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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
+0.02%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.11B
AUM Growth
-$338M
Cap. Flow
-$1.85B
Cap. Flow %
-87.53%
Top 10 Hldgs %
52.27%
Holding
127
New
3
Increased
6
Reduced
7
Closed
8

Top Buys

Rank Stock Value
1
NRF
NorthStar Realty Finance Corp.
NRF
+$12.1M
2
KEY.PRG
KeyCorp Pfd
KEY.PRG
+$7.98M
3
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$2.39M
4
SUPN icon
Supernus Pharmaceuticals
SUPN
+$1.31M
5
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$443K

Top Sells

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$34.1M
2
SWU
STANLEY BLACK & DECKER INC CORP UNIT
SWU
+$17.7M
3
AIG.WS
American International Group, Inc.
AIG.WS
+$3.92M
4
D icon
Dominion Energy
D
+$3.52M
5
GM.WS.C
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
+$1.95M

Sector Composition

Rank Sector Weight
1 Real Estate 0.66%
2 Communication Services 0.35%
3 Industrials 0.18%
4 Healthcare 0.13%
5 Materials 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FWONA icon
26
Liberty Media Series A
FWONA
$23.6B
$386K 0.02%
14,873
– –
BAC.PRL icon
27
Bank of America Series L
BAC.PRL
$3.99B
$382K 0.02%
330
– –
JFR icon
28
Nuveen Floating Rate Income Fund
JFR
$1.25B
$363K 0.02%
32,071
– –
LBRDK icon
29
Liberty Broadband Class C
LBRDK
$5.15B
$283K 0.01%
5,000
– –
KODK.WS
30
DELISTED
Eastman Kodak Company
KODK.WS
$71K ﹤0.01%
13,144
+1,836
+16% +$9.38K
KODK.WS.A
31
DELISTED
Eastman Kodak Company
KODK.WS.A
$59K ﹤0.01%
13,144
+1,836
+16% +$7.57K
AIG icon
32
American International
AIG
$41.3B
– –
-1,000
Closed -$56K
D icon
33
Dominion Energy
D
$59.3B
– –
-45,787
Closed -$3.52M
EVG
34
Eaton Vance Short Duration Diversified Income Fund
EVG
$143M
– –
-4,133
Closed -$58K
LBRDA icon
35
Liberty Broadband Class A
LBRDA
$5.16B
– –
-2,500
Closed -$125K
FLG.PRU
36
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$118M
– –
-684,647
Closed -$34.1M
GM.WS.C
37
DELISTED
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
– –
-1,695,956
Closed -$1.95M
JSD
38
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
– –
-1,900
Closed -$32K
1
2

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Zazove Associates's Q1 2015 Portfolio in Review

As of Q1 2015, Zazove Associates held 127 positions worth $2.11B, down 14% from $2.45B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Zazove Associates withdrew a net $1.85B in Q1 2015, closing 8 positions and reducing 7 holdings. Its most notable exit was Flagstar Bank National Association Bifurcated Option Note Unit Securities, an estimated $34.1M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 0.66% of assets, up from 0.08% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, Zazove Associates opened a new position in NorthStar Realty Finance Corp. worth $11.8M.

  • Zazove Associates's largest Q1 2015 buy was NorthStar Realty Finance Corp.: 326,021 shares worth $11.8M.
  • Zazove Associates added most to Cumulus Media Inc. Class A Common Stock in Q1 2015, an estimated $2.39M increase.
  • Zazove Associates's biggest Q1 2015 reduction was STANLEY BLACK & DECKER INC CORP UNIT, cutting an estimated $17.7M.
  • Zazove Associates fully exited Flagstar Bank National Association Bifurcated Option Note Unit Securities in Q1 2015, selling an estimated $34.1M.
  • Zazove Associates's ten largest holdings make up 52% of its $2.11B portfolio in Q1 2015.
  • Zazove Associates opened 3 new positions and closed 8 in Q1 2015.
  • Zazove Associates's portfolio value fell 14% quarter-over-quarter to $2.11B.

Based on Zazove Associates's 13F filing for Q1 2015, filed 4 May 2015.