ZAZOVE ASSOCIATES LLC

CIK

1009012

Location

INCLINE VILLAGE, NV

Portfolio Value

Micro $46,288,213

Diversification

Diversified

Filing Date

Global Rank

#6,923 / 8,603 ▲ 257 · as of Mar 2026

Top Industry

Asset Management 20.9%

3Y Alpha vs SPY

-10.2%

Period ended 3 months ago

Filed Jun 18, 2026 · 21d

24 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+34.5%

SPY

+76.0%

Annualised alpha

-10.3%

Max drawdown

−27.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

34 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

12.8%

−4.1 pts

Top 5

47.8%

−6.5 pts

Top 10

67.9%

−8.2 pts

HHI

629

Diversified−176

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	22.5%	$10,426,157	6
Basic Materials	18.4%	$8,496,613	7
Consumer Defensive	12.4%	$5,725,183	4
Energy	12.1%	$5,590,151	3
Communication Services	10.5%	$4,874,966	3
Real Estate	8.6%	$4,003,251	1
Consumer Cyclical	7.6%	$3,539,199	4
Healthcare	3.2%	$1,470,600	2
Technology	2.9%	$1,322,833	1
Industrials	1.8%	$839,260	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
BRCC	BRC Inc.	+1,460,546	2,000,000	$1,552,000
NCMI	National CineMedia, Inc.	+201,564	458,939	$1,399,763
REAL	TheRealReal, Inc.	+65,000	160,000	$1,452,800
MNTN	MNTN, Inc.	+23,721	150,322	$1,322,833
SVM	Silvercorp Metals Inc	+15,500	50,000	$537,000
GRNT	Granite Ridge Resources, Inc.	+9,900	692,956	$4,067,651
ASA	ASA Gold & Precious Metals Ltd	+1,000	32,655	$2,025,589
PEO	Adams Natural Resources Fund, Inc.	+18	968	$26,910
No positions match the current search.

Trimmed

Positions the filer reduced

6 positions

Ticker	Company	Δ Shares	Shares	Value
BHR	Braemar Hotels & Resorts Inc.	−736,167	1,696,293	$4,003,251
BKD	Brookdale Senior Living Inc.	−35,000	95,000	$1,299,600
GROY	Gold Royalty Corp.	−35,000	300,000	$1,074,000
WEST	Westrock Coffee Co	−33,722	560,004	$2,380,017
THCH	TH International Ltd	−19,898	208,489	$429,487
UAN	Cvr Partners, LP	−767	38,578	$4,886,675
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
BKV	BKV Corp	50,000	$1,426,000
PRCH	Porch Group, Inc.	105,846	$758,915
AB	Alliancebernstein Holding L.P.	18,300	$685,152
TE	T1 Energy Inc.	100,000	$439,000
BTG	B2gold Corp	74,600	$337,938
UONE	Urban One, Inc.	43,004	$252,003
WHR	Whirlpool Corp /De/	1,000	$53,920
GIS	General Mills Inc	300	$11,166
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

34 positions · $46,288,213 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
KYN	Kayne Anderson Energy Infrastructure Fund, Inc. Financial Services	Held	414,961	0	$5,925,643	+15.3%	12.80%
UAN	Cvr Partners, LP Basic Materials	Reduced	38,578	-767	$4,886,675	+21.2%	10.56%
GRNT	Granite Ridge Resources, Inc. Energy	Added	692,956	+9,900	$4,067,651	+26.7%	8.79%
BHR	Braemar Hotels & Resorts Inc. Real Estate	Reduced	1,696,293	-736,167	$4,003,251	−42.7%	8.65%
CCO	Clear Channel Outdoor Holdings, Inc. Communication Services	Held	1,360,000	0	$3,223,200	+7.2%	6.96%
WEST	Westrock Coffee Co Consumer Defensive	Reduced	560,004	-33,722	$2,380,017	−1.5%	5.14%
ASA	ASA Gold & Precious Metals Ltd Financial Services	Added	32,655	+1,000	$2,025,589	+7.2%	4.38%
STKL	SunOpta Inc. Consumer Defensive	Held	275,000	0	$1,782,000	+70.5%	3.85%
LUXE	LuxExperience B.V. Consumer Cyclical	Held	200,374	0	$1,602,992	−4.2%	3.46%
BRCC	BRC Inc. Consumer Defensive	Added	2,000,000	+1,460,546	$1,552,000	+159.2%	3.35%
REAL	TheRealReal, Inc. Consumer Cyclical	Added	160,000	+65,000	$1,452,800	−3.1%	3.14%
BKV	BKV Corp Energy	NEW	50,000	NEW	$1,426,000	NEW	3.08%
NCMI	National CineMedia, Inc. Communication Services	Added	458,939	+201,564	$1,399,763	+39.8%	3.02%
MNTN	MNTN, Inc. Technology	Added	150,322	+23,721	$1,322,833	−12.5%	2.86%
BKD	Brookdale Senior Living Inc. Healthcare	Reduced	95,000	-35,000	$1,299,600	−7.4%	2.81%
GROY	Gold Royalty Corp. Basic Materials	Reduced	300,000	-35,000	$1,074,000	−20.6%	2.32%
GDL	Gdl Fund Financial Services	Held	120,522	0	$1,003,948	−1.7%	2.17%
ODV	Osisko Development Corp. Basic Materials	Held	260,000	0	$845,000	−6.9%	1.83%
PRCH	Porch Group, Inc. Financial Services	NEW	105,846	NEW	$758,915	NEW	1.64%
AB	Alliancebernstein Holding L.P. Financial Services	NEW	18,300	NEW	$685,152	NEW	1.48%
SVM	Silvercorp Metals Inc Basic Materials	Added	50,000	+15,500	$537,000	+86.6%	1.16%
USAS	Americas Gold & Silver Corp Basic Materials	Held	100,000	0	$522,000	+2.2%	1.13%
TE	T1 Energy Inc. Industrials	NEW	100,000	NEW	$439,000	NEW	0.95%
THCH	TH International Ltd Consumer Cyclical	Reduced	208,489	-19,898	$429,487	−24.5%	0.93%
BTG	B2gold Corp Basic Materials	NEW	74,600	NEW	$337,938	NEW	0.73%
HDSN	Hudson Technologies Inc /Ny Basic Materials	Held	50,000	0	$294,000	−14.2%	0.64%
SYM	Symbotic Inc. Industrials	Held	5,000	0	$266,000	−10.6%	0.57%
UONE	Urban One, Inc. Communication Services	NEW	43,004	NEW	$252,003	NEW	0.54%
OPK	Opko Health, Inc. Healthcare	Held	150,000	0	$171,000	−9.5%	0.37%
PCT	PureCycle Technologies, Inc. Industrials	Held	25,869	0	$134,260	−39.6%	0.29%
ET	Energy Transfer LP Energy	Held	5,000	0	$96,500	+17.0%	0.21%
WHR	Whirlpool Corp /De/ Consumer Cyclical	NEW	1,000	NEW	$53,920	NEW	0.12%
PEO	Adams Natural Resources Fund, Inc. Financial Services	Added	968	+18	$26,910	+30.3%	0.06%
GIS	General Mills Inc Consumer Defensive	NEW	300	NEW	$11,166	NEW	0.02%