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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
-0.58%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.37B
AUM Growth
+$256M
Cap. Flow
-$1.63B
Cap. Flow %
-68.8%
Top 10 Hldgs %
45.79%
Holding
126
New
4
Increased
7
Reduced
3
Closed
4

Top Buys

Rank Stock Value
1
WELL.PRI
Welltower Inc.
WELL.PRI
+$64.2M
2
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$34.6M
3
MGM icon
MGM Resorts International
MGM
+$7.66M
4
EHC icon
Encompass Health
EHC
+$7.2M
5
KMI.WS
Kinder Morgan Inc
KMI.WS
+$5.63M

Top Sells

Rank Stock Value
1
SWU
STANLEY BLACK & DECKER INC CORP UNIT
SWU
+$34.9M
2
NRF
NorthStar Realty Finance Corp.
NRF
+$11.8M
3
AIG.WS
American International Group, Inc.
AIG.WS
+$8.69M
4
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$7.23M
5
JPM.WS
JPMorgan Chase
JPM.WS
+$4.75M

Sector Composition

Rank Sector Weight
1 Healthcare 0.36%
2 Communication Services 0.32%
3 Consumer Discretionary 0.29%
4 Industrials 0.22%
5 Materials 0.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SWU
1
DELISTED
STANLEY BLACK & DECKER INC CORP UNIT
SWU
$132M 5.57%
912,886
-247,150
-21% -$34.9M
WELL.PRI
2
DELISTED
Welltower Inc.
WELL.PRI
$59.6M 2.52%
+1,000,000
New +$64.2M
KMI.WS
3
DELISTED
Kinder Morgan Inc
KMI.WS
$37.3M 1.57%
13,811,679
+1,376,003
+11% +$5.63M
FLG.PRU
4
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$34.9M 1.47%
+684,647
New +$34.6M
WFC.PRL icon
5
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
– –
-5,989
Closed -$7.23M
GM.WS.B
6
DELISTED
General Motors Company
GM.WS.B
$16.4M 0.69%
1,026,977
+127,989
+14% +$2.28M
AIG.WS
7
DELISTED
American International Group, Inc.
AIG.WS
$11M 0.46%
395,318
-349,662
-47% -$8.69M
KEY.PRG
8
DELISTED
KeyCorp Pfd
KEY.PRG
$7.95M 0.34%
60,709
– –
EHC icon
9
Encompass Health
EHC
$11.2B
$7.39M 0.31%
+201,792
New +$7.2M
MGM icon
10
MGM Resorts International
MGM
$11.4B
$6.89M 0.29%
+377,383
New +$7.66M
UONEK icon
11
Urban One Class D
UONEK
$22.8M
$6.15M 0.26%
194,017
– –
EMMSP
12
DELISTED
EMMIS COMMUNICATIONS CRP CV PF
EMMSP
$5.23M 0.22%
443,270
– –
AEUA
13
DELISTED
Anadarko Petroleum Corporation
AEUA
– –
0
– –
IRDMB
14
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$4.6M 0.19%
14,000
– –
CMLS
15
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$4.47M 0.19%
275,225
+29,600
+12% +$552K
KODK icon
16
Kodak
KODK
$828M
$3.32M 0.14%
197,502
+884
+0.4% +$16.8K
TC
17
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
– –
-1,013,077
Closed -$1.16M
EVV
18
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.72M 0.11%
201,785
– –
JQC icon
19
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.13M 0.09%
248,024
– –
SBLK icon
20
Star Bulk Carriers
SBLK
$3.2B
– –
0
– –
JPM.WS
21
DELISTED
JPMorgan Chase
JPM.WS
$1.91M 0.08%
75,000
-195,398
-72% -$4.75M
DRRX
22
DELISTED
DURECT Corp
DRRX
$1.24M 0.05%
52,000
– –
EMMS
23
DELISTED
Emmis Communications Corp
EMMS
$1.18M 0.05%
312,578
+25,325
+9% +$132K
FWONK icon
24
Liberty Media Series C
FWONK
$24.5B
$718K 0.03%
28,256
– –
DSU icon
25
BlackRock Debt Strategies Fund
DSU
$595M
$677K 0.03%
62,307
– –
1
2

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DGM
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WCM
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Zazove Associates's Q2 2015 Portfolio in Review

As of Q2 2015, Zazove Associates held 126 positions worth $2.37B, up 12% from $2.11B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Zazove Associates withdrew a net $1.63B in Q2 2015, closing 4 positions and reducing 3 holdings. Its most notable exit was NorthStar Realty Finance Corp., an estimated $11.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 0.36% of assets, up from 0.13% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, Zazove Associates opened a new position in Welltower Inc. worth $59.6M.

  • Zazove Associates's largest Q2 2015 buy was Welltower Inc.: 1,000,000 shares worth $59.6M.
  • Zazove Associates added most to Kinder Morgan Inc in Q2 2015, an estimated $5.63M increase.
  • Zazove Associates's biggest Q2 2015 reduction was STANLEY BLACK & DECKER INC CORP UNIT, cutting an estimated $34.9M.
  • Zazove Associates fully exited NorthStar Realty Finance Corp. in Q2 2015, selling an estimated $11.8M.
  • Zazove Associates's ten largest holdings make up 46% of its $2.37B portfolio in Q2 2015.
  • Zazove Associates opened 4 new positions and closed 4 in Q2 2015.
  • Zazove Associates's portfolio value rose 12% quarter-over-quarter to $2.37B.

Based on Zazove Associates's 13F filing for Q2 2015, filed 10 Aug 2015.