The Curious Case of the Vanishing Zeta Stake

Zeta Global Holdings Chart

Battery Management Corp., an entity whose name suggests a level of proactive energy management that, frankly, the market rarely witnesses, has performed a most decisive act. They’ve quietly, almost apologetically, divested themselves of their entire holding in Zeta Global Holdings. A transaction estimated at a mere $9.05 million. Which, in the grand scheme of things, is roughly the price of a moderately sized dragon these days.¹ This occurred, as these things inevitably do, at the end of December. A time for reflection, yes, but also for discreetly offloading assets that aren’t quite sparkling as brightly as one might hope.

What Happened (Or, The Tale of the Shrinking Stake)

According to a filing with the Securities and Exchange Commission – a body that exists solely to ensure that everyone is thoroughly confused – Battery Management Corp. has effectively removed Zeta Global Holdings from its ledger. 455,351 shares vanished, leaving not a trace. The net effect? A $9.05 million adjustment. A sum that could have funded a small, but ambitious, quest for the Holy Grail.² The fund now holds… well, nothing. A blank space where a stake once resided. A bit like the existential dread one feels after realizing one has misplaced one’s favorite pair of socks.

What Else to Know (Or, The Shifting Sands of Portfolio Alchemy)

Battery Management Corp. has performed a full extraction of Zeta Global Holdings, reducing their involvement from a not-insignificant 1.7% of their Assets Under Management (AUM) to a distinctly noticeable 0%. It’s a bit like a wizard realizing they’ve run out of essential potion ingredients.
Top holdings, as of the latest pronouncements from the Oracle of Portfolio Management:
- NASDAQ:TTAN: $351.44 million (56.4% of AUM) – Apparently, they still believe in the power of tanning.
- NASDAQ:KDK: $124.01 million (19.9% of AUM) – The specifics of KDK remain shrouded in mystery. Something to do with enchanted gardening tools, perhaps?
- NASDAQ:BRZE: $111.95 million (18.0% of AUM) – Breeze-related investments. One assumes they are cornering the market on gentle gusts.
- NYSE:CXM: $18.64 million (3.0% of AUM) – A modest investment in the art of complex maneuvers.
- NASDAQ:CSBR: $16.73 million (2.7% of AUM) – The significance of CSBR is known only to the high priests of algorithmic trading.
As of February 17th, 2026, Zeta shares were trading at a rather subdued $15.31. A 38% decline over the past year. Which, let’s be honest, is less a fall and more of a controlled plummet. The S&P 500, meanwhile, has been merrily skipping along with a 13% gain. A clear demonstration that sometimes, even in the realm of high finance, the tortoise wins.

Company Overview (Or, The Numbers That Tell a Story – Or Don’t)

Metric	Value
Price (as of market close February 17, 2026)	$15.31
Market Capitalization	$3.77 billion
Revenue (TTM)	$1.22 billion
Net Income (TTM)	($22.81 million)

Company Snapshot (Or, What Zeta Global Holdings Actually Does)

Zeta Global Holdings offers an omnichannel data-driven cloud platform. A phrase that sounds impressive, but mostly means they collect a lot of information about people.
They provide software, marketing automation, and consumer intelligence solutions. In simpler terms, they help companies persuade you to buy things you don’t need.
They target large enterprises and organizations. Because everyone needs more data, apparently.

Zeta Global Holdings is a technology company specializing in software applications for marketing automation and consumer data analytics. They leverage proprietary data and machine learning to deliver actionable insights for omnichannel marketing. Or, as the alchemists of old would say, they turn information into gold. Though, in this case, the gold seems to be somewhat tarnished.

What This Transaction Means for Investors (Or, The Art of Reading Between the Lines)

Capital allocation, you see, is a bit like a confession. It tells you what managers and investors truly believe. When a fund fully exits a mid-sized position after a volatile year, it’s rarely about one headline. It’s about a creeping sense of unease. A suspicion that something isn’t quite right.

Zeta, it’s true, recently reported its 17th straight “beat and raise” quarter, with third-quarter revenue up 26% year over year to $337 million and free cash flow up 83% to $47 million. They’ve raised full-year 2025 revenue guidance to roughly $1.27 billion and are projecting $1.54 billion in 2026. Adjusted EBITDA margins are expanding, and they have nearly $200 million remaining under their repurchase authorization. On paper, it’s all very… durable.

Yet shares are down 38% over the past year. A disconnect, wouldn’t you say? The gap between operating momentum and stock performance is a chasm. The exiting position had already shrunk from 1.7% of assets, suggesting conviction was fading even as fundamentals improved. Perhaps they sensed a dragon lurking around the corner.³

Within a portfolio concentrated in high-growth software names, reallocating away from an underperformer into larger bets can be rational. And for long-term investors, the question isn’t whether Zeta is growing. It’s whether that growth translates into durable shareholder returns. Or, to put it another way, will it actually make anyone any money? A question that, sadly, remains unanswered.

¹ Dragons are notoriously expensive to maintain. Their dietary requirements alone are enough to bankrupt a small kingdom.
² The Holy Grail, of course, is more of a philosophical concept than an actual object. But the quest for it is always profitable.
³ Dragons are excellent at spotting underperforming assets. They have a keen eye for value.

2026-02-20 19:13