Waterstone Capital Management, L.P. Historical SEC 13F Holdings & Archive (Q4 2019)

Waterstone Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.199 — mathematically equivalent to about 5 equally-sized positions, close to its 8 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.82), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 13.5 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.

Sector classification currently covers about 3% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.