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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
+1.72%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.06B
AUM Growth
+$135M
Cap. Flow
-$763M
Cap. Flow %
-72.01%
Top 10 Hldgs %
49.56%
Holding
111
New
3
Increased
10
Reduced
1
Closed
3

Top Buys

Rank Stock Value
1
BKEP
Blueknight Energy Partners L.P.
BKEP
+$1.39M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$1.31M
3
DSKEW
Daseke, Inc. Warrant
DSKEW
+$1.27M
4
EP.PRC icon
El Paso Energy Capital Trust I
EP.PRC
+$529K
5
CURO
CURO Group Holdings Corp.
CURO
+$445K

Top Sells

Rank Stock Value
1
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$4.91M
2
RLJ.PRA icon
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
+$973K
3
GEL icon
Genesis Energy
GEL
+$443K
4
CNVS icon
Cineverse
CNVS
+$44K

Sector Composition

Rank Sector Weight
1 Communication Services 0.92%
2 Energy 0.46%
3 Financials 0.38%
4 Real Estate 0.37%
5 Industrials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CMLS
1
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$8.64M 0.82%
479,573
+84,907
+22% +$1.31M
UONEK icon
2
Urban One Class D
UONEK
$22.8M
– –
0
– –
EMMS
3
DELISTED
Emmis Communications Corp
EMMS
$3.93M 0.37%
1,148,471
+10,139
+0.9% +$35.8K
EVV
4
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.31M 0.31%
261,998
+13,000
+5% +$162K
TWNKW
5
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
– –
0
– –
DBRG icon
6
DigitalBridge
DBRG
$2.93B
$2.87M 0.27%
134,679
+17,426
+15% +$389K
JQC icon
7
Nuveen Credit Strategies Income Fund
JQC
$707M
– –
0
– –
KYN icon
8
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
– –
0
– –
CCO icon
9
Clear Channel Outdoor Holdings
CCO
$1.23B
$2.42M 0.23%
451,871
– –
KMF
10
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
– –
0
– –
USAC icon
11
USA Compression Partners
USAC
$3.73B
– –
0
– –
BKEP
12
DELISTED
Blueknight Energy Partners L.P.
BKEP
$1.99M 0.19%
1,929,397
+881,132
+84% +$1.39M
GER
13
DELISTED
Goldman Sachs MLP Energy Renaissance Fund
GER
– –
0
– –
DSKEW
14
DELISTED
Daseke, Inc. Warrant
DSKEW
$1.51M 0.14%
+4,428,325
New +$1.27M
GDL
15
GDL Fund
GDL
$92.1M
$1.46M 0.14%
153,142
– –
CNVS icon
16
Cineverse
CNVS
$58.5M
$1.42M 0.13%
37,346
-1,748
-4% -$44K
FLY
17
DELISTED
Fly Leasing Limited
FLY
$1.4M 0.13%
101,066
+4,862
+5% +$57.5K
RCA
18
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
CURO
19
DELISTED
CURO Group Holdings Corp.
CURO
$1.2M 0.11%
119,952
+40,778
+52% +$445K
BAC.PRL icon
20
Bank of America Series L
BAC.PRL
$3.97B
$1.14M 0.11%
875
– –
LGND icon
21
Ligand Pharmaceuticals
LGND
$5.85B
– –
0
– –
WSC icon
22
WillScot Mobile Mini Holdings
WSC
$4.66B
– –
0
– –
RLJ.PRA icon
23
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
– –
-38,630
Closed -$973K
EP.PRC icon
24
El Paso Energy Capital Trust I
EP.PRC
$222M
$903K 0.09%
16,616
+11,000
+196% +$529K
WFC.PRL icon
25
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
– –
-3,801
Closed -$4.91M
1
2

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SC
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IB
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IA
Inspire Advisors Meridian, Idaho $1.23B AUM 18.62% 1-Year Est. Return
DGM
Delta Global Management New York $1.22B AUM 34.86% 1-Year Est. Return
WCM
Windward Capital Management Los Angeles, California $1.23B AUM 23.17% 1-Year Est. Return
GC
Gillson Capital Chicago, Illinois $1.22B AUM 7.54% 1-Year Est. Return
CCM
Coliseum Capital Management Rowayton, Connecticut $1.22B AUM 18.72% 1-Year Est. Return
AG
Atairos Group Bryn Mawr, Pennsylvania $1.22B AUM 38.2% 1-Year Est. Return

Zazove Associates's Q1 2019 Portfolio in Review

As of Q1 2019, Zazove Associates held 111 positions worth $1.06B, up 15% from $925M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Zazove Associates withdrew a net $763M in Q1 2019, closing 3 positions and reducing 1 holding. Its most notable exit was Wells Fargo 7.5% Non Cumv Perp Conv, an estimated $4.91M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.92% of assets, up from 0.88% a quarter earlier, followed by Energy and Financials.

Against the trend, Zazove Associates opened a new position in Daseke, Inc. Warrant worth $1.51M.

  • Zazove Associates's largest Q1 2019 buy was Daseke, Inc. Warrant: 4,428,325 shares worth $1.51M.
  • Zazove Associates added most to Blueknight Energy Partners L.P. in Q1 2019, an estimated $1.39M increase.
  • Zazove Associates's biggest Q1 2019 reduction was Cineverse, cutting an estimated $44K.
  • Zazove Associates fully exited Wells Fargo 7.5% Non Cumv Perp Conv in Q1 2019, selling an estimated $4.91M.
  • Zazove Associates's ten largest holdings make up 50% of its $1.06B portfolio in Q1 2019.
  • Zazove Associates opened 3 new positions and closed 3 in Q1 2019.
  • Zazove Associates's portfolio value rose 15% quarter-over-quarter to $1.06B.

Based on Zazove Associates's 13F filing for Q1 2019, filed 13 May 2019.