ZAZOVE ASSOCIATES LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 18 quarters, returned +4.3% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 44.4% of quarters (excess t = 0.79, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 141 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| DUK | $63M | | HOLD |
| TTEK | $62M | | HOLD |
| PSN | $61M | | HOLD |
| VTR | $60M | | HOLD |
| MKSI | $53M | | HOLD |
| FLR | $46M | | HOLD |
| NTNX | $35M | | HOLD |
| ITRI | $34M | | HOLD |
| PPL | $31M | | HOLD |
| SO | $31M | | HOLD |
| RGEN | $29M | | HOLD |
| GWRE | $28M | | HOLD |
| VRNS | $22M | | HOLD |
| HAE | $22M | | HOLD |
| AVAV | $22M | | HOLD |
| EVRG | $21M | | HOLD |
| SPGI | $15M | | HOLD |
| GVA | $13M | | HOLD |
| NOG | $13M | | HOLD |
| LYV | $12M | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
None.
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.