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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
+0.18%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.2B
AUM Growth
-$52.8M
Cap. Flow
-$1.09B
Cap. Flow %
-90.77%
Top 10 Hldgs %
47.73%
Holding
125
New
21
Increased
2
Reduced
3
Closed
4

Top Buys

Rank Stock Value
1
ECOL
US Ecology, Inc.
ECOL
+$11.6M
2
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$7.95M
3
UONEK icon
Urban One Class D
UONEK
+$6.8M
4
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$6.21M
5
EMMS
Emmis Communications Corp
EMMS
+$5.75M

Top Sells

Rank Stock Value
1
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$1.55M
2
CURO
CURO Group Holdings Corp.
CURO
+$322K
3
AAL icon
American Airlines Group
AAL
+$102K
4
AIG.WS
American International Group, Inc.
AIG.WS
+$71K
5
CNVS icon
Cineverse
CNVS
+$47.8K

Sector Composition

Rank Sector Weight
1 Communication Services 1.01%
2 Industrials 0.96%
3 Energy 0.93%
4 Real Estate 0.43%
5 Financials 0.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DTP
26
DELISTED
DTE Energy Company 2019 Corporate Units
DTP
– –
0
– –
WFC.PRL icon
27
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.66B
$987K 0.08%
+681
New +$1.01M
SMM
28
DELISTED
Salient Midstream & MLP Fund
SMM
$554K 0.05%
+71,120
New +$525K
PHD
29
DELISTED
Pioneer Floating Rate Fund
PHD
$524K 0.04%
+47,798
New +$505K
FRA icon
30
BlackRock Floating Rate Income Strategies Fund
FRA
$385M
$514K 0.04%
38,276
– –
EVG
31
Eaton Vance Short Duration Diversified Income Fund
EVG
$143M
$503K 0.04%
+37,247
New +$495K
JRO
32
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$462K 0.04%
+46,255
New +$442K
CNVS icon
33
Cineverse
CNVS
$65.6M
$452K 0.04%
32,258
-2,775
-8% -$47.8K
GEL icon
34
Genesis Energy
GEL
$1.84B
$420K 0.03%
+20,500
New +$413K
DSKE
35
DELISTED
Daseke, Inc. Common Stock
DSKE
$385K 0.03%
121,799
– –
ATLC icon
36
Atlanticus Holdings
ATLC
$1.52B
$367K 0.03%
40,694
– –
DSKEW
37
DELISTED
Daseke, Inc. Warrant
DSKEW
$367K 0.03%
3,081,325
– –
BLW icon
38
BlackRock Limited Duration Income Trust
BLW
$493M
$302K 0.03%
18,396
– –
FLY
39
DELISTED
Fly Leasing Limited
FLY
$242K 0.02%
+12,339
New +$246K
AFT
40
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$220K 0.02%
14,507
– –
NIHD
41
DELISTED
NII Holdings, Inc. Common Stock
NIHD
$163K 0.01%
+75,000
New +$145K
AAL icon
42
American Airlines Group
AAL
$10.6B
– –
-3,795
Closed -$102K
EFR
43
Eaton Vance Senior Floating-Rate Fund
EFR
$317M
– –
-400
Closed -$5K
AIG.WS
44
DELISTED
American International Group, Inc.
AIG.WS
– –
-5,000
Closed -$71K
BDXA
45
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
– –
-25,000
Closed -$1.55M
1
2

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IA
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DGM
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GC
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CCM
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FLII
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Zazove Associates's Q4 2019 Portfolio in Review

As of Q4 2019, Zazove Associates held 125 positions worth $1.2B, down 4.2% from $1.26B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Zazove Associates withdrew a net $1.09B in Q4 2019, closing 4 positions and reducing 3 holdings. Its most notable exit was Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6, an estimated $1.55M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 1% of assets, up from 0.92% a quarter earlier, followed by Industrials and Energy.

Against the trend, Zazove Associates opened a new position in US Ecology, Inc. worth $11.3M.

  • Zazove Associates's largest Q4 2019 buy was US Ecology, Inc.: 194,829 shares worth $11.3M.
  • Zazove Associates added most to Braemar Hotels & Resorts 5.50% Series B Preferred Stock in Q4 2019, an estimated $203K increase.
  • Zazove Associates's biggest Q4 2019 reduction was CURO Group Holdings Corp., cutting an estimated $322K.
  • Zazove Associates fully exited Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6 in Q4 2019, selling an estimated $1.55M.
  • Zazove Associates's ten largest holdings make up 48% of its $1.2B portfolio in Q4 2019.
  • Zazove Associates opened 21 new positions and closed 4 in Q4 2019.
  • Zazove Associates's portfolio value fell 4.2% quarter-over-quarter to $1.2B.

Based on Zazove Associates's 13F filing for Q4 2019, filed 22 Jan 2020.