13F Insight
DOSSIER · 13F-HR · Q2 2026

ZAZOVE ASSOCIATES LLC

$1.2B in tracked AUM across 157 positions as of Q2 2026.

ZA
CIK 0001009012 · last filed Jun 30, 2026
Total AUM
$1.2B
as of Q2 2026
Holdings
157
—
positions
Whale Score
62
62
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 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 — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
TTEK 2.25 08/15/28
TETRA TECH INC NEW
$62M59.1M5.1%02
PSN 2.625 03/01/29
PARSONS CORP DEL
$57M57.6M4.6%03
SO 4.5 06/15/27
SOUTHERN CO
$55M49.8M4.5%04
BABA 0.5 06/01/31
ALIBABA GROUP HLDG LTD
$54M45.8M4.4%05
FLR 1.125 08/15/29
FLUOR CORP
$50M37.9M4.1%06
BAC 7.25 PERP L
BANK OF AMER CORP
$45M36K3.7%07
ITRI 1.375 07/15/30
ITRON INC
$43M43.4M3.5%08
BAC 0.6 05/25/27 MTN
BOFA FIN LLC
$40M32.0M3.3%09
CYBR 0 06/15/30
CYBERARK SOFTWARE LTD
$39M23.4M3.2%10
NTNX 0.25 10/01/27
NUTANIX INC
$38M33.5M3.1%

Filing history

2026Q2Jun 30
$1.2B▼ 42.2%
157 positionsView →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 positionsLocked
Showing 12 of 80