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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
PKST
26
DELISTED
Peakstone Realty Trust
PKST
$10.5M 1.17%
+503,583
New +$9.4M
TERN
27
DELISTED
Terns Pharmaceuticals
TERN
$9.94M 1.11%
+188,500
New +$7.74M
TERN
28
PUT
DELISTED
Terns Pharmaceuticals
TERN
$9.94M 1.11%
+188,500
New +$7.74M
SLAB icon
29
PUT
Silicon Laboratories
SLAB
$7.17B
$9.91M 1.11%
+47,600
New +$8.73M
KW
30
DELISTED
Kennedy-Wilson Holdings
KW
$8.93M 1%
+825,652
New +$8.56M
ZIM icon
31
ZIM Integrated Shipping Services
ZIM
$3.07B
$8.74M 0.98%
+331,800
New +$8.26M
ZIM icon
32
PUT
ZIM Integrated Shipping Services
ZIM
$3.07B
$8.74M 0.98%
+331,800
New +$8.26M
JHG
33
PUT
DELISTED
Janus Henderson
JHG
$7.93M 0.89%
154,300
+142,300
+1,186% +$7.05M
SAN icon
34
CALL
Banco Santander
SAN
$190B
$7.69M 0.86%
+681,700
New +$8.13M
UNF icon
35
Unifirst Corp
UNF
$5.26B
$6.48M 0.72%
+25,743
New +$5.94M
AXTA icon
36
Axalta
AXTA
$6.89B
$5.73M 0.64%
206,902
+1,180
+0.6% +$37.4K
AXTA icon
37
PUT
Axalta
AXTA
$6.89B
$5.4M 0.6%
195,000
+127,900
+191% +$4.06M
APLS
38
DELISTED
Apellis Pharmaceuticals
APLS
$4.85M 0.54%
+120,500
New +$2.6M
APLS
39
PUT
DELISTED
Apellis Pharmaceuticals
APLS
$4.85M 0.54%
+120,500
New +$2.6M
AL
40
DELISTED
Air Lease Corp
AL
$4.75M 0.53%
73,131
-225,309
-75% -$14.6M
AES icon
41
AES
AES
$10.6B
$2.62M 0.29%
+185,833
New +$2.77M
CWAN
42
DELISTED
Clearwater Analytics
CWAN
$2.59M 0.29%
109,589
-766,043
-87% -$18.1M
SEE
43
DELISTED
Sealed Air
SEE
$2.36M 0.26%
56,071
-503,166
-90% -$21.1M
AAUC
44
Allied Gold Corp
AAUC
$2.71B
$2.26M 0.25%
+72,785
New +$2.2M
OS
45
DELISTED
OneStream Inc
OS
$2.19M 0.24%
+91,120
New +$2.14M
BHF icon
46
Brighthouse Financial
BHF
$3.6B
$2.01M 0.22%
33,490
+4,649
+16% +$290K
NATL icon
47
NCR Atleos
NATL
$3.53B
$1.7M 0.19%
+38,939
New +$1.61M
SEM
48
DELISTED
Select Medical
SEM
$1.69M 0.19%
+103,467
New +$1.62M
THR
49
DELISTED
Thermon Group Holdings
THR
$1.66M 0.19%
+32,987
New +$1.54M
SNCY
50
DELISTED
Sun Country Airlines
SNCY
$1.63M 0.18%
+98,859
New +$1.77M
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.