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WCM
Waterstone Capital Management Portfolio holdings
AUM
$98.6M
Turnover
37.5%
1-Year Est. Return
19.4%
This Fund
S&P 500
This Quarter
Est. Return
+3.7%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$843M
AUM Growth
-$277M
(-25%)
Cap. Flow
-$777M
Cap. Flow
% of AUM
-92.12%
Top 10 Holdings %
Top 10 Hldgs %
82.24%
Holding
40
New
4
Increased
7
Reduced
9
Closed
9
Avg Time Held Equity + Options
0.2
years
Top 10 Avg Time Held Equity + Options
0.2
years
Top 20 Avg Time Held Equity + Options
0.2
years
Avg Time Held Equity only
0.2
years
Top 10 Avg Time Held Equity only
0.2
years
Top 20 Avg Time Held Equity only
0.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
HRC
HILL-ROM HOLDINGS, INC.
HRC
|
+$5.31M |
| 2 |
CFN
CAREFUSION CORPORATION
CFN
|
+$5.23M |
| 3 |
Booking.com
BKNG
|
+$4.02M |
| 4 |
Lam Research
LRCX
|
+$2.88M |
| 5 |
Welltower Inc.
WELL.PRI
|
+$1.48M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
General Motors
GM
|
+$34.3M |
| 2 |
Air Lease Corp
AL
|
+$12.4M |
| 3 |
United Therapeutics
UTHR
|
+$8.62M |
| 4 |
Octave Specialty Group
OSG
|
+$7.07M |
| 5 |
ZIONW
Zions Bancorporation N.A. Warrants
ZIONW
|
+$6.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 77.15% |
| 2 | Consumer Discretionary | 7.96% |
| 3 | Financials | 4.69% |
| 4 | Healthcare | 4.13% |
| 5 | Technology | 2.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Booking.com
BKNG
$125B
| $67.1M | 7.96% |
1,659,575
+107,500
| +7% | +$4.02M |
2013 Q2
1 quarter
|
|
|
STBZ
2
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $28.4M | 3.37% |
1,792,001
-288,902
| -14% | -$4.55M |
2013 Q2
1 quarter
|
|
3
CALL
Freeport-McMoran
FCX
$101B
| $24.8M | 2.94% |
750,000
+200,000
| +36% | +$6.11M |
2013 Q2
1 quarter
|
|
4
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$106M
| – | – |
0
| – | – |
2013 Q2
1 quarter
|
|
5
DELISTED
Hologic
HOLX
| $16.5M | 1.96% |
800,900
+26,000
| +3% | +$553K |
2013 Q2
1 quarter
|
|
|
6
Lam Research
LRCX
$347B
| $13.2M | 1.57% |
2,587,460
+589,210
| +29% | +$2.88M |
2013 Q2
1 quarter
|
|
|
ZIONW
7
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $11.6M | 1.37% |
2,274,181
-1,000,000
| -31% | -$6.06M |
2013 Q2
1 quarter
|
|
|
8
DELISTED
Air Lease Corp
AL
| $11.4M | 1.35% |
412,504
-453,937
| -52% | -$12.4M |
2013 Q2
1 quarter
|
|
|
JAH
9
DELISTED
JARDEN CORPORATION
JAH
| $10.8M | 1.28% |
335,700
+7,500
| +2% | +$231K |
2013 Q2
1 quarter
|
|
10
Ciena
CIEN
$50.6B
| $10.5M | 1.25% |
420,540
+56,800
| +16% | +$1.28M |
2013 Q2
1 quarter
|
|
|
COB
11
DELISTED
CommunityOne Bancorp
COB
| $10.4M | 1.23% |
1,051,764
| – | – |
2013 Q2
1 quarter
|
|
12
DELISTED
THORATEC CORPORATION
THOR
| $8.08M | 0.96% |
216,800
-52,700
| -20% | -$1.84M |
2013 Q2
1 quarter
|
|
|
VOLC
13
DELISTED
VOLCANO CORPORATION COM STK
VOLC
| $6.92M | 0.82% |
288,900
-11,100
| -4% | -$236K |
2013 Q2
1 quarter
|
|
14
DELISTED
Masimo
MASI
| $6.86M | 0.81% |
257,500
| – | – |
2013 Q2
1 quarter
|
|
|
HRC
15
DELISTED
HILL-ROM HOLDINGS, INC.
HRC
| $5.38M | 0.64% |
+150,000
| New | +$5.31M |
2013 Q3
0 quarters
|
|
|
CFN
16
DELISTED
CAREFUSION CORPORATION
CFN
| $5.17M | 0.61% |
+140,000
| New | +$5.23M |
2013 Q3
0 quarters
|
|
|
SBY
17
DELISTED
Silver Bay Realty Trust Corp.
SBY
| $4.68M | 0.56% |
299,102
-240,184
| -45% | -$3.87M |
2013 Q2
1 quarter
|
|
|
18
DELISTED
Welltower Inc.
WELL.PRI
| $1.44M | 0.17% |
+25,000
| New | +$1.48M |
2013 Q3
0 quarters
|
|
|
TWO.WS
19
DELISTED
TWO HBRS INVT CORP WTS EXP 11/07/2013 (MD)
TWO.WS
| $759K | 0.09% |
1,921,402
-453,704
| -19% | -$270K |
2013 Q2
1 quarter
|
|
20
Old Republic International
ORI
$9.34B
| $693K | 0.08% |
45,000
| – | – |
2013 Q2
1 quarter
|
|
|
NXTM
21
DELISTED
NxStage Medical Inc.
NXTM
| $566K | 0.07% |
43,000
+15,000
| +54% | +$197K |
2013 Q2
1 quarter
|
|
|
N
22
DELISTED
Netsuite Inc
N
| $492K | 0.06% |
4,558
-29,042
| -86% | -$2.87M |
2013 Q2
1 quarter
|
|
|
LPNT
23
DELISTED
LifePoint Health, Inc.
LPNT
| $317K | 0.04% |
+6,800
| New | +$326K |
2013 Q3
0 quarters
|
|
|
GCVRZ
24
DELISTED
Sanofi Contingent Value Rights
GCVRZ
| $143K | 0.02% |
70,981
-101,610
| -59% | -$194K |
2013 Q2
1 quarter
|
|
|
25
Octave Specialty Group
OSG
$207M
| – | – |
-296,791
| Closed | -$7.07M | – |
|
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Waterstone Capital Management's Q3 2013 Portfolio in Review
As of Q3 2013, Waterstone Capital Management held 40 positions worth $843M, down 25% from $1.12B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Waterstone Capital Management withdrew a net $777M in Q3 2013, closing 9 positions and reducing 9 holdings. Its most notable exit was General Motors, an estimated $34.3M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 77% of assets, down from 79% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Waterstone Capital Management opened a new position in HILL-ROM HOLDINGS, INC. worth $5.38M.
- Waterstone Capital Management's largest Q3 2013 buy was HILL-ROM HOLDINGS, INC.: 150,000 shares worth $5.38M.
- Waterstone Capital Management added most to Booking.com in Q3 2013, an estimated $4.02M increase.
- Waterstone Capital Management's biggest Q3 2013 reduction was Air Lease Corp, cutting an estimated $12.4M.
- Waterstone Capital Management fully exited General Motors in Q3 2013, selling an estimated $34.3M.
- Waterstone Capital Management's ten largest holdings make up 82% of its $843M portfolio in Q3 2013.
- Waterstone Capital Management opened 4 new positions and closed 9 in Q3 2013.
- Waterstone Capital Management's portfolio value fell 25% quarter-over-quarter to $843M.
Based on Waterstone Capital Management's 13F filing for Q3 2013, filed 14 Nov 2013.