Latest ZAZOVE ASSOCIATES LLC Stock Portfolio

ZAZOVE ASSOCIATES LLC Performance:

2025 Q4: -2.23%YTD: -9.51%2024: -1.94%

Performance for 2025 Q4 is -2.23%, and YTD is -9.51%, and 2024 is -1.94%.

About ZAZOVE ASSOCIATES LLC and 13F Hedge Fund Stock Holdings

ZAZOVE ASSOCIATES LLC is a hedge fund based in Incline Village, NV. On 2026-02-18, the fund reported it's updated stock portfolio. In the 13F Holdings report, ZAZOVE ASSOCIATES LLC reported an equity portfolio of $1.2 Billions as of 31 Dec, 2025.

The top stock holdings of ZAZOVE ASSOCIATES LLC are BHR, , VUSB. The fund has invested 0.6% of it's portfolio in BRAEMAR HOTELS & RESORTS INC and 0.4% of portfolio in KAYNE ANDERSON ENERGY INFRST.

The fund managers got completely rid off USA RARE EARTH INC, EQUINOX GOLD CORP (EQX) and JOBY AVIATION INC (JOBY) stocks. They significantly reduced their stock positions in THE REALREAL INC (REAL), OPKO HEALTH INC (OPK) and GCT SEMICONDUCTOR HLDG INC. ZAZOVE ASSOCIATES LLC opened new stock positions in GRANITE RIDGE RESOURCES INC (GRNT), PLANET LABS PBC (PL) and AMERICAS GOLD AND SILVER COR (USAS). The fund showed a lot of confidence in some stocks as they added substantially to ARCHER AVIATION INC (ACHR), OPPFI INC (OPFI) and MNTN INC.

ZAZOVE ASSOCIATES LLC Annual Return Estimates Vs S&P 500

Our best estimate is that ZAZOVE ASSOCIATES LLC made a return of -2.23% in the last quarter. In trailing 12 months, it's portfolio return was -9.51%.

Performance
S&P 500

New Buys

Ticker	$ Bought
guidewire software inc	27,885,200
integer hldgs corp	17,464,900
live nation entertainment in	11,812,300
affirm hldgs inc	5,008,170
granite ridge resources inc	3,210,360
first majestic silver corp	3,209,620
datadog inc	2,805,230
fluence energy inc	2,422,310

New stocks bought by ZAZOVE ASSOCIATES LLC

Additions

Ticker	% Inc.
nutanix inc	2,653
archer aviation inc	897
expedia group inc	824
oppfi inc	546
bandwidth inc	447
braemar hotels & resorts inc	423
spotify usa inc	403
ford mtr co	256

Additions to existing portfolio by ZAZOVE ASSOCIATES LLC

Reductions

Ticker	% Reduced
advanced energy inds	-98.98
coinbase global inc	-97.54
shift4 pmts inc	-95.48
ncl corp ltd	-91.61
snowflake inc	-68.56
meritage homes corp	-61.03
global pmts inc	-48.07
bofa fin llc	-42.82

ZAZOVE ASSOCIATES LLC reduced stake in above stock

Sold off

Ticker	$ Sold
shopify inc	-24,487,900
mgp ingredients inc new	-3,831,400
equinox gold corp	-5,530,120
five9 inc	-1,855,430
post hldgs inc	-2,251,180
itron inc	-1,361,750
akamai technologies inc	-583,357
eventbrite inc	-392,614

ZAZOVE ASSOCIATES LLC got rid off the above stocks

Sector Distribution

ZAZOVE ASSOCIATES LLC has about 38.8% of it's holdings in Others sector.

Sector	%
Others	38.8
Communication Services	14.7
Real Estate	11.8
Basic Materials	7.4
Consumer Defensive	6.8
Energy	5.5
Industrials	5.4
Healthcare	2.7
Consumer Cyclical	2.5
Financial Services	2.3
Technology	2.1

Market Cap. Distribution

ZAZOVE ASSOCIATES LLC has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	38.8
SMALL-CAP	29.8
MICRO-CAP	23
MID-CAP	7.7

Stocks belong to which Index?

About 49.5% of the stocks held by ZAZOVE ASSOCIATES LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	50.5
RUSSELL 2000	49.5

Top 5 Winners (%)		%
	roadzen inc	329.7 %
REAL	the realreal inc	40.7 %
CCO	clear channel outdoor hldgs	37.2 %
BKD	brookdale sr living inc	23.5 %
	asa gold and precious mtls l	22.1 %

Top 5 Winners ($)		$
CCO	clear channel outdoor hldgs	0.8 M
UONE	urban one inc	0.6 M
REAL	the realreal inc	0.6 M
UAN	cvr partners lp	0.5 M
	asa gold and precious mtls l	0.3 M

Top 5 Losers (%)		%
NWTN	robo.ai inc.	-70.0 %
PCT	purecycle technologies inc	-69.0 %
AUR	aurora innovation inc	-59.3 %
	gct semiconductor hldg inc	-54.9 %
	psq holdings inc	-51.4 %

Top 5 Losers ($)		$
PCT	purecycle technologies inc	-1.2 M
	mntn inc	-0.6 M
ACHR	archer aviation inc	-0.6 M
STKL	sunopta inc	-0.5 M
WEST	westrock coffee co	-0.5 M

ZAZOVE ASSOCIATES LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of ZAZOVE ASSOCIATES LLC

ZAZOVE ASSOCIATES LLC has 45 stocks in it's portfolio. About 3.3% of the portfolio is in top 10 stocks. PCT proved to be the most loss making stock for the portfolio. CCO was the most profitable stock for ZAZOVE ASSOCIATES LLC last quarter.

Last Reported on: 18 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ACHR	archer aviation inc	0.10	997,040	1,141,610	added	897

AEIS	advanced energy inds	0.02	150,000	246,169	reduced	-98.98

AFRM	affirm hldgs inc	0.43	4,500,000	5,008,170	new

AG	first majestic silver corp	0.28	2,600,000	3,209,620	new

AKAM	akamai technologies inc	0.00	0.00	0.00	sold off	-100

AMPX	amprius technologies inc	0.01	61,891	160,298	new

ARRY	array technologies inc	0.04	495,000	448,633	unchanged	0.00

ASND	ascendis pharma a/s	0.13	1,050,000	1,489,270	unchanged	0.00

ASTL	algoma stl group inc	0.00	0.00	0.00	sold off	-100

AUR	aurora innovation inc	0.00	67,700	15,740	unchanged	0.00

AVAV	aerovironment inc	1.86	19,815,000	21,610,100	added	19.98

BAC	bank america corp	0.84	7,817	9,759,170	added	5.39

BAND	bandwidth inc	0.05	630,000	554,254	added	447

BATRA	liberty media corp del	0.32	2,920,000	3,712,340	unchanged	0.00

BATRA	liberty media corp del	0.29	3,300,000	3,327,310	unchanged	0.00

BHR	braemar hotels & resorts inc	1.48	17,450,000	17,227,600	reduced	-1.13

BHR	braemar hotels & resorts inc	0.60	2,432,460	6,981,160	added	7.19

BHR	braemar hotels & resorts inc	0.18	144,113	2,147,280	added	423

BKD	brookdale sr living inc	1.70	14,350,000	19,689,500	unchanged	0.00

BKD	brookdale sr living inc	0.12	130,000	1,402,700	added	30.00