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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
+5.04%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$196M
AUM Growth
-$15M
(-7.1%)
Cap. Flow
-$17.7M
Cap. Flow
% of AUM
-9.06%
Top 10 Holdings %
Top 10 Hldgs %
87.3%
Holding
21
New
3
Increased
6
Reduced
5
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank OZK
OZK
|
+$27.1M |
| 2 |
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
|
+$24.4M |
| 3 |
HOLX
Hologic
HOLX
|
+$9.31M |
| 4 |
AMT.PRA
American Tower Corporation
AMT.PRA
|
+$5.58M |
| 5 |
Par Pacific Holdings
PARR
|
+$2.46M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CCI.PRA
Crown Castle International Corp.
CCI.PRA
|
+$29.3M |
| 2 |
WELL.PRI
Welltower Inc.
WELL.PRI
|
+$4.46M |
| 3 |
STBZ
State Bank Financial Corporation. Common Stock
STBZ
|
+$3.37M |
| 4 |
Citizens Financial Group
CFG
|
+$2.34M |
| 5 |
Illumina
ILMN
|
+$493K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 50.4% |
| 2 | Financials | 32.26% |
| 3 | Healthcare | 6.35% |
| 4 | Utilities | 5.28% |
| 5 | Energy | 2.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Bank OZK
OZK
$5.38B
| $25.5M | 13.04% |
+715,030
| New | +$27.1M |
|
|
FLG.PRU
2
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$119M
| $24.1M | 12.29% |
+485,137
| New | +$24.4M |
|
3
NMI Holdings
NMIH
$3.36B
| $15.8M | 8.08% |
1,929,203
-18,710
| -1% | -$131K |
|
|
AMT.PRA
4
DELISTED
American Tower Corporation
AMT.PRA
| $15.7M | 8.02% |
141,541
+50,000
| +55% | +$5.58M |
|
5
Old Republic International
ORI
$10.1B
| $12.9M | 6.58% |
771,157
+79,627
| +12% | +$1.52M |
|
|
HOLX
6
DELISTED
Hologic
HOLX
| $9.91M | 5.06% |
280,300
+246,600
| +732% | +$9.31M |
|
|
WELL.PRI
7
DELISTED
Welltower Inc.
WELL.PRI
| $8.54M | 4.36% |
140,306
-65,000
| -32% | -$4.46M |
|
|
CWEN.A
8
DELISTED
Clearway Energy Class A
CWEN.A
| $8.11M | 4.14% |
571,415
+125,439
| +28% | +$2.07M |
|
|
STBZ
9
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $4.21M | 2.15% |
198,135
-151,735
| -43% | -$3.37M |
|
|
CTXS
10
DELISTED
Citrix Systems Inc
CTXS
| $3.75M | 1.91% |
56,134
| – | – |
|
|
AL
11
DELISTED
Air Lease Corp
AL
| $3.05M | 1.56% |
100,000
| – | – |
|
|
SGM
12
DELISTED
Stonegate Mortgage Corporation
SGM
| $2.63M | 1.34% |
648,425
+1,000
| +0.2% | +$3.81K |
|
|
13
Illumina
ILMN
$32.7B
| $2.52M | 1.29% |
19,121
-3,084
| -14% | -$493K |
|
|
14
Par Pacific Holdings
PARR
$3.97B
| $2.26M | 1.15% |
+176,585
| New | +$2.46M |
|
15
NextEra Energy
NEE
$170B
| $2.23M | 1.14% |
72,000
| – | – |
|
16
Kinder Morgan
KMI
$70.1B
| $2.13M | 1.09% |
108,200
+500
| +0.5% | +$10.6K |
|
|
COB
17
DELISTED
CommunityOne Bancorp
COB
| $2.09M | 1.07% |
181,033
-25,702
| -12% | -$339K |
|
|
18
Citizens Financial Group
CFG
$29.4B
| – | – |
-116,900
| Closed | -$2.34M |
|
|
CCI.PRA
19
DELISTED
Crown Castle International Corp.
CCI.PRA
| – | – |
-241,918
| Closed | -$29.3M |
|
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Waterstone Capital Management's Q3 2016 Portfolio in Review
As of Q3 2016, Waterstone Capital Management held 21 positions worth $196M, down 7.1% from $211M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Waterstone Capital Management withdrew a net $17.7M in Q3 2016, closing 2 positions and reducing 5 holdings. Its most notable exit was Crown Castle International Corp., an estimated $29.3M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 50% of assets, down from 72% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Waterstone Capital Management opened a new position in Bank OZK worth $25.5M.
- Waterstone Capital Management's largest Q3 2016 buy was Bank OZK: 715,030 shares worth $25.5M.
- Waterstone Capital Management added most to Hologic in Q3 2016, an estimated $9.31M increase.
- Waterstone Capital Management's biggest Q3 2016 reduction was Welltower Inc., cutting an estimated $4.46M.
- Waterstone Capital Management fully exited Crown Castle International Corp. in Q3 2016, selling an estimated $29.3M.
- Waterstone Capital Management's ten largest holdings make up 87% of its $196M portfolio in Q3 2016.
- Waterstone Capital Management opened 3 new positions and closed 2 in Q3 2016.
- Waterstone Capital Management's portfolio value fell 7.1% quarter-over-quarter to $196M.
Based on Waterstone Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.