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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
+0.22%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.13B
AUM Growth
-$33.9M
Cap. Flow
-$1.75B
Cap. Flow %
-82.24%
Top 10 Hldgs %
44.84%
Holding
132
New
8
Increased
6
Reduced
8
Closed
8

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$35.5M
2
SWK icon
Stanley Black & Decker
SWK
+$35.1M
3
WELL.PRI
Welltower Inc.
WELL.PRI
+$17.2M
4
HST icon
Host Hotels & Resorts
HST
+$7.76M
5
CALY
Callaway Golf Company
CALY
+$4.23M

Top Sells

Rank Stock Value
1
SWU
STANLEY BLACK & DECKER INC CORP UNIT
SWU
+$111M
2
CIEN icon
Ciena
CIEN
+$28.2M
3
RYN icon
Rayonier
RYN
+$2.84M
4
WPXP
WPX Energy, Inc.
WPXP
+$1.79M
5
FWONK icon
Liberty Media Series C
FWONK
+$689K

Sector Composition

Rank Sector Weight
1 Industrials 1.79%
2 Real Estate 0.5%
3 Consumer Discretionary 0.19%
4 Communication Services 0.16%
5 Healthcare 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WELL.PRI
1
DELISTED
Welltower Inc.
WELL.PRI
$78.9M 3.7%
1,302,350
+287,170
+28% +$17.2M
FLG.PRU
2
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$35.6M 1.67%
+712,905
New +$35.5M
SWK icon
3
Stanley Black & Decker
SWK
$14.8B
$35.5M 1.67%
+332,618
New +$35.1M
GM.WS.B
4
DELISTED
General Motors Company
GM.WS.B
$16.8M 0.79%
1,033,807
– –
WFC.PRL icon
5
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$13.6M 0.64%
11,708
+90
+0.8% +$106K
KEY.PRG
6
DELISTED
KeyCorp Pfd
KEY.PRG
$8.11M 0.38%
61,676
-215
-0.3% -$28.2K
HST icon
7
Host Hotels & Resorts
HST
$17.2B
$7.17M 0.34%
+467,168
New +$7.76M
IRDMB
8
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$4.38M 0.21%
14,000
– –
CALY
9
Callaway Golf Company
CALY
$3.43B
$4.15M 0.19%
+440,251
New +$4.23M
UONEK icon
10
Urban One Class D
UONEK
$22.8M
$3.41M 0.16%
198,433
– –
BAC.WS.A
11
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$2.71M 0.13%
465,013
+359,248
+340% +$2.18M
EVV
12
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.58M 0.12%
201,785
– –
NRF
13
DELISTED
NorthStar Realty Finance Corp.
NRF
$2.47M 0.12%
144,902
-1
-0% -$20
KODK icon
14
Kodak
KODK
$828M
$2.33M 0.11%
186,146
-10,802
-5% -$149K
JQC icon
15
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.95M 0.09%
248,024
– –
CMLS
16
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$1.79M 0.08%
679,577
+293,465
+76% +$1.05M
JPM.WS
17
DELISTED
JPMorgan Chase
JPM.WS
$1.17M 0.06%
49,500
– –
EP.PRC icon
18
El Paso Energy Capital Trust I
EP.PRC
$222M
$1.02M 0.05%
+25,000
New +$1.14M
EMMS
19
DELISTED
Emmis Communications Corp
EMMS
$941K 0.04%
391,179
+26,281
+7% +$81.5K
KMI.WS
20
DELISTED
Kinder Morgan Inc
KMI.WS
$806K 0.04%
13,418,930
-945,150
-7% -$451K
DSU icon
21
BlackRock Debt Strategies Fund
DSU
$595M
$630K 0.03%
62,307
– –
DRRX
22
DELISTED
DURECT Corp
DRRX
$619K 0.03%
28,016
-23,984
-46% -$519K
EMMSP
23
DELISTED
EMMIS COMMUNICATIONS CRP CV PF
EMMSP
$613K 0.03%
359,597
– –
NRE
24
DELISTED
NorthStar Realty Europe Corp.
NRE
$570K 0.03%
+48,300
New +$531K
TC
25
DELISTED
Thompson Creek Metals Company Inc. Ordinary Shares (Canada)
TC
$402K 0.02%
1,989,342
-1,775,160
-47% -$628K
1
2

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Zazove Associates's Q4 2015 Portfolio in Review

As of Q4 2015, Zazove Associates held 132 positions worth $2.13B, down 1.6% from $2.16B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Zazove Associates withdrew a net $1.75B in Q4 2015, closing 8 positions and reducing 8 holdings. Its most notable exit was STANLEY BLACK & DECKER INC CORP UNIT, an estimated $111M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 1.8% of assets, up from 0.2% a quarter earlier, followed by Real Estate and Consumer Discretionary.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $35.6M.

  • Zazove Associates's largest Q4 2015 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 712,905 shares worth $35.6M.
  • Zazove Associates added most to Welltower Inc. in Q4 2015, an estimated $17.2M increase.
  • Zazove Associates's biggest Q4 2015 reduction was Thompson Creek Metals Company Inc. Ordinary Shares (Canada), cutting an estimated $628K.
  • Zazove Associates fully exited STANLEY BLACK & DECKER INC CORP UNIT in Q4 2015, selling an estimated $111M.
  • Zazove Associates's ten largest holdings make up 45% of its $2.13B portfolio in Q4 2015.
  • Zazove Associates opened 8 new positions and closed 8 in Q4 2015.
  • Zazove Associates's portfolio value fell 1.6% quarter-over-quarter to $2.13B.

Based on Zazove Associates's 13F filing for Q4 2015, filed 28 Jan 2016.