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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
+16.28%
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
$764M
AUM Growth
-$162M
Cap. Flow
-$215M
Cap. Flow %
-28.2%
Top 10 Hldgs %
49.18%
Holding
115
New
37
Increased
9
Reduced
20
Closed
31

Top Buys

Rank Stock Value
1
HEES
H&E Equipment Services
HEES
+$37.6M
2
BECN
Beacon Roofing Supply, Inc.
BECN
+$31.5M
3
PLYA
Playa Hotels & Resorts
PLYA
+$20.6M
4
PYCR
Paycor HCM, Inc. Common Stock
PYCR
+$16.7M
5
DNB
Dun & Bradstreet
DNB
+$14.7M

Top Sells

Rank Stock Value
1
HCP
HashiCorp, Inc. Class A Common Stock
HCP
+$44M
2
EDR
Endeavor Group Holdings, Inc.
EDR
+$42.1M
3
ACI icon
Albertsons Companies
ACI
+$36.6M
4
CHX
ChampionX
CHX
+$32.3M
5
SMAR
Smartsheet Inc.
SMAR
+$31.1M

Sector Composition

Rank Sector Weight
1 Industrials 13.91%
2 Technology 11.9%
3 Healthcare 11.37%
4 Consumer Discretionary 9.34%
5 Financials 6.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DOCN icon
76
CALL
DigitalOcean
DOCN
$14.6B
– –
-33,000
Closed -$1.12M
DXCM icon
77
CALL
DexCom
DXCM
$32B
– –
-12,500
Closed -$972K
SLB icon
78
CALL
SLB Ltd
SLB
$75B
– –
-817,200
Closed -$31.3M
X
79
PUT
DELISTED
US Steel
X
– –
-17,700
Closed -$602K
ALTR
80
DELISTED
Altair Engineering Inc
ALTR
– –
-144,509
Closed -$15.8M
EDR
81
DELISTED
Endeavor Group Holdings, Inc.
EDR
– –
-1,346,226
Closed -$42.1M
ALTM
82
DELISTED
Arcadium Lithium plc
ALTM
– –
-2,772,693
Closed -$14.2M
CFB
83
DELISTED
CrossFirst Bankshares, Inc. Common Stock
CFB
– –
-30,438
Closed -$461K
MTTR
84
DELISTED
Matterport, Inc. Class A Common Stock
MTTR
– –
-2,683,458
Closed -$12.7M
HCP
85
DELISTED
HashiCorp, Inc. Class A Common Stock
HCP
– –
-1,284,797
Closed -$44M
ZUO
86
DELISTED
Zuora, Inc.
ZUO
– –
-2,422,511
Closed -$24M
CTV
87
DELISTED
Innovid Corp.
CTV
– –
-169,406
Closed -$523K
ROIC
88
DELISTED
Retail Opportunity Investments Corp.
ROIC
– –
-1,311,468
Closed -$22.8M
SUM
89
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
– –
-384,888
Closed -$19.5M
RVNC
90
CALL
DELISTED
Revance Therapeutics, Inc.
RVNC
– –
-2,334,200
Closed -$7.1M
RVNC
91
DELISTED
Revance Therapeutics, Inc.
RVNC
– –
-722,234
Closed -$2.2M
CDMO
92
DELISTED
Avid Bioservices, Inc. Common Stock
CDMO
– –
-1,596,339
Closed -$19.7M
BCOV
93
DELISTED
Brightcove, Inc.
BCOV
– –
-86,500
Closed -$376K
SCWX
94
DELISTED
SecureWorks Corp Class A Common Stock
SCWX
– –
-35,290
Closed -$299K
ENLC
95
DELISTED
ENLINK MIDSTREAM, LLC
ENLC
– –
-272,659
Closed -$3.86M
HTLF
96
DELISTED
Heartland Financial USA, Inc.
HTLF
– –
-27,940
Closed -$1.71M
B
97
DELISTED
Barnes Group Inc.
B
– –
-229,306
Closed -$10.8M
SMAR
98
DELISTED
Smartsheet Inc.
SMAR
– –
-555,904
Closed -$31.1M
USAP
99
DELISTED
Universal Stainless & Alloy
USAP
– –
-26,054
Closed -$1.15M
ARCH
100
DELISTED
Arch Resources, Inc.
ARCH
– –
-18,173
Closed -$2.57M
1 2 3
4
5

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Water Island Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Water Island Capital held 115 positions worth $764M, down 17% from $926M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Water Island Capital withdrew a net $215M in Q1 2025, closing 31 positions and reducing 20 holdings. Its most notable exit was HashiCorp, Inc. Class A Common Stock, an estimated $44M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 14% of assets, up from 3.3% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Water Island Capital opened a new position in H&E Equipment Services worth $40.9M.

  • Water Island Capital's largest Q1 2025 buy was H&E Equipment Services: 431,648 shares worth $40.9M.
  • Water Island Capital added most to Enstar Group in Q1 2025, an estimated $4.38M increase.
  • Water Island Capital's biggest Q1 2025 reduction was ChampionX, cutting an estimated $32.3M.
  • Water Island Capital fully exited HashiCorp, Inc. Class A Common Stock in Q1 2025, selling an estimated $44M.
  • Water Island Capital's ten largest holdings make up 49% of its $764M portfolio in Q1 2025.
  • Water Island Capital opened 37 new positions and closed 31 in Q1 2025.
  • Water Island Capital's portfolio value fell 17% quarter-over-quarter to $764M.

Based on Water Island Capital's 13F filing for Q1 2025, filed 15 May 2025.