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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
+0.56%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$769M
AUM Growth
+$49.8M
Cap. Flow
-$582M
Cap. Flow %
-75.64%
Top 10 Hldgs %
55.79%
Holding
115
New
6
Increased
5
Reduced
7
Closed
6

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$2.89M
2
PRPLW
Purple Innovation, Inc.
PRPLW
+$2.12M
3
HOUS
Anywhere Real Estate
HOUS
+$1.97M
4
USAC icon
USA Compression Partners
USAC
+$1.71M
5
WSC icon
WillScot Mobile Mini Holdings
WSC
+$489K

Top Sells

Rank Stock Value
1
EMMS
Emmis Communications Corp
EMMS
+$2.04M
2
AM icon
Antero Midstream
AM
+$1.79M
3
UONEK icon
Urban One Class D
UONEK
+$1.27M
4
CBRE icon
CBRE Group
CBRE
+$472K
5
DSKEW
Daseke, Inc. Warrant
DSKEW
+$316K

Sector Composition

Rank Sector Weight
1 Energy 0.92%
2 Communication Services 0.57%
3 Real Estate 0.31%
4 Financials 0.2%
5 Consumer Discretionary 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CMLS
1
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$5.19M 0.68%
971,152
+5,018
+0.5% +$23.5K
BKEP
2
DELISTED
Blueknight Energy Partners L.P.
BKEP
$4M 0.52%
2,598,100
-14,300
-0.5% -$21.1K
BHR.PRB
3
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.9M
$3.58M 0.47%
301,734
-3,285
-1% -$38.9K
TWNKW
4
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$3.15M 0.41%
3,844,861
+103,900
+3% +$94.5K
FLG.PRU
5
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$2.89M 0.38%
+65,591
New +$2.89M
PRPLW
6
DELISTED
Purple Innovation, Inc.
PRPLW
$2.52M 0.33%
+385,784
New +$2.12M
EVV
7
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.46M 0.32%
217,221
– –
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.23B
$2.38M 0.31%
2,383,158
+300,000
+14% +$322K
UONEK icon
9
Urban One Class D
UONEK
$22.8M
$1.98M 0.26%
169,571
-91,181
-35% -$1.27M
HOUS
10
DELISTED
Anywhere Real Estate
HOUS
$1.93M 0.25%
+204,861
New +$1.97M
ECOLW
11
DELISTED
US Ecology, Inc. Warrant
ECOLW
$1.83M 0.24%
332,787
– –
KYN icon
12
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$1.73M 0.22%
433,088
+100,000
+30% +$477K
JQC icon
13
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.61M 0.21%
272,805
– –
USAC icon
14
USA Compression Partners
USAC
$3.73B
$1.52M 0.2%
+151,715
New +$1.71M
GDL
15
GDL Fund
GDL
$92.1M
$1.43M 0.19%
170,718
– –
AM icon
16
Antero Midstream
AM
$10.4B
$1.21M 0.16%
225,000
-294,200
-57% -$1.79M
RCA
17
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
DBRG icon
18
DigitalBridge
DBRG
$2.93B
$960K 0.12%
87,956
– –
RLJ.PRA icon
19
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$910K 0.12%
39,087
– –
KMF
20
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$835K 0.11%
207,169
– –
DSKE
21
DELISTED
Daseke, Inc. Common Stock
DSKE
$615K 0.08%
114,481
-1,016
-0.9% -$5.22K
CURO
22
DELISTED
CURO Group Holdings Corp.
CURO
$596K 0.08%
84,537
– –
WSC icon
23
WillScot Mobile Mini Holdings
WSC
$4.66B
$511K 0.07%
+30,630
New +$489K
PHD
24
DELISTED
Pioneer Floating Rate Fund
PHD
$483K 0.06%
47,798
– –
FRA icon
25
BlackRock Floating Rate Income Strategies Fund
FRA
$384M
$440K 0.06%
38,276
– –
1
2

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Zazove Associates's Q3 2020 Portfolio in Review

As of Q3 2020, Zazove Associates held 115 positions worth $769M, up 6.9% from $719M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Zazove Associates withdrew a net $582M in Q3 2020, closing 6 positions and reducing 7 holdings. Its most notable exit was Emmis Communications Corp, an estimated $2.04M position sold in full.

By sector, the portfolio is most concentrated in Energy at 0.92% of assets, down from 1.2% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $2.89M.

  • Zazove Associates's largest Q3 2020 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 65,591 shares worth $2.89M.
  • Zazove Associates added most to Kayne Anderson Energy Infrastructure Fund in Q3 2020, an estimated $477K increase.
  • Zazove Associates's biggest Q3 2020 reduction was Antero Midstream, cutting an estimated $1.79M.
  • Zazove Associates fully exited Emmis Communications Corp in Q3 2020, selling an estimated $2.04M.
  • Zazove Associates's ten largest holdings make up 56% of its $769M portfolio in Q3 2020.
  • Zazove Associates opened 6 new positions and closed 6 in Q3 2020.
  • Zazove Associates's portfolio value rose 6.9% quarter-over-quarter to $769M.

Based on Zazove Associates's 13F filing for Q3 2020, filed 27 Oct 2020.