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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
+26.89%
1 Year Est. Return
+107.59%
3 Year Est. Return
+414.38%
5 Year Est. Return
+1,508.7%
10 Year Est. Return
+23,520.93%
AUM
$1.01B
AUM Growth
-$106M
Cap. Flow
-$228M
Cap. Flow %
-22.52%
Top 10 Hldgs %
57.11%
Holding
116
New
34
Increased
7
Reduced
6
Closed
58

Top Buys

Rank Stock Value
1
PXD
Pioneer Natural Resource Co.
PXD
+$84M
2
HES
Hess
HES
+$78M
3
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
+$50M
4
SPLK
Splunk Inc
SPLK
+$43.5M
5
AMED
Amedisys
AMED
+$43.1M

Top Sells

Rank Stock Value
1
ATVI
Activision Blizzard
ATVI
+$104M
2
VMW
VMware, Inc
VMW
+$86.9M
3
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$79.7M
4
DEN
Denbury Inc.
DEN
+$51.6M
5
SGEN
Seagen Inc. Common Stock
SGEN
+$49.6M

Sector Composition

Rank Sector Weight
1 Healthcare 23.44%
2 Energy 18.2%
3 Technology 14.93%
4 Consumer Staples 10.22%
5 Real Estate 10.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TXNM
26
TXNM Energy Inc
TXNM
$5.94B
$12.5M 1.23%
300,225
-950,036
-76% -$40.7M
SP
27
DELISTED
SP Plus Corporation
SP
$10.7M 1.06%
+208,843
New +$10.5M
X
28
PUT
DELISTED
US Steel
X
$10.4M 1.03%
+214,000
New +$7.78M
HA
29
DELISTED
Hawaiian Holdings, Inc.
HA
$7.95M 0.78%
+560,086
New +$4.15M
ILCV icon
30
PUT
iShares Morningstar Value ETF
ILCV
$1.35B
$7.74M 0.76%
+100,000
New +$6.62M
HA
31
PUT
DELISTED
Hawaiian Holdings, Inc.
HA
$6.85M 0.68%
+482,600
New +$3.58M
EGLE
32
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$5.76M 0.57%
+104,015
New +$4.7M
EGLE
33
PUT
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$5.11M 0.5%
+92,300
New +$4.17M
CHS
34
DELISTED
Chicos FAS, Inc.
CHS
$3.1M 0.31%
408,359
-981,641
-71% -$7.37M
SP
35
CALL
DELISTED
SP Plus Corporation
SP
$2.56M 0.25%
+50,000
New +$2.51M
NWLI
36
DELISTED
National Western Life Group, Inc. Class A
NWLI
$1.6M 0.16%
+3,320
New +$1.58M
ORTX
37
DELISTED
Orchard Therapeutics plc American Depositary Shares
ORTX
$1.5M 0.15%
+91,000
New +$1.43M
CZR icon
38
CALL
Caesars Entertainment
CZR
$6.14B
$938K 0.09%
20,000
+5,000
+33% +$222K
PRKS icon
39
CALL
United Parks & Resorts
PRKS
$2.12B
$925K 0.09%
+17,500
New +$833K
TDS icon
40
CALL
Telephone and Data Systems
TDS
$3.75B
$918K 0.09%
50,000
– –
XRX icon
41
CALL
Xerox
XRX
$425M
$816K 0.08%
44,500
-25,500
-36% -$377K
CSTR
42
DELISTED
CapStar Financial Holdings, Inc
CSTR
$815K 0.08%
+43,480
New +$710K
PLAY icon
43
CALL
Dave & Buster's
PLAY
$357M
$770K 0.08%
+14,300
New +$579K
WRK
44
DELISTED
WestRock Company
WRK
$760K 0.08%
18,316
-127,684
-87% -$4.91M
CCI icon
45
Crown Castle
CCI
$32.2B
$703K 0.07%
+6,102
New +$625K
CNSL
46
DELISTED
Consolidated Communications Holdings, Inc.
CNSL
$491K 0.05%
+112,845
New +$467K
GEN icon
47
CALL
Gen Digital
GEN
$17.5B
$456K 0.05%
20,000
– –
AMNB
48
DELISTED
American National Bankshares Inc
AMNB
$260K 0.03%
5,339
-23,007
-81% -$964K
AYX
49
CALL
DELISTED
Alteryx Inc
AYX
$236K 0.02%
+5,000
New +$194K
AMRN
50
Amarin Corp
AMRN
$303M
– –
-1,460
Closed -$26.9K
1
2
3 4 5

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Water Island Capital's Q4 2023 Portfolio in Review

As of Q4 2023, Water Island Capital held 116 positions worth $1.01B, down 9.5% from $1.12B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Water Island Capital withdrew a net $228M in Q4 2023, closing 58 positions and reducing 6 holdings. Its most notable exit was Activision Blizzard, an estimated $104M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 17% a quarter earlier, followed by Energy and Technology.

Against the trend, Water Island Capital opened a new position in Pioneer Natural Resource Co. worth $80.6M.

  • Water Island Capital's largest Q4 2023 buy was Pioneer Natural Resource Co.: 358,308 shares worth $80.6M.
  • Water Island Capital added most to Splunk Inc in Q4 2023, an estimated $43.5M increase.
  • Water Island Capital's biggest Q4 2023 reduction was TXNM Energy Inc, cutting an estimated $40.7M.
  • Water Island Capital fully exited Activision Blizzard in Q4 2023, selling an estimated $104M.
  • Water Island Capital's ten largest holdings make up 57% of its $1.01B portfolio in Q4 2023.
  • Water Island Capital opened 34 new positions and closed 58 in Q4 2023.
  • Water Island Capital's portfolio value fell 9.5% quarter-over-quarter to $1.01B.

Based on Water Island Capital's 13F filing for Q4 2023, filed 13 Feb 2024.