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Livermore
Livermore
ZHEN

Zazove Associates LLC

SEC CIK
0001009012
Latest filing
Jul 16, 2026

The latest 13F from Zazove Associates LLC covers Q2 2026 (filed Jul 16, 2026): 139 long positions worth $1.22B. The top 10 holdings make up 39.6% of the portfolio, and the largest is Tetra Tech Inc at 5.1%. Livermore has 26 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
33
Est. +$309.3M
Added
4
Est. +$225.0K
Reduced
34
Est. −$45.3M
Sold out
66
Est. −$569.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. Tetra Tech Inc88162GAB9
    5.1%$62.4M
  2. Parsons Corp70202LAD4
    4.7%$56.9M
  3. Southern Co842587DZ7
    4.5%$54.9M
  4. Alibaba Group Hldg Ltd01609WBG6
    4.4%$54.1M
  5. Fluor Corp343412AJ1
    4.1%$50.1M

Share of portfolio

Top 5 holdings and the other 134 positions, by share of portfolio value

  1. Tetra Tech Inc5.1%
  2. Parsons Corp4.7%
  3. Southern Co4.5%
  4. Alibaba Group Hldg Ltd4.4%
  5. Fluor Corp4.1%
  6. Other 134 positions77.2%

Biggest buys

New and added positions, by estimated amount bought

  1. Alibaba Group Hldg Ltd01609WBG6
    +$54.1MNew
  2. Cyberark Software Ltd23248VAD7
    +$39.0MNew
  3. Cloudflare, Inc.18915MAF4
    +$35.2MNew
  4. Revolution Medicines, Inc.76155XAA8
    +$27.7MNew
  5. Microchip Technology Inc595017BG8
    +$26.2MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Alibaba Group Hldg Ltd01609WBG6
    +4.42 pp0.0% → 4.4%
  2. Cyberark Software Ltd23248VAD7
    +3.19 pp0.0% → 3.2%
  3. Cloudflare, Inc.18915MAF4
    +2.88 pp0.0% → 2.9%
  4. Revolution Medicines, Inc.76155XAA8
    +2.26 pp0.0% → 2.3%
  5. Microchip Technology Inc595017BG8
    +2.14 pp0.0% → 2.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Duke Energy CORP26441CBY0
    −$72.2MSold out
  2. Ventas Rlty Ltd Partnership92277GAZ0
    −$67.5MSold out
  3. Tyler Tex Indpt SCH Dist902252AB1
    −$61.8MSold out
  4. MKS Inc55306NAB0
    −$56.9MSold out
  5. Spotify USA Inc84921RAB6
    −$56.1MSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Duke Energy CORP26441CBY0
    −3.42 pp3.4% → 0.0%
  2. Ventas Rlty Ltd Partnership92277GAZ0
    −3.20 pp3.2% → 0.0%
  3. Tyler Tex Indpt SCH Dist902252AB1
    −2.93 pp2.9% → 0.0%
  4. MKS Inc55306NAB0
    −2.69 pp2.7% → 0.0%
  5. Spotify USA Inc84921RAB6
    −2.66 pp2.7% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.22B
−$888.5M (−42.1%) vs. prior quarter
Positions
139
−33 vs. prior quarter
Top 10 concentration
39.6%
Top 10 as share of value
Turnover
18.6%
Q2 2026, one quarter
Average holding period
4.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.11B (Q1 2026)

Q1 2021: $847.5MQ2 2021: $1.11BQ3 2021: $1.14BQ1 2022: $1.13BQ2 2022: $1.05BQ3 2022: $1.11BQ4 2022: $1.08BQ1 2023: $1.10BQ2 2023: $1.10BQ3 2023: $964.2MQ4 2023: $804.0MQ1 2024: $754.4MQ2 2024: $876.7MQ3 2024: $935.2MQ4 2024: $1.04BQ1 2025: $1.17BQ2 2025: $1.23BQ3 2025: $1.10BQ4 2025: $1.16BQ1 2026: $2.11BQ2 2026: $1.22B
Q1 2021Q2 2026
13F filings of Zazove Associates LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 16, 2026139$1.22BTetra Tech IncParsons CorpSouthern Covs. Q1 2026SEC
Q1 2026Jun 18, 2026Amended172$2.11BTetra Tech IncParsons CorpFluor Corpvs. Q4 2025SECSEC
Q4 2025Feb 18, 2026160$1.16BDuke Energy CORPTetra Tech IncTyler Tex Indpt SCH Distvs. Q3 2025SEC
Q3 2025Oct 17, 2025144$1.10BParsons CorpVentas Rlty Ltd PartnershipTetra Tech Incvs. Q2 2025SEC
Q2 2025Aug 14, 2025Amended142$1.23BTetra Tech IncParsons CorpVentas Rlty Ltd Partnershipvs. Q1 2025SEC
Q1 2025May 13, 2025135$1.17BTetra Tech IncParsons CorpVentas Rlty Ltd Partnershipvs. Q4 2024SEC
Q4 2024Feb 13, 2025132$1.04BVentas Rlty Ltd PartnershipBofa Fin LLCAmerican WTR Cap Corpvs. Q3 2024SEC
Q3 2024Nov 13, 2024128$935.2MVentas Rlty Ltd PartnershipAmerican WTR Cap CorpBofa Fin LLCvs. Q2 2024SEC
Q2 2024Aug 14, 2024Amended132$876.7MVentas Rlty Ltd PartnershipLiberty Media CorpFord MTR Co Delvs. Q1 2024SEC
Q1 2024Jun 4, 2024Amended126$754.4MSouthwest Airls CoLiberty Media CorpPPL Cap FDG Incvs. Q4 2023SEC
Q4 2023Jan 31, 2024135$804.0MSSR MNG IncSouthwest Airls CoJazz Investments I Ltdvs. Q3 2023SEC
Q3 2023Oct 31, 2023149$964.2MSSR MNG IncSouthwest Airls CoParsons Corpvs. Q2 2023SEC
Q2 2023Aug 7, 2023135$1.10BSouthwest Airls CoAkamai Technologies IncSSR MNG Incvs. Q1 2023SEC
Q1 2023May 4, 2023141$1.10BAkamai Technologies IncSouthwest Airls CoSSR MNG Incvs. Q4 2022SEC
Q4 2022Jan 31, 2023149$1.08BAkamai Technologies IncSouthwest Airls CoSSR MNG Incvs. Q3 2022SEC
Q3 2022Oct 24, 2022167$1.11BAkamai Technologies IncBooking Holdings Inc.Liberty Media Corp Delvs. Q2 2022SEC
Q2 2022Dec 6, 2022185$1.05BAkamai Technologies IncJazz Investments I LtdLiberty Media Corp Delvs. Q1 2022SEC
Q1 2022Apr 22, 2022166$1.13BAkamai Technologies IncIllumina, Inc.Liberty Media Corp Del–SEC
Q3 2021Oct 25, 2021154$1.14BAkamai Technologies IncLiberty Media Corp DelKAMAN Corpvs. Q2 2021SEC
Q2 2021Jul 22, 2021151$1.11BKAMAN CorpAkamai Technologies IncPriceline Grp Incvs. Q1 2021SEC
Q1 2021Apr 27, 2021116$847.5MKAMAN CorpPriceline Grp IncAkamai Technologies Inc–SEC

13D and 13G filings

Companies where Zazove Associates LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

5 companies, largest stake first.

Companies where Zazove Associates LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
Emmis CorpCommon Stock13G/A16.40%1.99M shares–Jan 7, 20224 filingsJan 6, 2025SEC
UONEUrban One, Inc.13G/A11.50%752.7K shares+2.30 ppfrom 9.20%Jan 24, 20252 filingsMay 6, 2025SEC
BHR.PBBraemar Hotels & Resorts Inc.13G8.00%247.9K sharesNewAug 14, 20261 filingAug 14, 2026SEC
CMLSQCumulus Media Inc13G/A7.90%1.36M shares−4.30 ppfrom 12.20%Jan 20, 20216 filingsAug 14, 2026SEC
BHRBraemar Hotels & Resorts Inc.13G/A7.60%5.21M shares−1.40 ppfrom 9.00%Jan 7, 20226 filingsAug 14, 2026SEC

Latest filings

29 filings on file made by Zazove Associates LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Zazove Associates LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
BHR.PBBraemar Hotels & Resorts Inc.Aug 14, 20268:30 PM ET13G8.00%247.9K sharesNewJul 31, 2026SEC
BHRBraemar Hotels & Resorts Inc.Aug 14, 20268:06 PM ET13G/A7.60%5.21M shares−1.40 ppfrom 9.00%Jun 30, 2026SEC
CMLSQCumulus Media IncAug 14, 20266:53 PM ET13G/A7.90%1.36M shares−4.30 ppfrom 12.20%Jun 30, 2026SEC
UONEUrban One, Inc.May 6, 202512:08 PM ET13G/A11.50%752.7K shares+2.30 ppfrom 9.20%May 1, 2025SEC
UONEUrban One, Inc.Jan 24, 20252:54 PM ET13G9.20%752.7K sharesNewDec 31, 2024SEC
BHRBraemar Hotels & Resorts Inc.Jan 8, 20253:01 PM ET13G/A9.00%6.26M shares–Dec 31, 2024SEC
GDLGDL FundJan 7, 20253:00 PM ET13G/A4.80%566.1K shares–Below 5%Dec 31, 2024SEC
CMLSQCumulus Media IncJan 7, 20251:19 PM ET13G/A12.20%2.07M shares–Dec 31, 2024SEC
Emmis CorpCommon StockJan 6, 20254:03 PM ET13G/A16.40%1.99M shares–Dec 31, 2024SEC
GDLGDL FundJan 11, 202413GOld format–New–SEC
Emmis CorpJan 10, 20241:31 PM ET13G/AOld format–––SEC
BHRBraemar Hotels & Resorts Inc.Jan 10, 202413G/AOld format–––SEC
CMLSCumulus Media IncJan 10, 202413G/AOld format–––SEC
BHRBraemar Hotels & Resorts Inc.May 2, 202313G/AOld format–––SEC
CMLSCumulus Media IncFeb 6, 202313G/AOld format–––SEC
BHRBraemar Hotels & Resorts Inc.Feb 3, 202313G/AOld format–––SEC
Emmis CorpJan 9, 20233:18 PM ET13G/AOld format–––SEC
LSEALandsea Homes CorpJan 12, 202213G/AOld format–––SEC
CMLSCumulus Media IncJan 10, 202213G/AOld format–––SEC
Emmis Communications CorpJan 7, 20224:12 PM ET13G/AOld format–––SEC