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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
-0.13%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.1B
AUM Growth
-$68.2M
Cap. Flow
-$1.83B
Cap. Flow %
-87.1%
Top 10 Hldgs %
38.88%
Holding
117
New
9
Increased
5
Reduced
1
Closed
9

Top Buys

Rank Stock Value
1
WELL.PRI
Welltower Inc.
WELL.PRI
+$70.9M
2
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$8.76M
3
JQC icon
Nuveen Credit Strategies Income Fund
JQC
+$2.59M
4
NRF
NorthStar Realty Finance Corp.
NRF
+$1.38M
5
GDL
GDL Fund
GDL
+$857K

Top Sells

Rank Stock Value
1
GM.WS.B
General Motors Company
GM.WS.B
+$17.7M
2
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$2.53M
3
HTR
Brookfield Total Return Fund Inc
HTR
+$850K
4
COF.WS
Capital One Financial Corp
COF.WS
+$576K
5
BSL
Blackstone Senior Floating Rate 2027 Term Fund
BSL
+$562K

Sector Composition

Rank Sector Weight
1 Communication Services 0.28%
2 Real Estate 0.2%
3 Healthcare 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WELL.PRI
1
DELISTED
Welltower Inc.
WELL.PRI
$70.2M 3.35%
+1,170,898
New +$70.9M
FLG.PRU
2
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
– –
0
– –
GM.WS.B
3
DELISTED
General Motors Company
GM.WS.B
– –
-1,132,476
Closed -$17.7M
WFC.PRL icon
4
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$8.39M 0.4%
+7,069
New +$8.76M
UONEK icon
5
Urban One Class D
UONEK
$22.8M
– –
0
– –
IRDMB
6
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$3.64M 0.17%
10,580
– –
EVV
7
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.46M 0.17%
252,198
– –
EMMS
8
DELISTED
Emmis Communications Corp
EMMS
$2.69M 0.13%
844,448
+193,722
+30% +$638K
JQC icon
9
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.69M 0.13%
+303,805
New +$2.59M
KEY.PRG
10
DELISTED
KeyCorp Pfd
KEY.PRG
$1.98M 0.09%
14,664
+2,951
+25% +$400K
NRF
11
DELISTED
NorthStar Realty Finance Corp.
NRF
$1.45M 0.07%
+95,383
New +$1.38M
GDL
12
GDL Fund
GDL
$92.1M
$1.08M 0.05%
110,269
+87,617
+387% +$857K
BAC.WS.A
13
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
– –
-343,568
Closed -$2.53M
FCH.PRA
14
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$991K 0.05%
39,700
+2,200
+6% +$53.5K
RA
15
Brookfield Real Assets Income Fund
RA
$709M
$811K 0.04%
+36,347
New +$797K
JSD
16
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
$711K 0.03%
+40,640
New +$684K
CMLS
17
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$694K 0.03%
680,576
+999
+0.1% +$1.46K
DSU icon
18
BlackRock Debt Strategies Fund
DSU
$595M
$575K 0.03%
50,668
-1
-0% -$11
FOF icon
19
Cohen & Steers Closed End Opportunity Fund
FOF
$377M
$574K 0.03%
49,031
– –
PHD
20
DELISTED
Pioneer Floating Rate Fund
PHD
$567K 0.03%
+47,798
New +$561K
DPG
21
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$524K 0.03%
33,833
– –
UTF icon
22
Cohen & Steers Infrastructure Fund
UTF
$3.1B
$518K 0.02%
26,758
– –
GLU
23
Gabelli Utility & Income Trust
GLU
$114M
$510K 0.02%
30,347
– –
SIRI icon
24
SiriusXM
SIRI
$10.2B
– –
0
– –
DRRX
25
DELISTED
DURECT Corp
DRRX
$342K 0.02%
25,500
– –
1
2

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Zazove Associates's Q4 2016 Portfolio in Review

As of Q4 2016, Zazove Associates held 117 positions worth $2.1B, down 3.2% from $2.17B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Zazove Associates withdrew a net $1.83B in Q4 2016, closing 9 positions and reducing 1 holding. Its most notable exit was General Motors Company, an estimated $17.7M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.28% of assets, up from 0.24% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, Zazove Associates opened a new position in Welltower Inc. worth $70.2M.

  • Zazove Associates's largest Q4 2016 buy was Welltower Inc.: 1,170,898 shares worth $70.2M.
  • Zazove Associates added most to GDL Fund in Q4 2016, an estimated $857K increase.
  • Zazove Associates's biggest Q4 2016 reduction was BlackRock Debt Strategies Fund, cutting an estimated $11.
  • Zazove Associates fully exited General Motors Company in Q4 2016, selling an estimated $17.7M.
  • Zazove Associates's ten largest holdings make up 39% of its $2.1B portfolio in Q4 2016.
  • Zazove Associates opened 9 new positions and closed 9 in Q4 2016.
  • Zazove Associates's portfolio value fell 3.2% quarter-over-quarter to $2.1B.

Based on Zazove Associates's 13F filing for Q4 2016, filed 30 Jan 2017.