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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
-0.03%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.55B
AUM Growth
-$143M
Cap. Flow
-$1.37B
Cap. Flow %
-88.35%
Top 10 Hldgs %
47.97%
Holding
112
New
4
Increased
3
Reduced
7
Closed
4

Top Buys

Rank Stock Value
1
DSKEW
Daseke, Inc. Warrant
DSKEW
+$2.62M
2
DBRG icon
DigitalBridge
DBRG
+$1.91M
3
CISN.WS
Cision Ltd. Warrants, each to purchase one Ordinary Share
CISN.WS
+$570K
4
WELL.PRI
Welltower Inc.
WELL.PRI
+$397K
5
DSKE
Daseke, Inc. Common Stock
DSKE
+$239K

Top Sells

Rank Stock Value
1
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$3.94M
2
SIRI icon
SiriusXM
SIRI
+$804K
3
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$478K
4
DRRX
DURECT Corp
DRRX
+$218K
5
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$53K

Sector Composition

Rank Sector Weight
1 Communication Services 0.49%
2 Real Estate 0.29%
3 Financials 0.12%
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
$23M 1.48%
461,273
-9,506
-2% -$478K
UONEK icon
2
Urban One Class D
UONEK
$22.8M
$5.43M 0.35%
258,441
– –
WFC.PRL icon
3
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$4.92M 0.32%
3,801
-3,078
-45% -$3.94M
EMMS
4
DELISTED
Emmis Communications Corp
EMMS
$4.48M 0.29%
1,026,841
– –
EVV
5
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.57M 0.23%
273,998
– –
TWNKW
6
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$2.79M 0.18%
1,181,487
-3,024
-0.3% -$6.21K
JQC icon
7
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.41M 0.16%
303,805
– –
DSKEW
8
DELISTED
Daseke, Inc. Warrant
DSKEW
$1.98M 0.13%
+1,787,450
New +$2.62M
DBRG icon
9
DigitalBridge
DBRG
$2.93B
$1.8M 0.12%
80,001
+58,707
+276% +$1.91M
CNVS icon
10
Cineverse
CNVS
$58.5M
$1.4M 0.09%
50,959
-648
-1% -$17.3K
BAC.PRL icon
11
Bank of America Series L
BAC.PRL
$3.97B
$1.13M 0.07%
875
-25
-3% -$31.8K
WELL.PRI
12
DELISTED
Welltower Inc.
WELL.PRI
$1.12M 0.07%
20,000
+7,000
+54% +$397K
GDL
13
GDL Fund
GDL
$92.1M
$1.03M 0.07%
110,269
– –
RLJ.PRA icon
14
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$979K 0.06%
38,630
-1,070
-3% -$27.8K
TAHO
15
DELISTED
Tahoe Resources Inc
TAHO
$938K 0.06%
200,000
– –
CCO icon
16
Clear Channel Outdoor Holdings
CCO
$1.23B
$830K 0.05%
169,442
– –
RA
17
Brookfield Real Assets Income Fund
RA
$709M
$748K 0.05%
34,347
– –
CISN.WS
18
DELISTED
Cision Ltd. Warrants, each to purchase one Ordinary Share
CISN.WS
$583K 0.04%
249,136
+226,936
+1,022% +$570K
PHD
19
DELISTED
Pioneer Floating Rate Fund
PHD
$557K 0.04%
47,798
– –
DPG
20
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$473K 0.03%
33,833
– –
GLU
21
Gabelli Utility & Income Trust
GLU
$114M
$327K 0.02%
17,571
– –
EVG
22
Eaton Vance Short Duration Diversified Income Fund
EVG
$142M
$254K 0.02%
18,602
– –
AFT
23
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$244K 0.02%
14,507
– –
KMF
24
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$220K 0.01%
18,698
– –
FOF icon
25
Cohen & Steers Closed End Opportunity Fund
FOF
$377M
$216K 0.01%
17,540
– –
1
2

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DGM
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WCM
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CCM
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Zazove Associates's Q1 2018 Portfolio in Review

As of Q1 2018, Zazove Associates held 112 positions worth $1.55B, down 8.4% from $1.7B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Zazove Associates withdrew a net $1.37B in Q1 2018, closing 4 positions and reducing 7 holdings. Its most notable exit was SiriusXM, an estimated $804K position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.49% of assets, up from 0.45% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Zazove Associates opened a new position in Daseke, Inc. Warrant worth $1.98M.

  • Zazove Associates's largest Q1 2018 buy was Daseke, Inc. Warrant: 1,787,450 shares worth $1.98M.
  • Zazove Associates added most to DigitalBridge in Q1 2018, an estimated $1.91M increase.
  • Zazove Associates's biggest Q1 2018 reduction was Wells Fargo 7.5% Non Cumv Perp Conv, cutting an estimated $3.94M.
  • Zazove Associates fully exited SiriusXM in Q1 2018, selling an estimated $804K.
  • Zazove Associates's ten largest holdings make up 48% of its $1.55B portfolio in Q1 2018.
  • Zazove Associates opened 4 new positions and closed 4 in Q1 2018.
  • Zazove Associates's portfolio value fell 8.4% quarter-over-quarter to $1.55B.

Based on Zazove Associates's 13F filing for Q1 2018, filed 14 May 2018.