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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
+2.97%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$848M
AUM Growth
+$32.8M
Cap. Flow
-$674M
Cap. Flow %
-79.48%
Top 10 Hldgs %
51.25%
Holding
124
New
11
Increased
9
Reduced
5
Closed
8

Top Buys

Rank Stock Value
1
BHR
Braemar Hotels & Resorts
BHR
+$7.22M
2
LSEA
Landsea Homes
LSEA
+$2.98M
3
CLOVW
Clover Health Investments, Corp. Warrants
CLOVW
+$1.81M
4
STPK.WS
Star Peak Energy Transition Corp. Warrants, each whole warrant exercisable for one share of Class A
STPK.WS
+$1.61M
5
AESC
The AES Corporation
AESC
+$1.53M

Top Sells

Rank Stock Value
1
CURIW
CuriosityStream Warrant
CURIW
+$5.89M
2
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$5.21M
3
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$1.82M
4
RLJ.PRA icon
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
+$994K
5
DBRG icon
DigitalBridge
DBRG
+$893K

Sector Composition

Rank Sector Weight
1 Energy 1.54%
2 Real Estate 1.36%
3 Communication Services 1.02%
4 Healthcare 0.23%
5 Financials 0.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CMLS
1
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$9.56M 1.13%
1,049,304
+78,216
+8% +$768K
BHR
2
Braemar Hotels & Resorts
BHR
$148M
$8.47M 1%
1,394,804
+1,229,017
+741% +$7.22M
BKEP
3
DELISTED
Blueknight Energy Partners L.P.
BKEP
$8.15M 0.96%
2,516,798
-112,868
-4% -$272K
OXY.WS icon
4
Occidental Petroleum Corp Warrants
OXY.WS
$31.5B
$5.94M 0.7%
500,000
– –
UONEK icon
5
Urban One Class D
UONEK
$22.8M
$4.32M 0.51%
247,086
+77,345
+46% +$1.3M
CCO icon
6
Clear Channel Outdoor Holdings
CCO
$1.23B
$4.3M 0.51%
2,386,572
– –
EOSEW
7
DELISTED
Eos Energy Enterprises Warrant
EOSEW
$3.81M 0.45%
427,080
+7,700
+2% +$74.7K
KYN icon
8
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$3.1M 0.37%
433,088
– –
LSEA
9
DELISTED
Landsea Homes
LSEA
$3.05M 0.36%
+318,796
New +$2.98M
TWNKW
10
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$2.77M 0.33%
1,817,823
-1,110,385
-38% -$1.82M
EVV
11
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.74M 0.32%
217,221
– –
USAC icon
12
USA Compression Partners
USAC
$3.73B
$2.32M 0.27%
151,715
– –
ECOLW
13
DELISTED
US Ecology, Inc. Warrant
ECOLW
$2.18M 0.26%
242,372
-83,101
-26% -$627K
AM icon
14
Antero Midstream
AM
$10.4B
$2.03M 0.24%
225,000
– –
KMF
15
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$1.97M 0.23%
295,073
+87,904
+42% +$561K
JQC icon
16
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.89M 0.22%
291,105
– –
GDL
17
GDL Fund
GDL
$92.1M
$1.82M 0.21%
203,318
– –
FLG.PRU
18
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$1.7M 0.2%
34,230
– –
AESC
19
DELISTED
The AES Corporation
AESC
$1.54M 0.18%
+15,000
New +$1.53M
STPK.WS
20
DELISTED
Star Peak Energy Transition Corp. Warrants, each whole warrant exercisable for one share of Class A
STPK.WS
$1.5M 0.18%
+105,262
New +$1.61M
RVNC
21
DELISTED
Revance Therapeutics, Inc.
RVNC
$1.46M 0.17%
52,235
+45,907
+725% +$1.27M
PSFE.WS
22
DELISTED
Paysafe Ltd Warrants
PSFE.WS
$1.24M 0.15%
+287,177
New +$1.24M
CURO
23
DELISTED
CURO Group Holdings Corp.
CURO
$1.23M 0.15%
84,537
– –
CLOVW
24
DELISTED
Clover Health Investments, Corp. Warrants
CLOVW
$995K 0.12%
+633,805
New +$1.81M
LCIDW
25
DELISTED
Lucid Group, Inc. Warrant
LCIDW
$874K 0.1%
+77,500
New +$991K
1
2

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Zazove Associates's Q1 2021 Portfolio in Review

As of Q1 2021, Zazove Associates held 124 positions worth $848M, up 4% from $815M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Zazove Associates withdrew a net $674M in Q1 2021, closing 8 positions and reducing 5 holdings. Its most notable exit was Braemar Hotels & Resorts 5.50% Series B Preferred Stock, an estimated $5.21M position sold in full.

By sector, the portfolio is most concentrated in Energy at 1.5% of assets, up from 1.2% a quarter earlier, followed by Real Estate and Communication Services.

Against the trend, Zazove Associates opened a new position in Landsea Homes worth $3.05M.

  • Zazove Associates's largest Q1 2021 buy was Landsea Homes: 318,796 shares worth $3.05M.
  • Zazove Associates added most to Braemar Hotels & Resorts in Q1 2021, an estimated $7.22M increase.
  • Zazove Associates's biggest Q1 2021 reduction was CuriosityStream Warrant, cutting an estimated $5.89M.
  • Zazove Associates fully exited Braemar Hotels & Resorts 5.50% Series B Preferred Stock in Q1 2021, selling an estimated $5.21M.
  • Zazove Associates's ten largest holdings make up 51% of its $848M portfolio in Q1 2021.
  • Zazove Associates opened 11 new positions and closed 8 in Q1 2021.
  • Zazove Associates's portfolio value rose 4% quarter-over-quarter to $848M.

Based on Zazove Associates's 13F filing for Q1 2021, filed 27 Apr 2021.