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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
-2.05%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$172M
AUM Growth
-$76.7M
Cap. Flow
-$67.8M
Cap. Flow %
-39.36%
Top 10 Hldgs %
84.94%
Holding
23
New
3
Increased
4
Reduced
4
Closed
4

Top Buys

Rank Stock Value
1
DCUC
Dominion Energy, Inc.
DCUC
+$8.1M
2
SVU
SUPERVALU Inc.
SVU
+$4.94M
3
WELL.PRI
Welltower Inc.
WELL.PRI
+$3.26M
4
NBR icon
Nabors Industries
NBR
+$2.86M
5
HOLX
Hologic
HOLX
+$1.99M

Top Sells

Rank Stock Value
1
AMT.PRA
American Tower Corporation
AMT.PRA
+$41.8M
2
SGM
Stonegate Mortgage Corporation
SGM
+$9.97M
3
NMIH icon
NMI Holdings
NMIH
+$7.93M
4
AL
Air Lease Corp
AL
+$3.88M
5
PARR icon
Par Pacific Holdings
PARR
+$2.38M

Sector Composition

Rank Sector Weight
1 Miscellaneous 40.62%
2 Financials 28.86%
3 Healthcare 11.62%
4 Technology 8.5%
5 Consumer Staples 4.57%
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
$24.9M 14.44%
485,137
– –
OZK icon
2
Bank OZK
OZK
$5.38B
$19.7M 11.42%
420,030
– –
HOLX
3
DELISTED
Hologic
HOLX
$19.1M 11.07%
420,500
+45,000
+12% +$1.99M
ORI icon
4
Old Republic International
ORI
$10.1B
$13.5M 7.86%
693,500
-97,800
-12% -$1.95M
WELL.PRI
5
DELISTED
Welltower Inc.
WELL.PRI
$12.7M 7.35%
190,306
+50,000
+36% +$3.26M
NMIH icon
6
NMI Holdings
NMIH
$3.36B
$11.1M 6.45%
971,474
-705,943
-42% -$7.93M
DCUC
7
DELISTED
Dominion Energy, Inc.
DCUC
$7.74M 4.49%
+160,893
New +$8.1M
TER icon
8
Teradyne
TER
$55.7B
$6.56M 3.81%
218,400
+55,700
+34% +$1.87M
SVU
9
DELISTED
SUPERVALU Inc.
SVU
$6.38M 3.7%
277,143
+185,714
+203% +$4.94M
CTXS
10
DELISTED
Citrix Systems Inc
CTXS
$5.43M 3.15%
68,200
– –
STBZ
11
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
$5.37M 3.12%
198,135
– –
CWEN.A
12
DELISTED
Clearway Energy Class A
CWEN.A
$4.28M 2.48%
250,725
-61,327
-20% -$1.05M
AKAM icon
13
Akamai
AKAM
$15.4B
$2.66M 1.54%
53,400
– –
NBR icon
14
Nabors Industries
NBR
$1.4B
$2.31M 1.34%
+5,682
New +$2.86M
KMI icon
15
Kinder Morgan
KMI
$70.1B
$2.04M 1.18%
106,200
– –
SFS
16
DELISTED
Smart & Final Stores, Inc.
SFS
$1.49M 0.87%
+164,220
New +$1.96M
PARR icon
17
Par Pacific Holdings
PARR
$3.98B
$1.42M 0.82%
78,692
-141,545
-64% -$2.38M
ILMN icon
18
Illumina
ILMN
$32.7B
$948K 0.55%
5,614
– –
AL
19
DELISTED
Air Lease Corp
AL
– –
-100,000
Closed -$3.88M
SGM
20
DELISTED
Stonegate Mortgage Corporation
SGM
– –
-1,252,179
Closed -$9.97M
AMT.PRA
21
DELISTED
American Tower Corporation
AMT.PRA
– –
-366,541
Closed -$41.8M
STL
22
DELISTED
Sterling Bancorp
STL
– –
-45,000
Closed -$1.07M

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BCFA
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SIG
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CCM
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AC
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WEC
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BI
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Waterstone Capital Management's Q2 2017 Portfolio in Review

As of Q2 2017, Waterstone Capital Management held 23 positions worth $172M, down 31% from $249M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Waterstone Capital Management withdrew a net $67.8M in Q2 2017, closing 4 positions and reducing 4 holdings. Its most notable exit was American Tower Corporation, an estimated $41.8M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 41% of assets, down from 51% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Waterstone Capital Management opened a new position in Dominion Energy, Inc. worth $7.74M.

  • Waterstone Capital Management's largest Q2 2017 buy was Dominion Energy, Inc.: 160,893 shares worth $7.74M.
  • Waterstone Capital Management added most to SUPERVALU Inc. in Q2 2017, an estimated $4.94M increase.
  • Waterstone Capital Management's biggest Q2 2017 reduction was NMI Holdings, cutting an estimated $7.93M.
  • Waterstone Capital Management fully exited American Tower Corporation in Q2 2017, selling an estimated $41.8M.
  • Waterstone Capital Management's ten largest holdings make up 85% of its $172M portfolio in Q2 2017.
  • Waterstone Capital Management opened 3 new positions and closed 4 in Q2 2017.
  • Waterstone Capital Management's portfolio value fell 31% quarter-over-quarter to $172M.

Based on Waterstone Capital Management's 13F filing for Q2 2017, filed 14 Aug 2017.