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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
+0.2%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.15B
AUM Growth
-$102M
Cap. Flow
-$1.11B
Cap. Flow %
-96.29%
Top 10 Hldgs %
46.53%
Holding
107
New
4
Increased
8
Reduced
–
Closed
4

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$20.2M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$5M
3
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$1.74M
4
BKEP
Blueknight Energy Partners L.P.
BKEP
+$1.27M
5
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$616K

Top Sells

Rank Stock Value
1
UONEK icon
Urban One Class D
UONEK
+$5.48M
2
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$4.85M
3
SMPLW
The Simply Good Foods Company Warrant
SMPLW
+$3.75M
4
TAHO
Tahoe Resources Inc
TAHO
+$775K

Sector Composition

Rank Sector Weight
1 Communication Services 0.74%
2 Real Estate 0.41%
3 Energy 0.25%
4 Financials 0.22%
5 Materials 0.05%
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
$20M 1.74%
+406,579
New +$20.2M
UONEK icon
2
Urban One Class D
UONEK
$22.8M
– –
-258,671
Closed -$5.48M
WFC.PRL icon
3
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
– –
-3,801
Closed -$4.85M
SMPLW
4
DELISTED
The Simply Good Foods Company Warrant
SMPLW
– –
-603,912
Closed -$3.75M
EMMS
5
DELISTED
Emmis Communications Corp
EMMS
$4.78M 0.41%
961,259
+3,299
+0.3% +$15.6K
CMLS
6
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$4.75M 0.41%
+273,598
New +$5M
EVV
7
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.47M 0.3%
273,998
– –
DSKEW
8
DELISTED
Daseke, Inc. Warrant
DSKEW
$2.79M 0.24%
3,483,474
+235,700
+7% +$228K
DBRG icon
9
DigitalBridge
DBRG
$2.93B
$2.58M 0.22%
106,003
– –
TWNKW
10
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$2.57M 0.22%
2,422,831
+1,083,851
+81% +$1.74M
JQC icon
11
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.42M 0.21%
303,805
– –
CCO icon
12
Clear Channel Outdoor Holdings
CCO
$1.23B
$2.18M 0.19%
365,671
+68,930
+23% +$326K
BKEP
13
DELISTED
Blueknight Energy Partners L.P.
BKEP
$1.7M 0.15%
800,000
+463,314
+138% +$1.27M
GDL
14
GDL Fund
GDL
$92.1M
$1.24M 0.11%
136,742
+18,090
+15% +$166K
USAC icon
15
USA Compression Partners
USAC
$3.73B
– –
0
– –
BAC.PRL icon
16
Bank of America Series L
BAC.PRL
$3.97B
$1.13M 0.1%
875
– –
RLJ.PRA icon
17
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$1.01M 0.09%
38,630
– –
CNVS icon
18
Cineverse
CNVS
$58.5M
$987K 0.09%
42,562
– –
KYN icon
19
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$589K 0.05%
+33,000
New +$616K
TAHO
20
DELISTED
Tahoe Resources Inc
TAHO
– –
-200,000
Closed -$775K
WSCWW
21
DELISTED
WillScot Corporation Warrant
WSCWW
– –
0
– –
PHD
22
DELISTED
Pioneer Floating Rate Fund
PHD
$527K 0.05%
47,798
– –
DPG
23
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$491K 0.04%
33,833
– –
GER
24
DELISTED
Goldman Sachs MLP Energy Renaissance Fund
GER
$381K 0.03%
+6,564
New +$388K
KMF
25
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$350K 0.03%
27,323
+8,625
+46% +$113K
1
2

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Zazove Associates's Q3 2018 Portfolio in Review

As of Q3 2018, Zazove Associates held 107 positions worth $1.15B, down 8.1% from $1.26B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Zazove Associates withdrew a net $1.11B in Q3 2018, closing 4 positions. Its most notable exit was Urban One Class D, an estimated $5.48M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.74% of assets, up from 0.63% a quarter earlier, followed by Real Estate and Energy.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $20M.

  • Zazove Associates's largest Q3 2018 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 406,579 shares worth $20M.
  • Zazove Associates added most to Hostess Brands, Inc. Warrants in Q3 2018, an estimated $1.74M increase.
  • Zazove Associates fully exited Urban One Class D in Q3 2018, selling an estimated $5.48M.
  • Zazove Associates's ten largest holdings make up 47% of its $1.15B portfolio in Q3 2018.
  • Zazove Associates opened 4 new positions and closed 4 in Q3 2018.
  • Zazove Associates's portfolio value fell 8.1% quarter-over-quarter to $1.15B.

Based on Zazove Associates's 13F filing for Q3 2018, filed 5 Nov 2018.