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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
+2.06%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$177M
AUM Growth
-$216M
Cap. Flow
-$211M
Cap. Flow %
-119.19%
Top 10 Hldgs %
95.11%
Holding
21
New
1
Increased
3
Reduced
7
Closed
4

Top Buys

Rank Stock Value
1
LRCX icon
Lam Research
LRCX
+$3.74M
2
CHK
Chesapeake Energy Corporation
CHK
+$2.51M
3
OXFD
Oxford Immunotec Global PLC Ordinary Shares
OXFD
+$1.3M
4
SGM
Stonegate Mortgage Corporation
SGM
+$670K

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$33M
2
XLNX
Xilinx Inc
XLNX
+$10.4M
3
HLF icon
Herbalife
HLF
+$9.38M
4
HOLX
Hologic
HOLX
+$9.1M
5
STBZ
State Bank Financial Corporation. Common Stock
STBZ
+$6.91M

Sector Composition

Rank Sector Weight
1 Miscellaneous 44.88%
2 Financials 24.16%
3 Technology 13.05%
4 Consumer Discretionary 8.98%
5 Healthcare 7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLG.PRU
1
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$119M
– –
0
– –
LRCX icon
2
Lam Research
LRCX
$383B
$23.1M 13.05%
3,423,760
+626,000
+22% +$3.74M
NMIH icon
3
NMI Holdings
NMIH
$3.39B
$20.9M 11.78%
1,987,903
-218,503
-10% -$2.39M
BKNG icon
4
Booking.com
BKNG
$154B
$15.9M 8.98%
330,950
-687,500
-68% -$33M
STBZ
5
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
$11.9M 6.73%
705,921
-414,649
-37% -$6.91M
HOLX
6
DELISTED
Hologic
HOLX
$9.73M 5.49%
384,000
-389,500
-50% -$9.1M
COB
7
DELISTED
CommunityOne Bancorp
COB
$7.98M 4.5%
822,582
-136,415
-14% -$1.38M
CHK
8
DELISTED
Chesapeake Energy Corporation
CHK
$2.7M 1.53%
+460
New +$2.51M
ZIONW
9
DELISTED
Zions Bancorporation N.A. Warrants
ZIONW
$1.94M 1.1%
368,137
-980,891
-73% -$5.47M
OXFD
10
DELISTED
Oxford Immunotec Global PLC Ordinary Shares
OXFD
$1.64M 0.93%
97,439
+72,439
+290% +$1.3M
SGM
11
DELISTED
Stonegate Mortgage Corporation
SGM
$1.47M 0.83%
105,187
+48,158
+84% +$670K
WELL.PRI
12
DELISTED
Welltower Inc.
WELL.PRI
$1.31M 0.74%
22,700
– –
ATEC icon
13
Alphatec Holdings
ATEC
$1.46B
$1.03M 0.58%
52,505
-16,305
-24% -$274K
JRN
14
DELISTED
JOURNAL COMMUNICATIONS INC CL-A
JRN
$696K 0.39%
78,500
– –
ORI icon
15
Old Republic International
ORI
$10.1B
$576K 0.33%
34,800
– –
AL
16
DELISTED
Air Lease Corp
AL
– –
-143,002
Closed -$5.33M
HLF icon
17
Herbalife
HLF
$1.3B
– –
-327,400
Closed -$9.38M
OFIX icon
18
Orthofix Medical
OFIX
$394M
– –
-58,697
Closed -$1.77M
XLNX
19
DELISTED
Xilinx Inc
XLNX
– –
-192,100
Closed -$10.4M

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KL
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BCFA
BP Capital Fund Advisors Dallas, Texas $100M AUM 7.85% 1-Year Est. Return
SIG
Schaller Investment Group Winston Salem, North Carolina $95.7M AUM 14.66% 1-Year Est. Return
CCM
Concourse Capital Management Atlanta, Georgia $94.6M AUM 51.52% 1-Year Est. Return
AC
Anavon Capital London, United Kingdom $104M AUM
WEC
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BI
Bredin Investment Wilmington, Delaware $122M AUM 16.04% 1-Year Est. Return

Waterstone Capital Management's Q2 2014 Portfolio in Review

As of Q2 2014, Waterstone Capital Management held 21 positions worth $177M, down 55% from $394M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Waterstone Capital Management withdrew a net $211M in Q2 2014, closing 4 positions and reducing 7 holdings. Its most notable exit was Xilinx Inc, an estimated $10.4M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 45% of assets, down from 57% a quarter earlier, followed by Financials and Technology.

Against the trend, Waterstone Capital Management opened a new position in Chesapeake Energy Corporation worth $2.7M.

  • Waterstone Capital Management's largest Q2 2014 buy was Chesapeake Energy Corporation: 460 shares worth $2.7M.
  • Waterstone Capital Management added most to Lam Research in Q2 2014, an estimated $3.74M increase.
  • Waterstone Capital Management's biggest Q2 2014 reduction was Booking.com, cutting an estimated $33M.
  • Waterstone Capital Management fully exited Xilinx Inc in Q2 2014, selling an estimated $10.4M.
  • Waterstone Capital Management's ten largest holdings make up 95% of its $177M portfolio in Q2 2014.
  • Waterstone Capital Management opened 1 new position and closed 4 in Q2 2014.
  • Waterstone Capital Management's portfolio value fell 55% quarter-over-quarter to $177M.

Based on Waterstone Capital Management's 13F filing for Q2 2014, filed 14 Aug 2014.