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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
+4.66%
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
$926M
AUM Growth
-$67M
Cap. Flow
-$121M
Cap. Flow %
-13.05%
Top 10 Hldgs %
46.52%
Holding
113
New
32
Increased
20
Reduced
9
Closed
35

Top Buys

Rank Stock Value
1
ZUO
Zuora, Inc.
ZUO
+$23.5M
2
ROIC
Retail Opportunity Investments Corp.
ROIC
+$21.9M
3
CDMO
Avid Bioservices, Inc. Common Stock
CDMO
+$18.3M
4
SUM
Summit Materials, Inc. Class A Common Stock
SUM
+$18M
5
SMAR
Smartsheet Inc.
SMAR
+$15.2M

Top Sells

Rank Stock Value
1
AXNX
Axonics, Inc. Common Stock
AXNX
+$48.2M
2
SQSP
Squarespace, Inc.
SQSP
+$46.2M
3
MRO
Marathon Oil Corporation
MRO
+$43.4M
4
VZIO
VIZIO Holding Corp.
VZIO
+$37.5M
5
CTLT
CATALENT, INC.
CTLT
+$34.4M

Sector Composition

Rank Sector Weight
1 Technology 22.09%
2 Communication Services 10.16%
3 Energy 9.86%
4 Healthcare 9.79%
5 Consumer Staples 9.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PTVE
51
DELISTED
Pactiv Evergreen Inc. Common stock
PTVE
$1.07M 0.12%
+60,965
New +$825K
AGS
52
DELISTED
PlayAGS
AGS
$1.04M 0.11%
90,244
+11,704
+15% +$136K
DXCM icon
53
CALL
DexCom
DXCM
$32B
$972K 0.11%
12,500
– –
BRKL
54
DELISTED
Brookline Bancorp
BRKL
$715K 0.08%
+60,587
New +$703K
X
55
PUT
DELISTED
US Steel
X
$602K 0.07%
17,700
-122,300
-87% -$4.51M
BALY icon
56
Bally's
BALY
$658M
$579K 0.06%
32,372
+7,008
+28% +$124K
BLCO icon
57
CALL
Bausch + Lomb
BLCO
$5.99B
$563K 0.06%
+31,200
New +$609K
CTV
58
DELISTED
Innovid Corp.
CTV
$523K 0.06%
+169,406
New +$400K
CFB
59
DELISTED
CrossFirst Bankshares, Inc. Common Stock
CFB
$461K 0.05%
30,438
+6,919
+29% +$114K
SGRY icon
60
CALL
Surgery Partners
SGRY
$2.03B
$445K 0.05%
21,000
– –
BCOV
61
DELISTED
Brightcove, Inc.
BCOV
$376K 0.04%
+86,500
New +$277K
SCWX
62
DELISTED
SecureWorks Corp Class A Common Stock
SCWX
$299K 0.03%
+35,290
New +$294K
SPR
63
DELISTED
Spirit AeroSystems
SPR
$269K 0.03%
7,887
-55,065
-87% -$1.78M
XRX icon
64
CALL
Xerox
XRX
$425M
$169K 0.02%
20,000
– –
BTE icon
65
Baytex Energy
BTE
$2.92B
– –
-20,000
Closed -$59.4K
CRGY icon
66
Crescent Energy
CRGY
$3.82B
– –
-525,000
Closed -$5.75M
CSGP icon
67
PUT
CoStar Group
CSGP
$12.3B
– –
-35,500
Closed -$2.68M
FYBR
68
PUT
DELISTED
Frontier Communications
FYBR
– –
-65,000
Closed -$2.31M
ILCV icon
69
PUT
iShares Morningstar Value ETF
ILCV
$1.35B
– –
-50,000
Closed -$4.01M
OEF icon
70
PUT
iShares S&P 100 ETF
OEF
$20.6B
– –
-50,000
Closed -$5.65M
PACB icon
71
Pacific Biosciences
PACB
$368M
– –
-14,000
Closed -$23.8K
RPAY icon
72
CALL
Repay Holdings
RPAY
$327M
– –
-10,000
Closed -$81.6K
SRDX
73
DELISTED
Surmodics
SRDX
– –
-25,504
Closed -$989K
VRNT
74
CALL
DELISTED
Verint Systems
VRNT
– –
-10,000
Closed -$253K
WSC icon
75
CALL
WillScot Mobile Mini Holdings
WSC
$4.41B
– –
-78,800
Closed -$2.96M
1 2
3
4

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Water Island Capital's Q4 2024 Portfolio in Review

As of Q4 2024, Water Island Capital held 113 positions worth $926M, down 6.8% from $993M the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Water Island Capital withdrew a net $121M in Q4 2024, closing 35 positions and reducing 9 holdings. Its most notable exit was Axonics, Inc. Common Stock, an estimated $48.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 27% a quarter earlier, followed by Communication Services and Energy.

Against the trend, Water Island Capital opened a new position in Zuora, Inc. worth $24M.

  • Water Island Capital's largest Q4 2024 buy was Zuora, Inc.: 2,422,511 shares worth $24M.
  • Water Island Capital added most to Smartsheet Inc. in Q4 2024, an estimated $15.2M increase.
  • Water Island Capital's biggest Q4 2024 reduction was US Steel, cutting an estimated $10.9M.
  • Water Island Capital fully exited Axonics, Inc. Common Stock in Q4 2024, selling an estimated $48.2M.
  • Water Island Capital's ten largest holdings make up 47% of its $926M portfolio in Q4 2024.
  • Water Island Capital opened 32 new positions and closed 35 in Q4 2024.
  • Water Island Capital's portfolio value fell 6.8% quarter-over-quarter to $926M.

Based on Water Island Capital's 13F filing for Q4 2024, filed 13 Feb 2025.