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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
+21.03%
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
$793M
AUM Growth
+$91.3M
Cap. Flow
-$27.3M
Cap. Flow %
-3.44%
Top 10 Hldgs %
37.18%
Holding
133
New
55
Increased
7
Reduced
6
Closed
49

Top Buys

Rank Stock Value
1
CYBR
CyberArk
CYBR
+$36.8M
2
NSC icon
Norfolk Southern
NSC
+$34.9M
3
VRNA
Verona Pharma
VRNA
+$30.3M
4
VBTX
Veritex Holdings
VBTX
+$26.3M
5
VRNT
Verint Systems
VRNT
+$24.8M

Top Sells

Rank Stock Value
1
AMED
Amedisys
AMED
+$55.3M
2
ANSS
Ansys
ANSS
+$39.8M
3
JNPR
Juniper Networks
JNPR
+$37.1M
4
HES
Hess
HES
+$36.1M
5
SWTX
SpringWorks Therapeutics
SWTX
+$33.1M

Sector Composition

Rank Sector Weight
1 Technology 29.72%
2 Industrials 11.85%
3 Financials 9.66%
4 Healthcare 9.53%
5 Communication Services 8.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MGRC icon
26
McGrath RentCorp
MGRC
$2.92B
$11.6M 1.47%
99,363
+138
+0.1% +$16.7K
PRO
27
DELISTED
PROS Holdings
PRO
$11.3M 1.42%
+492,502
New +$8.01M
IAS
28
DELISTED
Integral Ad Science
IAS
$10.9M 1.37%
+1,071,160
New +$9.28M
TECK icon
29
Teck Resources
TECK
$32.6B
$9.21M 1.16%
+209,900
New +$7.63M
TECK icon
30
PUT
Teck Resources
TECK
$32.6B
$9.2M 1.16%
+209,600
New +$7.62M
MRUS
31
DELISTED
Merus
MRUS
$9.04M 1.14%
+96,000
New +$6.25M
MRUS
32
PUT
DELISTED
Merus
MRUS
$9.04M 1.14%
+96,000
New +$6.25M
VRNA
33
PUT
DELISTED
Verona Pharma
VRNA
$8.97M 1.13%
+84,100
New +$8.78M
K
34
CALL
DELISTED
Kellanova
K
$8.92M 1.12%
+108,800
New +$8.65M
WOW
35
DELISTED
WideOpenWest
WOW
$8.04M 1.01%
+1,558,174
New +$6.98M
PINC
36
DELISTED
Premier
PINC
$7.74M 0.98%
+278,420
New +$6.72M
ETNB
37
CALL
DELISTED
89bio
ETNB
$7.25M 0.91%
+493,500
New +$5.03M
PGRE
38
DELISTED
Paramount Group
PGRE
$6.27M 0.79%
+958,918
New +$6.38M
BA.PRA
39
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$8.27B
$5.57M 0.7%
80,000
– –
COMP icon
40
CALL
Compass
COMP
$9.66B
$5.26M 0.66%
+655,600
New +$5.31M
PRA
41
DELISTED
ProAssurance
PRA
$5.05M 0.64%
210,461
-336,894
-62% -$8.02M
HOUS
42
DELISTED
Anywhere Real Estate
HOUS
$4.84M 0.61%
+456,600
New +$2.68M
HOUS
43
PUT
DELISTED
Anywhere Real Estate
HOUS
$4.84M 0.61%
+456,600
New +$2.68M
CVAC
44
DELISTED
CureVac
CVAC
$4.11M 0.52%
762,138
-194,893
-20% -$1.05M
SAND
45
DELISTED
Sandstorm Gold
SAND
$2.68M 0.34%
+214,205
New +$2.28M
TRML
46
DELISTED
Tourmaline Bio
TRML
$2.44M 0.31%
+50,968
New +$1.41M
LBRDK icon
47
Liberty Broadband Class C
LBRDK
$5.15B
$2.28M 0.29%
+35,810
New +$2.5M
IPG
48
DELISTED
Interpublic Group of Companies
IPG
$1.76M 0.22%
63,104
-5,263
-8% -$136K
CTLP
49
DELISTED
Cantaloupe
CTLP
$1.7M 0.21%
160,907
-783,996
-83% -$8.55M
SCS
50
DELISTED
Steelcase
SCS
$1.63M 0.21%
+94,905
New +$1.37M
1
2
3 4 5

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BFFIM
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SFM
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BWP
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Water Island Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Water Island Capital held 133 positions worth $793M, up 13% from $702M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Water Island Capital withdrew a net $27.3M in Q3 2025, closing 49 positions and reducing 6 holdings. Its most notable exit was Amedisys, an estimated $55.3M position sold in full.

By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 23% a quarter earlier, followed by Industrials and Financials.

Against the trend, Water Island Capital opened a new position in CyberArk worth $41.5M.

  • Water Island Capital's largest Q3 2025 buy was CyberArk: 85,799 shares worth $41.5M.
  • Water Island Capital added most to TXNM Energy Inc in Q3 2025, an estimated $10.7M increase.
  • Water Island Capital's biggest Q3 2025 reduction was Cantaloupe, cutting an estimated $8.55M.
  • Water Island Capital fully exited Amedisys in Q3 2025, selling an estimated $55.3M.
  • Water Island Capital's ten largest holdings make up 37% of its $793M portfolio in Q3 2025.
  • Water Island Capital opened 55 new positions and closed 49 in Q3 2025.
  • Water Island Capital's portfolio value rose 13% quarter-over-quarter to $793M.

Based on Water Island Capital's 13F filing for Q3 2025, filed 14 Nov 2025.