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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
SWU
1
DELISTED
STANLEY BLACK & DECKER INC CORP UNIT
SWU
$111M 5.12%
831,194
-81,692
-9% -$11.5M
WELL.PRI
2
DELISTED
Welltower Inc.
WELL.PRI
$62M 2.87%
1,015,180
+15,180
+2% +$927K
CIEN icon
3
Ciena
CIEN
$55.3B
$28.2M 1.3%
+1,361,261
New +$31.6M
GM.WS.B
4
DELISTED
General Motors Company
GM.WS.B
$13.7M 0.63%
1,033,807
+6,830
+0.7% +$93.1K
WFC.PRL icon
5
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$13.6M 0.63%
+11,618
New +$13.7M
KMI.WS
6
DELISTED
Kinder Morgan Inc
KMI.WS
$13.2M 0.61%
14,364,080
+552,401
+4% +$850K
KEY.PRG
7
DELISTED
KeyCorp Pfd
KEY.PRG
$8.06M 0.37%
61,891
+1,182
+2% +$155K
UONEK icon
8
Urban One Class D
UONEK
$22.8M
$4.23M 0.2%
198,433
+4,416
+2% +$119K
NRF
9
DELISTED
NorthStar Realty Finance Corp.
NRF
$3.58M 0.17%
+144,903
New +$4.31M
IRDMB
10
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$3.4M 0.16%
14,000
– –
KODK icon
11
Kodak
KODK
$828M
$3.08M 0.14%
196,948
-554
-0.3% -$8.28K
RYN icon
12
Rayonier
RYN
$6.48B
$2.84M 0.13%
+141,864
New +$3.07M
EVV
13
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.56M 0.12%
201,785
– –
CMLS
14
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$2.17M 0.1%
386,112
+110,887
+40% +$1.25M
JQC icon
15
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.98M 0.09%
248,024
– –
WPXP
16
DELISTED
WPX Energy, Inc.
WPXP
$1.79M 0.08%
+50,000
New +$1.99M
EMMS
17
DELISTED
Emmis Communications Corp
EMMS
$1.7M 0.08%
364,898
+52,320
+17% +$240K
TC
18
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
$1.65M 0.08%
+3,764,502
New +$2.09M
SBLK icon
19
Star Bulk Carriers
SBLK
$3.2B
$1.25M 0.06%
+122,022
New +$1.6M
EMMSP
20
DELISTED
EMMIS COMMUNICATIONS CRP CV PF
EMMSP
$1.09M 0.05%
359,597
-83,673
-19% -$254K
DRRX
21
DELISTED
DURECT Corp
DRRX
$1.01M 0.05%
52,000
– –
JPM.WS
22
DELISTED
JPMorgan Chase
JPM.WS
$986K 0.05%
49,500
-25,500
-34% -$605K
FWONK icon
23
Liberty Media Series C
FWONK
$24.5B
$689K 0.03%
28,256
– –
DSU icon
24
BlackRock Debt Strategies Fund
DSU
$595M
$624K 0.03%
62,307
– –
BAC.WS.A
25
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$606K 0.03%
105,765
– –
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.