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
+8.59%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$204M
AUM Growth
+$7.98M
(+4.1%)
Cap. Flow
-$58.9M
Cap. Flow
% of AUM
-28.89%
Top 10 Holdings %
Top 10 Hldgs %
85.9%
Holding
21
New
2
Increased
3
Reduced
4
Closed
2
Avg Time Held
1.2
years
Top 10 Avg Time Held
1.1
years
Top 20 Avg Time Held
1.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Herbalife
HLF
|
+$4.91M |
| 2 |
Hologic
HOLX
|
+$3.67M |
| 3 |
Old Republic International
ORI
|
+$2.63M |
| 4 |
Akamai
AKAM
|
+$1.27M |
| 5 |
CTXS
Citrix Systems Inc
CTXS
|
+$217K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank OZK
OZK
|
+$13.1M |
| 2 |
Clearway Energy Class A
CWEN.A
|
+$3.18M |
| 3 |
Par Pacific Holdings
PARR
|
+$2.26M |
| 4 |
COB
CommunityOne Bancorp
COB
|
+$2.09M |
| 5 |
Illumina
ILMN
|
+$416K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 46.32% |
| 2 | Financials | 33.91% |
| 3 | Healthcare | 8.37% |
| 4 | Utilities | 3.77% |
| 5 | Technology | 2.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$105M
| $24.2M | 11.87% |
485,137
| – | – |
2013 Q2
14 quarters
|
|
|
2
Bank OZK
OZK
$4.9B
| $22.1M | 10.84% |
420,030
-295,000
| -41% | -$13.1M |
2016 Q3
1 quarter
|
|
3
NMI Holdings
NMIH
$2.99B
| $20.5M | 10.08% |
1,929,203
| – | – |
2015 Q3
5 quarters
|
|
|
4
Old Republic International
ORI
$9.27B
| $17.4M | 8.55% |
917,500
+146,343
| +19% | +$2.63M |
2016 Q1
3 quarters
|
|
|
5
DELISTED
Hologic
HOLX
| $15.1M | 7.39% |
375,500
+95,200
| +34% | +$3.67M |
2016 Q2
2 quarters
|
|
6
DELISTED
American Tower Corporation
AMT.PRA
| $14.8M | 7.28% |
141,541
| – | – |
2016 Q2
2 quarters
|
|
7
DELISTED
Welltower Inc.
WELL.PRI
| $8.43M | 4.14% |
140,306
| – | – |
2016 Q1
3 quarters
|
|
|
8
DELISTED
Clearway Energy Class A
CWEN.A
| $5.53M | 2.71% |
360,238
-211,177
| -37% | -$3.18M |
2015 Q3
5 quarters
|
|
|
STBZ
9
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $5.32M | 2.61% |
198,135
| – | – |
2016 Q1
3 quarters
|
|
|
10
Herbalife
HLF
$1.49B
| $4.33M | 2.13% |
+180,000
| New | +$4.91M |
2016 Q4
0 quarters
|
|
|
CTXS
11
DELISTED
Citrix Systems Inc
CTXS
| $4.21M | 2.07% |
59,274
+3,140
| +6% | +$217K |
2015 Q1
7 quarters
|
|
|
SGM
12
DELISTED
Stonegate Mortgage Corporation
SGM
| $3.73M | 1.83% |
624,373
-24,052
| -4% | -$112K |
2014 Q1
11 quarters
|
|
13
DELISTED
Air Lease Corp
AL
| $3.43M | 1.68% |
100,000
| – | – |
2016 Q1
3 quarters
|
|
14
Kinder Morgan
KMI
$74.3B
| $2.24M | 1.1% |
108,200
| – | – |
2016 Q1
3 quarters
|
|
15
NextEra Energy
NEE
$163B
| $2.15M | 1.05% |
72,000
| – | – |
2016 Q2
2 quarters
|
|
|
16
Illumina
ILMN
$41B
| $2M | 0.98% |
16,037
-3,084
| -16% | -$416K |
2015 Q1
7 quarters
|
|
|
17
Akamai
AKAM
$13.2B
| $1.33M | 0.65% |
+19,900
| New | +$1.27M |
2016 Q4
0 quarters
|
|
|
18
Par Pacific Holdings
PARR
$4.44B
| – | – |
-176,585
| Closed | -$2.26M | – |
|
|
COB
19
DELISTED
CommunityOne Bancorp
COB
| – | – |
-181,033
| Closed | -$2.09M | – |
|
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Waterstone Capital Management's Q4 2016 Portfolio in Review
As of Q4 2016, Waterstone Capital Management held 21 positions worth $204M, up 4.1% from $196M the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Waterstone Capital Management withdrew a net $58.9M in Q4 2016, closing 2 positions and reducing 4 holdings. Its most notable exit was Par Pacific Holdings, an estimated $2.26M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 46% of assets, down from 50% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Waterstone Capital Management opened a new position in Herbalife worth $4.33M.
- Waterstone Capital Management's largest Q4 2016 buy was Herbalife: 180,000 shares worth $4.33M.
- Waterstone Capital Management added most to Hologic in Q4 2016, an estimated $3.67M increase.
- Waterstone Capital Management's biggest Q4 2016 reduction was Bank OZK, cutting an estimated $13.1M.
- Waterstone Capital Management fully exited Par Pacific Holdings in Q4 2016, selling an estimated $2.26M.
- Waterstone Capital Management's ten largest holdings make up 86% of its $204M portfolio in Q4 2016.
- Waterstone Capital Management opened 2 new positions and closed 2 in Q4 2016.
- Waterstone Capital Management's portfolio value rose 4.1% quarter-over-quarter to $204M.
Based on Waterstone Capital Management's 13F filing for Q4 2016, filed 14 Feb 2017.