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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
+2.91%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$719M
AUM Growth
-$114M
Cap. Flow
-$668M
Cap. Flow %
-92.91%
Top 10 Hldgs %
54.98%
Holding
111
New
4
Increased
11
Reduced
4
Closed
4

Top Buys

Rank Stock Value
1
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$1.74M
2
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$1.35M
3
BHR
Braemar Hotels & Resorts
BHR
+$270K
4
KYN icon
Kayne Anderson Energy Infrastructure Fund
KYN
+$259K
5
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$168K

Top Sells

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$3.11M
2
ECOL
US Ecology, Inc.
ECOL
+$1.56M
3
BAC.PRL icon
Bank of America Series L
BAC.PRL
+$1.14M
4
UONEK icon
Urban One Class D
UONEK
+$866K
5
MDIA icon
Mediaco Holding
MDIA
+$617K

Sector Composition

Rank Sector Weight
1 Energy 1.17%
2 Communication Services 1%
3 Real Estate 0.39%
4 Financials 0.21%
5 Industrials 0.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UONEK icon
1
Urban One Class D
UONEK
$22.8M
$5.01M 0.7%
260,752
-75,880
-23% -$866K
CMLS
2
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$3.82M 0.53%
966,134
+295,054
+44% +$1.35M
BKEP
3
DELISTED
Blueknight Energy Partners L.P.
BKEP
$3.66M 0.51%
2,612,400
+12,400
+0.5% +$16.2K
TWNKW
4
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$3.25M 0.45%
3,740,961
+206,500
+6% +$168K
BHR.PRB
5
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.9M
$3.11M 0.43%
305,019
+200,629
+192% +$1.74M
AM icon
6
Antero Midstream
AM
$10.4B
$2.65M 0.37%
519,200
– –
EVV
7
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.45M 0.34%
217,221
– –
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.23B
$2.17M 0.3%
2,083,158
+113,158
+6% +$106K
EMMS
9
DELISTED
Emmis Communications Corp
EMMS
$2.04M 0.28%
1,234,221
+5,145
+0.4% +$8.61K
KYN icon
10
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$1.76M 0.24%
333,088
+48,606
+17% +$259K
USAC icon
11
USA Compression Partners
USAC
$3.73B
– –
0
– –
JQC icon
12
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.59M 0.22%
272,805
– –
ECOLW
13
DELISTED
US Ecology, Inc. Warrant
ECOLW
$1.58M 0.22%
332,787
+2,200
+0.7% +$10.9K
GDL
14
GDL Fund
GDL
$92.1M
$1.41M 0.2%
170,718
+18,100
+12% +$147K
RCA
15
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
KMF
16
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$938K 0.13%
207,169
+4,728
+2% +$21.1K
RLJ.PRA icon
17
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$868K 0.12%
39,087
– –
DBRG icon
18
DigitalBridge
DBRG
$2.93B
$844K 0.12%
87,956
– –
CURO
19
DELISTED
CURO Group Holdings Corp.
CURO
$691K 0.1%
84,537
-11,318
-12% -$80.5K
CBRE icon
20
CBRE Group
CBRE
$43B
$472K 0.07%
10,442
– –
PHD
21
DELISTED
Pioneer Floating Rate Fund
PHD
$455K 0.06%
47,798
– –
DSKE
22
DELISTED
Daseke, Inc. Common Stock
DSKE
$454K 0.06%
115,497
– –
FRA icon
23
BlackRock Floating Rate Income Strategies Fund
FRA
$384M
$428K 0.06%
38,276
– –
SMM
24
DELISTED
Salient Midstream & MLP Fund
SMM
$415K 0.06%
100,550
+20,000
+25% +$81.9K
EVG
25
Eaton Vance Short Duration Diversified Income Fund
EVG
$142M
$393K 0.05%
34,588
– –
1
2

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IB
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DGM
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WCM
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CCM
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Zazove Associates's Q2 2020 Portfolio in Review

As of Q2 2020, Zazove Associates held 111 positions worth $719M, down 14% from $833M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Zazove Associates withdrew a net $668M in Q2 2020, closing 4 positions and reducing 4 holdings. Its most notable exit was Flagstar Bank National Association Bifurcated Option Note Unit Securities, an estimated $3.11M position sold in full.

By sector, the portfolio is most concentrated in Energy at 1.2% of assets, up from 0.55% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Braemar Hotels & Resorts worth $266K.

  • Zazove Associates's largest Q2 2020 buy was Braemar Hotels & Resorts: 92,892 shares worth $266K.
  • Zazove Associates added most to Braemar Hotels & Resorts 5.50% Series B Preferred Stock in Q2 2020, an estimated $1.74M increase.
  • Zazove Associates's biggest Q2 2020 reduction was Urban One Class D, cutting an estimated $866K.
  • Zazove Associates fully exited Flagstar Bank National Association Bifurcated Option Note Unit Securities in Q2 2020, selling an estimated $3.11M.
  • Zazove Associates's ten largest holdings make up 55% of its $719M portfolio in Q2 2020.
  • Zazove Associates opened 4 new positions and closed 4 in Q2 2020.
  • Zazove Associates's portfolio value fell 14% quarter-over-quarter to $719M.

Based on Zazove Associates's 13F filing for Q2 2020, filed 4 Aug 2020.