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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
$1.95B
AUM Growth
+$36.5M
Cap. Flow
-$1.69B
Cap. Flow %
-86.37%
Top 10 Hldgs %
43.8%
Holding
106
New
4
Increased
4
Reduced
3
Closed
3

Top Buys

Rank Stock Value
1
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$2.64M
2
TAHO
Tahoe Resources Inc
TAHO
+$1.09M
3
UONEK icon
Urban One Class D
UONEK
+$1.03M
4
SIRI icon
SiriusXM
SIRI
+$802K
5
TEVA icon
Teva Pharmaceuticals
TEVA
+$675K

Top Sells

Rank Stock Value
1
GM.WS.B
General Motors Company
GM.WS.B
+$11.2M
2
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$4.63M
3
FCH.PRA
Felcor Lodging Tr Ser A Cum Cv
FCH.PRA
+$1.11M
4
UTF icon
Cohen & Steers Infrastructure Fund
UTF
+$294K
5
WELL.PRI
Welltower Inc.
WELL.PRI
+$261K

Sector Composition

Rank Sector Weight
1 Communication Services 0.35%
2 Real Estate 0.17%
3 Financials 0.05%
4 Materials 0.05%
5 Healthcare 0.05%
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
$23.3M 1.19%
458,509
-90,849
-17% -$4.63M
WFC.PRL icon
2
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
$9.05M 0.46%
6,879
– –
UONEK icon
3
Urban One Class D
UONEK
$22.8M
$4.29M 0.22%
256,226
+56,538
+28% +$1.03M
IRDMB
4
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$3.87M 0.2%
10,580
– –
EVV
5
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.84M 0.2%
273,998
– –
EMMS
6
DELISTED
Emmis Communications Corp
EMMS
$3.24M 0.17%
1,028,035
+114,395
+13% +$304K
JQC icon
7
Nuveen Credit Strategies Income Fund
JQC
$707M
$2.58M 0.13%
303,805
– –
TWNKW
8
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
$2.36M 0.12%
1,158,631
+1,158,331
+386,110% +$2.64M
BAC.WS.A
9
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$1.39M 0.07%
105,000
– –
SIRI icon
10
SiriusXM
SIRI
$10.2B
$1.35M 0.07%
24,500
+14,500
+145% +$802K
BAC.PRL icon
11
Bank of America Series L
BAC.PRL
$3.97B
$1.17M 0.06%
900
– –
GDL
12
GDL Fund
GDL
$92.1M
$1.13M 0.06%
110,269
– –
DBRG icon
13
DigitalBridge
DBRG
$2.93B
$1.07M 0.05%
21,294
– –
TAHO
14
DELISTED
Tahoe Resources Inc
TAHO
$1.05M 0.05%
+200,000
New +$1.09M
RA
15
Brookfield Real Assets Income Fund
RA
$709M
$865K 0.04%
36,347
– –
WELL.PRI
16
DELISTED
Welltower Inc.
WELL.PRI
$823K 0.04%
13,000
-4,000
-24% -$261K
CCO icon
17
Clear Channel Outdoor Holdings
CCO
$1.23B
$788K 0.04%
169,442
– –
FOF icon
18
Cohen & Steers Closed End Opportunity Fund
FOF
$377M
$647K 0.03%
49,031
– –
GLU
19
Gabelli Utility & Income Trust
GLU
$114M
$623K 0.03%
30,347
– –
DSU icon
20
BlackRock Debt Strategies Fund
DSU
$595M
$591K 0.03%
50,668
– –
PHD
21
DELISTED
Pioneer Floating Rate Fund
PHD
$572K 0.03%
47,798
– –
DPG
22
Duff & Phelps Utility and Infrastructure Fund
DPG
$523M
$549K 0.03%
33,833
– –
TEVA icon
23
Teva Pharmaceuticals
TEVA
$40.2B
$528K 0.03%
+30,000
New +$675K
CNVS icon
24
Cineverse
CNVS
$58.5M
$475K 0.02%
+16,393
New +$498K
DRRX
25
DELISTED
DURECT Corp
DRRX
$451K 0.02%
25,500
– –
1
2

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Zazove Associates's Q3 2017 Portfolio in Review

As of Q3 2017, Zazove Associates held 106 positions worth $1.95B, up 1.9% from $1.92B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Zazove Associates withdrew a net $1.69B in Q3 2017, closing 3 positions and reducing 3 holdings. Its most notable exit was General Motors Company, an estimated $11.2M position sold in full.

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

Against the trend, Zazove Associates opened a new position in Tahoe Resources Inc worth $1.05M.

  • Zazove Associates's largest Q3 2017 buy was Tahoe Resources Inc: 200,000 shares worth $1.05M.
  • Zazove Associates added most to Hostess Brands, Inc. Warrants in Q3 2017, an estimated $2.64M increase.
  • Zazove Associates's biggest Q3 2017 reduction was Flagstar Bank National Association Bifurcated Option Note Unit Securities, cutting an estimated $4.63M.
  • Zazove Associates fully exited General Motors Company in Q3 2017, selling an estimated $11.2M.
  • Zazove Associates's ten largest holdings make up 44% of its $1.95B portfolio in Q3 2017.
  • Zazove Associates opened 4 new positions and closed 3 in Q3 2017.
  • Zazove Associates's portfolio value rose 1.9% quarter-over-quarter to $1.95B.

Based on Zazove Associates's 13F filing for Q3 2017, filed 13 Nov 2017.