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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
+0.06%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.92B
AUM Growth
+$25.6M
Cap. Flow
-$1.7B
Cap. Flow %
-88.56%
Top 10 Hldgs %
44.19%
Holding
107
New
2
Increased
4
Reduced
2
Closed
3

Top Buys

Rank Stock Value
1
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$27.7M
2
UONEK icon
Urban One Class D
UONEK
+$609K
3
CCO icon
Clear Channel Outdoor Holdings
CCO
+$575K
4
EVV
Eaton Vance Limited Duration Income Fund
EVV
+$304K
5
EMMS
Emmis Communications Corp
EMMS
+$154K

Top Sells

Rank Stock Value
1
WELL.PRI
Welltower Inc.
WELL.PRI
+$15.8M
2
KEY icon
KeyCorp
KEY
+$5.2M
3
WFC.PRL icon
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
+$242K
4
JSD
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
+$54K
5
KMI.WS
Kinder Morgan Inc
KMI.WS
+$30K

Sector Composition

Rank Sector Weight
1 Communication Services 0.31%
2 Real Estate 0.13%
3 Financials 0.06%
4 Healthcare 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLG.PRU
1
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
$28.2M 1.47%
+549,358
New +$27.7M
GM.WS.B
2
DELISTED
General Motors Company
GM.WS.B
$11.2M 0.58%
643,467
– –
WFC.PRL icon
3
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$9.05M 0.47%
6,879
-190
-3% -$242K
UONEK icon
4
Urban One Class D
UONEK
$22.8M
$4.49M 0.23%
199,688
+24,310
+14% +$609K
IRDMB
5
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$4.06M 0.21%
10,580
– –
EVV
6
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.86M 0.2%
273,998
+21,800
+9% +$304K
JQC icon
7
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.62M 0.14%
303,805
– –
EMMS
8
DELISTED
Emmis Communications Corp
EMMS
$2.46M 0.13%
913,640
+56,318
+7% +$154K
BAC.WS.A
9
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$1.26M 0.07%
105,000
– –
DBRG icon
10
DigitalBridge
DBRG
$2.93B
$1.2M 0.06%
21,294
– –
BAC.PRL icon
11
Bank of America Series L
BAC.PRL
$3.97B
$1.14M 0.06%
900
– –
GDL
12
GDL Fund
GDL
$92.1M
$1.13M 0.06%
110,269
– –
WELL.PRI
13
DELISTED
Welltower Inc.
WELL.PRI
$1.13M 0.06%
17,000
-242,529
-93% -$15.8M
FCH.PRA
14
DELISTED
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
$1.11M 0.06%
39,700
– –
RA
15
Brookfield Real Assets Income Fund
RA
$709M
$843K 0.04%
36,347
– –
CCO icon
16
Clear Channel Outdoor Holdings
CCO
$1.23B
$822K 0.04%
169,442
+122,313
+260% +$575K
FOF icon
17
Cohen & Steers Closed End Opportunity Fund
FOF
$377M
$637K 0.03%
49,031
– –
UTF icon
18
Cohen & Steers Infrastructure Fund
UTF
$3.1B
$632K 0.03%
26,758
– –
GLU
19
Gabelli Utility & Income Trust
GLU
$114M
$614K 0.03%
30,347
– –
DSU icon
20
BlackRock Debt Strategies Fund
DSU
$595M
$585K 0.03%
50,668
– –
PHD
21
DELISTED
Pioneer Floating Rate Fund
PHD
$569K 0.03%
47,798
– –
DPG
22
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$562K 0.03%
33,833
– –
SIRI icon
23
SiriusXM
SIRI
$10.2B
$547K 0.03%
10,000
– –
DRRX
24
DELISTED
DURECT Corp
DRRX
$398K 0.02%
25,500
– –
CMLS
25
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$315K 0.02%
700,576
– –
1
2

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Zazove Associates's Q2 2017 Portfolio in Review

As of Q2 2017, Zazove Associates held 107 positions worth $1.92B, up 1.4% from $1.89B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Zazove Associates withdrew a net $1.7B in Q2 2017, closing 3 positions and reducing 2 holdings. Its most notable exit was KeyCorp, an estimated $5.2M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.31% of assets, down from 0.35% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Zazove Associates opened a new position in Flagstar Bank National Association Bifurcated Option Note Unit Securities worth $28.2M.

  • Zazove Associates's largest Q2 2017 buy was Flagstar Bank National Association Bifurcated Option Note Unit Securities: 549,358 shares worth $28.2M.
  • Zazove Associates added most to Urban One Class D in Q2 2017, an estimated $609K increase.
  • Zazove Associates's biggest Q2 2017 reduction was Welltower Inc., cutting an estimated $15.8M.
  • Zazove Associates fully exited KeyCorp in Q2 2017, selling an estimated $5.2M.
  • Zazove Associates's ten largest holdings make up 44% of its $1.92B portfolio in Q2 2017.
  • Zazove Associates opened 2 new positions and closed 3 in Q2 2017.
  • Zazove Associates's portfolio value rose 1.4% quarter-over-quarter to $1.92B.

Based on Zazove Associates's 13F filing for Q2 2017, filed 28 Jul 2017.