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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
+5.89%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$815M
AUM Growth
+$45.7M
Cap. Flow
-$694M
Cap. Flow %
-85.13%
Top 10 Hldgs %
53.92%
Holding
118
New
8
Increased
7
Reduced
8
Closed
6

Top Buys

Rank Stock Value
1
OXY.WS icon
Occidental Petroleum Corp Warrants
OXY.WS
+$2.27M
2
CURIW
CuriosityStream Warrant
CURIW
+$1.25M
3
EOSEW
Eos Energy Enterprises Warrant
EOSEW
+$1.2M
4
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$295K
5
GDL
GDL Fund
GDL
+$279K

Top Sells

Rank Stock Value
1
PRPLW
Purple Innovation, Inc.
PRPLW
+$2.52M
2
HOUS
Anywhere Real Estate
HOUS
+$1.93M
3
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$1.43M
4
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$1.08M
5
DSKE
Daseke, Inc. Common Stock
DSKE
+$615K

Sector Composition

Rank Sector Weight
1 Energy 1.16%
2 Communication Services 0.73%
3 Financials 0.27%
4 Real Estate 0.09%
5 Industrials 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CMLS
1
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$8.44M 1.04%
971,088
-64
-0% -$449
BKEP
2
DELISTED
Blueknight Energy Partners L.P.
BKEP
$5.23M 0.64%
2,629,666
+31,566
+1% +$50.9K
BHR.PRB
3
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.9M
$5.21M 0.64%
321,898
+20,164
+7% +$295K
TWNKW
4
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$4.63M 0.57%
2,928,208
-916,653
-24% -$1.08M
CCO icon
5
Clear Channel Outdoor Holdings
CCO
$1.23B
$3.94M 0.48%
2,386,572
+3,414
+0.1% +$4.29K
EOSEW
6
DELISTED
Eos Energy Enterprises Warrant
EOSEW
$3.5M 0.43%
+419,380
New +$1.2M
OXY.WS icon
7
Occidental Petroleum Corp Warrants
OXY.WS
$31.5B
$3.4M 0.42%
+500,000
New +$2.27M
EVV
8
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.72M 0.33%
217,221
– –
KYN icon
9
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$2.49M 0.31%
433,088
– –
CURIW
10
DELISTED
CuriosityStream Warrant
CURIW
$2.43M 0.3%
+917,372
New +$1.25M
ECOLW
11
DELISTED
US Ecology, Inc. Warrant
ECOLW
$2.24M 0.28%
325,473
-7,314
-2% -$45.9K
USAC icon
12
USA Compression Partners
USAC
$3.73B
$2.06M 0.25%
151,715
– –
UONEK icon
13
Urban One Class D
UONEK
$22.8M
$1.99M 0.24%
169,741
+170
+0.1% +$2.01K
JQC icon
14
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.84M 0.23%
291,105
+18,300
+7% +$112K
GDL
15
GDL Fund
GDL
$92.1M
$1.77M 0.22%
203,318
+32,600
+19% +$279K
AM icon
16
Antero Midstream
AM
$10.4B
$1.74M 0.21%
225,000
– –
FLG.PRU
17
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$1.57M 0.19%
34,230
-31,361
-48% -$1.43M
CURO
18
DELISTED
CURO Group Holdings Corp.
CURO
$1.21M 0.15%
84,537
– –
KMF
19
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$1.19M 0.15%
207,169
– –
RCA
20
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
DBRG icon
21
DigitalBridge
DBRG
$2.93B
$1M 0.12%
52,179
-35,777
-41% -$573K
RLJ.PRA icon
22
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
$994K 0.12%
39,087
– –
BHR
23
Braemar Hotels & Resorts
BHR
$148M
$764K 0.09%
165,787
– –
SMM
24
DELISTED
Salient Midstream & MLP Fund
SMM
$623K 0.08%
145,850
+45,300
+45% +$182K
FRA icon
25
BlackRock Floating Rate Income Strategies Fund
FRA
$384M
$464K 0.06%
38,276
– –
1
2

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WCM
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Zazove Associates's Q4 2020 Portfolio in Review

As of Q4 2020, Zazove Associates held 118 positions worth $815M, up 5.9% from $769M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Zazove Associates withdrew a net $694M in Q4 2020, closing 6 positions and reducing 8 holdings. Its most notable exit was Purple Innovation, Inc., an estimated $2.52M position sold in full.

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

Against the trend, Zazove Associates opened a new position in Occidental Petroleum Corp Warrants worth $3.4M.

  • Zazove Associates's largest Q4 2020 buy was Occidental Petroleum Corp Warrants: 500,000 shares worth $3.4M.
  • Zazove Associates added most to Braemar Hotels & Resorts 5.50% Series B Preferred Stock in Q4 2020, an estimated $295K increase.
  • Zazove Associates's biggest Q4 2020 reduction was Flagstar Bank National Association Bifurcated Option Note Unit Securities, cutting an estimated $1.43M.
  • Zazove Associates fully exited Purple Innovation, Inc. in Q4 2020, selling an estimated $2.52M.
  • Zazove Associates's ten largest holdings make up 54% of its $815M portfolio in Q4 2020.
  • Zazove Associates opened 8 new positions and closed 6 in Q4 2020.
  • Zazove Associates's portfolio value rose 5.9% quarter-over-quarter to $815M.

Based on Zazove Associates's 13F filing for Q4 2020, filed 10 Feb 2021.