Investment Philosophy and Approach

The Zazove investment philosophy has evolved from 50 years of managing convertible securities. The lessons learned over nearly a half-century form the foundation of our approach to investing. The basic tenets of our philosophy and investment approach are:

Equity Market Returns	Capturing the majority of equity market advances helps build capital over time
Preservation of Capital	Avoiding substantial declines during market downturns can lead to long-term outperformance
Not Reliant on Forecasting	Utilize a disciplined, repeatable, quantitative investment methodology that does not rely on price forecasting or market timing
Diversification	Proper diversification is particularly important given the firm’s quantitative approach, emphasis on preservation of capital, and non-reliance on forecasting
Long-term approach	The Zazove investment approach has been successful over numerous market cycles and a wide variety of economic conditions
Singular Focus	Zazove is a dedicated convertible specialist that possesses experience across all segments of the convertible market
One Team	Specialized and experienced investment team dedicated to convertible securities analysis, credit research, trading, and portfolio management