SEC 13F Intelligence

Managers / Q2 2023 · view latest →

ZAZOVE ASSOCIATES LLC

CIK 0001009012 · 1001 TAHOE BLVD., INCLINE VILLAGE, NV, 89451 · 77529897500

Reported Value
$1M
Q2 2023
Positions
135
Filings on Record
36
2019–present window
Filed
Aug 7, 2023
original filing

Summary

Zazove Associates LLC reported $1M in U.S.-listed holdings across 135 positions for Q2 2023.

Its largest position, Southwest Airlines, represents 6.4% of the portfolio.

Compared with Q1 2023, the fund opened 13 new positions and exited 19.

Portfolio Metrics

Turnover
+13.0%
vs prior filed quarter
Top-10 Concentration
+42.5%
share of reported value
Largest Position
+6.4%
Southwest Airlines
New / Exited
13 / 19
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $925MQ4 ’18Q1 ’19: $1.1BQ2 ’19: $1.1BQ3 ’19: $1.3BQ3 ’19Q4 ’19: $1.2BQ1 ’20: $833MQ2 ’20: $719MQ2 ’20Q3 ’20: $769MQ4 ’20: $815MQ1 ’21: $848MQ1 ’21Q2 ’21: $1.1BQ3 ’21: $1.1BQ1 ’22: $1.1BQ1 ’22Q3 ’22: $1.1BQ1 ’23: $1MQ2 ’23: $1MQ2 ’23Q1 ’24: $720,849Q3 ’24: $935MQ4 ’24: $1.0BQ4 ’24Q1 ’25: $1.2BQ2 ’25: $1.2BQ3 ’25: $1.1BQ3 ’25Q4 ’25: $1.2BQ2 ’26: $2.1Bfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 79.3%GLOBAL: 6.7%Common Stock: 4.3%Other: 3.4%Equity WRT: 2.5%Other: 3.9%
  • US DOMESTIC · 79.3% · $870,118
  • GLOBAL · 6.7% · $73,457
  • Common Stock · 4.3% · $46,843
  • Other · 3.4% · $36,991
  • Equity WRT · 2.5% · $27,368
  • Other · 3.9% · $42,256

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ASCENDIS PHARMA A/SNEW+18.79M18.79M+$17,163$17,163
INTERDIGITALNEW+5.82M5.82M+$7,898$7,898
GTXGARRETT MOTIONNEW+876.2K876.2K+$6,633$6,633
CONMEDNEW+4.29M4.29M+$4,796$4,796
CUTERANEW+7.14M7.14M+$4,460$4,460
NET POWERNEW+1.07M1.07M+$3,621$3,621
ENPHASE ENERGYNEW+2.50M2.50M+$2,359$2,359
SEA LIMITEDNEW+1.70M1.70M+$1,735$1,735

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2023

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SOUTHWEST AIRLINESNOTE 1.250% 5/06.44%$70,68361.20M
2AKAMAI TECHNOLOGIESNOTE 0.375% 9/06.07%$66,57968.62M
3SSR MININGNOTE 2.500% 4/05.84%$64,11258.35M
4PARSONSNOTE 0.250% 8/15.02%$55,08347.93M
5NRG ENERGYDBCV 2.750% 6/03.79%$41,58039.32M
6JAZZ INVESTMENTS INOTE 2.000% 6/13.61%$39,60938.88M
7SOLAREDGE TECHNOLOGIESNOTE 9/13.35%$36,77030.89M
8MGP INGREDIENTSNOTE 1.875%11/13.00%$32,87326.46M
9BHRBRAEMAR HOTELS & RESORTSNOTE 4.500% 6/0 · COM2.75%$30,17825.36M
10ENPHASE ENERGYNOTE 3/02.73%$29,93731.74M
11MIDDLEBYNOTE 1.000% 9/02.69%$29,53623.70M
12KAMANNOTE 3.250% 5/02.49%$27,32428.28M
13CYBERARK SOFTWARENOTE 11/12.29%$25,14322.10M
14DEXCOM INCNOTE 0.250%11/12.16%$23,64722.13M
15TYLER TECHNOLOGIESNOTE 0.250% 3/12.15%$23,59222.76M
16FORD MOTORNOTE 3/12.09%$22,88320.91M
17ARES CAPITALNOTE 4.625% 3/02.04%$22,33722.21M
18CRACKER BARREL OLD COUNTRY STORENOTE 0.625% 6/12.01%$22,02125.87M
19JOHN BEAN TECHNOLOGIESNOTE 0.250% 5/11.99%$21,83022.92M
20MESA LABORATORIESNOTE 1.375% 8/11.95%$21,35723.78M
21PETQEURPETIQNOTE 4.000% 6/0 · COM CL A1.82%$19,95816.92M
22PEBBLEBROOK HOTEL TRUSTNOTE 1.750%12/11.73%$19,01122.38M
23OCCIDENTAL PETROLEUM*W EXP 08/03/2021.68%$18,440500.0K
24ASCENDIS PHARMA A/SNOTE 2.250% 4/01.56%$17,16318.79M
25BILL.COM HOLDINGSNOTE 12/01.53%$16,81016.04M
26LIBERTY MEDIA (SIRIUS XM BASKET)NOTE 1.375%10/11.47%$16,07713.82M
27VAREX IMAGINGNOTE 4.000% 6/01.44%$15,78712.33M
28DATADOGNOTE 0.125% 6/11.40%$15,34712.35M
29URBAN ONE CLASS DCL D NON VTG1.34%$14,6622.44M
30HELIX ENERGY SOLUTIONS GROUPNOTE 6.750% 2/10.93%$10,2317.70M
31WESTROCK COFFEE*W EXP 08/29/2020.77%$8,4572.82M
32IMAXNOTE 0.500% 4/00.76%$8,3039.03M
33INNOVATENOTE 7.500% 8/00.73%$8,03612.36M
34INTERDIGITALNOTE 3.500% 6/00.72%$7,8985.82M
35HALOZYME THERAPEUTICSNOTE 0.250% 3/00.72%$7,8509.42M
36GRNTGRANITE RIDGE RESOURCESCOM0.63%$6,9241.04M
37GTXGARRETT MOTIONCOM0.60%$6,633876.2K
38UANCVR PARTNERSCOM0.56%$6,18876.7K
39CMLSQCUMULUS MEDIACOM CL A0.55%$5,9801.46M
40STRIDENOTE 1.125% 9/00.53%$5,8546.09M
41CCOCLEAR CHANNEL HOLDINGSCOM0.51%$5,5454.05M
42BIOMARIN PHARMACEUTICAL INCNOTE 1.250% 5/10.47%$5,2105.15M
43PALO ALTO NETWORKSNOTE 0.375% 6/00.47%$5,1482.00M
44VUSBVANGUARD ULTRA SHORT BONDVANGUARD ULTRA0.45%$4,916100.0K
45BLACKROCK ULTRA SHORTTERM BOND (ETF)BLACKROCK ULTRA0.44%$4,87196.8K
46GUARDANT HEALTHNOTE 11/10.44%$4,8116.67M
47CONMEDNOTE 2.250% 6/10.44%$4,7964.29M
48CUTERANOTE 2.250% 6/00.41%$4,4607.14M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q2 2026REVEALED$2.1B322Jun 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.2B171Feb 18, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.1B177Oct 17, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.2B168Aug 14, 2025RESTATEMENTchanges · EDGAR ↗
Q1 2025$1.2B156May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.0B132Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$935M128Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024REVEALEDUnder review250Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$720,849112May 7, 202413F-HRchanges · EDGAR ↗
Q4 2023Under review138Jan 31, 202413F-HRchanges · EDGAR ↗
Q3 2023Under review149Oct 31, 202313F-HRchanges · EDGAR ↗
Q2 2023$1M135Aug 7, 202313F-HRchanges · EDGAR ↗
Q1 2023$1M141May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review149Jan 31, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.1B167Oct 24, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.1B166Apr 22, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.1B154Oct 25, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.1B151Jul 22, 202113F-HRchanges · EDGAR ↗
Q1 2021$848M116Apr 27, 202113F-HRchanges · EDGAR ↗
Q4 2020$815M113Feb 10, 202113F-HRchanges · EDGAR ↗
Q3 2020$769M109Oct 27, 202013F-HRchanges · EDGAR ↗
Q2 2020$719M107Aug 6, 2020RESTATEMENTchanges · EDGAR ↗
Q1 2020$833M125Apr 29, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.2B121Jan 22, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.3B127Oct 28, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.1B119Aug 1, 2019RESTATEMENTchanges · EDGAR ↗
Q1 2019$1.1B111May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$925M107Feb 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.