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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
+2.91%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$719M
AUM Growth
-$114M
Cap. Flow
-$668M
Cap. Flow %
-92.91%
Top 10 Hldgs %
54.98%
Holding
111
New
4
Increased
11
Reduced
4
Closed
4

Top Buys

Rank Stock Value
1
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$1.74M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$1.35M
3
BHR
Braemar Hotels & Resorts
BHR
+$270K
4
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$259K
5
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$168K

Top Sells

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$3.11M
2
ECOL
US Ecology, Inc.
ECOL
+$1.56M
3
BAC.PRL icon
Bank of America Series L
BAC.PRL
+$1.14M
4
UONEK icon
Urban One Class D
UONEK
+$866K
5
MDIA icon
Mediaco Holding
MDIA
+$617K

Sector Composition

Rank Sector Weight
1 Energy 1.17%
2 Communication Services 1%
3 Real Estate 0.39%
4 Financials 0.21%
5 Industrials 0.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WSC icon
26
WillScot Mobile Mini Holdings
WSC
$4.41B
– –
0
– –
JRO
27
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$363K 0.05%
46,255
– –
EP.PRC icon
28
El Paso Energy Capital Trust I
EP.PRC
$223M
$345K 0.05%
7,706
– –
EPD icon
29
Enterprise Products Partners
EPD
$81.7B
$267K 0.04%
14,710
– –
BHR
30
Braemar Hotels & Resorts
BHR
$142M
$266K 0.04%
+92,892
New +$270K
BLW icon
31
BlackRock Limited Duration Income Trust
BLW
$493M
$256K 0.04%
18,396
– –
EVF
32
Eaton Vance Senior Income Trust
EVF
$90.5M
$194K 0.03%
36,329
– –
DSKEW
33
DELISTED
Daseke, Inc. Warrant
DSKEW
$183K 0.03%
3,049,273
-5,000
-0.2% -$258
AFT
34
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$180K 0.03%
14,507
– –
GEL icon
35
Genesis Energy
GEL
$1.84B
$148K 0.02%
20,500
– –
FLY
36
DELISTED
Fly Leasing Limited
FLY
$101K 0.01%
12,339
– –
VTOL icon
37
Bristow Group
VTOL
$1.36B
$61K 0.01%
+4,366
New +$46.6K
MDIA icon
38
Mediaco Holding
MDIA
$78M
$53K 0.01%
10,043
-137,668
-93% -$617K
JSD
39
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
$35K ﹤0.01%
+3,007
New +$34.6K
JFR icon
40
Nuveen Floating Rate Income Fund
JFR
$1.25B
$8K ﹤0.01%
+1,000
New +$7.71K
BAC.PRL icon
41
Bank of America Series L
BAC.PRL
$3.99B
– –
-883
Closed -$1.14M
CNVS icon
42
Cineverse
CNVS
$65.6M
– –
-14,443
Closed -$105K
FLG.PRU
43
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$118M
– –
-73,311
Closed -$3.11M
ECOL
44
DELISTED
US Ecology, Inc.
ECOL
– –
-51,441
Closed -$1.56M
1
2

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SC
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IA
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DGM
Delta Global Management New York $1.22B AUM 34.86% 1-Year Est. Return
GC
Gillson Capital Chicago, Illinois $1.22B AUM 7.54% 1-Year Est. Return
CCM
Coliseum Capital Management Rowayton, Connecticut $1.22B AUM 18.72% 1-Year Est. Return
AG
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IC
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FLII
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Zazove Associates's Q2 2020 Portfolio in Review

As of Q2 2020, Zazove Associates held 111 positions worth $719M, down 14% from $833M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Zazove Associates withdrew a net $668M in Q2 2020, closing 4 positions and reducing 4 holdings. Its most notable exit was Flagstar Bank National Association Bifurcated Option Note Unit Securities, an estimated $3.11M position sold in full.

By sector, the portfolio is most concentrated in Energy at 1.2% of assets, up from 0.55% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Braemar Hotels & Resorts worth $266K.

  • Zazove Associates's largest Q2 2020 buy was Braemar Hotels & Resorts: 92,892 shares worth $266K.
  • Zazove Associates added most to Braemar Hotels & Resorts 5.50% Series B Preferred Stock in Q2 2020, an estimated $1.74M increase.
  • Zazove Associates's biggest Q2 2020 reduction was Urban One Class D, cutting an estimated $866K.
  • Zazove Associates fully exited Flagstar Bank National Association Bifurcated Option Note Unit Securities in Q2 2020, selling an estimated $3.11M.
  • Zazove Associates's ten largest holdings make up 55% of its $719M portfolio in Q2 2020.
  • Zazove Associates opened 4 new positions and closed 4 in Q2 2020.
  • Zazove Associates's portfolio value fell 14% quarter-over-quarter to $719M.

Based on Zazove Associates's 13F filing for Q2 2020, filed 4 Aug 2020.