Water Island Capital LLC Top Holdings and 13F Report (2026)

About Water Island Capital LLC

Investment Activity

Water Island Capital LLC has $895.64 million in total holdings as of March 31, 2026.
Water Island Capital LLC owns shares of 98 different stocks, but just 28 companies or ETFs make up 80% of its holdings.
Approximately 60.77% of the portfolio was purchased this quarter.
About 64.32% of the portfolio was sold this quarter.
This quarter, Water Island Capital LLC has purchased 91 new stocks and bought additional shares in 23 stocks.
Water Island Capital LLC sold shares of 10 stocks and completely divested from 52 stocks this quarter.

Largest Holdings

Electronic Arts: $50,944,667
Janus Henderson Group: $47,377,369
Warner Bros. Discovery: $44,403,369
Hologic: $42,333,801
TXNM ENERGY INC: $39,452,726

Largest New Holdings this Quarter

70975L107 - Penumbra: $39,435,596 Holding
574795100 - Masimo: $34,541,821 Holding
285512959 - ELECTRONIC ARTS INC: $30,539,726 Holding
947890109 - Webster Financial: $28,866,433 Holding
87265H109 - Tri Pointe Homes: $25,064,430 Holding

Largest Purchases this Quarter

Penumbra: 120,095 shares (about $39.44M)
Masimo: 194,197 shares (about $34.54M)
ELECTRONIC ARTS INC: 149,800 shares (about $30.54M)
Webster Financial: 415,823 shares (about $28.87M)
WARNER BROS DISCOVERY INC: 954,600 shares (about $26.21M)

Largest Sales this Quarter

Sealed Air: 503,166 shares (about $21.16M)
Clearwater Analytics: 766,043 shares (about $18.12M)
Air Lease: 225,309 shares (about $14.63M)
CSG Systems International: 130,497 shares (about $10.43M)
Amicus Therapeutics: 602,551 shares (about $8.71M)

Sector Allocation Over Time

Selling

Neutral

Buying

Latest 13F Holdings and Changes Since Previous Quarterly Filing

Issuer Name	Holdings Value	Approximate Purchase/Sale	Change in Shares	Shares Held	% of Portfolio	Sector
EA Electronic Arts	$50,944,667	$14,077,224 â–²	38.2%	249,888	5.7%	Consumer Discretionary
JHG Janus Henderson Group	$47,377,369	$14,116,065 â–²	42.4%	922,277	5.3%	Finance
WBD Warner Bros. Discovery	$44,403,369	$13,109,020 â–²	41.9%	1,617,020	5.0%	Consumer Discretionary
HOLX Hologic	$42,333,801	$6,977,184 â–²	19.7%	560,045	4.7%	Medical
TXNM ENERGY INC	$39,452,726	$5,755,738 â–²	17.1%	674,867	4.4%	Equity
PEN Penumbra	$39,435,596	$39,435,596 â–²	New Holding	120,095	4.4%	Medical
GTLS Chart Industries	$39,269,891	$333,695 â–²	0.9%	189,939	4.4%	Industrials
NSC Norfolk Southern	$38,472,637	$1,437,296 â–²	3.9%	134,051	4.3%	Transportation
MASI Masimo	$34,541,821	$34,541,821 â–²	New Holding	194,197	3.9%	Medical
ELECTRONIC ARTS INC	$30,539,726	$30,539,726 â–²	New Holding	149,800	3.4%	Equity Put
WBS Webster Financial	$28,866,433	$28,866,433 â–²	New Holding	415,823	3.2%	Finance
WARNER BROS DISCOVERY INC	$28,819,270	$26,213,316 â–²	1,005.9%	1,049,500	3.2%	Equity Put
TPH Tri Pointe Homes	$25,064,430	$25,064,430 â–²	New Holding	536,367	2.8%	Construction
NSA National Storage Affiliates Trust	$21,746,694	$21,746,694 â–²	New Holding	576,224	2.4%	Finance
GLDD Great Lakes Dredge & Dock	$21,480,860	$21,480,860 â–²	New Holding	1,263,580	2.4%	Construction
ACLX Arcellx	$21,059,022	$21,059,022 â–²	New Holding	183,409	2.4%	Medical
DAWN Day One Biopharmaceuticals	$20,244,656	$20,244,656 â–²	New Holding	944,247	2.3%	Medical
DBRG DigitalBridge Group	$20,031,366	$5,706,186 â–²	39.8%	1,299,051	2.2%	Finance
DAY ONE BIOPHARMACEUTICALS I	$18,003,168	$18,003,168 â–²	New Holding	839,700	2.0%	Equity Put
STELLAR BANCORP INC	$15,787,367	$15,787,367 â–²	New Holding	431,231	1.8%	Equity
EHAB Enhabit	$13,873,170	$13,873,170 â–²	New Holding	984,611	1.5%	Medical
SLAB Silicon Laboratories	$12,159,499	$12,159,499 â–²	New Holding	58,417	1.4%	Computer and Technology
KVUE Kenvue	$12,078,345	$179,451 â–²	1.5%	700,600	1.3%	Consumer Staples
KENVUE INC	$12,078,344	$96,544 â–²	0.8%	700,600	1.3%	Equity Put
VRE Veris Residential	$11,272,750	$11,272,750 â–²	New Holding	597,390	1.3%	Finance
PKST Peakstone Realty Trust	$10,519,849	$10,519,849 â–²	New Holding	503,583	1.2%	Finance
TERN Terns Pharmaceuticals	$9,937,720	$9,937,720 â–²	New Holding	188,500	1.1%	Medical
TERNS PHARMACEUTICALS INC	$9,937,720	$9,937,720 â–²	New Holding	188,500	1.1%	Equity Put
SILICON LABORATORIES INC	$9,907,940	$9,907,940 â–²	New Holding	47,600	1.1%	Equity Put
KW Kennedy-Wilson	$8,933,555	$8,933,555 â–²	New Holding	825,652	1.0%	Finance
ZIM ZIM Integrated Shipping Services	$8,742,930	$8,742,930 â–²	New Holding	331,800	1.0%	Transportation
ZIM INTEGRATED SHIPPING SERV	$8,742,930	$8,742,930 â–²	New Holding	331,800	1.0%	Equity Put
TXNM ENERGY INC	$8,098,750	$4,049,375 â–²	100.0%	6,000,000	0.9%	Convertible Bond
JANUS HENDERSON GROUP PLC	$7,926,391	$7,309,951 â–²	1,185.8%	154,300	0.9%	Equity Put
BANCO SANTANDER SA	$7,689,576	$7,689,576 â–²	New Holding	681,700	0.9%	Equity Call
UNF UniFirst	$6,476,681	$6,476,681 â–²	New Holding	25,743	0.7%	Industrials
CSG SYS INTL INC	$6,091,111		0.0%	5,000,000	0.7%	Convertible Bond
AXTA Axalta Coating Systems	$5,731,185	$32,686 â–²	0.6%	206,902	0.6%	Basic Materials
AXALTA COATING SYS LTD	$5,401,500	$3,542,830 â–²	190.6%	195,000	0.6%	Equity Put
RAPID7 INC	$4,863,227		0.0%	5,501,530	0.5%	Convertible Bond
APLS Apellis Pharmaceuticals	$4,847,715	$4,847,715 â–²	New Holding	120,500	0.5%	Medical
APELLIS PHARMACEUTICALS INC	$4,847,715	$4,847,715 â–²	New Holding	120,500	0.5%	Equity Put
AL Air Lease	$4,749,127	$14,631,566 â–¼	-75.5%	73,131	0.5%	Transportation
BENTLEY SYS INC	$4,747,188		0.0%	5,000,000	0.5%	Convertible Bond
NUTANIX INC	$4,514,886	$1,354,466 â–²	42.9%	5,000,000	0.5%	Convertible Bond
REDFIN CORP	$4,304,250		0.0%	4,500,000	0.5%	Convertible Bond
HALOZYME THERAPEUTICS INC	$3,111,250		0.0%	3,000,000	0.3%	Convertible Bond
AES AES	$2,618,387	$2,618,387 â–²	New Holding	185,833	0.3%	Utilities
VARONIS SYS INC	$2,614,696		0.0%	3,000,000	0.3%	Convertible Bond
CWAN Clearwater Analytics	$2,591,780	$18,116,918 â–¼	-87.5%	109,589	0.3%	Computer and Technology
SEE Sealed Air	$2,357,785	$21,158,125 â–¼	-90.0%	56,071	0.3%	Industrials
ALLIED GOLD CORP	$2,255,310	$2,255,310 â–²	New Holding	72,785	0.3%	Equity
ONESTREAM INC	$2,186,880	$2,186,880 â–²	New Holding	91,120	0.2%	Equity
BHF Brighthouse Financial	$2,005,381	$278,382 â–²	16.1%	33,490	0.2%	Finance
NCR ATLEOS CORPORATION	$1,696,962	$1,696,962 â–²	New Holding	38,939	0.2%	Equity
SEM Select Medical	$1,685,477	$1,685,477 â–²	New Holding	103,467	0.2%	Medical
THR Thermon Group	$1,662,545	$1,662,545 â–²	New Holding	32,987	0.2%	Computer and Technology
SNCY Sun Country Airlines	$1,633,151	$1,633,151 â–²	New Holding	98,859	0.2%	Transportation
CNTA Centessa Pharmaceuticals	$1,628,520	$1,628,520 â–²	New Holding	41,000	0.2%	Medical
CENTESSA PHARMACEUTICALS PLC	$1,628,520	$1,628,520 â–²	New Holding	41,000	0.2%	Equity Put
CSGS CSG Systems International	$1,616,627	$10,431,933 â–¼	-86.6%	20,223	0.2%	Computer and Technology
SEMRUSH HLDGS INC	$1,598,432	$5,907,077 â–¼	-78.7%	133,872	0.2%	Equity
FOLD Amicus Therapeutics	$1,504,794	$8,712,885 â–¼	-85.3%	104,066	0.2%	Medical
BA Boeing	$1,439,783	$1,439,783 â–²	New Holding	7,234	0.2%	Aerospace
STKL SunOpta	$1,273,411	$1,273,411 â–²	New Holding	196,514	0.1%	Consumer Staples
PRA ProAssurance	$1,263,266	$101,624 â–²	8.7%	51,103	0.1%	Finance
CTLP Cantaloupe	$1,166,042	$258,651 â–¼	-18.2%	107,867	0.1%	Business Services
CCO Clear Channel Outdoor	$1,134,085	$1,134,085 â–²	New Holding	478,517	0.1%	Business Services
IHS IHS	$1,132,571	$1,132,571 â–²	New Holding	137,615	0.1%	Computer and Technology
TALK Talkspace	$1,118,618	$1,118,618 â–²	New Holding	216,158	0.1%	Medical
MCW Mister Car Wash	$1,090,819	$1,090,819 â–²	New Holding	156,502	0.1%	Auto/Tires/Trucks
DKS DICK'S Sporting Goods	$1,060,455	$842,336 â–²	386.2%	5,348	0.1%	Retail/Wholesale
GLADSTONE CAP CORP	$967,746	$967,746 â–¼	-50.0%	1,000,000	0.1%	Convertible Bond
CTRA Coterra Energy	$959,041	$959,041 â–²	New Holding	27,292	0.1%	Energy
SKYT SkyWater Technology	$946,632	$946,632 â–²	New Holding	34,536	0.1%	Computer and Technology
NORTHWESTERN ENERGY GROUP IN	$912,478	$30,926 â–¼	-3.3%	13,838	0.1%	Equity
AMRX Amneal Pharmaceuticals	$850,212	$850,212 â–²	New Holding	68,400	0.1%	Medical
CZR Caesars Entertainment	$779,685	$779,685 â–²	New Holding	29,500	0.1%	Consumer Discretionary
UDMY Udemy	$643,728	$15,768 â–²	2.5%	139,335	0.1%	Computer and Technology
EL Estee Lauder Companies	$538,275	$538,275 â–²	New Holding	7,500	0.1%	Consumer Staples
PENN PENN Entertainment	$526,050	$526,050 â–²	New Holding	35,000	0.1%	Consumer Discretionary
CVGW Calavo Growers	$524,079	$524,079 â–²	New Holding	20,321	0.1%	Consumer Staples
IMXI International Money Express	$523,328	$874,594 â–¼	-62.6%	33,122	0.1%	Business Services
NATH Nathan's Famous	$503,046	$503,046 â–²	New Holding	4,994	0.1%	Retail/Wholesale
ONTF ON24	$488,948	$488,948 â–²	New Holding	60,364	0.1%	Computer and Technology
HTBK Heritage Commerce	$474,140	$50,769 â–²	12.0%	37,992	0.1%	Finance
BLFY Blue Foundry Bancorp	$472,112	$472,112 â–²	New Holding	35,658	0.1%	Finance
SATS EchoStar	$468,280	$468,280 â–²	New Holding	4,000	0.1%	Computer and Technology
FFIC Flushing Financial	$463,273	$463,273 â–²	New Holding	30,161	0.1%	Finance
UAL United Airlines	$460,350	$460,350 â–²	New Holding	5,000	0.1%	Transportation
DHIL Diamond Hill Investment Group	$434,036	$6,884 â–²	1.6%	2,522	0.0%	Finance
FIRST FNDTN INC	$398,681	$9,759 â–²	2.5%	67,573	0.0%	Equity
ALK Alaska Air Group	$377,547	$377,547 â–²	New Holding	10,265	0.0%	Transportation
PACB Pacific Biosciences of California	$359,093	$359,093 â–²	New Holding	272,040	0.0%	Medical
VCTR Victory Capital	$335,258	$335,258 â–²	New Holding	5,120	0.0%	Finance
VKTX Viking Therapeutics	$334,511	$334,511 â–²	New Holding	10,280	0.0%	Medical
UPS United Parcel Service	$247,918	$247,918 â–²	New Holding	2,520	0.0%	Transportation
PYPL PayPal	$231,759	$231,759 â–²	New Holding	5,124	0.0%	Business Services
CYBR CyberArk Software	$0	$38,650,206 â–¼	-100.0%	0	0.0%	Computer and Technology
EXAS Exact Sciences	$0	$35,546,914 â–¼	-100.0%	0	0.0%	Medical

Showing largest 100 holdings. View all holdings.

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Water Island Capital LLC Top Holdings and 13F Report (2026)

About Water Island Capital LLC

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

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Water Island Capital LLC Top Holdings and 13F Report (2026)

About Water Island Capital LLC

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Map of 500 Largest Holdings ofWater Island Capital LLC

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools