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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
(-31%)
Cap. Flow
-$67.8M
Cap. Flow
% of AUM
-39.36%
Top 10 Holdings %
Top 10 Hldgs %
84.94%
Holding
23
New
3
Increased
4
Reduced
4
Closed
4
Avg Time Held
4.8
quarters
Top 10 Avg Time Held
4.8
quarters
Top 20 Avg Time Held
4.3
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DCUC
Dominion Energy, Inc.
DCUC
|
+$8.1M |
| 2 |
SVU
SUPERVALU Inc.
SVU
|
+$4.94M |
| 3 |
Welltower Inc.
WELL.PRI
|
+$3.26M |
| 4 |
Nabors Industries
NBR
|
+$2.86M |
| 5 |
Hologic
HOLX
|
+$1.99M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Tower Corporation
AMT.PRA
|
+$41.8M |
| 2 |
SGM
Stonegate Mortgage Corporation
SGM
|
+$9.97M |
| 3 |
NMI Holdings
NMIH
|
+$7.93M |
| 4 |
Air Lease Corp
AL
|
+$3.88M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$106M
| $24.9M | 14.44% |
485,137
| – | – |
2013 Q2
16 quarters
|
|
2
Bank OZK
OZK
$4.94B
| $19.7M | 11.42% |
420,030
| – | – |
2016 Q3
3 quarters
|
|
|
3
DELISTED
Hologic
HOLX
| $19.1M | 11.07% |
420,500
+45,000
| +12% | +$1.99M |
2016 Q2
4 quarters
|
|
4
Old Republic International
ORI
$9.19B
| $13.5M | 7.86% |
693,500
-97,800
| -12% | -$1.95M |
2016 Q1
5 quarters
|
|
|
5
DELISTED
Welltower Inc.
WELL.PRI
| $12.7M | 7.35% |
190,306
+50,000
| +36% | +$3.26M |
2016 Q1
5 quarters
|
|
|
6
NMI Holdings
NMIH
$2.96B
| $11.1M | 6.45% |
971,474
-705,943
| -42% | -$7.93M |
2015 Q3
7 quarters
|
|
|
DCUC
7
DELISTED
Dominion Energy, Inc.
DCUC
| $7.74M | 4.49% |
+160,893
| New | +$8.1M |
2017 Q2
0 quarters
|
|
8
Teradyne
TER
$60B
| $6.56M | 3.81% |
218,400
+55,700
| +34% | +$1.87M |
2017 Q1
1 quarter
|
|
|
SVU
9
DELISTED
SUPERVALU Inc.
SVU
| $6.38M | 3.7% |
277,143
+185,714
| +203% | +$4.94M |
2017 Q1
1 quarter
|
|
|
CTXS
10
DELISTED
Citrix Systems Inc
CTXS
| $5.43M | 3.15% |
68,200
| – | – |
2015 Q1
9 quarters
|
|
|
STBZ
11
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $5.37M | 3.12% |
198,135
| – | – |
2016 Q1
5 quarters
|
|
12
DELISTED
Clearway Energy Class A
CWEN.A
| $4.28M | 2.48% |
250,725
-61,327
| -20% | -$1.05M |
2015 Q3
7 quarters
|
|
13
Akamai
AKAM
$14.6B
| $2.66M | 1.54% |
53,400
| – | – |
2016 Q4
2 quarters
|
|
|
14
Nabors Industries
NBR
$1.2B
| $2.31M | 1.34% |
+5,682
| New | +$2.86M |
2017 Q2
0 quarters
|
|
15
Kinder Morgan
KMI
$73.7B
| $2.04M | 1.18% |
106,200
| – | – |
2016 Q1
5 quarters
|
|
|
SFS
16
DELISTED
Smart & Final Stores, Inc.
SFS
| $1.49M | 0.87% |
+164,220
| New | +$1.96M |
2017 Q2
0 quarters
|
|
|
17
Par Pacific Holdings
PARR
$4.16B
| $1.42M | 0.82% |
78,692
-141,545
| -64% | -$2.38M |
2017 Q1
1 quarter
|
|
18
Illumina
ILMN
$41.8B
| $948K | 0.55% |
5,614
| – | – |
2015 Q1
9 quarters
|
|
|
19
DELISTED
Air Lease Corp
AL
| – | – |
-100,000
| Closed | -$3.88M | – |
|
|
SGM
20
DELISTED
Stonegate Mortgage Corporation
SGM
| – | – |
-1,252,179
| Closed | -$9.97M | – |
|
|
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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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.