Binds to specific AU-rich elements (ARE) in the 3'-untranslated region of target mRNAs and promotes their degradation. Binds to ARE present in the arz1 mRNA and stimulates the rate of arz1 mRNA decay. Required for coordination of septum formation with exit from mitosis. Involved in the mating response pathway. Induces sexual development and ascus formation. Interacts with moc3.