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WCM

Waterstone Capital Management Portfolio holdings

AUM $98.6M
1-Year Est. Return 19.4%
This Fund
S&P 500
This Quarter Est. Return
+4.96%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$569M
AUM Growth
-$274M
Cap. Flow
-$351M
Cap. Flow %
-61.73%
Top 10 Hldgs %
79.84%
Holding
34
New
5
Increased
5
Reduced
8
Closed
8

Top Buys

Rank Stock Value
1
NMIH icon
NMI Holdings
NMIH
+$30M
2
AAL icon
American Airlines Group
AAL
+$13.9M
3
ADM icon
Archer Daniels Midland
ADM
+$6.55M
4
XLNX
Xilinx Inc
XLNX
+$4.43M
5
WELL.PRI
Welltower Inc.
WELL.PRI
+$4.26M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$11.6M
2
CIEN icon
Ciena
CIEN
+$10.5M
3
THOR
THORATEC CORPORATION
THOR
+$8.08M
4
AL
Air Lease Corp
AL
+$6.6M
5
HRC
HILL-ROM HOLDINGS, INC.
HRC
+$5.38M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 11.43%
2 Industrials 5.89%
3 Financials 5.17%
4 Healthcare 4.27%
5 Technology 2.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
THOR
26
DELISTED
THORATEC CORPORATION
THOR
– –
-216,800
Closed -$8.08M
CFN
27
DELISTED
CAREFUSION CORPORATION
CFN
– –
-140,000
Closed -$5.17M
TWO.WS
28
DELISTED
TWO HBRS INVT CORP WTS EXP 11/07/2013 (MD)
TWO.WS
– –
-1,921,402
Closed -$759K
GCVRZ
29
DELISTED
Sanofi Contingent Value Rights
GCVRZ
– –
-70,981
Closed -$143K
1
2

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Waterstone Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, Waterstone Capital Management held 34 positions worth $569M, down 32% from $843M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Waterstone Capital Management withdrew a net $351M in Q4 2013, closing 8 positions and reducing 8 holdings. Its most notable exit was Ciena, an estimated $10.5M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 11% of assets, up from 8% a quarter earlier, followed by Industrials and Financials.

Against the trend, Waterstone Capital Management opened a new position in NMI Holdings worth $28.7M.

  • Waterstone Capital Management's largest Q4 2013 buy was NMI Holdings: 2,251,923 shares worth $28.7M.
  • Waterstone Capital Management added most to Welltower Inc. in Q4 2013, an estimated $4.26M increase.
  • Waterstone Capital Management's biggest Q4 2013 reduction was Booking.com, cutting an estimated $11.6M.
  • Waterstone Capital Management fully exited Ciena in Q4 2013, selling an estimated $10.5M.
  • Waterstone Capital Management's ten largest holdings make up 80% of its $569M portfolio in Q4 2013.
  • Waterstone Capital Management opened 5 new positions and closed 8 in Q4 2013.
  • Waterstone Capital Management's portfolio value fell 32% quarter-over-quarter to $569M.

Based on Waterstone Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.