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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
-1.35%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.16B
AUM Growth
-$204M
Cap. Flow
-$1.74B
Cap. Flow %
-80.56%
Top 10 Hldgs %
46.02%
Holding
126
New
7
Increased
7
Reduced
8
Closed
5

Top Buys

Rank Stock Value
1
CIEN icon
Ciena
CIEN
+$31.6M
2
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$13.7M
3
NRF
NorthStar Realty Finance Corp.
NRF
+$4.31M
4
RYN icon
Rayonier
RYN
+$3.07M
5
TC
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
+$2.09M

Top Sells

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$34.9M
2
SWU
STANLEY BLACK & DECKER INC CORP UNIT
SWU
+$11.5M
3
AIG.WS
American International Group, Inc.
AIG.WS
+$10.2M
4
EHC icon
Encompass Health
EHC
+$7.39M
5
MGM icon
MGM Resorts International
MGM
+$6.89M

Sector Composition

Rank Sector Weight
1 Technology 1.3%
2 Real Estate 0.38%
3 Communication Services 0.24%
4 Industrials 0.2%
5 Materials 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BAC.PRL icon
26
Bank of America Series L
BAC.PRL
$3.99B
$355K 0.02%
330
– –
AIG.WS
27
DELISTED
American International Group, Inc.
AIG.WS
$351K 0.02%
15,447
-379,871
-96% -$10.2M
JRO
28
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$344K 0.02%
34,542
– –
JFR icon
29
Nuveen Floating Rate Income Fund
JFR
$1.25B
$322K 0.01%
32,071
– –
FWONA icon
30
Liberty Media Series A
FWONA
$23.5B
$304K 0.01%
12,642
-2,231
-15% -$55.5K
NUGT icon
31
Direxion Daily Gold Miners Index Bull 2X ETF
NUGT
$1.23B
$173K 0.01%
1,500
– –
KODK.WS
32
DELISTED
Eastman Kodak Company
KODK.WS
$45K ﹤0.01%
13,259
-193
-1% -$604
KODK.WS.A
33
DELISTED
Eastman Kodak Company
KODK.WS.A
$40K ﹤0.01%
13,259
-193
-1% -$503
EHC icon
34
Encompass Health
EHC
$12.4B
– –
-201,792
Closed -$7.39M
LBRDK icon
35
Liberty Broadband Class C
LBRDK
$5.15B
– –
-5,000
Closed -$256K
MGM icon
36
MGM Resorts International
MGM
$11.2B
– –
-377,383
Closed -$6.89M
FLG.PRU
37
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$118M
– –
-684,647
Closed -$34.9M
AUQ
38
DELISTED
AURICO GOLD INC COM
AUQ
– –
-150,000
Closed -$426K
1
2

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Zazove Associates's Q3 2015 Portfolio in Review

As of Q3 2015, Zazove Associates held 126 positions worth $2.16B, down 8.6% from $2.37B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Zazove Associates withdrew a net $1.74B in Q3 2015, closing 5 positions and reducing 8 holdings. Its most notable exit was Flagstar Bank National Association Bifurcated Option Note Unit Securities, an estimated $34.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 1.3% of assets, followed by Real Estate and Communication Services.

Against the trend, Zazove Associates opened a new position in Ciena worth $28.2M.

  • Zazove Associates's largest Q3 2015 buy was Ciena: 1,361,261 shares worth $28.2M.
  • Zazove Associates added most to Cumulus Media Inc. Class A Common Stock in Q3 2015, an estimated $1.25M increase.
  • Zazove Associates's biggest Q3 2015 reduction was STANLEY BLACK & DECKER INC CORP UNIT, cutting an estimated $11.5M.
  • Zazove Associates fully exited Flagstar Bank National Association Bifurcated Option Note Unit Securities in Q3 2015, selling an estimated $34.9M.
  • Zazove Associates's ten largest holdings make up 46% of its $2.16B portfolio in Q3 2015.
  • Zazove Associates opened 7 new positions and closed 5 in Q3 2015.
  • Zazove Associates's portfolio value fell 8.6% quarter-over-quarter to $2.16B.

Based on Zazove Associates's 13F filing for Q3 2015, filed 4 Nov 2015.