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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
+0.83%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.45B
AUM Growth
-$127M
Cap. Flow
-$1.71B
Cap. Flow %
-69.62%
Top 10 Hldgs %
51.36%
Holding
142
New
9
Increased
4
Reduced
5
Closed
3

Top Buys

Rank Stock Value
1
SWU
STANLEY BLACK & DECKER INC CORP UNIT
SWU
+$173M
2
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$7.24M
3
D icon
Dominion Energy
D
+$3.31M
4
TC
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
+$1.85M
5
UONEK icon
Urban One Class D
UONEK
+$1.2M

Top Sells

Rank Stock Value
1
OMC icon
Omnicom Group
OMC
+$18.5M
2
AGCO icon
AGCO
AGCO
+$7.58M
3
KEY.PRG
KeyCorp Pfd
KEY.PRG
+$7.02M
4
AIG.WS
American International Group, Inc.
AIG.WS
+$611K
5
GM.WS.C
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
+$427K

Sector Composition

Rank Sector Weight
1 Communication Services 0.19%
2 Industrials 0.17%
3 Utilities 0.14%
4 Materials 0.1%
5 Real Estate 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SWU
1
DELISTED
STANLEY BLACK & DECKER INC CORP UNIT
SWU
$178M 7.27%
+1,290,881
New +$173M
KMI.WS
2
DELISTED
Kinder Morgan Inc
KMI.WS
$54.2M 2.21%
12,725,171
+105,000
+0.8% +$373K
FLG.PRU
3
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$34.1M 1.39%
684,647
+10,893
+2% +$540K
AIG.WS
4
DELISTED
American International Group, Inc.
AIG.WS
$22.6M 0.92%
917,938
-25,510
-3% -$611K
GM.WS.B
5
DELISTED
General Motors Company
GM.WS.B
$16.5M 0.68%
972,920
– –
WFC.PRL icon
6
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$7.28M 0.3%
+5,989
New +$7.24M
JPM.WS
7
DELISTED
JPMorgan Chase
JPM.WS
$6.4M 0.26%
307,663
-6,500
-2% -$127K
EMMSP
8
DELISTED
EMMIS COMMUNICATIONS CRP CV PF
EMMSP
$5.71M 0.23%
443,270
– –
CMLS
9
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$5.45M 0.22%
160,975
+26,600
+20% +$791K
IRDMB
10
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$5.09M 0.21%
14,000
– –
KODK icon
11
Kodak
KODK
$828M
$4.15M 0.17%
191,348
– –
D icon
12
Dominion Energy
D
$60.5B
$3.52M 0.14%
+45,787
New +$3.31M
UONEK icon
13
Urban One Class D
UONEK
$22.8M
$3.22M 0.13%
192,982
+58,479
+43% +$1.2M
EVV
14
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.85M 0.12%
201,785
– –
JQC icon
15
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.17M 0.09%
248,024
– –
EMMS
16
DELISTED
Emmis Communications Corp
EMMS
$2.02M 0.08%
287,253
– –
GM.WS.C
17
DELISTED
GENERAL MTRS CO WTS EXP 12/31/15 (DE)
GM.WS.C
$1.95M 0.08%
1,695,956
-542,395
-24% -$427K
TC
18
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
$1.69M 0.07%
+1,013,077
New +$1.85M
AUQ
19
DELISTED
AURICO GOLD INC COM
AUQ
$830K 0.03%
252,910
– –
FWONK icon
20
Liberty Media Series C
FWONK
$24.5B
$701K 0.03%
28,256
-9,126
-24% -$224K
DSU icon
21
BlackRock Debt Strategies Fund
DSU
$595M
$695K 0.03%
62,307
– –
DRRX
22
DELISTED
DURECT Corp
DRRX
$681K 0.03%
86,249
– –
NUGT icon
23
Direxion Daily Gold Miners Index Bull 2X ETF
NUGT
$892M
$670K 0.03%
1,500
– –
JRO
24
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$389K 0.02%
34,542
– –
BAC.PRL icon
25
Bank of America Series L
BAC.PRL
$3.97B
$384K 0.02%
330
– –
1
2

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SC
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IB
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IA
Inspire Advisors Meridian, Idaho $1.23B AUM 18.62% 1-Year Est. Return
DGM
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WCM
Windward Capital Management Los Angeles, California $1.23B AUM 23.17% 1-Year Est. Return
GC
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CCM
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AG
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Zazove Associates's Q4 2014 Portfolio in Review

As of Q4 2014, Zazove Associates held 142 positions worth $2.45B, down 4.9% from $2.58B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Zazove Associates withdrew a net $1.71B in Q4 2014, closing 3 positions and reducing 5 holdings. Its most notable exit was Omnicom Group, an estimated $18.5M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.19% of assets, down from 0.94% a quarter earlier, followed by Industrials and Utilities.

Against the trend, Zazove Associates opened a new position in STANLEY BLACK & DECKER INC CORP UNIT worth $178M.

  • Zazove Associates's largest Q4 2014 buy was STANLEY BLACK & DECKER INC CORP UNIT: 1,290,881 shares worth $178M.
  • Zazove Associates added most to Urban One Class D in Q4 2014, an estimated $1.2M increase.
  • Zazove Associates's biggest Q4 2014 reduction was American International Group, Inc., cutting an estimated $611K.
  • Zazove Associates fully exited Omnicom Group in Q4 2014, selling an estimated $18.5M.
  • Zazove Associates's ten largest holdings make up 51% of its $2.45B portfolio in Q4 2014.
  • Zazove Associates opened 9 new positions and closed 3 in Q4 2014.
  • Zazove Associates's portfolio value fell 4.9% quarter-over-quarter to $2.45B.

Based on Zazove Associates's 13F filing for Q4 2014, filed 28 Jan 2015.