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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
+0.08%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.89B
AUM Growth
-$205M
Cap. Flow
-$1.85B
Cap. Flow %
-97.57%
Top 10 Hldgs %
41.68%
Holding
113
New
11
Increased
3
Reduced
2
Closed
3

Top Buys

Rank Stock Value
1
GM.WS.B
General Motors Company
GM.WS.B
+$12M
2
KEY icon
KeyCorp
KEY
+$5.35M
3
UONEK icon
Urban One Class D
UONEK
+$5.04M
4
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$1.2M
5
DBRG icon
DigitalBridge
DBRG
+$1.2M

Top Sells

Rank Stock Value
1
WELL.PRI
Welltower Inc.
WELL.PRI
+$55.6M
2
KEY.PRG
KeyCorp Pfd
KEY.PRG
+$1.98M
3
NRF
NorthStar Realty Finance Corp.
NRF
+$1.45M
4
JSD
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
+$678K
5
NSL
NUVEEN SENIOR INCM FD
NSL
+$230K

Sector Composition

Rank Sector Weight
1 Communication Services 0.35%
2 Financials 0.33%
3 Real Estate 0.1%
4 Healthcare 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WELL.PRI
1
DELISTED
Welltower Inc.
WELL.PRI
$16.4M 0.87%
259,529
-911,369
-78% -$55.6M
GM.WS.B
2
DELISTED
General Motors Company
GM.WS.B
$11.5M 0.61%
+643,467
New +$12M
WFC.PRL icon
3
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$8.73M 0.46%
7,069
– –
UONEK icon
4
Urban One Class D
UONEK
$22.8M
$5.79M 0.31%
+175,378
New +$5.04M
KEY icon
5
KeyCorp
KEY
$24.5B
$5.2M 0.27%
+292,273
New +$5.35M
IRDMB
6
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$3.59M 0.19%
10,580
– –
EVV
7
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.49M 0.18%
252,198
– –
JQC icon
8
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.64M 0.14%
303,805
– –
EMMS
9
DELISTED
Emmis Communications Corp
EMMS
$1.97M 0.1%
857,322
+12,874
+2% +$35.2K
BAC.WS.A
10
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$1.19M 0.06%
+105,000
New +$1.2M
DBRG icon
11
DigitalBridge
DBRG
$2.93B
$1.1M 0.06%
+21,294
New +$1.2M
GDL
12
GDL Fund
GDL
$92.1M
$1.08M 0.06%
110,269
– –
BAC.PRL icon
13
Bank of America Series L
BAC.PRL
$3.97B
$1.08M 0.06%
+900
New +$1.07M
FCH.PRA
14
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$966K 0.05%
39,700
– –
RA
15
Brookfield Real Assets Income Fund
RA
$709M
$828K 0.04%
36,347
– –
FOF icon
16
Cohen & Steers Closed End Opportunity Fund
FOF
$377M
$608K 0.03%
49,031
– –
DSU icon
17
BlackRock Debt Strategies Fund
DSU
$595M
$584K 0.03%
50,668
– –
PHD
18
DELISTED
Pioneer Floating Rate Fund
PHD
$584K 0.03%
47,798
– –
UTF icon
19
Cohen & Steers Infrastructure Fund
UTF
$3.1B
$577K 0.03%
26,758
– –
GLU
20
Gabelli Utility & Income Trust
GLU
$114M
$564K 0.03%
30,347
– –
DPG
21
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$550K 0.03%
33,833
– –
SIRI icon
22
SiriusXM
SIRI
$10.2B
$515K 0.03%
+10,000
New +$492K
CCO icon
23
Clear Channel Outdoor Holdings
CCO
$1.23B
$285K 0.02%
47,129
+3,931
+9% +$20.7K
DRRX
24
DELISTED
DURECT Corp
DRRX
$268K 0.01%
25,500
– –
EVG
25
Eaton Vance Short Duration Diversified Income Fund
EVG
$142M
$263K 0.01%
18,602
– –
1
2

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Zazove Associates's Q1 2017 Portfolio in Review

As of Q1 2017, Zazove Associates held 113 positions worth $1.89B, down 9.8% from $2.1B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Zazove Associates withdrew a net $1.85B in Q1 2017, closing 3 positions and reducing 2 holdings. Its most notable exit was KeyCorp Pfd, an estimated $1.98M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.35% of assets, up from 0.28% a quarter earlier, followed by Financials and Real Estate.

Against the trend, Zazove Associates opened a new position in General Motors Company worth $11.5M.

  • Zazove Associates's largest Q1 2017 buy was General Motors Company: 643,467 shares worth $11.5M.
  • Zazove Associates added most to Emmis Communications Corp in Q1 2017, an estimated $35.2K increase.
  • Zazove Associates's biggest Q1 2017 reduction was Welltower Inc., cutting an estimated $55.6M.
  • Zazove Associates fully exited KeyCorp Pfd in Q1 2017, selling an estimated $1.98M.
  • Zazove Associates's ten largest holdings make up 42% of its $1.89B portfolio in Q1 2017.
  • Zazove Associates opened 11 new positions and closed 3 in Q1 2017.
  • Zazove Associates's portfolio value fell 9.8% quarter-over-quarter to $1.89B.

Based on Zazove Associates's 13F filing for Q1 2017, filed 28 Apr 2017.