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WIC

Water Island Capital Portfolio holdings

AUM $896M
1-Year Est. Return 107.59%
This Fund
S&P 500
This Quarter Est. Return
+17.25%
1 Year Est. Return
+107.59%
3 Year Est. Return
+414.38%
5 Year Est. Return
+1,508.69%
10 Year Est. Return
+23,520.55%
AUM
$896M
AUM Growth
-$32M
Cap. Flow
-$101M
Cap. Flow %
-11.23%
Top 10 Hldgs %
45.42%
Holding
145
New
59
Increased
21
Reduced
9
Closed
47

Top Buys

Rank Stock Value
1
PEN icon
Penumbra
PEN
+$40.7M
2
MASI
Masimo
MASI
+$30.5M
3
WBS icon
Webster Financial
WBS
+$28.5M
4
TPH
Tri Pointe Homes
TPH
+$21.8M
5
GLDD
Great Lakes Dredge & Dock
GLDD
+$20.1M

Top Sells

Rank Stock Value
1
CYBR
CyberArk
CYBR
+$38.7M
2
EXAS
Exact Sciences
EXAS
+$35.5M
3
CMA
Comerica
CMA
+$34.6M
4
CDTX
Cidara Therapeutics
CDTX
+$33.3M
5
AVDL
Avadel Pharmaceuticals
AVDL
+$23.4M

Sector Composition

Rank Sector Weight
1 Healthcare 21.63%
2 Industrials 13.96%
3 Financials 13.19%
4 Communication Services 10.82%
5 Real Estate 5.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EA icon
1
Electronic Arts
EA
$52.4B
$50.9M 5.69%
249,888
+69,050
+38% +$13.9M
JHG
2
DELISTED
Janus Henderson
JHG
$47.4M 5.29%
922,277
+274,792
+42% +$13.6M
WBD icon
3
Warner Bros
WBD
$64.8B
$44.4M 4.96%
1,617,020
+477,386
+42% +$13.4M
HOLX
4
DELISTED
Hologic
HOLX
$42.3M 4.73%
560,045
+92,303
+20% +$6.94M
TXNM
5
TXNM Energy Inc
TXNM
$6.45B
$39.5M 4.41%
674,867
+98,456
+17% +$5.8M
PEN icon
6
Penumbra
PEN
$12.4B
$39.4M 4.4%
+120,095
New +$40.7M
GTLS
7
DELISTED
Chart Industries
GTLS
$39.3M 4.38%
189,939
+1,614
+0.9% +$334K
NSC icon
8
Norfolk Southern
NSC
$74.3B
$38.5M 4.3%
134,051
+5,008
+4% +$1.49M
MASI
9
DELISTED
Masimo
MASI
$34.5M 3.86%
+194,197
New +$30.5M
EA icon
10
PUT
Electronic Arts
EA
$52.4B
$30.5M 3.41%
+149,800
New +$30.2M
WBS icon
11
Webster Financial
WBS
$12.4B
$28.9M 3.22%
+415,823
New +$28.5M
WBD icon
12
PUT
Warner Bros
WBD
$64.8B
$28.8M 3.22%
1,049,500
+954,600
+1,006% +$26.7M
TPH
13
DELISTED
Tri Pointe Homes
TPH
$25.1M 2.8%
+536,367
New +$21.8M
NSA icon
14
National Storage Affiliates Trust
NSA
$3.37B
$21.7M 2.43%
+576,224
New +$19.5M
GLDD
15
DELISTED
Great Lakes Dredge & Dock
GLDD
$21.5M 2.4%
+1,263,580
New +$20.1M
ACLX
16
DELISTED
Arcellx
ACLX
$21.1M 2.35%
+183,409
New +$16.2M
DAWN
17
DELISTED
Day One Biopharmaceuticals
DAWN
$20.2M 2.26%
+944,247
New +$13.3M
DBRG icon
18
DigitalBridge
DBRG
$2.92B
$20M 2.24%
1,299,051
+370,051
+40% +$5.7M
DAWN
19
PUT
DELISTED
Day One Biopharmaceuticals
DAWN
$18M 2.01%
+839,700
New +$11.8M
STEL
20
DELISTED
Stellar Bancorp
STEL
$15.8M 1.76%
+431,231
New +$15.5M
EHAB
21
DELISTED
Enhabit
EHAB
$13.9M 1.55%
+984,611
New +$11.8M
SLAB icon
22
Silicon Laboratories
SLAB
$7.16B
$12.2M 1.36%
+58,417
New +$10.7M
KVUE icon
23
Kenvue
KVUE
$36.7B
$12.1M 1.35%
700,600
+10,409
+2% +$185K
KVUE icon
24
PUT
Kenvue
KVUE
$36.7B
$12.1M 1.35%
700,600
+5,600
+0.8% +$99.7K
VRE
25
DELISTED
Veris Residential
VRE
$11.3M 1.26%
+597,390
New +$10.1M
1
2 3 4 5

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Water Island Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Water Island Capital held 145 positions worth $896M, down 3.4% from $928M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Water Island Capital withdrew a net $101M in Q1 2026, closing 47 positions and reducing 9 holdings. Its most notable exit was CyberArk, an estimated $38.7M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 18% a quarter earlier, followed by Industrials and Financials.

Against the trend, Water Island Capital opened a new position in Penumbra worth $39.4M.

  • Water Island Capital's largest Q1 2026 buy was Penumbra: 120,095 shares worth $39.4M.
  • Water Island Capital added most to Electronic Arts in Q1 2026, an estimated $13.9M increase.
  • Water Island Capital's biggest Q1 2026 reduction was Sealed Air, cutting an estimated $21.1M.
  • Water Island Capital fully exited CyberArk in Q1 2026, selling an estimated $38.7M.
  • Water Island Capital's ten largest holdings make up 45% of its $896M portfolio in Q1 2026.
  • Water Island Capital opened 59 new positions and closed 47 in Q1 2026.
  • Water Island Capital's portfolio value fell 3.4% quarter-over-quarter to $896M.

Based on Water Island Capital's 13F filing for Q1 2026, filed 15 May 2026.