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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
+17.14%
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
$702M
AUM Growth
-$62.1M
Cap. Flow
-$147M
Cap. Flow %
-20.88%
Top 10 Hldgs %
47.84%
Holding
119
New
36
Increased
13
Reduced
7
Closed
43

Top Buys

Rank Stock Value
1
SWTX
SpringWorks Therapeutics
SWTX
+$31.3M
2
SKX
Skechers
SKX
+$24.5M
3
AVDX
AvidXchange
AVDX
+$17.7M
4
INFA
Informatica
INFA
+$16.6M
5
DNB
Dun & Bradstreet
DNB
+$15.3M

Top Sells

Rank Stock Value
1
HEES
H&E Equipment Services
HEES
+$40.9M
2
K
Kellanova
K
+$35.8M
3
EVRI
Everi Holdings
EVRI
+$34.9M
4
BECN
Beacon Roofing Supply, Inc.
BECN
+$33.5M
5
PLYA
Playa Hotels & Resorts
PLYA
+$21.1M

Sector Composition

Rank Sector Weight
1 Technology 23.19%
2 Healthcare 17.42%
3 Financials 10.46%
4 Consumer Discretionary 6.55%
5 Energy 6.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BASE
26
DELISTED
Couchbase
BASE
$8.85M 1.26%
+363,000
New +$6.6M
GMS
27
CALL
DELISTED
GMS Inc
GMS
$8.84M 1.26%
+81,300
New +$6.29M
SKX
28
CALL
DELISTED
Skechers
SKX
$8.77M 1.25%
+139,000
New +$7.98M
SPTN
29
DELISTED
SpartanNash
SPTN
$8.01M 1.14%
+302,396
New +$6.05M
WBA
30
CALL
DELISTED
Walgreens Boots Alliance
WBA
$7.4M 1.05%
644,300
-175,700
-21% -$1.96M
PARA
31
DELISTED
Paramount Global Class B
PARA
$7.32M 1.04%
567,122
-483,377
-46% -$5.66M
WBA
32
DELISTED
Walgreens Boots Alliance
WBA
$6.81M 0.97%
593,196
+291,076
+96% +$3.24M
STR
33
DELISTED
Sitio Royalties
STR
$6.13M 0.87%
+333,703
New +$5.99M
TGI
34
DELISTED
Triumph Group
TGI
$5.67M 0.81%
220,294
-408,647
-65% -$10.4M
BA.PRA
35
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$8.27B
$5.44M 0.77%
80,000
– –
CVAC
36
DELISTED
CureVac
CVAC
$5.2M 0.74%
+957,031
New +$3.8M
FL
37
PUT
DELISTED
Foot Locker
FL
$4.36M 0.62%
+178,000
New +$3.23M
K
38
DELISTED
Kellanova
K
$4.24M 0.6%
53,318
-437,923
-89% -$35.8M
ILCV icon
39
PUT
iShares Morningstar Value ETF
ILCV
$1.35B
$4.03M 0.57%
50,000
– –
FYBR
40
DELISTED
Frontier Communications
FYBR
$4M 0.57%
109,783
+3,665
+3% +$133K
VERV
41
PUT
DELISTED
Verve Therapeutics
VERV
$3.77M 0.54%
+336,000
New +$1.92M
VERV
42
DELISTED
Verve Therapeutics
VERV
$3.77M 0.54%
+335,593
New +$1.91M
RDUS
43
DELISTED
Radius Recycling
RDUS
$2.81M 0.4%
94,670
+47,919
+102% +$1.41M
DKS icon
44
CALL
Dick's Sporting Goods
DKS
$18.7B
$2.51M 0.36%
+12,700
New +$2.35M
PARA
45
PUT
DELISTED
Paramount Global Class B
PARA
$2.39M 0.34%
185,200
– –
IPG
46
DELISTED
Interpublic Group of Companies
IPG
$1.67M 0.24%
68,367
+36,592
+115% +$890K
VIGL
47
DELISTED
Vigil Neuroscience
VIGL
$1.65M 0.24%
+207,667
New +$931K
LYV icon
48
CALL
Live Nation Entertainment
LYV
$42.1B
$1.51M 0.22%
+10,000
New +$1.38M
BRKL
49
DELISTED
Brookline Bancorp
BRKL
$887K 0.13%
84,076
+30,421
+57% +$316K
INZY
50
DELISTED
Inozyme Pharma
INZY
$807K 0.12%
+201,776
New +$500K
1
2
3 4 5

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Water Island Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Water Island Capital held 119 positions worth $702M, down 8.1% from $764M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Water Island Capital withdrew a net $147M in Q2 2025, closing 43 positions and reducing 7 holdings. Its most notable exit was H&E Equipment Services, an estimated $40.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 12% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Water Island Capital opened a new position in SpringWorks Therapeutics worth $33.1M.

  • Water Island Capital's largest Q2 2025 buy was SpringWorks Therapeutics: 703,525 shares worth $33.1M.
  • Water Island Capital added most to Dun & Bradstreet in Q2 2025, an estimated $15.3M increase.
  • Water Island Capital's biggest Q2 2025 reduction was Kellanova, cutting an estimated $35.8M.
  • Water Island Capital fully exited H&E Equipment Services in Q2 2025, selling an estimated $40.9M.
  • Water Island Capital's ten largest holdings make up 48% of its $702M portfolio in Q2 2025.
  • Water Island Capital opened 36 new positions and closed 43 in Q2 2025.
  • Water Island Capital's portfolio value fell 8.1% quarter-over-quarter to $702M.

Based on Water Island Capital's 13F filing for Q2 2025, filed 14 Aug 2025.