Waterstone Likes RBS; Closes Fannie Mae Short?

As the stock market has been rising, the Waterstone Market Neutral Fund had a challenging May, down 3.76 percent according to an investor letter reviewed by ValueWalk. Over the last three months the S&P 500 (INDEXSP:.INX) index moved higher from 1872 to 1962. Waterstone Market Neutral Fund short position in SuperValu Briefly mentioned in the investor letter is its short in SuperValu INC. (NYSE:SVU), which is up over ten percent in the last three months. Not mentioned in the report was Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA). As previously reported in ValueWalk, Waterstone reduced their Fannie Mae…