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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
+0.43%
1 Year Est. Return
+19.4%
3 Year Est. Return
+23.38%
5 Year Est. Return
+49.41%
10 Year Est. Return
–
AUM
$110M
AUM Growth
-$27.1M
(-20%)
Cap. Flow
-$65.6M
Cap. Flow
% of AUM
-59.39%
Top 10 Holdings %
Top 10 Hldgs %
89.23%
Holding
19
New
3
Increased
3
Reduced
1
Closed
3
Avg Time Held
1.4
years
Top 10 Avg Time Held
1
year
Top 20 Avg Time Held
1.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Essent Group
ESNT
|
+$4.9M |
| 2 |
NMI Holdings
NMIH
|
+$2.5M |
| 3 |
Bank OZK
OZK
|
+$1.96M |
| 4 |
CSFL
CenterState Bank Corporation Common Stock
CSFL
|
+$1.7M |
| 5 |
Clearway Energy Class A
CWEN.A
|
+$458K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hologic
HOLX
|
+$19.1M |
| 2 |
Anthem, Inc.
ANTX
|
+$17.1M |
| 3 |
Welltower Inc.
WELL.PRI
|
+$6.89M |
| 4 |
Nabors Industries
NBR
|
+$125K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 57.22% |
| 2 | Technology | 16.32% |
| 3 | Financials | 16% |
| 4 | Utilities | 3.23% |
| 5 | Consumer Staples | 3.17% |
| 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
| $24.3M | 21.96% |
485,137
| – | – |
2013 Q2
19 quarters
|
|
2
Teradyne
TER
$53.7B
| $11.7M | 10.59% |
255,900
| – | – |
2017 Q1
4 quarters
|
|
|
CTXS
3
DELISTED
Citrix Systems Inc
CTXS
| $6.33M | 5.73% |
68,200
| – | – |
2015 Q1
12 quarters
|
|
|
STBZ
4
DELISTED
State Bank Financial Corporation. Common Stock
STBZ
| $5.95M | 5.38% |
198,135
| – | – |
2016 Q1
8 quarters
|
|
|
5
Essent Group
ESNT
$5.73B
| $4.6M | 4.16% |
+108,000
| New | +$4.9M |
2018 Q1
0 quarters
|
|
|
6
DELISTED
Clearway Energy Class A
CWEN.A
| $3.57M | 3.23% |
217,076
+26,517
| +14% | +$458K |
2015 Q3
10 quarters
|
|
|
7
Bank OZK
OZK
$5B
| $3.22M | 2.92% |
66,700
+38,700
| +138% | +$1.96M |
2017 Q4
1 quarter
|
|
8
Illumina
ILMN
$40.5B
| $2.4M | 2.17% |
10,446
+1,028
| +11% | +$236K |
2015 Q1
12 quarters
|
|
|
9
NMI Holdings
NMIH
$3.02B
| $2.22M | 2.01% |
+134,301
| New | +$2.5M |
2018 Q1
0 quarters
|
|
|
10
Nabors Industries
NBR
$1.16B
| $2.08M | 1.88% |
5,948
-344
| -5% | -$125K |
2017 Q2
3 quarters
|
|
11
Kroger
KR
$37B
| $1.98M | 1.79% |
82,500
| – | – |
2017 Q3
2 quarters
|
|
|
CSFL
12
DELISTED
CenterState Bank Corporation Common Stock
CSFL
| $1.69M | 1.53% |
+63,627
| New | +$1.7M |
2018 Q1
0 quarters
|
|
13
Sprouts Farmers Market
SFM
$6.21B
| $1.53M | 1.38% |
65,000
| – | – |
2017 Q3
2 quarters
|
|
|
14
DELISTED
Hologic
HOLX
| – | – |
-446,800
| Closed | -$19.1M | – |
|
|
15
DELISTED
Welltower Inc.
WELL.PRI
| – | – |
-114,440
| Closed | -$6.89M | – |
|
|
16
DELISTED
Anthem, Inc.
ANTX
| – | – |
-305,572
| Closed | -$17.1M | – |
|
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Waterstone Capital Management's Q1 2018 Portfolio in Review
As of Q1 2018, Waterstone Capital Management held 19 positions worth $110M, down 20% from $138M the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Waterstone Capital Management withdrew a net $65.6M in Q1 2018, closing 3 positions and reducing 1 holding. Its most notable exit was Hologic, an estimated $19.1M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 57% of assets, down from 60% a quarter earlier, followed by Technology and Financials.
Against the trend, Waterstone Capital Management opened a new position in Essent Group worth $4.6M.
- Waterstone Capital Management's largest Q1 2018 buy was Essent Group: 108,000 shares worth $4.6M.
- Waterstone Capital Management added most to Bank OZK in Q1 2018, an estimated $1.96M increase.
- Waterstone Capital Management's biggest Q1 2018 reduction was Nabors Industries, cutting an estimated $125K.
- Waterstone Capital Management fully exited Hologic in Q1 2018, selling an estimated $19.1M.
- Waterstone Capital Management's ten largest holdings make up 89% of its $110M portfolio in Q1 2018.
- Waterstone Capital Management opened 3 new positions and closed 3 in Q1 2018.
- Waterstone Capital Management's portfolio value fell 20% quarter-over-quarter to $110M.
Based on Waterstone Capital Management's 13F filing for Q1 2018, filed 14 May 2018.