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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
-1.11%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$925M
AUM Growth
-$229M
Cap. Flow
-$878M
Cap. Flow %
-94.94%
Top 10 Hldgs %
51.51%
Holding
109
New
6
Increased
7
Reduced
2
Closed
11

Top Buys

Rank Stock Value
1
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$4.82M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$1.67M
3
CURO
CURO Group Holdings Corp.
CURO
+$1.3M
4
FLY
Fly Leasing Limited
FLY
+$1.23M
5
EMMS
Emmis Communications Corp
EMMS
+$682K

Top Sells

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$20M
2
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$2.43M
3
JQC icon
Nuveen Credit Strategies Income Fund
JQC
+$2.33M
4
DSKEW
Daseke, Inc. Warrant
DSKEW
+$1.38M
5
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$528K

Sector Composition

Rank Sector Weight
1 Communication Services 0.88%
2 Energy 0.39%
3 Real Estate 0.37%
4 Financials 0.32%
5 Industrials 0.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UONEK icon
1
Urban One Class D
UONEK
$22.8M
– –
0
– –
WFC.PRL icon
2
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$4.79M 0.52%
+3,801
New +$4.82M
CMLS
3
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$4.34M 0.47%
394,666
+121,068
+44% +$1.67M
EMMS
4
DELISTED
Emmis Communications Corp
EMMS
$3.43M 0.37%
1,138,332
+177,073
+18% +$682K
EVV
5
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.97M 0.32%
248,998
-25,000
-9% -$305K
JQC icon
6
Nuveen Credit Strategies Income Fund
JQC
$707M
– –
-303,805
Closed -$2.33M
TWNKW
7
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
– –
-2,422,831
Closed -$2.43M
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.23B
$2.35M 0.25%
451,871
+86,200
+24% +$486K
DBRG icon
9
DigitalBridge
DBRG
$2.93B
$2.19M 0.24%
117,253
+11,250
+11% +$257K
USAC icon
10
USA Compression Partners
USAC
$3.73B
– –
0
– –
GDL
11
GDL Fund
GDL
$92.1M
$1.4M 0.15%
153,142
+16,400
+12% +$147K
KYN icon
12
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
– –
-33,000
Closed -$528K
BKEP
13
DELISTED
Blueknight Energy Partners L.P.
BKEP
$1.21M 0.13%
1,048,265
+248,265
+31% +$465K
RCA
14
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
BAC.PRL icon
15
Bank of America Series L
BAC.PRL
$3.97B
$1.1M 0.12%
875
– –
FLY
16
DELISTED
Fly Leasing Limited
FLY
$1.02M 0.11%
+96,204
New +$1.23M
GER
17
DELISTED
Goldman Sachs MLP Energy Renaissance Fund
GER
– –
-6,564
Closed -$329K
RLJ.PRA icon
18
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$949K 0.1%
38,630
– –
WSC icon
19
WillScot Mobile Mini Holdings
WSC
$4.66B
– –
0
– –
DSKEW
20
DELISTED
Daseke, Inc. Warrant
DSKEW
– –
-3,483,474
Closed -$1.38M
CURO
21
DELISTED
CURO Group Holdings Corp.
CURO
$751K 0.08%
+79,174
New +$1.3M
KMF
22
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
– –
-27,323
Closed -$305K
NVRO
23
DELISTED
NEVRO CORP.
NVRO
– –
0
– –
PHD
24
DELISTED
Pioneer Floating Rate Fund
PHD
– –
-47,798
Closed -$500K
FRA icon
25
BlackRock Floating Rate Income Strategies Fund
FRA
$384M
$455K 0.05%
+38,276
New +$493K
1
2

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Zazove Associates's Q4 2018 Portfolio in Review

As of Q4 2018, Zazove Associates held 109 positions worth $925M, down 20% from $1.15B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Zazove Associates withdrew a net $878M in Q4 2018, closing 11 positions and reducing 2 holdings. Its most notable exit was Flagstar Bank National Association Bifurcated Option Note Unit Securities, an estimated $20M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.88% of assets, up from 0.74% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Zazove Associates opened a new position in Wells Fargo 7.5% Non Cumv Perp Conv worth $4.79M.

  • Zazove Associates's largest Q4 2018 buy was Wells Fargo 7.5% Non Cumv Perp Conv: 3,801 shares worth $4.79M.
  • Zazove Associates added most to Cumulus Media Inc. Class A Common Stock in Q4 2018, an estimated $1.67M increase.
  • Zazove Associates's biggest Q4 2018 reduction was Eaton Vance Limited Duration Income Fund, cutting an estimated $305K.
  • Zazove Associates fully exited Flagstar Bank National Association Bifurcated Option Note Unit Securities in Q4 2018, selling an estimated $20M.
  • Zazove Associates's ten largest holdings make up 52% of its $925M portfolio in Q4 2018.
  • Zazove Associates opened 6 new positions and closed 11 in Q4 2018.
  • Zazove Associates's portfolio value fell 20% quarter-over-quarter to $925M.

Based on Zazove Associates's 13F filing for Q4 2018, filed 8 Feb 2019.