ZAZOVE ASSOCIATES LLC
CIK 1009012 · View on SEC EDGAR ↗
- Portfolio value
- $1.2B
- Positions
- 151
- As of
- June 30, 2026
#2,121 of 9,443 by 13F value · top 22.5%
Portfolio value QoQ: +1.4% 13F does not disclose cash
- Top 10 holdings weight
- 39.53%
- Top 25 holdings weight
- 71.74%
- Positions above 1%
- 28
- Effective number of positions
- 40.0
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 10.63% Est. buys $414,659,156 · sells $129,315,400
Median holding: 2.5 quarters Tracked Q4 2024–Q2 2026 · 41.7% still held
- New positions
- 42
- Increased
- 43
- Decreased
- 45
- Closed
- 19
Put-notional exposure: 0.0% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Real Estate
0.4%
Consumer Staples
0.4%
Communication Services
0.4%
Energy
0.3%
Retail
0.3%
Health Care
0.2%
Materials
0.1%
Financial Services
0.1%
Consumer Discretionary
0.0%
Industrials
0.0%
Other/Unmapped
97.8%
Full portfolio 151 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| Unknown issuer (CUSIP: 88162GAB9) | $62,434,665 | 5.10% | 59,095,000 | $502,661 | Up ×3 | ||
| Unknown issuer (CUSIP: 70202LAD4) | $56,868,007 | 4.64% | 57,602,000 | $-4,761,697 | Down ×1 | ||
| Unknown issuer (CUSIP: 842587DZ7) | $54,932,378 | 4.49% | 49,750,000 | $23,224,111 | Up ×1 | ||
| Unknown issuer (CUSIP: 01609WBG6) | $54,103,216 | 4.42% | 45,820,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 343412AJ1) | $50,098,916 | 4.09% | 37,865,000 | $766,966 | Down ×1 | ||
| BACPRL | $45,128,446 | 3.69% | 35,925 | $2,624,147 | Up ×3 | ||
| Unknown issuer (CUSIP: 465741AQ9) | $43,283,996 | 3.53% | 43,380,000 | $-220,781 | Up ×4 | ||
| Unknown issuer (CUSIP: 09709UV70) | $40,313,311 | 3.29% | 31,982,000 | $7,996,382 | Up ×2 | ||
| Unknown issuer (CUSIP: 23248VAD7) | $38,972,328 | 3.18% | 23,380,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 67059NAH1) | $37,915,548 | 3.10% | 33,525,000 | $6,265,587 | Up ×1 | ||
| Unknown issuer (CUSIP: 90353TAM2) | $37,177,156 | 3.04% | 31,000,000 | $-11,153,928 | Down ×1 | ||
| Unknown issuer (CUSIP: 18915MAF4) | $35,182,244 | 2.87% | 27,735,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 69352PAS2) | $31,579,435 | 2.58% | 27,815,000 | $-1,097,249 | Down ×1 | ||
| Unknown issuer (CUSIP: 40171VAC4) | $31,006,084 | 2.53% | 32,195,000 | $1,463,450 | Up ×2 | ||
| Unknown issuer (CUSIP: 112463AC8) | $28,570,620 | 2.33% | 14,350,000 | $4,034,575 | |||
| Unknown issuer (CUSIP: 76155XAA8) | $27,657,501 | 2.26% | 21,900,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 759916AD1) | $27,010,074 | 2.21% | 26,305,000 | $1,439,042 | Up ×1 | ||
| Unknown issuer (CUSIP: 008073AA6) | $26,801,475 | 2.19% | 28,490,000 | $-1,312,141 | Down ×1 | ||
| Unknown issuer (CUSIP: 595017BG8) | $26,176,326 | 2.14% | 23,750,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 30034WAD8) | $24,061,834 | 1.96% | 16,895,000 | $1,076,358 | Down ×4 | ||
| Unknown issuer (CUSIP: 358039AB1) | $23,052,644 | 1.88% | 19,770,000 | $16,356,791 | Up ×1 | ||
| Unknown issuer (CUSIP: 45826HAB5) | $23,038,900 | 1.88% | 18,745,000 | $715,705 | Down ×1 | ||
| Unknown issuer (CUSIP: 56087FAD6) | $19,835,178 | 1.62% | 21,755,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 665531AJ8) | $17,602,864 | 1.44% | 18,381,000 | $2,802,174 | Up ×1 | ||
| Unknown issuer (CUSIP: 88339PAJ0) | $15,667,569 | 1.28% | 11,118,000 | $2,481,332 | Down ×1 | ||
| Unknown issuer (CUSIP: 37940XAU6) | $15,621,273 | 1.28% | 17,365,000 | $2,012,534 | Up ×1 | ||
| Unknown issuer (CUSIP: 38046YAD3) | $15,371,427 | 1.26% | 13,515,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 405024AD2) | $12,887,792 | 1.05% | 12,735,000 | $-7,007,561 | Down ×4 | ||
| Unknown issuer (CUSIP: 74623VAD5) | $11,850,430 | 0.97% | 11,750,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 98149GAB6) | $11,097,668 | 0.91% | 8,545,000 | $5,735,167 | Up ×1 | ||
| Unknown issuer (CUSIP: 163072AC5) | $10,813,374 | 0.88% | 8,490,000 | $-10,279,377 | Down ×1 | ||
| Unknown issuer (CUSIP: 76954AAB9) | $10,669,653 | 0.87% | 9,000,000 | $5,315,317 | Up ×2 | ||
| Unknown issuer (CUSIP: 69331CAL2) | $9,754,085 | 0.80% | 9,500,000 | $3,520,515 | Up ×1 | ||
| Unknown issuer (CUSIP: 68375NAG8) | $8,993,527 | 0.73% | 5,903,000 | $1,542,765 | Down ×1 | ||
| Unknown issuer (CUSIP: 00827BAD8) | $8,723,888 | 0.71% | 7,500,000 | $4,516,119 | Up ×1 | ||
| Unknown issuer (CUSIP: 682189AU9) | $8,451,540 | 0.69% | 7,000,000 | $4,520,506 | Up ×1 | ||
| Unknown issuer (CUSIP: 62886HBT7) | $8,421,879 | 0.69% | 7,540,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 82982TAA4) | $8,321,236 | 0.68% | 7,500,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 23804LAD5) | $8,234,482 | 0.67% | 5,800,000 | $5,519,975 | Up ×1 | ||
| Unknown issuer (CUSIP: 928298AR9) | $7,939,301 | 0.65% | 4,000,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 92939UAT3) | $7,799,997 | 0.64% | 7,500,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 516544AB9) | $7,305,422 | 0.60% | 5,000,000 | $4,307,175 | Up ×1 | ||
| Unknown issuer (CUSIP: 92538JAB2) | $7,043,693 | 0.58% | 7,860,000 | $4,650 | Down ×1 | ||
| Unknown issuer (CUSIP: 453204AD1) | $7,007,848 | 0.57% | 4,990,000 | $953,821 | Down ×1 | ||
| Unknown issuer (CUSIP: 55087PAD6) | $6,824,950 | 0.56% | 6,500,000 | $-11,898,780 | Down ×1 | ||
| Unknown issuer (CUSIP: 018802AE8) | $6,574,067 | 0.54% | 6,000,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 34379VAB9) | $6,402,307 | 0.52% | 5,000,000 | $3,369,374 | Up ×2 | ||
| Unknown issuer (CUSIP: 02043QAB3) | $6,102,303 | 0.50% | 5,075,000 | ||||
| Unknown issuer (CUSIP: 86800UAD6) | $5,874,414 | 0.48% | 6,000,000 | $2,434,753 | Up ×1 | ||
| Unknown issuer (CUSIP: 781154AD1) | $5,800,494 | 0.47% | 5,685,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 125896BX7) | $5,079,087 | 0.41% | 4,545,000 | $2,700,609 | Up ×1 | ||
| Unknown issuer (CUSIP: 833445AB5) | $4,992,793 | 0.41% | 3,000,000 | $-6,820,699 | Down ×1 | ||
| VUSB | $4,978,000 | 0.41% | 100,000 | $-500 | |||
| Unknown issuer (CUSIP: 89377MAB5) | $4,888,141 | 0.40% | 4,500,000 | $1,656,284 | Up ×1 | ||
| Unknown issuer (CUSIP: 00971TAL5) | $4,806,526 | 0.39% | 4,000,000 | Up ×1 | |||
| BHR Braemar Hotels & Resorts Inc. Common Stock | $4,788,839 | 0.39% | 2,217,055 | $785,588 | Up ×1 | ||
| Unknown issuer (CUSIP: 15102KAB6) | $3,900,088 | 0.32% | 3,425,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 91680MAF4) | $3,702,563 | 0.30% | 4,500,000 | $1,885,822 | Up ×1 | ||
| Unknown issuer (CUSIP: 32076VAD5) | $3,688,549 | 0.30% | 3,000,000 | $478,932 | Up ×1 | ||
| WEST Westrock Coffee Company - Common Stock | $3,653,620 | 0.30% | 450,508 | $1,273,603 | Down ×6 | ||
| Unknown issuer (CUSIP: 531229AQ5) | $3,607,765 | 0.29% | 2,920,000 | $245,340 | |||
| Unknown issuer (CUSIP: 501812AD3) | $3,375,210 | 0.28% | 3,000,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 70614WAD2) | $3,233,450 | 0.26% | 2,000,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 40131MAB5) | $3,106,249 | 0.25% | 2,500,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 89677QAB3) | $2,959,736 | 0.24% | 3,000,000 | $1,559,303 | Up ×1 | ||
| Unknown issuer (CUSIP: 472145AH4) | $2,933,999 | 0.24% | 1,720,000 | $-19,159,887 | Down ×3 | ||
| UONEK Urban One, Inc. - Class D Common Stock | $2,457,768 | 0.20% | 512,035 | $-368,469 | Up ×1 | ||
| Unknown issuer (CUSIP: 875372AD6) | $2,396,783 | 0.20% | 2,500,000 | Up ×1 | |||
| RUMBW Rumble Inc. - Warrant | $2,274,771 | 0.19% | 1,222,995 | $1,094,107 | Up ×6 | ||
| Unknown issuer (CUSIP: 399473AH0) | $2,273,527 | 0.19% | 2,000,000 | $260,287 | |||
| GRNT Granite Ridge Resources, Inc. Common Stock | $2,244,558 | 0.18% | 508,970 | $-1,823,094 | Down ×1 | ||
| REAL The RealReal, Inc. - Common Stock | $2,181,150 | 0.18% | 185,000 | $728,350 | Up ×2 | ||
| BKD Brookdale Senior Living Inc. Common Stock | $2,172,150 | 0.18% | 135,000 | $872,550 | Up ×1 | ||
| BHRPRB | $2,044,939 | 0.17% | 147,383 | $-123,164 | Down ×1 | ||
| PCTTW PureCycle Technologies, Inc. - Warrant | $2,042,818 | 0.17% | 759,412 | $1,534,564 | Up ×6 | ||
| Unknown issuer (CUSIP: 83304AAK2) | $2,041,303 | 0.17% | 2,500,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 833445AD1) | $1,890,393 | 0.15% | 1,070,000 | $-1,732,234 | Down ×1 | ||
| MNTN MNTN, Inc. Class A Common Stock | $1,840,000 | 0.15% | 200,000 | $517,166 | Up ×3 | ||
| Unknown issuer (CUSIP: 531229AP7) | $1,774,038 | 0.14% | 1,550,000 | $169,814 | |||
| ASA ASA Gold and Precious Metals Limited | $1,699,366 | 0.14% | 32,655 | $-326,224 | |||
| Unknown issuer (CUSIP: 67080NAA9) | $1,568,578 | 0.13% | 1,500,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 45826HAD1) | $1,511,482 | 0.12% | 1,565,000 | $11,875 | |||
| LUXE LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share | $1,488,779 | 0.12% | 200,374 | $-114,213 | |||
| BKV BKV Corporation Common Stock | $1,283,512 | 0.10% | 46,912 | $-142,488 | Down ×1 | ||
| BRCC BRC Inc. Class A Common Stock | $1,122,119 | 0.09% | 1,010,918 | $-430,281 | Down ×1 | ||
| Unknown issuer (CUSIP: 47215PAJ5) | $1,113,595 | 0.09% | 1,130,000 | $-15,249 | |||
| ODV Osisko Development Corp. Common Shares | $1,107,000 | 0.09% | 450,000 | $262,000 | Up ×1 | ||
| GLASF | $1,037,972 | 0.08% | 79,844 | Up ×1 | |||
| Unknown issuer (CUSIP: 00971TAN1) | $954,870 | 0.08% | 800,000 | ||||
| USAS | $944,000 | 0.08% | 200,000 | $422,000 | Up ×1 | ||
| Unknown issuer (CUSIP: 500688AH9) | $902,739 | 0.07% | 1,230,000 | $-281,767 | Down ×3 | ||
| GROY | $828,000 | 0.07% | 300,000 | $-246,000 | |||
| WHRDL | $788,400 | 0.06% | 22,500 | $-137,250 | |||
| Unknown issuer (CUSIP: 82452JAD1) | $773,693 | 0.06% | 810,000 | $-1,865,152 | Down ×1 | ||
| AB AllianceBernstein Holding L.P. Units | $679,746 | 0.06% | 19,300 | $-5,406 | Up ×1 | ||
| Unknown issuer (CUSIP: 02079K404) | $631,000 | 0.05% | 12,500 | Up ×1 | |||
| Unknown issuer (CUSIP: 11777Q909) | $613,800 | 0.05% | 792,000 | Call option | $-202,575 | Up ×1 | |
| AMPXWS | $594,709 | 0.05% | 102,096 | $65,059 | Up ×2 | ||
| Unknown issuer (CUSIP: 03209RAB9) | $581,161 | 0.05% | 640,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 05988JAD5) | $565,124 | 0.05% | 601,000 | $1,499 | Down ×1 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| Unknown issuer (CUSIP: 01609WBG6) | $54,103,216 | 45,820,000 | 4.42% |
| Unknown issuer (CUSIP: 23248VAD7) | $38,972,328 | 23,380,000 | 3.18% |
| Unknown issuer (CUSIP: 18915MAF4) | $35,182,244 | 27,735,000 | 2.87% |
| Unknown issuer (CUSIP: 76155XAA8) | $27,657,501 | 21,900,000 | 2.26% |
| Unknown issuer (CUSIP: 595017BG8) | $26,176,326 | 23,750,000 | 2.14% |
| Unknown issuer (CUSIP: 56087FAD6) | $19,835,178 | 21,755,000 | 1.62% |
| Unknown issuer (CUSIP: 38046YAD3) | $15,371,427 | 13,515,000 | 1.26% |
| Unknown issuer (CUSIP: 74623VAD5) | $11,850,430 | 11,750,000 | 0.97% |
| Unknown issuer (CUSIP: 62886HBT7) | $8,421,879 | 7,540,000 | 0.69% |
| Unknown issuer (CUSIP: 82982TAA4) | $8,321,236 | 7,500,000 | 0.68% |
| Unknown issuer (CUSIP: 928298AR9) | $7,939,301 | 4,000,000 | 0.65% |
| Unknown issuer (CUSIP: 92939UAT3) | $7,799,997 | 7,500,000 | 0.64% |
| Unknown issuer (CUSIP: 018802AE8) | $6,574,067 | 6,000,000 | 0.54% |
| Unknown issuer (CUSIP: 02043QAB3) | $6,102,303 | 5,075,000 | 0.50% |
| Unknown issuer (CUSIP: 781154AD1) | $5,800,494 | 5,685,000 | 0.47% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| — | Bought more | +21.2M | +$23.2M |
| — | Bought more | +14.0M | +$16.4M |
| — | Trimmed | -12.0M | -$11.9M |
| — | Trimmed | -9.0M | -$11.2M |
| — | Trimmed | -12.2M | -$10.3M |
| — | Bought more | +5.0M | +$8.0M |
| — | Trimmed | -8.1M | -$7.0M |
| — | Trimmed | -7.0M | -$6.8M |
| — | Bought more | +2.5M | +$6.3M |
| — | Bought more | +3.5M | +$5.7M |
1 position hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| SPSB | June 30, 2025 | 300,000 | $9,030,000 | No longer tracked |
| SPSB | June 30, 2026 | 200,000 | $6,014,000 | No longer tracked |
| KYN | June 30, 2026 | 414,961 | $5,925,643 | 6.7% |
| GRNT | Sept. 30, 2025 | 815,420 | $5,194,225 | -5.2% |
| UAN | June 30, 2026 | 38,578 | $4,886,675 | 11.9% |
| CCO | June 30, 2026 | 1,360,000 | $3,005,600 | -1.4% |
| USARW | Dec. 31, 2025 | 223,418 | $1,600,790 | No longer tracked |
| NCMI | June 30, 2026 | 458,939 | $1,399,764 | -34.0% |
| EQX | Dec. 31, 2025 | 100,000 | $1,122,000 | No longer tracked |
| NNAVW | June 30, 2026 | 170,655 | $1,066,594 | No longer tracked |
| STKL | June 30, 2026 | 275,000 | $1,045,000 | No longer tracked |
| GDL | June 30, 2026 | 120,522 | $1,003,948 | -0.5% |
| LUNRW | March 31, 2025 | 118,000 | $926,890 | No longer tracked |
| EOSE | Sept. 30, 2025 | 175,000 | $896,000 | -68.6% |
| BAPRA | June 30, 2025 | 15,000 | $889,875 | No longer tracked |
| BULLW | Dec. 31, 2025 | 145,605 | $880,910 | 24.3% |
| JOBYWS | Dec. 31, 2025 | 145,000 | $875,075 | No longer tracked |
| PLWS | June 30, 2026 | 95,000 | $815,100 | No longer tracked |
| PRCH | June 30, 2026 | 105,846 | $758,916 | 10.9% |
| LUNR | June 30, 2025 | 97,500 | $726,375 | 69.7% |
| CMLS | June 30, 2025 | 1,528,428 | $675,565 | No longer tracked |
| SAND | Dec. 31, 2025 | 50,000 | $626,000 | No longer tracked |
| SAND | June 30, 2025 | 75,000 | $566,250 | No longer tracked |
| ENVX | Dec. 31, 2025 | 50,000 | $498,500 | -53.6% |
| CPRI | Dec. 31, 2025 | 25,000 | $498,000 | -43.0% |
| TE | June 30, 2026 | 100,000 | $439,000 | -52.8% |
| ASTS | March 31, 2025 | 20,200 | $426,220 | 199.4% |
| BRKRP | Dec. 31, 2025 | 1,300 | $352,170 | 18.7% |
| SKIN | June 30, 2025 | 234,730 | $314,538 | -66.6% |
| HDSN | June 30, 2026 | 50,000 | $294,000 | -0.9% |
| XRT | Dec. 31, 2025 | 70,000 | $285,600 | No longer tracked |
| TSLL | Sept. 30, 2025 | 100,000 | $262,500 | |
| WFCPRL | June 30, 2026 | 220 | $254,489 | No longer tracked |
| EQX | March 31, 2025 | 50,000 | $251,000 | No longer tracked |
| HLX | Dec. 31, 2025 | 30,400 | $199,424 | 67.1% |
| URA | Dec. 31, 2025 | 60,000 | $192,000 | No longer tracked |
| LSEAW | June 30, 2025 | 2,392,316 | $144,496 | No longer tracked |
| HTZ | June 30, 2025 | 22,500 | $88,650 | -68.5% |
| EWG | Dec. 31, 2025 | 100,000 | $65,000 | No longer tracked |
| WHR | June 30, 2026 | 1,000 | $53,920 | 4.9% |
| GCTSWS | June 30, 2026 | 611,744 | $50,561 | No longer tracked |
| PFIX | March 31, 2025 | 604 | $31,613 | No longer tracked |
| EOSEW | Dec. 31, 2025 | 17,300 | $30,448 | No longer tracked |
| VXX | June 30, 2025 | 6,000 | $28,950 | No longer tracked |
| MIR | Dec. 31, 2025 | 1,000 | $23,260 | -35.0% |
| PSQHWS | June 30, 2026 | 491,935 | $20,809 | No longer tracked |
| TEWS | Sept. 30, 2025 | 186,863 | $18,686 | No longer tracked |
| LANVWS | June 30, 2026 | 1,334,846 | $15,951 | No longer tracked |
| GIS | June 30, 2026 | 300 | $11,166 | 13.0% |
| PSEWF | March 31, 2025 | 399,748 | $10,194 | No longer tracked |
| AIRJW | June 30, 2026 | 15,700 | $8,949 | 127.5% |
| ARKOW | Sept. 30, 2025 | 727,117 | $8,253 | No longer tracked |
| JSPRW | Sept. 30, 2025 | 65,456 | $6,215 | |
| ASTLW | Dec. 31, 2025 | 4,540 | $696 |