13F Insight
DOSSIER · 13F-HR · Q1 2026

ZAZOVE ASSOCIATES LLC

$2.1B in tracked AUM across 322 positions as of Q1 2026.

ZA
CIK 0001009012 · last filed Mar 31, 2026
Total AUM
$2.1B
as of Q1 2026
Holdings
322
—
positions
Whale Score
67
67
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of ZAZOVE ASSOCIATES LLC 13F Filing (Q3 2025)
1. Portfolio Overview

Zazove Associates LLC reported a significant contraction in portfolio value during the third quarter of 2025, with total assets under management (AUM) decreasing by 12.0%, falling from $1.23 billion to $1.08 billion. This decline coincides with a period of high portfolio turnover and active reallocation. The firm maintains a diversified portfolio of 153 holdings, suggesting a broad investment mandat...

Despite the number of holdings, the portfolio exhibits a "barbell" structure in terms of position sizing. The top 10 positions account for approximately 41.5% of the total portfolio value, indicating a strong preference for high-conviction core positions, while the tail consists of numerous smaller positions (many below 1%). The filing data indicates a shift in strategy during the quarter, moving away from several legacy positions to establish new stakes in growth-oriented and technology-centric names.

2. Key Holdings

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
TTEK 2.25 08/15/28
TETRA TECH INC NEW
$124M115.8M5.8%02
PSN 2.625 03/01/29
PARSONS CORP DEL
$123M121.5M5.8%03
FLR 1.125 08/15/29
FLUOR CORP
$95M80.2M4.5%04
ITRI 1.375 07/15/30
ITRON INC
$78M77.2M3.7%05
DUK 4.125 04/15/26
DUKE ENERGY CORP NEW
$72M69.4M3.4%06
VTR 3.75 06/01/26
VENTAS RLTY LTD PARTNERSHIP
$68M47.3M3.2%07
NTNX 0.25 10/01/27
NUTANIX INC
$67M62.0M3.1%08
PPL 2.875 03/15/28
PPL CAP FDG INC
$63M55.8M3.0%09
SO 4.5 06/15/27
SOUTHERN CO
$62M57.1M2.9%10
TYL 0.25 03/15/26
TYLER TEX INDPT SCH DIST
$62M60.9M2.9%

Filing history

2026Q1Mar 31
$2.1B▲ 82.4%
322 positionsView →2025Q4Dec 31
$1.2B▲ 7.4%
171 positionsView →2025Q3Sep 30
$1.1B▼ 12.0%
153 positionsView →2025Q2Jun 30
$1.2B▲ 6.7%
168 positionsLocked2025Q1Mar 31
$1.2B▲ 10.8%
137 positionsLocked2024Q4Dec 31
$1.0B▲ 11.1%
132 positionsLocked2024Q3Sep 30
$935M▲ 6.7%
128 positionsLocked2024Q2Jun 30
$877M▲ 16.2%
132 positionsLocked2024Q1Mar 31
$754M▼ 6.2%
126 positionsLocked2023Q4Dec 31
$804M▼ 16.6%
138 positionsLocked2023Q3Sep 30
$964M▼ 12.1%
149 positionsLocked2023Q2Jun 30
$1.1B▼ 0.2%
135 positionsLocked
Showing 12 of 79