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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
+0.01%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.7B
AUM Growth
-$258M
Cap. Flow
-$1.7B
Cap. Flow %
-99.97%
Top 10 Hldgs %
44.9%
Holding
113
New
3
Increased
6
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
RLJ.PRA icon
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
+$1.11M
2
CNVS icon
Cineverse
CNVS
+$995K
3
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$621K
4
KMF
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
+$252K
5
AIG.WS
American International Group, Inc.
AIG.WS
+$209K

Top Sells

Rank Stock Value
1
IRDMB
Iridium Communications Inc - 6.75% Series B
IRDMB
+$3.87M
2
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$1.39M
3
DSU icon
BlackRock Debt Strategies Fund
DSU
+$591K
4
TEVA icon
Teva Pharmaceuticals
TEVA
+$528K
5
SIRI icon
SiriusXM
SIRI
+$525K

Sector Composition

Rank Sector Weight
1 Communication Services 0.45%
2 Real Estate 0.2%
3 Financials 0.06%
4 Materials 0.06%
5 Healthcare 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLG.PRU
1
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$23.8M 1.4%
470,779
+12,270
+3% +$621K
WFC.PRL icon
2
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$9.01M 0.53%
6,879
– –
UONEK icon
3
Urban One Class D
UONEK
$22.8M
$4.59M 0.27%
258,441
+2,215
+0.9% +$37.3K
EVV
4
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.74M 0.22%
273,998
– –
EMMS
5
DELISTED
Emmis Communications Corp
EMMS
$3.4M 0.2%
1,026,841
-1,194
-0.1% -$3.96K
TWNKW
6
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$2.76M 0.16%
1,184,511
+25,880
+2% +$47.5K
JQC icon
7
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.5M 0.15%
303,805
– –
CNVS icon
8
Cineverse
CNVS
$58.5M
$1.55M 0.09%
51,607
+35,214
+215% +$995K
BAC.PRL icon
9
Bank of America Series L
BAC.PRL
$3.97B
$1.19M 0.07%
900
– –
RLJ.PRA icon
10
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$1.07M 0.06%
+39,700
New +$1.11M
GDL
11
GDL Fund
GDL
$92.1M
$1.07M 0.06%
110,269
– –
DBRG icon
12
DigitalBridge
DBRG
$2.93B
$972K 0.06%
21,294
– –
TAHO
13
DELISTED
Tahoe Resources Inc
TAHO
$958K 0.06%
200,000
– –
SIRI icon
14
SiriusXM
SIRI
$10.2B
$804K 0.05%
15,000
-9,500
-39% -$525K
RA
15
Brookfield Real Assets Income Fund
RA
$709M
$803K 0.05%
34,347
-2,000
-6% -$47.3K
WELL.PRI
16
DELISTED
Welltower Inc.
WELL.PRI
$780K 0.05%
13,000
– –
CCO icon
17
Clear Channel Outdoor Holdings
CCO
$1.23B
$779K 0.05%
169,442
– –
PHD
18
DELISTED
Pioneer Floating Rate Fund
PHD
$548K 0.03%
47,798
– –
DPG
19
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$525K 0.03%
33,833
– –
GLU
20
Gabelli Utility & Income Trust
GLU
$114M
$374K 0.02%
17,571
-12,776
-42% -$261K
EVG
21
Eaton Vance Short Duration Diversified Income Fund
EVG
$142M
$267K 0.02%
18,602
– –
KMF
22
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$258K 0.02%
+18,698
New +$252K
DRRX
23
DELISTED
DURECT Corp
DRRX
$235K 0.01%
25,500
– –
AFT
24
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$235K 0.01%
14,507
– –
FOF icon
25
Cohen & Steers Closed End Opportunity Fund
FOF
$377M
$233K 0.01%
17,540
-31,491
-64% -$413K
1
2

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DGM
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WCM
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Zazove Associates's Q4 2017 Portfolio in Review

As of Q4 2017, Zazove Associates held 113 positions worth $1.7B, down 13% from $1.95B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Zazove Associates withdrew a net $1.7B in Q4 2017, closing 5 positions and reducing 7 holdings. Its most notable exit was Iridium Communications Inc - 6.75% Series B, an estimated $3.87M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.45% of assets, up from 0.35% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Zazove Associates opened a new position in RLJ Lodging Trust $1.95 Series A Preferred Stock worth $1.07M.

  • Zazove Associates's largest Q4 2017 buy was RLJ Lodging Trust $1.95 Series A Preferred Stock: 39,700 shares worth $1.07M.
  • Zazove Associates added most to Cineverse in Q4 2017, an estimated $995K increase.
  • Zazove Associates's biggest Q4 2017 reduction was SiriusXM, cutting an estimated $525K.
  • Zazove Associates fully exited Iridium Communications Inc - 6.75% Series B in Q4 2017, selling an estimated $3.87M.
  • Zazove Associates's ten largest holdings make up 45% of its $1.7B portfolio in Q4 2017.
  • Zazove Associates opened 3 new positions and closed 5 in Q4 2017.
  • Zazove Associates's portfolio value fell 13% quarter-over-quarter to $1.7B.

Based on Zazove Associates's 13F filing for Q4 2017, filed 9 Feb 2018.