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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
+0.18%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.2B
AUM Growth
-$52.8M
Cap. Flow
-$1.09B
Cap. Flow %
-90.77%
Top 10 Hldgs %
47.73%
Holding
125
New
21
Increased
2
Reduced
3
Closed
4

Top Buys

Rank Stock Value
1
ECOL
US Ecology, Inc.
ECOL
+$11.6M
2
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$7.95M
3
UONEK icon
Urban One Class D
UONEK
+$6.8M
4
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$6.21M
5
EMMS
Emmis Communications Corp
EMMS
+$5.75M

Top Sells

Rank Stock Value
1
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$1.55M
2
CURO
CURO Group Holdings Corp.
CURO
+$322K
3
AAL icon
American Airlines Group
AAL
+$102K
4
AIG.WS
American International Group, Inc.
AIG.WS
+$71K
5
CNVS icon
Cineverse
CNVS
+$47.8K

Sector Composition

Rank Sector Weight
1 Communication Services 1.01%
2 Industrials 0.96%
3 Energy 0.93%
4 Real Estate 0.43%
5 Financials 0.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CMLS
1
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$11.6M 0.97%
663,407
-2,717
-0.4% -$41.6K
ECOL
2
DELISTED
US Ecology, Inc.
ECOL
$11.3M 0.94%
+194,829
New +$11.6M
FLG.PRU
3
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$7.96M 0.66%
+157,423
New +$7.95M
TWNKW
4
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$7.7M 0.64%
+4,126,046
New +$6.21M
UONEK icon
5
Urban One Class D
UONEK
$22.8M
$6.58M 0.55%
+333,383
New +$6.8M
EMMS
6
DELISTED
Emmis Communications Corp
EMMS
$5.13M 0.43%
+1,348,757
New +$5.75M
AM icon
7
Antero Midstream
AM
$10.4B
$4.93M 0.41%
650,000
– –
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.23B
$4.92M 0.41%
1,720,000
– –
FTV.PRA
9
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
0
– –
EVV
10
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$4.14M 0.34%
312,798
– –
USAC icon
11
USA Compression Partners
USAC
$3.73B
$2.96M 0.25%
+162,957
New +$2.78M
BKEP
12
DELISTED
Blueknight Energy Partners L.P.
BKEP
$2.94M 0.24%
2,600,000
+127,231
+5% +$144K
DBRG icon
13
DigitalBridge
DBRG
$2.93B
$2.85M 0.24%
149,720
– –
JQC icon
14
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.64M 0.22%
+344,705
New +$2.56M
ECOLW
15
DELISTED
US Ecology, Inc. Warrant
ECOLW
$2.57M 0.21%
+226,935
New +$2.29M
KYN icon
16
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$2.21M 0.18%
+159,045
New +$2.12M
KMF
17
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$2.13M 0.18%
+202,441
New +$2.06M
BHR.PRB
18
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.9M
$1.94M 0.16%
102,088
+10,308
+11% +$203K
GDL
19
GDL Fund
GDL
$92.1M
$1.43M 0.12%
+153,942
New +$1.42M
GER
20
DELISTED
Goldman Sachs MLP Energy Renaissance Fund
GER
$1.42M 0.12%
+36,784
New +$1.46M
BAC.PRL icon
21
Bank of America Series L
BAC.PRL
$3.97B
$1.28M 0.11%
883
– –
SWT
22
DELISTED
Stanley Black & Decker, Inc.
SWT
– –
0
– –
RCA
23
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
CURO
24
DELISTED
CURO Group Holdings Corp.
CURO
$1.17M 0.1%
95,855
-24,097
-20% -$322K
RLJ.PRA icon
25
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$1.13M 0.09%
+39,087
New +$1.09M
1
2

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Zazove Associates's Q4 2019 Portfolio in Review

As of Q4 2019, Zazove Associates held 125 positions worth $1.2B, down 4.2% from $1.26B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Zazove Associates withdrew a net $1.09B in Q4 2019, closing 4 positions and reducing 3 holdings. Its most notable exit was Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6, an estimated $1.55M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 1% of assets, up from 0.92% a quarter earlier, followed by Industrials and Energy.

Against the trend, Zazove Associates opened a new position in US Ecology, Inc. worth $11.3M.

  • Zazove Associates's largest Q4 2019 buy was US Ecology, Inc.: 194,829 shares worth $11.3M.
  • Zazove Associates added most to Braemar Hotels & Resorts 5.50% Series B Preferred Stock in Q4 2019, an estimated $203K increase.
  • Zazove Associates's biggest Q4 2019 reduction was CURO Group Holdings Corp., cutting an estimated $322K.
  • Zazove Associates fully exited Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6 in Q4 2019, selling an estimated $1.55M.
  • Zazove Associates's ten largest holdings make up 48% of its $1.2B portfolio in Q4 2019.
  • Zazove Associates opened 21 new positions and closed 4 in Q4 2019.
  • Zazove Associates's portfolio value fell 4.2% quarter-over-quarter to $1.2B.

Based on Zazove Associates's 13F filing for Q4 2019, filed 22 Jan 2020.