Battery Management Dumps $9 Million Zeta Stake as Shares Slide 38% Year Over Year

As of December 31, 2025, Battery Management Corp. disclosed in a U.S. Securities and Exchange Commission filing that it sold out its entire Zeta Global Holdings Corp. (ZETA +3.95%) stake, an estimated $9.05 million transaction.

What happened

According to an SEC filing dated February 17, 2026, Battery Management Corp. eliminated its position in Zeta Global Holdings Corp., disposing of 455,351 shares. The net position change for the quarter was $9.05 million, reflecting both the shares sold and stock price fluctuations. The fund now holds no Zeta shares.

What else to know

• Battery Management Corp. fully sold out of Zeta Global Holdings Corp., reducing the position from 1.7% of AUM in the previous quarter.
• Top holdings after the filing:
  • NASDAQ:TTAN: $351.44 million (56.4% of AUM)
  • NASDAQ:KDK: $124.01 million (19.9% of AUM)
  • NASDAQ:BRZE: $111.95 million (18.0% of AUM)
  • NYSE:CXM: $18.64 million (3.0% of AUM)
  • NASDAQ:CSBR: $16.73 million (2.7% of AUM)
• As of February 17, 2026, ZETA shares were priced at $15.31, down 38.0% over the past year and significantly underperforming the S&P 500’s roughly 13% gain in the same period.

Company overview

Company snapshot

• Zeta Global Holdings offers an omnichannel data-driven cloud platform, including the Zeta Marketing Platform and Consumer Data Platform, focused on marketing automation and consumer intelligence solutions.
• The firm provides software, marketing automation, and consumer intelligence solutions used by enterprise clients to optimize marketing campaigns and customer engagement.
• It targets large enterprises and organizations seeking advanced marketing automation, consumer data insights, and omnichannel campaign management.

Zeta Global Holdings Corp. is a technology company specializing in software applications for marketing automation and consumer data analytics. With a significant scale and a broad enterprise customer base, the company leverages proprietary data and machine learning to deliver actionable insights for omnichannel marketing.

What this transaction means for investors

Capital allocation tells you what managers and investors really believe. When a fund fully exits a mid-sized position after a volatile year, it is rarely about one headline.

In November, Zeta 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. Management raised full-year 2025 revenue guidance to roughly $1.27 billion and is guiding to $1.54 billion in 2026, implying another 21% growth year. Adjusted EBITDA margins are expanding, and the company has nearly $200 million remaining under its repurchase authorization. On paper, that is durable growth.

Yet shares are down 38% over the past year. That gap between operating momentum and stock performance matters. The exiting position had already shrunk from 1.7% of assets, suggesting conviction was fading even as fundamentals improved.

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 is not whether Zeta is growing. It is whether that growth translates into durable shareholder returns.