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ZA

Zazove Associates Portfolio holdings

AUM $1.22B
1-Year Est. Return 1.91%
This Fund
S&P 500
This Quarter Est. Return
+0.2%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.15B
AUM Growth
-$102M
Cap. Flow
-$1.11B
Cap. Flow %
-96.29%
Top 10 Hldgs %
46.53%
Holding
107
New
4
Increased
8
Reduced
–
Closed
4

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$20.2M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$5M
3
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$1.74M
4
BKEP
Blueknight Energy Partners L.P.
BKEP
+$1.27M
5
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$616K

Top Sells

Rank Stock Value
1
UONEK icon
Urban One Class D
UONEK
+$5.48M
2
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$4.85M
3
SMPLW
The Simply Good Foods Company Warrant
SMPLW
+$3.75M
4
TAHO
Tahoe Resources Inc
TAHO
+$775K

Sector Composition

Rank Sector Weight
1 Communication Services 0.74%
2 Real Estate 0.41%
3 Energy 0.25%
4 Financials 0.22%
5 Materials 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLU
26
Gabelli Utility & Income Trust
GLU
$116M
$342K 0.03%
17,271
– –
SMM
27
DELISTED
Salient Midstream & MLP Fund
SMM
$261K 0.02%
25,602
+8,081
+46% +$83.3K
EVG
28
Eaton Vance Short Duration Diversified Income Fund
EVG
$143M
$240K 0.02%
18,602
– –
AFT
29
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$232K 0.02%
14,507
– –
DSKE
30
DELISTED
Daseke, Inc. Common Stock
DSKE
$160K 0.01%
20,000
– –
AIG.WS
31
DELISTED
American International Group, Inc.
AIG.WS
$155K 0.01%
10,610
– –
1
2

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DGM
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GC
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CCM
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Zazove Associates's Q3 2018 Portfolio in Review

As of Q3 2018, Zazove Associates held 107 positions worth $1.15B, down 8.1% from $1.26B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Zazove Associates withdrew a net $1.11B in Q3 2018, closing 4 positions. Its most notable exit was Urban One Class D, an estimated $5.48M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.74% of assets, up from 0.63% a quarter earlier, followed by Real Estate and Energy.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $20M.

  • Zazove Associates's largest Q3 2018 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 406,579 shares worth $20M.
  • Zazove Associates added most to Hostess Brands, Inc. Warrants in Q3 2018, an estimated $1.74M increase.
  • Zazove Associates fully exited Urban One Class D in Q3 2018, selling an estimated $5.48M.
  • Zazove Associates's ten largest holdings make up 47% of its $1.15B portfolio in Q3 2018.
  • Zazove Associates opened 4 new positions and closed 4 in Q3 2018.
  • Zazove Associates's portfolio value fell 8.1% quarter-over-quarter to $1.15B.

Based on Zazove Associates's 13F filing for Q3 2018, filed 5 Nov 2018.