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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
-1.11%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$925M
AUM Growth
-$229M
Cap. Flow
-$878M
Cap. Flow %
-94.94%
Top 10 Hldgs %
51.51%
Holding
109
New
6
Increased
7
Reduced
2
Closed
11

Top Buys

Rank Stock Value
1
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$4.82M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$1.67M
3
CURO
CURO Group Holdings Corp.
CURO
+$1.3M
4
FLY
Fly Leasing Limited
FLY
+$1.23M
5
EMMS
Emmis Communications Corp
EMMS
+$682K

Top Sells

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$20M
2
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$2.43M
3
JQC icon
Nuveen Credit Strategies Income Fund
JQC
+$2.33M
4
DSKEW
Daseke, Inc. Warrant
DSKEW
+$1.38M
5
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$528K

Sector Composition

Rank Sector Weight
1 Communication Services 0.88%
2 Energy 0.39%
3 Real Estate 0.37%
4 Financials 0.32%
5 Industrials 0.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNVS icon
26
Cineverse
CNVS
$65.6M
$446K 0.05%
39,094
-3,468
-8% -$59.8K
JRO
27
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
– –
0
– –
GEL icon
28
Genesis Energy
GEL
$1.84B
$379K 0.04%
+20,500
New +$461K
DSKE
29
DELISTED
Daseke, Inc. Common Stock
DSKE
$362K 0.04%
98,325
+78,325
+392% +$420K
NIHD
30
DELISTED
NII Holdings, Inc. Common Stock
NIHD
– –
0
– –
GLU
31
Gabelli Utility & Income Trust
GLU
$116M
$278K 0.03%
17,271
– –
EP.PRC icon
32
El Paso Energy Capital Trust I
EP.PRC
$223M
$235K 0.03%
+5,616
New +$250K
EVG
33
Eaton Vance Short Duration Diversified Income Fund
EVG
$143M
$232K 0.03%
18,602
– –
AFT
34
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$209K 0.02%
14,507
– –
SMM
35
DELISTED
Salient Midstream & MLP Fund
SMM
– –
-25,602
Closed -$224K
NRCG.WS
36
DELISTED
NRC Group Holdings Corp.
NRCG.WS
– –
0
– –
AIG.WS
37
DELISTED
American International Group, Inc.
AIG.WS
– –
-10,610
Closed -$91.1K
DPG
38
Duff & Phelps Utility and Infrastructure Fund
DPG
$524M
– –
-33,833
Closed -$491K
FLG.PRU
39
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$118M
– –
-406,579
Closed -$20M
1
2

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Zazove Associates's Q4 2018 Portfolio in Review

As of Q4 2018, Zazove Associates held 109 positions worth $925M, down 20% from $1.15B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Zazove Associates withdrew a net $878M in Q4 2018, closing 11 positions and reducing 2 holdings. Its most notable exit was Flagstar Bank National Association Bifurcated Option Note Unit Securities, an estimated $20M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.88% of assets, up from 0.74% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Zazove Associates opened a new position in Wells Fargo 7.5% Non Cumv Perp Conv worth $4.79M.

  • Zazove Associates's largest Q4 2018 buy was Wells Fargo 7.5% Non Cumv Perp Conv: 3,801 shares worth $4.79M.
  • Zazove Associates added most to Cumulus Media Inc. Class A Common Stock in Q4 2018, an estimated $1.67M increase.
  • Zazove Associates's biggest Q4 2018 reduction was Eaton Vance Limited Duration Income Fund, cutting an estimated $305K.
  • Zazove Associates fully exited Flagstar Bank National Association Bifurcated Option Note Unit Securities in Q4 2018, selling an estimated $20M.
  • Zazove Associates's ten largest holdings make up 52% of its $925M portfolio in Q4 2018.
  • Zazove Associates opened 6 new positions and closed 11 in Q4 2018.
  • Zazove Associates's portfolio value fell 20% quarter-over-quarter to $925M.

Based on Zazove Associates's 13F filing for Q4 2018, filed 8 Feb 2019.