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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
+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
(-32%)
Cap. Flow
-$349M
Cap. Flow
% of AUM
-61.25%
Top 10 Holdings %
Top 10 Hldgs %
79.84%
Holding
34
New
5
Increased
5
Reduced
8
Closed
8
Avg Time Held Equity + Options
0.4
years
Top 10 Avg Time Held Equity + Options
0.3
years
Top 20 Avg Time Held Equity + Options
0.4
years
Avg Time Held Equity only
0.4
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NMI Holdings
NMIH
|
+$30M |
| 2 |
American Airlines Group
AAL
|
+$13.9M |
| 3 |
Archer Daniels Midland
ADM
|
+$6.55M |
| 4 |
XLNX
Xilinx Inc
XLNX
|
+$4.43M |
| 5 |
Welltower Inc.
WELL.PRI
|
+$4.26M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$11.6M |
| 2 |
Ciena
CIEN
|
+$10.5M |
| 3 |
THORATEC CORPORATION
THOR
|
+$8.08M |
| 4 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Booking.com
BKNG
$125B
| $65.1M | 11.43% |
1,399,600
-259,975
| -16% | -$11.6M |
2013 Q2
2 quarters
|
|
|
STBZ
2
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $29.1M | 5.12% |
1,602,036
-189,965
| -11% | -$3.22M |
2013 Q2
2 quarters
|
|
|
3
NMI Holdings
NMIH
$3.02B
| $28.7M | 5.04% |
+2,251,923
| New | +$30M |
2013 Q4
0 quarters
|
|
4
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$106M
| – | – |
0
| – | – |
2013 Q2
2 quarters
|
|
5
CALL
Freeport-McMoran
FCX
$101B
| $25.4M | 4.46% |
673,100
-76,900
| -10% | -$2.73M |
2013 Q2
2 quarters
|
|
6
DELISTED
Hologic
HOLX
| $17.6M | 3.1% |
788,500
-12,400
| -2% | -$273K |
2013 Q2
2 quarters
|
|
7
Lam Research
LRCX
$347B
| $14.2M | 2.5% |
2,608,460
+21,000
| +0.8% | +$110K |
2013 Q2
2 quarters
|
|
|
JAH
8
DELISTED
JARDEN CORPORATION
JAH
| $13.8M | 2.42% |
337,350
+1,650
| +0.5% | +$59.9K |
2013 Q2
2 quarters
|
|
|
9
American Airlines Group
AAL
$8.13B
| $13.6M | 2.4% |
+540,000
| New | +$13.9M |
2013 Q4
0 quarters
|
|
|
COB
10
DELISTED
CommunityOne Bancorp
COB
| $13.4M | 2.36% |
1,051,764
| – | – |
2013 Q2
2 quarters
|
|
|
ZIONW
11
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
| $12.6M | 2.21% |
2,024,956
-249,225
| -11% | -$1.44M |
2013 Q2
2 quarters
|
|
|
12
Archer Daniels Midland
ADM
$40B
| $7.04M | 1.24% |
+162,100
| New | +$6.55M |
2013 Q4
0 quarters
|
|
|
13
DELISTED
Air Lease Corp
AL
| $6.1M | 1.07% |
196,302
-216,202
| -52% | -$6.6M |
2013 Q2
2 quarters
|
|
|
VOLC
14
DELISTED
VOLCANO CORPORATION COM STK
VOLC
| $5.57M | 0.98% |
254,800
-34,100
| -12% | -$755K |
2013 Q2
2 quarters
|
|
|
15
DELISTED
Welltower Inc.
WELL.PRI
| $5.22M | 0.92% |
101,300
+76,300
| +305% | +$4.26M |
2013 Q3
1 quarter
|
|
|
XLNX
16
DELISTED
Xilinx Inc
XLNX
| $4.52M | 0.79% |
+98,500
| New | +$4.43M |
2013 Q4
0 quarters
|
|
17
DELISTED
Masimo
MASI
| $4.38M | 0.77% |
150,000
-107,500
| -42% | -$3.01M |
2013 Q2
2 quarters
|
|
|
LPNT
18
DELISTED
LifePoint Health, Inc.
LPNT
| $1.69M | 0.3% |
31,900
+25,100
| +369% | +$1.26M |
2013 Q3
1 quarter
|
|
19
Old Republic International
ORI
$9.34B
| $777K | 0.14% |
45,000
| – | – |
2013 Q2
2 quarters
|
|
20
Intel
INTC
$504B
| $677K | 0.12% |
+26,100
| New | +$631K |
2013 Q4
0 quarters
|
|
|
NXTM
21
DELISTED
NxStage Medical Inc.
NXTM
| $630K | 0.11% |
63,000
+20,000
| +47% | +$227K |
2013 Q2
2 quarters
|
|
|
22
Ciena
CIEN
$50.6B
| – | – |
-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 | – |
|
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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.