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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
+0.56%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$769M
AUM Growth
+$49.8M
Cap. Flow
-$582M
Cap. Flow %
-75.64%
Top 10 Hldgs %
55.79%
Holding
115
New
6
Increased
5
Reduced
7
Closed
6

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$2.89M
2
PRPLW
Purple Innovation, Inc.
PRPLW
+$2.12M
3
HOUS
Anywhere Real Estate
HOUS
+$1.97M
4
USAC icon
USA Compression Partners
USAC
+$1.71M
5
WSC icon
WillScot Mobile Mini Holdings
WSC
+$489K

Top Sells

Rank Stock Value
1
EMMS
Emmis Communications Corp
EMMS
+$2.04M
2
AM icon
Antero Midstream
AM
+$1.79M
3
UONEK icon
Urban One Class D
UONEK
+$1.27M
4
CBRE icon
CBRE Group
CBRE
+$472K
5
DSKEW
Daseke, Inc. Warrant
DSKEW
+$316K

Sector Composition

Rank Sector Weight
1 Energy 0.92%
2 Communication Services 0.57%
3 Real Estate 0.31%
4 Financials 0.2%
5 Consumer Discretionary 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BHR
26
Braemar Hotels & Resorts
BHR
$139M
$414K 0.05%
165,787
+72,895
+78% +$185K
EVG
27
Eaton Vance Short Duration Diversified Income Fund
EVG
$143M
$396K 0.05%
34,588
– –
JRO
28
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$379K 0.05%
46,255
– –
EP.PRC icon
29
El Paso Energy Capital Trust I
EP.PRC
$221M
$364K 0.05%
7,706
– –
SMM
30
DELISTED
Salient Midstream & MLP Fund
SMM
$352K 0.05%
100,550
– –
BLW icon
31
BlackRock Limited Duration Income Trust
BLW
$493M
$271K 0.04%
18,396
– –
EPD icon
32
Enterprise Products Partners
EPD
$82.2B
$232K 0.03%
14,710
– –
EVF
33
Eaton Vance Senior Income Trust
EVF
$91.6M
$213K 0.03%
36,329
– –
AFT
34
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$186K 0.02%
14,507
– –
DSKEW
35
DELISTED
Daseke, Inc. Warrant
DSKEW
$134K 0.02%
878,791
-2,170,482
-71% -$316K
GEL icon
36
Genesis Energy
GEL
$1.9B
$92K 0.01%
20,500
– –
FLY
37
DELISTED
Fly Leasing Limited
FLY
$20K ﹤0.01%
2,738
-9,601
-78% -$69.3K
CBRE icon
38
CBRE Group
CBRE
$41.7B
– –
-10,442
Closed -$472K
JFR icon
39
Nuveen Floating Rate Income Fund
JFR
$1.26B
– –
-1,000
Closed -$8K
MDIA icon
40
Mediaco Holding
MDIA
$78.3M
– –
-10,043
Closed -$53K
VTOL icon
41
Bristow Group
VTOL
$1.38B
– –
-4,366
Closed -$61K
EMMS
42
DELISTED
Emmis Communications Corp
EMMS
– –
-1,234,221
Closed -$2.04M
JSD
43
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
– –
-3,007
Closed -$35K
1
2

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Zazove Associates's Q3 2020 Portfolio in Review

As of Q3 2020, Zazove Associates held 115 positions worth $769M, up 6.9% from $719M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Zazove Associates withdrew a net $582M in Q3 2020, closing 6 positions and reducing 7 holdings. Its most notable exit was Emmis Communications Corp, an estimated $2.04M position sold in full.

By sector, the portfolio is most concentrated in Energy at 0.92% of assets, down from 1.2% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $2.89M.

  • Zazove Associates's largest Q3 2020 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 65,591 shares worth $2.89M.
  • Zazove Associates added most to Kayne Anderson Energy Infrastructure Fund in Q3 2020, an estimated $477K increase.
  • Zazove Associates's biggest Q3 2020 reduction was Antero Midstream, cutting an estimated $1.79M.
  • Zazove Associates fully exited Emmis Communications Corp in Q3 2020, selling an estimated $2.04M.
  • Zazove Associates's ten largest holdings make up 56% of its $769M portfolio in Q3 2020.
  • Zazove Associates opened 6 new positions and closed 6 in Q3 2020.
  • Zazove Associates's portfolio value rose 6.9% quarter-over-quarter to $769M.

Based on Zazove Associates's 13F filing for Q3 2020, filed 27 Oct 2020.