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ZA

Zazove Associates Portfolio holdings

AUM $1.22B
1-Year Est. Return 1.92%
This Fund
S&P 500
This Quarter Est. Return
+0.24%
1 Year Est. Return
+1.92%
3 Year Est. Return
+11.02%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.17B
AUM Growth
+$12.4M
Cap. Flow
-$2.06B
Cap. Flow %
-94.97%
Top 10 Hldgs %
42.32%
Holding
113
New
10
Increased
4
Reduced
5
Closed
10

Top Buys

Rank Stock Value
1
EVV
Eaton Vance Limited Duration Income Fund
EVV
+$1.1M
2
HTR
Brookfield Total Return Fund Inc
HTR
+$859K
3
FOF icon
Cohen & Steers Closed End Opportunity Fund
FOF
+$590K
4
DPG
Duff & Phelps Utility and Infrastructure Fund
DPG
+$580K
5
UTF icon
Cohen & Steers Infrastructure Fund
UTF
+$572K

Top Sells

Rank Stock Value
1
WELL.PRI
Welltower Inc.
WELL.PRI
+$101M
2
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$41.1M
3
JNJ icon
Johnson & Johnson
JNJ
+$15.4M
4
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$9.48M
5
UONEK icon
Urban One Class D
UONEK
+$6.37M

Sector Composition

Rank Sector Weight
1 Miscellaneous 99.55%
2 Communication Services 0.32%
3 Real Estate 0.11%
4 Healthcare 0.02%
5 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WELL.PRI
1
DELISTED
Welltower Inc.
WELL.PRI
– –
-1,467,085
Closed -$101M
FLG.PRU
2
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$115M
– –
-818,636
Closed -$41.1M
GM.WS.B
3
DELISTED
General Motors Company
GM.WS.B
$15.8M 0.73%
1,132,476
– –
WFC.PRL icon
4
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.44B
– –
-7,069
Closed -$9.48M
UONEK icon
5
Urban One Class D
UONEK
$19.6M
– –
-197,751
Closed -$6.37M
EVV
6
Eaton Vance Limited Duration Income Fund
EVV
$1.01B
$3.46M 0.16%
252,198
+80,527
+47% +$1.1M
IRDMB
7
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$3.17M 0.15%
10,580
-650
-6% -$199K
JQC icon
8
Nuveen Credit Strategies Income Fund
JQC
$695M
– –
-214,018
Closed -$1.79M
EMMS
9
DELISTED
Emmis Communications Corp
EMMS
$2.48M 0.11%
650,726
+22,392
+4% +$83K
CMLS
10
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$1.79M 0.08%
679,577
– –
KEY.PRG
11
DELISTED
KeyCorp Pfd
KEY.PRG
$1.6M 0.07%
11,713
-36,523
-76% -$4.97M
BAC.WS.A
12
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$1.59M 0.07%
343,568
+105,000
+44% +$435K
FCH.PRA
13
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$940K 0.04%
37,500
– –
HTR
14
DELISTED
Brookfield Total Return Fund Inc
HTR
$850K 0.04%
+37,929
New +$859K
JSD
15
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
– –
0
– –
FOF icon
16
Cohen & Steers Closed End Opportunity Fund
FOF
$351M
$603K 0.03%
+49,031
New +$590K
DPG
17
Duff & Phelps Utility and Infrastructure Fund
DPG
$488M
$578K 0.03%
+33,833
New +$580K
UTF icon
18
Cohen & Steers Infrastructure Fund
UTF
$2.81B
$576K 0.03%
+26,758
New +$572K
COF.WS
19
DELISTED
Capital One Financial Corp
COF.WS
$576K 0.03%
18,940
-4,560
-19% -$127K
PHD
20
DELISTED
Pioneer Floating Rate Fund
PHD
– –
0
– –
BSL
21
Blackstone Senior Floating Rate 2027 Term Fund
BSL
$170M
$562K 0.03%
+33,375
New +$548K
DSU icon
22
BlackRock Debt Strategies Fund
DSU
$590M
$555K 0.03%
50,669
– –
GLU
23
Gabelli Utility & Income Trust
GLU
$111M
$555K 0.03%
+30,347
New +$558K
DRRX
24
DELISTED
DURECT Corp
DRRX
$354K 0.02%
25,500
+12,916
+103% +$212K
JRO
25
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
– –
-29,447
Closed -$315K
1
2

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Zazove Associates's Q3 2016 Portfolio in Review

As of Q3 2016, Zazove Associates held 113 positions worth $2.17B, up 0.58% from $2.15B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Zazove Associates withdrew a net $2.06B in Q3 2016, closing 10 positions and reducing 5 holdings. Its most notable exit was Welltower Inc., an estimated $101M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 100% of assets, up from 99% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Zazove Associates opened a new position in Brookfield Total Return Fund Inc worth $850K.

  • Zazove Associates's largest Q3 2016 buy was Brookfield Total Return Fund Inc: 37,929 shares worth $850K.
  • Zazove Associates added most to Eaton Vance Limited Duration Income Fund in Q3 2016, an estimated $1.1M increase.
  • Zazove Associates's biggest Q3 2016 reduction was KeyCorp Pfd, cutting an estimated $4.97M.
  • Zazove Associates fully exited Welltower Inc. in Q3 2016, selling an estimated $101M.
  • Zazove Associates's ten largest holdings make up 42% of its $2.17B portfolio in Q3 2016.
  • Zazove Associates opened 10 new positions and closed 10 in Q3 2016.
  • Zazove Associates's portfolio value rose 0.58% quarter-over-quarter to $2.17B.

Based on Zazove Associates's 13F filing for Q3 2016, filed 4 Nov 2016.