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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
SWU
1
DELISTED
STANLEY BLACK & DECKER INC CORP UNIT
SWU
$156M 7.37%
1,160,036
-130,845
-10% -$17.7M
KMI.WS
2
DELISTED
Kinder Morgan Inc
KMI.WS
$51M 2.41%
12,435,676
-289,495
-2% -$1.13M
GM.WS.B
3
DELISTED
General Motors Company
GM.WS.B
$17.7M 0.84%
898,988
-73,932
-8% -$1.37M
AIG.WS
4
DELISTED
American International Group, Inc.
AIG.WS
$16.3M 0.77%
744,980
-172,958
-19% -$3.92M
NRF
5
DELISTED
NorthStar Realty Finance Corp.
NRF
$11.8M 0.56%
+326,021
New +$12.1M
KEY.PRG
6
DELISTED
KeyCorp Pfd
KEY.PRG
$7.95M 0.38%
+60,709
New +$7.98M
WFC.PRL icon
7
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$7.31M 0.35%
5,989
– –
UONEK icon
8
Urban One Class D
UONEK
$22.8M
$5.98M 0.28%
194,017
+1,035
+0.5% +$24.2K
JPM.WS
9
DELISTED
JPMorgan Chase
JPM.WS
$5.95M 0.28%
270,398
-37,265
-12% -$719K
EMMSP
10
DELISTED
EMMIS COMMUNICATIONS CRP CV PF
EMMSP
$5.66M 0.27%
443,270
– –
IRDMB
11
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$4.98M 0.24%
14,000
– –
CMLS
12
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$4.85M 0.23%
245,625
+84,650
+53% +$2.39M
KODK icon
13
Kodak
KODK
$828M
$3.73M 0.18%
196,618
+5,270
+3% +$100K
EVV
14
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.9M 0.14%
201,785
– –
JQC icon
15
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.25M 0.11%
248,024
– –
EMMS
16
DELISTED
Emmis Communications Corp
EMMS
$2.15M 0.1%
287,253
– –
SUPN icon
17
Supernus Pharmaceuticals
SUPN
$2.67B
$1.67M 0.08%
+138,429
New +$1.31M
TC
18
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
$1.34M 0.06%
1,013,077
– –
DRRX
19
DELISTED
DURECT Corp
DRRX
$993K 0.05%
52,000
-34,249
-40% -$407K
FWONK icon
20
Liberty Media Series C
FWONK
$24.5B
$764K 0.04%
28,256
– –
DSU icon
21
BlackRock Debt Strategies Fund
DSU
$595M
$697K 0.03%
62,307
– –
BAC.WS.A
22
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$621K 0.03%
105,765
+73,365
+226% +$443K
NUGT icon
23
Direxion Daily Gold Miners Index Bull 2X ETF
NUGT
$892M
$565K 0.03%
1,500
– –
AUQ
24
DELISTED
AURICO GOLD INC COM
AUQ
$416K 0.02%
150,000
-102,910
-41% -$359K
JRO
25
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$402K 0.02%
34,542
– –
1
2

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SC
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IB
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IA
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DGM
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WCM
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GC
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CCM
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AG
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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.