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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
+17.25%
1 Year Est. Return
+107.59%
3 Year Est. Return
+414.38%
5 Year Est. Return
+1,508.69%
10 Year Est. Return
+23,520.55%
AUM
$896M
AUM Growth
-$32M
Cap. Flow
-$101M
Cap. Flow %
-11.23%
Top 10 Hldgs %
45.42%
Holding
145
New
59
Increased
21
Reduced
9
Closed
47

Top Buys

Rank Stock Value
1
PEN icon
Penumbra
PEN
+$40.7M
2
MASI
Masimo
MASI
+$30.5M
3
WBS icon
Webster Financial
WBS
+$28.5M
4
TPH
Tri Pointe Homes
TPH
+$21.8M
5
GLDD
Great Lakes Dredge & Dock
GLDD
+$20.1M

Top Sells

Rank Stock Value
1
CYBR
CyberArk
CYBR
+$38.7M
2
EXAS
Exact Sciences
EXAS
+$35.5M
3
CMA
Comerica
CMA
+$34.6M
4
CDTX
Cidara Therapeutics
CDTX
+$33.3M
5
AVDL
Avadel Pharmaceuticals
AVDL
+$23.4M

Sector Composition

Rank Sector Weight
1 Healthcare 21.63%
2 Industrials 13.96%
3 Financials 13.19%
4 Communication Services 10.82%
5 Real Estate 5.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ONTF
76
DELISTED
ON24
ONTF
$489K 0.05%
+60,364
New +$483K
HTBK
77
DELISTED
Heritage Commerce
HTBK
$474K 0.05%
37,992
+4,068
+12% +$51.7K
BLFY
78
DELISTED
Blue Foundry Bancorp
BLFY
$472K 0.05%
+35,658
New +$472K
ECHO
79
EchoStar
ECHO
$26.5B
$468K 0.05%
+4,000
New +$459K
FFIC
80
DELISTED
Flushing Financial
FFIC
$463K 0.05%
+30,161
New +$472K
UAL icon
81
United Airlines
UAL
$37.4B
$460K 0.05%
+5,000
New +$524K
DHIL
82
DELISTED
Diamond Hill
DHIL
$434K 0.05%
2,522
+40
+2% +$6.86K
FFWM
83
DELISTED
First Foundation Inc
FFWM
$399K 0.04%
67,573
+1,654
+3% +$10K
ALK icon
84
Alaska Air
ALK
$4.99B
$378K 0.04%
+10,265
New +$495K
PACB icon
85
Pacific Biosciences
PACB
$435M
$359K 0.04%
+272,040
New +$487K
VCTR icon
86
Victory Capital Holdings
VCTR
$6.03B
$335K 0.04%
+5,120
New +$357K
VKTX icon
87
Viking Therapeutics
VKTX
$4.11B
$335K 0.04%
+10,280
New +$330K
UPS icon
88
United Parcel Service
UPS
$97B
$248K 0.03%
+2,520
New +$270K
PYPL icon
89
PayPal
PYPL
$49.4B
$232K 0.03%
+5,124
New +$247K
ALEX
90
DELISTED
Alexander & Baldwin
ALEX
– –
-263,012
Closed -$5.43M
ATXS
91
DELISTED
Astria Therapeutics
ATXS
– –
-615,790
Closed -$8.06M
AVDL
92
DELISTED
Avadel Pharmaceuticals
AVDL
– –
-1,087,117
Closed -$23.4M
CADE
93
DELISTED
Cadence Bank
CADE
– –
-297,603
Closed -$12.7M
CDTX
94
DELISTED
Cidara Therapeutics
CDTX
– –
-150,708
Closed -$33.3M
CDTX
95
PUT
DELISTED
Cidara Therapeutics
CDTX
– –
-76,900
Closed -$17M
CFLT
96
DELISTED
Confluent
CFLT
– –
-640,113
Closed -$19.4M
CIO
97
DELISTED
City Office REIT
CIO
– –
-61,498
Closed -$430K
CMA
98
DELISTED
Comerica
CMA
– –
-398,037
Closed -$34.6M
CORZ icon
99
CALL
Core Scientific
CORZ
$7.62B
– –
-143,800
Closed -$2.09M
CYBR
100
DELISTED
CyberArk
CYBR
– –
-86,648
Closed -$38.7M
2 3
4
5 6

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GEM
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FTM
First Turn Management Del Mar, California $895M AUM 261.28% 1-Year Est. Return
SI
Squadra Investments Rio De Janeiro, Brazil $894M AUM 33.04% 1-Year Est. Return
WP
WealthShield Partners Cary, North Carolina $898M AUM 19.35% 1-Year Est. Return
BFFIM
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SFM
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DA
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Water Island Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Water Island Capital held 145 positions worth $896M, down 3.4% from $928M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Water Island Capital withdrew a net $101M in Q1 2026, closing 47 positions and reducing 9 holdings. Its most notable exit was CyberArk, an estimated $38.7M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 18% a quarter earlier, followed by Industrials and Financials.

Against the trend, Water Island Capital opened a new position in Penumbra worth $39.4M.

  • Water Island Capital's largest Q1 2026 buy was Penumbra: 120,095 shares worth $39.4M.
  • Water Island Capital added most to Electronic Arts in Q1 2026, an estimated $13.9M increase.
  • Water Island Capital's biggest Q1 2026 reduction was Sealed Air, cutting an estimated $21.1M.
  • Water Island Capital fully exited CyberArk in Q1 2026, selling an estimated $38.7M.
  • Water Island Capital's ten largest holdings make up 45% of its $896M portfolio in Q1 2026.
  • Water Island Capital opened 59 new positions and closed 47 in Q1 2026.
  • Water Island Capital's portfolio value fell 3.4% quarter-over-quarter to $896M.

Based on Water Island Capital's 13F filing for Q1 2026, filed 15 May 2026.