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
+0.42%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$155M
AUM Growth
-$17.4M
(-10%)
Cap. Flow
-$53.1M
Cap. Flow
% of AUM
-34.29%
Top 10 Holdings %
Top 10 Hldgs %
85.55%
Holding
24
New
4
Increased
3
Reduced
5
Closed
6
Avg Time Held
1.2
years
Top 10 Avg Time Held
1.2
years
Top 20 Avg Time Held
1.1
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARNC.PRB
Arconic Inc.
ARNC.PRB
|
+$17.6M |
| 2 |
Kroger
KR
|
+$5.07M |
| 3 |
Clearway Energy Class A
CWEN.A
|
+$3.96M |
| 4 |
Sprouts Farmers Market
SFM
|
+$2.77M |
| 5 |
Teradyne
TER
|
+$519K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank OZK
OZK
|
+$19.7M |
| 2 |
Old Republic International
ORI
|
+$13.5M |
| 3 |
DCUC
Dominion Energy, Inc.
DCUC
|
+$7.74M |
| 4 |
Welltower Inc.
WELL.PRI
|
+$4.95M |
| 5 |
NMI Holdings
NMIH
|
+$4.69M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 56.72% |
| 2 | Healthcare | 9.97% |
| 3 | Technology | 9% |
| 4 | Consumer Staples | 8.59% |
| 5 | Financials | 8.42% |
| 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
| $24.7M | 15.95% |
485,137
| – | – |
2013 Q2
17 quarters
|
|
|
ARNC.PRB
2
DELISTED
Arconic Inc.
ARNC.PRB
| $17.4M | 11.26% |
+446,743
| New | +$17.6M |
2017 Q3
0 quarters
|
|
3
DELISTED
Hologic
HOLX
| $14.4M | 9.27% |
391,200
-29,300
| -7% | -$1.18M |
2016 Q2
5 quarters
|
|
|
4
DELISTED
Clearway Energy Class A
CWEN.A
| $8.9M | 5.75% |
469,140
+218,415
| +87% | +$3.96M |
2015 Q3
8 quarters
|
|
|
5
Teradyne
TER
$55.9B
| $8.7M | 5.62% |
233,400
+15,000
| +7% | +$519K |
2017 Q1
2 quarters
|
|
|
6
DELISTED
Welltower Inc.
WELL.PRI
| $7.24M | 4.67% |
114,440
-75,866
| -40% | -$4.95M |
2016 Q1
6 quarters
|
|
|
7
NMI Holdings
NMIH
$2.96B
| $7.02M | 4.53% |
566,301
-405,173
| -42% | -$4.69M |
2015 Q3
8 quarters
|
|
|
STBZ
8
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $5.68M | 3.66% |
198,135
| – | – |
2016 Q1
6 quarters
|
|
|
SVU
9
DELISTED
SUPERVALU Inc.
SVU
| $5.44M | 3.51% |
250,000
-27,143
| -10% | -$601K |
2017 Q1
2 quarters
|
|
|
CTXS
10
DELISTED
Citrix Systems Inc
CTXS
| $5.24M | 3.38% |
68,200
| – | – |
2015 Q1
10 quarters
|
|
|
11
Kroger
KR
$36.7B
| $4.51M | 2.91% |
+225,000
| New | +$5.07M |
2017 Q3
0 quarters
|
|
12
Nabors Industries
NBR
$1.2B
| $2.42M | 1.56% |
5,992
+310
| +5% | +$113K |
2017 Q2
1 quarter
|
|
|
13
Sprouts Farmers Market
SFM
$5.95B
| $2.35M | 1.51% |
+125,000
| New | +$2.77M |
2017 Q3
0 quarters
|
|
14
Illumina
ILMN
$40.7B
| $1.09M | 0.7% |
5,614
| – | – |
2015 Q1
10 quarters
|
|
|
SFS
15
DELISTED
Smart & Final Stores, Inc.
SFS
| $1M | 0.65% |
127,615
-36,605
| -22% | -$282K |
2017 Q2
1 quarter
|
|
|
STL
16
DELISTED
Sterling Bancorp
STL
| $343K | 0.22% |
+13,935
| New | +$318K |
2017 Q3
0 quarters
|
|
17
Akamai
AKAM
$13B
| – | – |
-53,400
| Closed | -$2.66M | – |
|
18
Kinder Morgan
KMI
$74.4B
| – | – |
-106,200
| Closed | -$2.04M | – |
|
|
19
Old Republic International
ORI
$9.27B
| – | – |
-693,500
| Closed | -$13.5M | – |
|
|
20
Bank OZK
OZK
$4.87B
| – | – |
-420,030
| Closed | -$19.7M | – |
|
21
Par Pacific Holdings
PARR
$4.43B
| – | – |
-78,692
| Closed | -$1.42M | – |
|
|
DCUC
22
DELISTED
Dominion Energy, Inc.
DCUC
| – | – |
-160,893
| Closed | -$7.74M | – |
|
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Waterstone Capital Management's Q3 2017 Portfolio in Review
As of Q3 2017, Waterstone Capital Management held 24 positions worth $155M, down 10% from $172M the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Waterstone Capital Management withdrew a net $53.1M in Q3 2017, closing 6 positions and reducing 5 holdings. Its most notable exit was Bank OZK, an estimated $19.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 57% of assets, up from 41% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Waterstone Capital Management opened a new position in Arconic Inc. worth $17.4M.
- Waterstone Capital Management's largest Q3 2017 buy was Arconic Inc.: 446,743 shares worth $17.4M.
- Waterstone Capital Management added most to Clearway Energy Class A in Q3 2017, an estimated $3.96M increase.
- Waterstone Capital Management's biggest Q3 2017 reduction was Welltower Inc., cutting an estimated $4.95M.
- Waterstone Capital Management fully exited Bank OZK in Q3 2017, selling an estimated $19.7M.
- Waterstone Capital Management's ten largest holdings make up 86% of its $155M portfolio in Q3 2017.
- Waterstone Capital Management opened 4 new positions and closed 6 in Q3 2017.
- Waterstone Capital Management's portfolio value fell 10% quarter-over-quarter to $155M.
Based on Waterstone Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.