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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
-$349M
Cap. Flow %
-61.25%
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 Miscellaneous 61.11%
2 Financials 12.65%
3 Consumer Discretionary 11.43%
4 Industrials 5.89%
5 Healthcare 4.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BKNG icon
1
Booking.com
BKNG
$155B
$65.1M 11.43%
1,399,600
-259,975
-16% -$11.6M
STBZ
2
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
$29.1M 5.12%
1,602,036
-189,965
-11% -$3.22M
NMIH icon
3
NMI Holdings
NMIH
$3.37B
$28.7M 5.04%
+2,251,923
New +$30M
FLG.PRU
4
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$119M
– –
0
– –
FCX icon
5
CALL
Freeport-McMoran
FCX
$110B
$25.4M 4.46%
673,100
-76,900
-10% -$2.73M
HOLX
6
DELISTED
Hologic
HOLX
$17.6M 3.1%
788,500
-12,400
-2% -$273K
LRCX icon
7
Lam Research
LRCX
$378B
$14.2M 2.5%
2,608,460
+21,000
+0.8% +$110K
JAH
8
DELISTED
JARDEN CORPORATION
JAH
$13.8M 2.42%
337,350
+1,650
+0.5% +$59.9K
AAL icon
9
American Airlines Group
AAL
$9.03B
$13.6M 2.4%
+540,000
New +$13.9M
COB
10
DELISTED
CommunityOne Bancorp
COB
$13.4M 2.36%
1,051,764
– –
ZIONW
11
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$12.6M 2.21%
2,024,956
-249,225
-11% -$1.44M
ADM icon
12
Archer Daniels Midland
ADM
$39.3B
$7.04M 1.24%
+162,100
New +$6.55M
AL
13
DELISTED
Air Lease Corp
AL
$6.1M 1.07%
196,302
-216,202
-52% -$6.6M
VOLC
14
DELISTED
VOLCANO CORPORATION COM STK
VOLC
$5.57M 0.98%
254,800
-34,100
-12% -$755K
WELL.PRI
15
DELISTED
Welltower Inc.
WELL.PRI
$5.22M 0.92%
101,300
+76,300
+305% +$4.26M
XLNX
16
DELISTED
Xilinx Inc
XLNX
$4.52M 0.79%
+98,500
New +$4.43M
MASI
17
DELISTED
Masimo
MASI
$4.38M 0.77%
150,000
-107,500
-42% -$3.01M
LPNT
18
DELISTED
LifePoint Health, Inc.
LPNT
$1.69M 0.3%
31,900
+25,100
+369% +$1.26M
ORI icon
19
Old Republic International
ORI
$10.2B
$777K 0.14%
45,000
– –
INTC icon
20
Intel
INTC
$473B
$677K 0.12%
+26,100
New +$631K
NXTM
21
DELISTED
NxStage Medical Inc.
NXTM
$630K 0.11%
63,000
+20,000
+47% +$227K
CIEN icon
22
Ciena
CIEN
$53.6B
– –
-420,540
Closed -$10.5M
HRC
23
DELISTED
HILL-ROM HOLDINGS, INC.
HRC
– –
-150,000
Closed -$5.38M
SBY
24
DELISTED
Silver Bay Realty Trust Corp.
SBY
– –
-299,102
Closed -$4.68M
N
25
DELISTED
Netsuite Inc
N
– –
-4,558
Closed -$492K
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 $349M 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 Miscellaneous at 61% of assets, down from 77% a quarter earlier, followed by Financials and Consumer Discretionary.

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.