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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
+24.89%
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
$928M
AUM Growth
+$134M
Cap. Flow
+$30.9M
Cap. Flow %
3.33%
Top 10 Hldgs %
38.46%
Holding
139
New
56
Increased
10
Reduced
10
Closed
48

Top Buys

Rank Stock Value
1
HOLX
Hologic
HOLX
+$34.2M
2
CMA
Comerica
CMA
+$32M
3
JHG
Janus Henderson
JHG
+$28.6M
4
EXAS
Exact Sciences
EXAS
+$28.1M
5
WBD icon
Warner Bros
WBD
+$26.6M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$31M
2
AVDX
AvidXchange
AVDX
+$28.7M
3
INFA
Informatica
INFA
+$28.6M
4
VBTX
Veritex Holdings
VBTX
+$27.4M
5
VRNT
Verint Systems
VRNT
+$24.4M

Sector Composition

Rank Sector Weight
1 Healthcare 18.15%
2 Financials 15.95%
3 Technology 13.61%
4 Industrials 11.84%
5 Communication Services 10.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HI
26
DELISTED
Hillenbrand
HI
$12.7M 1.36%
+399,006
New +$12.3M
PLYM
27
DELISTED
Plymouth Industrial REIT
PLYM
$12.2M 1.32%
+559,215
New +$12.3M
RNAM
28
PUT
DELISTED
Avidity Biosciences
RNAM
$12.2M 1.31%
+168,700
New +$10.9M
RNAM
29
DELISTED
Avidity Biosciences
RNAM
$12.1M 1.31%
+168,385
New +$10.9M
KVUE icon
30
PUT
Kenvue
KVUE
$36.9B
$12M 1.29%
+695,000
New +$11.4M
KVUE icon
31
Kenvue
KVUE
$36.9B
$11.9M 1.28%
+690,191
New +$11.3M
CSGS
32
DELISTED
CSG Systems International
CSGS
$11.6M 1.25%
+150,720
New +$11.1M
FOLD
33
DELISTED
Amicus Therapeutics
FOLD
$10.1M 1.08%
+706,617
New +$6.94M
HI
34
PUT
DELISTED
Hillenbrand
HI
$9.99M 1.08%
+315,000
New +$9.71M
DVAX
35
DELISTED
Dynavax Technologies
DVAX
$9.39M 1.01%
+610,261
New +$6.72M
QRVO icon
36
Qorvo
QRVO
$8.74B
$9.26M 1%
+109,521
New +$9.67M
FRGE
37
DELISTED
Forge Global Holdings
FRGE
$8.78M 0.95%
+197,075
New +$6.66M
ATXS
38
DELISTED
Astria Therapeutics
ATXS
$8.06M 0.87%
+615,790
New +$7.36M
SEMR
39
DELISTED
Semrush
SEMR
$7.47M 0.81%
+628,602
New +$5.89M
AXTA icon
40
Axalta
AXTA
$8.17B
$6.65M 0.72%
+205,722
New +$6.04M
FOLD
41
CALL
DELISTED
Amicus Therapeutics
FOLD
$6.42M 0.69%
+451,000
New +$4.43M
HOUS
42
DELISTED
Anywhere Real Estate
HOUS
$6.3M 0.68%
444,821
-11,779
-3% -$144K
BA.PRA
43
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$8.27B
$5.52M 0.6%
80,000
– –
ALEX
44
DELISTED
Alexander & Baldwin
ALEX
$5.43M 0.59%
+263,012
New +$4.57M
HOLX
45
PUT
DELISTED
Hologic
HOLX
$4.51M 0.49%
+60,600
New +$4.43M
EB
46
DELISTED
Eventbrite
EB
$4.4M 0.47%
+987,653
New +$3.06M
KMB icon
47
CALL
Kimberly-Clark
KMB
$36.5B
$4.26M 0.46%
+42,200
New +$4.62M
DAY
48
DELISTED
Dayforce
DAY
$3.28M 0.35%
47,453
-136,268
-74% -$9.38M
WBD icon
49
PUT
Warner Bros
WBD
$67.1B
$2.74M 0.29%
+94,900
New +$2.22M
THS
50
DELISTED
Treehouse Foods
THS
$2.35M 0.25%
+99,421
New +$2.17M
1
2
3 4 5

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Water Island Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Water Island Capital held 139 positions worth $928M, up 17% from $793M the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Water Island Capital deployed $30.9M of net new capital in Q4 2025, opening 56 new positions and adding to 10 existing holdings. Its largest new stake was Hologic: 467,742 shares worth $34.8M.

By sector, the portfolio is most concentrated in Healthcare at 18% of assets, up from 9.5% a quarter earlier, followed by Financials and Technology.

On the sell side, the largest reduction was STAAR Surgical, an estimated $15.2M trimmed.

  • Water Island Capital's largest Q4 2025 buy was Hologic: 467,742 shares worth $34.8M.
  • Water Island Capital added most to Electronic Arts in Q4 2025, an estimated $18.6M increase.
  • Water Island Capital's biggest Q4 2025 reduction was STAAR Surgical, cutting an estimated $15.2M.
  • Water Island Capital fully exited Verona Pharma in Q4 2025, selling an estimated $31M.
  • Water Island Capital's ten largest holdings make up 38% of its $928M portfolio in Q4 2025.
  • Water Island Capital opened 56 new positions and closed 48 in Q4 2025.
  • Water Island Capital's portfolio value rose 17% quarter-over-quarter to $928M.

Based on Water Island Capital's 13F filing for Q4 2025, filed 17 Feb 2026.