ZAZOVE ASSOCIATES LLC
Long book
$177.6M
Q1 2026
Positions
64
Top-10 weight
68%
concentration
Last quarter
+4.2%
SPY +14.8%
Turnover
39%
of book per quarter
Strategy in plain words
auto-generated from filingsZAZOVE ASSOCIATES LLC is a concentrated fundamental stock-picker, running a $177.6M US long book across 64 positions.
The portfolio is concentrated: the top 10 names carry 68% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: BANK OF AMERICA CORP, KAYNE ANDERSON ENERGY INFRA, BRAEMAR HOTELS & RESORTS INC, VANGUARD ULTRA SHORT BOND ET, CVR PARTNERS LP.
Over the last 9 quarters its long book ran on average 2.8pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-10.4%
Q2 2024
+1.7%
Q3 2024
+4.7%
Q4 2024
-3.7%
Q1 2025
+1.8%
Q2 2025
+10.2%
Q3 2025
+3.2%
Q4 2025
+3.1%
Q1 2026
+4.2%
Sector allocation
Other 57%
Energy 8%
Services media 7%
Consumer staples 6%
Materials 6%
Consumer discretionary 4%
Technology 4%
Communications 3%
Long book by quarter
What does ZAZOVE ASSOCIATES own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 43.5K | $52.3M | 29.4% | +456.2% |
| UAN CVR PARTNERS LP | Other | 77.9K | $8.9M | 5.0% | +98.1% |
| GRNT GRANITE RIDGE RESOURCES INC | Energy | 1.4M | $7.3M | 4.1% | +101.4% |
| WEST WESTROCK COFFEE CO | Consumer staples | 1.2M | $4.8M | 2.7% | +94.3% |
| CCO CLEAR CHANNEL OUTDOOR HOLDIN | Services media | 1.4M | $3.0M | 1.7% | Held |
| REAL REALREAL INC/THE | Consumer discretionary | 255.0K | $3.0M | 1.7% | +168.4% |
| MNTN MNTN INC-A | Services media | 276.9K | $2.8M | 1.6% | +118.7% |
| UONEK URBAN ONE INC | Communications | 508.3K | $2.8M | 1.6% | New |
| BKD BROOKDALE SENIOR LIVING INC | Healthcare | 225.0K | $2.7M | 1.5% | +73.1% |
| GROY GOLD ROYALTY CORP | Materials | 635.0K | $2.4M | 1.4% | +89.6% |
| NCMI NATIONAL CINEMEDIA INC | Services media | 716.3K | $2.4M | 1.4% | +178.3% |
| NN NEXTNAV INC. | Technology | 341.3K | $2.3M | 1.3% | +100.0% |
| BRCC BRC INC-A | Consumer staples | 2.5M | $2.2M | 1.2% | +370.7% |
| ODV OSISKO DEVELOPMENT CORP | Materials | 520.0K | $1.8M | 1.0% | +100.0% |
| BKV BKV CORPORATION | Energy | 50.0K | $1.4M | 0.8% | New |
| STKL SUNOPTA INC | — | 275.0K | $1.0M | 0.6% | Held |
| USAS AMERICAS GOLD AND SILVER COR | Materials | 200.0K | $1.0M | 0.6% | +100.0% |
| THCH TH INTERNATIONAL LTD/CAYMAN | Consumer discretionary | 436.9K | $998K | 0.6% | +91.3% |
| WHR 8.5 02/15/29 A WHIRLPOOL CORP | — | 22.5K | $926K | 0.5% | New |
| SVM SILVERCORP METALS INC | Materials | 84.5K | $825K | 0.5% | +144.9% |
| PL PLANET LABS PBC | Technology | 95.0K | $815K | 0.5% | Held |
| PRCH PORCH GROUP INC | Technology | 105.8K | $759K | 0.4% | New |
| AB ALLIANCEBERNSTEIN HOLDING LP | Financials | 18.3K | $685K | 0.4% | New |
| HDSN HUDSON TECHNOLOGIES INC | Consumer discretionary | 100.0K | $637K | 0.4% | +100.0% |
| WFC 7.5 PERP L WELLS FARGO & COMPANY | — | 440 | $522K | 0.3% | +100.0% |
| RLJ RLJ LODGING TRUST | Real estate | 18.5K | $458K | 0.3% | +100.0% |
| UONE URBAN ONE INC | Communications | 431.8K | $449K | 0.3% | Held |
| TE T1 ENERGY INC | Technology | 100.0K | $439K | 0.2% | New |
| OPK OPKO HEALTH INC | Healthcare | 300.0K | $360K | 0.2% | +100.0% |
| PCT PURECYCLE TECHNOLOGIES INC | Materials | 51.7K | $356K | 0.2% | +100.0% |
| BTG B2GOLD CORP | Materials | 74.6K | $338K | 0.2% | New |
| SYM SYMBOTIC INC | Industrials | 5.0K | $298K | 0.2% | Held |
| EPR EPR PROPERTIES | Real estate | 8.6K | $259K | 0.1% | +186.8% |
| UONE URBAN ONE INC | Communications | 43.0K | $252K | 0.1% | New |
| ET ENERGY TRANSFER LP | Utilities | 10.0K | $179K | 0.1% | +100.0% |
| KMI 4.75 03/31/28 EL PASO ENERGY CAP TRST | — | 2.2K | $112K | 0.1% | +100.0% |
| WHR WHIRLPOOL CORP | Industrials | 1.0K | $54K | 0.0% | New |
| GIS GENERAL MILLS INC | Consumer staples | 300 | $11K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ANEW HOLDINGS | Jun 18, 2026 | 151 | $957.0M | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | Jun 15, 2026 | 171 | $1.16B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 18, 2026 | 171 | $1.16B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 17, 2025 | 177 | $1.10B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 14, 2025 | 168 | $1.23B | SEC ↗ | |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 14, 2025 | 168 | $1.23B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 156 | $1.17B | SEC ↗ | |
| Q1 2025 | 13F-HR | May 13, 2025 | 156 | $1.17B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 132 | $1.04B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 128 | $935.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 118 | $848.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | Aug 14, 2024 | 132 | $876.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | Jun 4, 2024 | 126 | $754.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 112 | $720.8M | $K fixed canonical | SEC ↗ |
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