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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
+0.79%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.15B
AUM Growth
+$31.9M
Cap. Flow
-$1.85B
Cap. Flow %
-86.06%
Top 10 Hldgs %
43.53%
Holding
120
New
5
Increased
3
Reduced
11
Closed
8

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$41M
2
JNJ icon
Johnson & Johnson
JNJ
+$14.4M
3
WELL.PRI
Welltower Inc.
WELL.PRI
+$3.94M
4
GM.WS.B
General Motors Company
GM.WS.B
+$2.97M
5
FCH.PRA
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
+$943K

Top Sells

Rank Stock Value
1
KODK icon
Kodak
KODK
+$1.81M
2
KEY.PRG
KeyCorp Pfd
KEY.PRG
+$1.72M
3
UVXY icon
ProShares Ultra VIX Short-Term Futures ETF
UVXY
+$1.55M
4
EP.PRC icon
El Paso Energy Capital Trust I
EP.PRC
+$952K
5
EMMSP
EMMIS COMMUNICATIONS CRP CV PF
EMMSP
+$522K

Sector Composition

Rank Sector Weight
1 Healthcare 0.72%
2 Communication Services 0.29%
3 Real Estate 0.08%
4 Consumer Discretionary 0.04%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WELL.PRI
1
DELISTED
Welltower Inc.
WELL.PRI
$99M 4.6%
1,467,085
+61,703
+4% +$3.94M
FLG.PRU
2
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$41M 1.91%
+818,636
New +$41M
JNJ icon
3
Johnson & Johnson
JNJ
$613B
$15.4M 0.72%
+127,000
New +$14.4M
GM.WS.B
4
DELISTED
General Motors Company
GM.WS.B
$11.9M 0.55%
1,132,476
+235,536
+26% +$2.97M
WFC.PRL icon
5
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$9.08M 0.42%
7,069
– –
KEY.PRG
6
DELISTED
KeyCorp Pfd
KEY.PRG
$6.45M 0.3%
48,236
-12,990
-21% -$1.72M
UONEK icon
7
Urban One Class D
UONEK
$22.8M
$6.31M 0.29%
197,751
-682
-0.3% -$15.8K
IRDMB
8
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$3.69M 0.17%
11,230
-270
-2% -$81.7K
EVV
9
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$2.31M 0.11%
171,671
-30,114
-15% -$399K
JQC icon
10
Nuveen Credit Strategies Income Fund
JQC
$707M
$1.73M 0.08%
214,018
-34,006
-14% -$271K
EMMS
11
DELISTED
Emmis Communications Corp
EMMS
$1.72M 0.08%
628,334
+212,177
+51% +$491K
CMLS
12
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$1.69M 0.08%
679,577
– –
FCH.PRA
13
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$942K 0.04%
+37,500
New +$943K
JPM.WS
14
DELISTED
JPMorgan Chase
JPM.WS
$932K 0.04%
46,000
-3,500
-7% -$72.8K
BAC.WS.A
15
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$830K 0.04%
238,568
-52,265
-18% -$201K
ICON
16
DELISTED
Iconix Brand Group, Inc.
ICON
$758K 0.04%
+11,210
New +$874K
COF.WS
17
DELISTED
Capital One Financial Corp
COF.WS
$560K 0.03%
+23,500
New +$675K
DSU icon
18
BlackRock Debt Strategies Fund
DSU
$595M
$537K 0.02%
50,669
-11,638
-19% -$123K
JRO
19
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$302K 0.01%
29,447
-5,095
-15% -$52K
JFR icon
20
Nuveen Floating Rate Income Fund
JFR
$1.24B
$277K 0.01%
26,758
-5,313
-17% -$54.7K
KMI.WS
21
DELISTED
Kinder Morgan Inc
KMI.WS
$205K 0.01%
12,576,332
– –
DRRX
22
DELISTED
DURECT Corp
DRRX
$154K 0.01%
12,584
-13,102
-51% -$168K
KODK.WS
23
DELISTED
Eastman Kodak Company
KODK.WS
$53K ﹤0.01%
13,144
– –
KODK.WS.A
24
DELISTED
Eastman Kodak Company
KODK.WS.A
$45K ﹤0.01%
13,144
– –
BAC icon
25
Bank of America
BAC
$438B
– –
-11,000
Closed -$149K
1
2

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Zazove Associates's Q2 2016 Portfolio in Review

As of Q2 2016, Zazove Associates held 120 positions worth $2.15B, up 1.5% from $2.12B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Zazove Associates withdrew a net $1.85B in Q2 2016, closing 8 positions and reducing 11 holdings. Its most notable exit was Kodak, an estimated $1.81M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 0.72% of assets, up from 0.02% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $41M.

  • Zazove Associates's largest Q2 2016 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 818,636 shares worth $41M.
  • Zazove Associates added most to Welltower Inc. in Q2 2016, an estimated $3.94M increase.
  • Zazove Associates's biggest Q2 2016 reduction was KeyCorp Pfd, cutting an estimated $1.72M.
  • Zazove Associates fully exited Kodak in Q2 2016, selling an estimated $1.81M.
  • Zazove Associates's ten largest holdings make up 44% of its $2.15B portfolio in Q2 2016.
  • Zazove Associates opened 5 new positions and closed 8 in Q2 2016.
  • Zazove Associates's portfolio value rose 1.5% quarter-over-quarter to $2.15B.

Based on Zazove Associates's 13F filing for Q2 2016, filed 12 Aug 2016.