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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
+0.34%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.14B
AUM Growth
+$28.9M
Cap. Flow
-$895M
Cap. Flow %
-78.24%
Top 10 Hldgs %
40.51%
Holding
164
New
10
Increased
10
Reduced
3
Closed
11

Top Buys

Rank Stock Value
1
SKINW
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
+$2.77M
2
RVNC
Revance Therapeutics, Inc.
RVNC
+$2.52M
3
GDL
GDL Fund
GDL
+$1.83M
4
ALIT.WS
Alight Inc Warrants
ALIT.WS
+$1.72M
5
TBPH icon
Theravance Biopharma
TBPH
+$1.03M

Top Sells

Rank Stock Value
1
STEM.WS
Stem, Inc. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise pri
STEM.WS
+$3.56M
2
CLOVW
Clover Health Investments, Corp. Warrants
CLOVW
+$3.26M
3
FIRY
Firy Inc
FIRY
+$3.26M
4
EVV
Eaton Vance Limited Duration Income Fund
EVV
+$2.88M
5
JQC icon
Nuveen Credit Strategies Income Fund
JQC
+$1.9M

Sector Composition

Rank Sector Weight
1 Communication Services 1.97%
2 Energy 1.13%
3 Real Estate 0.98%
4 Healthcare 0.6%
5 Industrials 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UONEK icon
1
Urban One Class D
UONEK
$22.8M
$16.4M 1.44%
241,397
+1,212
+0.5% +$70K
CMLS
2
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$12.6M 1.1%
1,022,793
+3,541
+0.3% +$42.7K
BHR
3
Braemar Hotels & Resorts
BHR
$148M
$8.39M 0.73%
1,730,181
+24,057
+1% +$126K
BKEP
4
DELISTED
Blueknight Energy Partners L.P.
BKEP
$7.33M 0.64%
2,402,670
+77,054
+3% +$255K
CCO icon
5
Clear Channel Outdoor Holdings
CCO
$1.23B
$6.04M 0.53%
2,227,044
– –
OXY.WS icon
6
Occidental Petroleum Corp Warrants
OXY.WS
$31.5B
$5.9M 0.52%
500,000
– –
RVNC
7
DELISTED
Revance Therapeutics, Inc.
RVNC
$3.91M 0.34%
140,430
+88,195
+169% +$2.52M
SKINW
8
DELISTED
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
$3.73M 0.33%
+258,380
New +$2.77M
KYN icon
9
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
$3.46M 0.3%
433,088
– –
LSEA
10
DELISTED
Landsea Homes
LSEA
$2.76M 0.24%
318,796
– –
USAC icon
11
USA Compression Partners
USAC
$3.73B
$2.51M 0.22%
151,715
– –
AM icon
12
Antero Midstream
AM
$10.4B
$2.34M 0.2%
225,000
– –
FLXN
13
DELISTED
Flexion Therapeutics, Inc.
FLXN
$2.25M 0.2%
368,456
+78,466
+27% +$489K
KMF
14
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$2.15M 0.19%
295,073
– –
PFIX icon
15
Simplify Interest Rate Hedge ETF
PFIX
$184M
$2.13M 0.19%
52,380
– –
ALIT.WS
16
DELISTED
Alight Inc Warrants
ALIT.WS
$2.13M 0.19%
+690,340
New +$1.72M
JQC icon
17
Nuveen Credit Strategies Income Fund
JQC
$707M
– –
-291,105
Closed -$1.9M
GDL
18
GDL Fund
GDL
$92.1M
$1.83M 0.16%
+203,318
New +$1.83M
FLG.PRU
19
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$1.82M 0.16%
34,230
– –
TWNKW
20
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$1.73M 0.15%
578,546
-783,585
-58% -$1.89M
NIMC
21
DELISTED
NiSource Inc. Series A Corporate Units
NIMC
– –
0
– –
UGIC
22
DELISTED
UGI Corporation
UGIC
– –
0
– –
AQNU
23
DELISTED
Algonquin Power & Utilities Corp Units
AQNU
– –
0
– –
EOSEW
24
DELISTED
Eos Energy Enterprises Warrant
EOSEW
$1.26M 0.11%
253,067
– –
AUS.WS
25
DELISTED
Austerlitz Acquisition Corporation I Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
AUS.WS
$1.22M 0.11%
726,072
+239,136
+49% +$354K
1
2 3

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Zazove Associates's Q3 2021 Portfolio in Review

As of Q3 2021, Zazove Associates held 164 positions worth $1.14B, up 2.6% from $1.11B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Zazove Associates withdrew a net $895M in Q3 2021, closing 11 positions and reducing 3 holdings. Its most notable exit was Stem, Inc. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise pri, an estimated $3.56M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 2% of assets, up from 1.9% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Zazove Associates opened a new position in The Beauty Health Company Warrant expiring 5/4/2026 worth $3.73M.

  • Zazove Associates's largest Q3 2021 buy was The Beauty Health Company Warrant expiring 5/4/2026: 258,380 shares worth $3.73M.
  • Zazove Associates added most to Revance Therapeutics, Inc. in Q3 2021, an estimated $2.52M increase.
  • Zazove Associates's biggest Q3 2021 reduction was Hostess Brands, Inc. Warrants, cutting an estimated $1.89M.
  • Zazove Associates fully exited Stem, Inc. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise pri in Q3 2021, selling an estimated $3.56M.
  • Zazove Associates's ten largest holdings make up 41% of its $1.14B portfolio in Q3 2021.
  • Zazove Associates opened 10 new positions and closed 11 in Q3 2021.
  • Zazove Associates's portfolio value rose 2.6% quarter-over-quarter to $1.14B.

Based on Zazove Associates's 13F filing for Q3 2021, filed 25 Oct 2021.