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Water Island Capital Portfolio holdings
AUM
$1.08B
Turnover
68.84%
1-Year Est. Return
105.75%
This Fund
S&P 500
This Quarter Est. Return
+16.1%
1 Year Est. Return
+105.75%
3 Year Est. Return
+437.83%
5 Year Est. Return
+1,485.53%
10 Year Est. Return
+23,012.79%
AUM
$1.08B
AUM Growth
+$179M
(+20%)
Cap. Flow
+$118M
Cap. Flow % of AUM
Cap. Flow %
11.02%
Top 10 Holdings %
Top 10 Hldgs %
42.99%
Holding
138
New
42
Increased
23
Reduced
13
Closed
53
Avg Time Held
Equity + Options
0.2
years
Top 10 Avg Time Held
Equity + Options
0.4
years
Top 20 Avg Time Held
Equity + Options
0.3
years
Avg Time Held Equity only
0.3
years
Top 10 Avg Time Held Equity only
0.4
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Taylor Morrison
TMHC
|
+$46.2M |
| 2 |
Caesars Entertainment
CZR
|
+$36.2M |
| 3 |
Catalyst Pharmaceutical
CPRX
|
+$27.6M |
| 4 |
LiveRamp
RAMP
|
+$26.5M |
| 5 |
Dominion Energy
D
|
+$24.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hologic
HOLX
|
+$42.3M |
| 2 |
Masimo
MASI
|
+$34.5M |
| 3 |
Tri Pointe Homes
TPH
|
+$25.1M |
| 4 |
Great Lakes Dredge & Dock
GLDD
|
+$21.5M |
| 5 |
Arcellx
ACLX
|
+$21.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 16.99% |
| 2 | Miscellaneous | 15.69% |
| 3 | Industrials | 13.87% |
| 4 | Communication Services | 12.09% |
| 5 | Financials | 11.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Taylor Morrison
TMHC
| $52.2M | 4.85% |
+727,492
| New | +$46.2M |
2026 Q2
0 quarters
|
|
2
DELISTED
Electronic Arts
EA
| $51.9M | 4.82% |
252,932
+3,044
| +1% | +$617K |
2025 Q3
3 quarters
|
|
3
DELISTED
Chart Industries
GTLS
| $49.6M | 4.62% |
237,599
+47,660
| +25% | +$9.9M |
2025 Q3
3 quarters
|
|
4
Penumbra
PEN
$12.8B
| $47.5M | 4.42% |
150,456
+30,361
| +25% | +$9.8M |
2026 Q1
1 quarter
|
|
5
DELISTED
Warner Bros
WBD
| $46.4M | 4.32% |
1,740,468
+123,448
| +8% | +$3.34M |
2025 Q4
2 quarters
|
|
6
DELISTED
Janus Henderson
JHG
| $46.3M | 4.31% |
890,916
-31,361
| -3% | -$1.62M |
2025 Q4
2 quarters
|
|
7
Norfolk Southern
NSC
$76B
| $46M | 4.28% |
146,283
+12,232
| +9% | +$3.77M |
2025 Q3
3 quarters
|
|
8
TXNM Energy Inc
TXNM
$6.47B
| $41.9M | 3.9% |
737,734
+62,867
| +9% | +$3.69M |
2025 Q2
4 quarters
|
|
|
9
PUT
DELISTED
Warner Bros
WBD
| $40.7M | 3.78% |
1,525,200
+475,700
| +45% | +$12.9M |
2025 Q4
2 quarters
|
|
|
10
Caesars Entertainment
CZR
$5.92B
| $39.6M | 3.69% |
1,313,074
+1,283,574
| +4,351% | +$36.2M |
2026 Q1
1 quarter
|
|
11
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$815B
| $33.6M | 3.13% |
+45,000
| New | +$32.6M |
2026 Q2
0 quarters
|
|
12
DELISTED
Webster Financial
WBS
| $33.4M | 3.11% |
437,210
+21,387
| +5% | +$1.56M |
2026 Q1
1 quarter
|
|
13
DELISTED
National Storage Affiliates Trust
NSA
| $32.4M | 3.01% |
728,454
+152,230
| +26% | +$6.52M |
2026 Q1
1 quarter
|
|
14
Silicon Laboratories
SLAB
$7.38B
| $32.4M | 3.01% |
148,138
+89,721
| +154% | +$19.4M |
2026 Q1
1 quarter
|
|
|
15
LiveRamp
RAMP
$2.32B
| $30.3M | 2.82% |
+805,327
| New | +$26.5M |
2026 Q2
0 quarters
|
|
|
16
DELISTED
Catalyst Pharmaceutical
CPRX
| $29.3M | 2.73% |
+933,819
| New | +$27.6M |
2026 Q2
0 quarters
|
|
|
17
Dominion Energy
D
$57.5B
| $26M | 2.42% |
+381,231
| New | +$24.8M |
2026 Q2
0 quarters
|
|
18
Arcosa
ACA
$7.32B
| $25.2M | 2.35% |
+173,589
| New | +$21.6M |
2026 Q2
0 quarters
|
|
19
Bio-Techne
TECH
$11.4B
| $23.7M | 2.21% |
+335,727
| New | +$18.1M |
2026 Q2
0 quarters
|
|
|
WSR
20
DELISTED
Whitestone REIT
WSR
| $23.3M | 2.17% |
+1,227,709
| New | +$23.1M |
2026 Q2
0 quarters
|
|
21
Roku
ROKU
$23.8B
| $22.8M | 2.12% |
+164,890
| New | +$20.1M |
2026 Q2
0 quarters
|
|
22
DELISTED
TopBuild
BLD
| $21.8M | 2.03% |
+51,251
| New | +$21.1M |
2026 Q2
0 quarters
|
|
23
DELISTED
DigitalBridge
DBRG
| $21.7M | 2.02% |
1,376,380
+77,329
| +6% | +$1.21M |
2025 Q4
2 quarters
|
|
24
DELISTED
Avanos Medical
AVNS
| $19.9M | 1.85% |
+799,002
| New | +$18.7M |
2026 Q2
0 quarters
|
|
|
SILA
25
DELISTED
Sila Realty Trust
SILA
| $18.9M | 1.76% |
+623,872
| New | +$18.2M |
2026 Q2
0 quarters
|
|
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Water Island Capital's Q2 2026 Portfolio in Review
As of Q2 2026, Water Island Capital held 138 positions worth $1.08B, up 20% from $896M the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Water Island Capital deployed $118M of net new capital in Q2 2026, opening 42 new positions and adding to 23 existing holdings. Its largest new stake was Taylor Morrison: 727,492 shares worth $52.2M.
By sector, the portfolio is most concentrated in Healthcare at 17% of assets, down from 22% a quarter earlier, followed by Miscellaneous and Industrials.
On the sell side, the largest reduction was Kenvue, an estimated $5.26M trimmed.
- Water Island Capital's largest Q2 2026 buy was Taylor Morrison: 727,492 shares worth $52.2M.
- Water Island Capital added most to Caesars Entertainment in Q2 2026, an estimated $36.2M increase.
- Water Island Capital's biggest Q2 2026 reduction was Kenvue, cutting an estimated $5.26M.
- Water Island Capital fully exited Hologic in Q2 2026, selling an estimated $42.3M.
- Water Island Capital's ten largest holdings make up 43% of its $1.08B portfolio in Q2 2026.
- Water Island Capital opened 42 new positions and closed 53 in Q2 2026.
- Water Island Capital's portfolio value rose 20% quarter-over-quarter to $1.08B.
Based on Water Island Capital's 13F filing for Q2 2026, filed 14 Aug 2026.