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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
AXTA icon
51
PUT
Axalta
AXTA
$8.17B
$2.17M 0.23%
+67,100
New +$1.97M
CORZ icon
52
CALL
Core Scientific
CORZ
$6.75B
$2.09M 0.23%
+143,800
New +$2.51M
KVUE icon
53
CALL
Kenvue
KVUE
$36.9B
$2.04M 0.22%
+118,400
New +$1.94M
NGD
54
DELISTED
New Gold Inc
NGD
$1.98M 0.21%
+226,878
New +$1.71M
REVG
55
DELISTED
REV Group
REVG
$1.9M 0.2%
+31,261
New +$1.76M
BHF icon
56
Brighthouse Financial
BHF
$3.5B
$1.87M 0.2%
+28,841
New +$1.69M
STAA icon
57
STAAR Surgical
STAA
$1.21B
$1.57M 0.17%
67,862
-590,455
-90% -$15.2M
WTRG icon
58
Essential Utilities
WTRG
$11.4B
$1.41M 0.15%
+36,646
New +$1.44M
CTLP
59
DELISTED
Cantaloupe
CTLP
$1.4M 0.15%
131,794
-29,113
-18% -$309K
IMXI icon
60
International Money Express
IMXI
$367M
$1.36M 0.15%
88,476
+2,301
+3% +$34.6K
DENN
61
DELISTED
Denny's
DENN
$1.33M 0.14%
+213,445
New +$1.21M
PRA
62
DELISTED
ProAssurance
PRA
$1.14M 0.12%
46,992
-163,469
-78% -$3.93M
HOUS
63
CALL
DELISTED
Anywhere Real Estate
HOUS
$1.01M 0.11%
+71,100
New +$871K
HOUS
64
PUT
DELISTED
Anywhere Real Estate
HOUS
$1.01M 0.11%
71,100
-385,500
-84% -$4.72M
NWE icon
65
NorthWestern Energy
NWE
$4.43B
$923K 0.1%
14,307
+4
+0% +$253
MOFG
66
DELISTED
MidWestOne Financial Group
MOFG
$846K 0.09%
+21,980
New +$801K
UDMY
67
DELISTED
Udemy
UDMY
$795K 0.09%
+135,922
New +$793K
ZEUS
68
DELISTED
Olympic Steel
ZEUS
$697K 0.08%
+16,293
New +$581K
SHCO
69
DELISTED
Soho House & Co
SHCO
$634K 0.07%
70,756
+5,214
+8% +$46.3K
JHG
70
PUT
DELISTED
Janus Henderson
JHG
$571K 0.06%
+12,000
New +$531K
CIO
71
DELISTED
City Office REIT
CIO
$430K 0.05%
61,498
+7,181
+13% +$49.7K
DHIL
72
DELISTED
Diamond Hill
DHIL
$421K 0.05%
+2,482
New +$344K
HTBK
73
DELISTED
Heritage Commerce
HTBK
$407K 0.04%
+33,924
New +$368K
FFWM
74
DELISTED
First Foundation Inc
FFWM
$406K 0.04%
+65,919
New +$369K
TRUE
75
DELISTED
TrueCar
TRUE
$392K 0.04%
+173,620
New +$372K
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.