Institutional Manager · CIK 0001009012
ZAZOVE ASSOCIATES LLC
INCLINE VILLAGE, NV · File #028-05338
Latest AUM
$1.16B
Positions
171
Top-10 Concentration
49.7%
Filings
13
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | SPOTIFY USA INC | 84921RAB6 | +39,481,000 | +$45.0M | -$2.3M |
| ADD | NUTANIX INC | NTNX | +29,850,000 | +$33.6M | -$292,238 |
| NEW | GUIDEWIRE SOFTWARE INC | GWRE | +25,305,000 | +$27.9M | $0 |
| EXITED | SHOPIFY INC | 82509LAA5 | -23,255,000 | -$24.5M | $0 |
| REDUCE | ADVANCED ENERGY INDS | 007973AE0 | -14,550,000 | -$23.9M | +$3.8M |
| ADD | DUKE ENERGY CORP NEW | DUKB | +19,425,000 | +$20.0M | -$1.7M |
| NEW | INTEGER HLDGS CORP | ITGR | +15,445,000 | +$17.5M | $0 |
| REDUCE | BOFA FIN LLC | 09709UV70 | -14,185,000 | -$15.4M | +$3.2M |
| ADD | SSR MINING IN | SSRGF | +11,500,000 | +$15.1M | -$1.1M |
| ADD | TYLER TEX INDPT SCH DIST | 902252AB1 | +14,290,000 | +$14.5M | -$4.1M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025171 pos · $1.16B
- 13F HOLDINGS REPORTQ/E Sep 2025177 pos · $1.10B
- 13F HOLDINGS REPORT (Amended)Q/E Jun 2025168 pos · $1.23B
- 13F HOLDINGS REPORT (Amended)Q/E Jun 2025168 pos · $1.23B
- 13F HOLDINGS REPORTQ/E Jun 2025156 pos · $1.17B
- 13F HOLDINGS REPORTQ/E Mar 2025156 pos · $1.17B
- 13F HOLDINGS REPORTQ/E Dec 2024132 pos · $1.04B
- 13F HOLDINGS REPORTQ/E Sep 2024128 pos · $935.2M
- 13F HOLDINGS REPORTQ/E Jun 2024118 pos · $848.8M
- 13F HOLDINGS REPORT (Amended)Q/E Jun 2024132 pos · $876.7M
- 13F HOLDINGS REPORT (Amended)Q/E Jun 2024126 pos · $754.4M
- 13F HOLDINGS REPORTQ/E Mar 2024112 pos · $720,849
- 13F HOLDINGS REPORTQ/E Dec 2023149 pos · $964.2M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | DUKE ENERGY CORP NEW | DUKB | 61,110,000 | $63.0M | 5.90% |
| 2 | TETRA TECH INC NEW | TTEK | 56,880,000 | $61.8M | 5.78% |
| 3 | TYLER TEX INDPT SCH DIST | 902252AB1 | 60,945,000 | $61.8M | 5.78% |
| 4 | PARSONS CORP DEL | PSN | 59,237,000 | $61.2M | 5.72% |
| 5 | VENTAS RLTY LTD PARTNERSHIP | VTR | 42,175,000 | $59.8M | 5.60% |
| 6 | SPOTIFY USA INC | 84921RAB6 | 49,276,000 | $56.1M | 5.25% |
| 7 | MKS INC. | MKSI | 41,180,000 | $52.7M | 4.93% |
| 8 | FLUOR CORP | FLR | 39,930,000 | $45.7M | 4.27% |
| 9 | NUTANIX INC | NTNX | 30,975,000 | $34.9M | 3.26% |
| 10 | ITRON INC | ITRI | 33,865,000 | $34.3M | 3.21% |
| 11 | JAZZ INVESTMENTS I LTD | 472145AH4 | 23,135,000 | $30.9M | 2.89% |
| 12 | PPL CAP FDG INC | PPLC | 27,880,000 | $30.6M | 2.86% |
| 13 | SOUTHERN CO | SOMN | 28,550,000 | $30.5M | 2.86% |
| 14 | REPLIGEN CORP | RGEN | 26,300,000 | $28.9M | 2.70% |
| 15 | SSR MINING IN | SSRGF | 21,755,000 | $28.6M | 2.67% |
| 16 | GUIDEWIRE SOFTWARE INC | GWRE | 25,305,000 | $27.9M | 2.61% |
| 17 | VARONIS SYS INC | VRNS | 23,985,000 | $22.3M | 2.09% |
| 18 | HAEMONETICS CORP MASS | HAE | 21,275,000 | $22.1M | 2.07% |
| 19 | AEROVIRONMENT INC | AVAV | 19,815,000 | $21.6M | 2.02% |
| 20 | EVERGY INC | EVRG | 17,265,000 | $21.1M | 1.97% |