1y return+8.9%S&P 500 +20.9%
3y return−28.9%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2022: $65 against $165 in the S&P 500.2
Zazove Associates LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Bank Of Amer CorpCUSIP 060505682 | $45.1M | 49.2% | −17.4% |
| VUSBVanguard Bd Index Fds | $5.0M | 5.4% | −50.0% |
| BHRBraemar Hotels & Resorts Inc | $4.8M | 5.2% | −46.3% |
| WESTWestrock Coffee Co | $3.7M | 4.0% | −61.0% |
| UONEKUrban One Inc | $2.5M | 2.7% | |
| RUMBWRum Group Inc | $2.3M | 2.5% | −46.3% |
| GRNTGranite Ridge Resources Inc | $2.2M | 2.4% | −63.0% |
| REALThe Realreal Inc | $2.2M | 2.4% | −27.5% |
| BKDBrookdale Sr Living Inc | $2.2M | 2.4% | −40.0% |
| Braemar Hotels & Resorts IncCUSIP 10482B200 | $2.0M | 2.2% | −49.7% |
| PCTTWPurecycle Technologies Inc | $2.0M | 2.2% | −38.3% |
| MNTNMntn Inc | $1.8M | 2.0% | −27.8% |
| Asa Gold And Precious Mtls LCUSIP G3156P103 | $1.7M | 1.9% | −49.2% |
| LUXELuxexperience Bv | $1.5M | 1.6% | −50.0% |
| BKVBkv Corp | $1.3M | 1.4% | −6.2% |
| Brc IncCUSIP 05601U105 | $1.1M | 1.2% | −60.2% |
| Osisko Development CorpCUSIP 68828E809 | $1.1M | 1.2% | −13.5% |
| GLASGlass House Brands Inc | $1.0M | 1.1% | New |
| USASAmericas Gold And Silver Cor | $944K | 1.0% | |
| GROYGold Royalty Corp | $828K | 0.9% | −52.8% |
| Whirlpool CorpCUSIP 963320205 | $788K | 0.9% | |
| ABAlliancebernstein Hldg L P | $680K | 0.7% | +5.5% |
| Alphabet IncCUSIP 02079K404 | $631K | 0.7% | New |
| AMPX/WSAmprius Technologies Inc | $595K | 0.6% | −26.5% |
| NPWR/WSNet Power Inc | $475K | 0.5% | −50.2% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| REALThe Realreal Inc | June 30, 2025 | +146.1% | $2.2M |
| AMPX/WSAmprius Technologies Inc | December 31, 2025 | +128.0% | $595K |
| GROYGold Royalty Corp | September 30, 2024 | +102.9% | $828K |
| BKDBrookdale Sr Living Inc | September 30, 2025 | +90.0% | $2.2M |
| ETEnergy Transfer L P | March 31, 2022 | +70.9% | $96K |
| WESTWestrock Coffee Co | September 30, 2024 | +24.8% | $3.7M |
| SVMSilvercorp Metals Inc | December 31, 2025 | +21.1% | $417K |
| Asa Gold And Precious Mtls LCUSIP G3156P103 | September 30, 2025 | +13.6% | $1.7M |
| SVOLSimplify Exchange Traded Fun | March 31, 2026 | +4.6% | $175K |
| OPKOpko Health Inc | December 31, 2024 | +2.0% | $150K |
Sold off last quarter
- KYNKayne Anderson Energy Infrst was $11.1M
- UANCvr Partners Lp/cvr Nitrogen was $8.9M
- SPSBSpdr Series Trust was $6.0M
- Urban One IncCUSIP 91705J204 was $4.3M
- Clear Channel Outdoor HldgsCUSIP 18453H106 was $3.0M
- NCMINational Cinemedia Inc was $2.4M
- Nextnav IncCUSIP 65345N114 was $2.3M
- GDLGdl Fd was $2.0M
- STKLSunopta Inc was $1.0M
- Planet Labs PbcCUSIP 72703X114 was $815K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +3.3% | +14.8% |
| March 31, 2026 | −1.9% | −4.6% |
| December 31, 2025 | +0.5% | +2.4% |
| September 30, 2025 | +6.9% | +7.8% |
| June 30, 2025 | +4.9% | +10.5% |
| March 31, 2025 | −12.0% | −4.6% |
| December 31, 2024 | +2.7% | +2.1% |
| September 30, 2024 | −6.1% | +5.4% |
| June 30, 2024 | −15.8% | +4.0% |
| March 31, 2024 | −4.4% | +10.0% |
| December 31, 2023 | −5.6% | +11.2% |
| September 30, 2023 | −3.4% | −3.6% |
| June 30, 2023 | +3.3% | +8.3% |
| March 31, 2023 | +4.1% | +7.0% |
| December 31, 2022 | −2.7% | +7.1% |
| September 30, 2022 | +0.7% | −5.3% |
| June 30, 2022 | −13.4% | −16.5% |
| December 31, 2021 | −12.1% | +10.7% |
| September 30, 2021 | −8.4% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Zazove Associates LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1009012&type=13F-HR&dateb=&owner=include&count=40CIK 1009012
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1009012/000142050626001244/Filed July 16, 2026 · accession 0001420506-26-001244