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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
+0.48%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.13B
AUM Growth
+$74.2M
Cap. Flow
-$913M
Cap. Flow %
-80.59%
Top 10 Hldgs %
46.53%
Holding
121
New
20
Increased
7
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
UONEK icon
Urban One Class D
UONEK
+$6.16M
2
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$4.93M
3
JQC icon
Nuveen Credit Strategies Income Fund
JQC
+$2.72M
4
USAC icon
USA Compression Partners
USAC
+$2.64M
5
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$2.48M

Top Sells

Rank Stock Value
1
GLU
Gabelli Utility & Income Trust
GLU
+$322K
2
EP.PRC icon
El Paso Energy Capital Trust I
EP.PRC
+$191K
3
AIG.WS
American International Group, Inc.
AIG.WS
+$60K
4
CNVS icon
Cineverse
CNVS
+$28.2K
5
DSKEW
Daseke, Inc. Warrant
DSKEW
+$3K

Sector Composition

Rank Sector Weight
1 Communication Services 0.93%
2 Energy 0.51%
3 Real Estate 0.46%
4 Financials 0.41%
5 Industrials 0.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CMLS
1
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$9.18M 0.81%
495,097
+15,524
+3% +$272K
UONEK icon
2
Urban One Class D
UONEK
$22.8M
$6.29M 0.55%
+320,687
New +$6.16M
TWNKW
3
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$5.89M 0.52%
+3,097,637
New +$4.93M
EMMS
4
DELISTED
Emmis Communications Corp
EMMS
$5.16M 0.46%
1,155,387
+6,916
+0.6% +$24.9K
FTV.PRA
5
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
0
– –
EVV
6
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.96M 0.35%
312,798
+50,800
+19% +$642K
CCO icon
7
Clear Channel Outdoor Holdings
CCO
$1.23B
$3.12M 0.27%
660,000
+208,129
+46% +$1.06M
USAC icon
8
USA Compression Partners
USAC
$3.73B
$2.73M 0.24%
+153,799
New +$2.64M
JQC icon
9
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.73M 0.24%
+344,705
New +$2.72M
DBRG icon
10
DigitalBridge
DBRG
$2.93B
$2.69M 0.24%
134,679
– –
BKEP
11
DELISTED
Blueknight Energy Partners L.P.
BKEP
$2.54M 0.22%
2,190,979
+261,582
+14% +$292K
KYN icon
12
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$2.44M 0.21%
+159,045
New +$2.48M
KMF
13
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$2.34M 0.21%
+202,441
New +$2.38M
FLY
14
DELISTED
Fly Leasing Limited
FLY
$1.83M 0.16%
104,894
+3,828
+4% +$59.9K
GER
15
DELISTED
Goldman Sachs MLP Energy Renaissance Fund
GER
$1.75M 0.15%
+36,784
New +$1.8M
MGY.WS
16
DELISTED
Magnolia Oil & Gas Corporation
MGY.WS
$1.63M 0.14%
+487,700
New +$1.74M
GDL
17
GDL Fund
GDL
$92.1M
$1.43M 0.13%
153,942
+800
+0.5% +$7.47K
CURO
18
DELISTED
CURO Group Holdings Corp.
CURO
$1.32M 0.12%
119,952
– –
RCA
19
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
BAC.PRL icon
20
Bank of America Series L
BAC.PRL
$3.97B
$1.2M 0.11%
875
– –
NRCG.WS
21
DELISTED
NRC Group Holdings Corp.
NRCG.WS
$1.12M 0.1%
+673,600
New +$626K
RLJ.PRA icon
22
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$1.02M 0.09%
+38,630
New +$996K
LGND icon
23
Ligand Pharmaceuticals
LGND
$5.85B
$1M 0.09%
+14,119
New +$1.04M
CNVS icon
24
Cineverse
CNVS
$58.5M
$987K 0.09%
36,541
-805
-2% -$28.2K
WFC.PRL icon
25
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$922K 0.08%
+673
New +$890K
1
2

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Zazove Associates's Q2 2019 Portfolio in Review

As of Q2 2019, Zazove Associates held 121 positions worth $1.13B, up 7% from $1.06B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Zazove Associates withdrew a net $913M in Q2 2019, closing 2 positions and reducing 3 holdings. Its most notable exit was Gabelli Utility & Income Trust, an estimated $322K position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.93% of assets, up from 0.92% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Zazove Associates opened a new position in Urban One Class D worth $6.29M.

  • Zazove Associates's largest Q2 2019 buy was Urban One Class D: 320,687 shares worth $6.29M.
  • Zazove Associates added most to Clear Channel Outdoor Holdings in Q2 2019, an estimated $1.06M increase.
  • Zazove Associates's biggest Q2 2019 reduction was El Paso Energy Capital Trust I, cutting an estimated $191K.
  • Zazove Associates fully exited Gabelli Utility & Income Trust in Q2 2019, selling an estimated $322K.
  • Zazove Associates's ten largest holdings make up 47% of its $1.13B portfolio in Q2 2019.
  • Zazove Associates opened 20 new positions and closed 2 in Q2 2019.
  • Zazove Associates's portfolio value rose 7% quarter-over-quarter to $1.13B.

Based on Zazove Associates's 13F filing for Q2 2019, filed 30 Jul 2019.