOW	<0.1%	$1,155	29,141	-77%

Options (12)

B2gold
Type
Call
Value
$613,800
Contracts
792,000
National Fuel Gas
Type
Call
Value
$243,685
Contracts
29,900
SymboticSYM
Type
Call
Value
$236,250
Contracts
55,000
AlphabetGOOG
Type
Call
Value
$201,688
Contracts
17,500
Helen of Troy
Type
Put
Value
$151,250
Contracts
50,000
IsharesEWG
Type
Put
Value
$132,238
Contracts
74,500
Five BelowFIVE
Type
Call
Value
$89,250
Contracts
15,000
Five9
Type
Put
Value
$61,500
Contracts
15,000
Hims & Hers Health
Type
Put
Value
$57,000
Contracts
40,000
State STR Spdr S&P 500 ETF T
Type
Put
Value
$47,990
Contracts
60,500
SPX Technologies
Type
Put
Value
$45,480
Contracts
4,000
Alliancebernstein Hldg L P
Type
Call
Value
$35,525
Contracts
49,000

Company	Type	Value	Contracts
B2gold	Call	$613,800	792,000
National Fuel Gas	Call	$243,685	29,900
SymboticSYM	Call	$236,250	55,000
AlphabetGOOG	Call	$201,688	17,500
Helen of Troy	Put	$151,250	50,000
IsharesEWG	Put	$132,238	74,500
Five BelowFIVE	Call	$89,250	15,000
Five9	Put	$61,500	15,000
Hims & Hers Health	Put	$57,000	40,000
State STR Spdr S&P 500 ETF T	Put	$47,990	60,500
SPX Technologies	Put	$45,480	4,000
Alliancebernstein Hldg L P	Call	$35,525	49,000

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 61.3% since 30 June 2025.

Where the money is

Real estate5.2%

Everyday goods5.2%

Media & telecom4.8%

Energy3.8%

Health care3.7%

Materials2.9%

Retail & consumer2.8%

Other71.6%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.