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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
+3.48%
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
$1.34B
AUM Growth
-$505M
Cap. Flow
-$320M
Cap. Flow %
-23.87%
Top 10 Hldgs %
52.33%
Holding
158
New
53
Increased
25
Reduced
11
Closed
62

Top Buys

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$73.4M
2
IMPV
Imperva, Inc.
IMPV
+$68.4M
3
FCB
FCB Financial Holdings, Inc.
FCB
+$50.3M
4
VLP
Valero Energy Partners LP
VLP
+$47.6M
5
VVC
Vectren Corporation
VVC
+$45.6M

Top Sells

Rank Stock Value
1
PF
Pinnacle Foods, Inc.
PF
+$138M
2
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$94.5M
3
COL
Rockwell Collins
COL
+$87M
4
KLXI
KLX Inc.
KLXI
+$81.4M
5
GPT
Gramercy Property Trust
GPT
+$79.3M

Sector Composition

Rank Sector Weight
1 Communication Services 21.01%
2 Technology 16.68%
3 Financials 16.09%
4 Utilities 9.96%
5 Energy 5.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XLY icon
101
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$23.3B
– –
-55,080
Closed -$3.23M
ASPU
102
DELISTED
ASPEN GROUP, INC.
ASPU
– –
-348,394
Closed -$14.6M
AIMC
103
CALL
DELISTED
Altra Industrial Motion Corp
AIMC
– –
-82,000
Closed -$37K
CPLG
104
DELISTED
CorePoint Lodging Inc. Common Stock
CPLG
– –
-432,153
Closed -$8.4M
FG
105
DELISTED
FGL Holdings Ordinary Shares
FG
– –
-40,000
Closed -$79K
AKRX
106
DELISTED
Akorn Inc
AKRX
– –
-191,400
Closed -$2.48M
AKRX
107
PUT
DELISTED
Akorn Inc
AKRX
– –
-191,400
Closed -$727K
SMTA
108
DELISTED
Spirit MTA REIT Common Shares of Beneficial Interest
SMTA
– –
-141,398
Closed -$1.63M
VIAB
109
DELISTED
Viacom Inc. Class B
VIAB
– –
-57,422
Closed -$1.94M
BMS
110
DELISTED
Bemis
BMS
– –
-247,368
Closed -$12M
NXEO
111
DELISTED
Nexeo Solutions, Inc. Common Stock
NXEO
– –
-594,970
Closed -$7.29M
ORBK
112
DELISTED
Orbotech Ltd
ORBK
– –
-127,533
Closed -$7.58M
AHL
113
PUT
DELISTED
ASPEN Insurance Holding Limited
AHL
– –
-225,000
Closed -$56K
ATHN
114
DELISTED
Athenahealth, Inc.
ATHN
– –
-85,280
Closed -$11.4M
ATHN
115
PUT
DELISTED
Athenahealth, Inc.
ATHN
– –
-40,500
Closed -$70K
GNBC
116
DELISTED
Green Bancorp, Inc
GNBC
– –
-91,347
Closed -$2.02M
XOXO
117
DELISTED
Xo Group Inc
XOXO
– –
-474,697
Closed -$16.4M
ESRX
118
DELISTED
Express Scripts Holding Company
ESRX
– –
-326,799
Closed -$31M
MZOR
119
DELISTED
Mazor Robotics Ltd.
MZOR
– –
-21,554
Closed -$1.26M
SEP
120
DELISTED
Spectra Engy Parters Lp
SEP
– –
-536,918
Closed -$19.2M
FCE.A
121
DELISTED
Forest City Realty Trust, Inc.
FCE.A
– –
-3,765,192
Closed -$94.5M
SONC
122
DELISTED
Sonic Corp
SONC
– –
-233,938
Closed -$10.1M
SODA
123
DELISTED
SodaStream International Ltd
SODA
– –
-256,396
Closed -$36.7M
MITL
124
DELISTED
Mitel Networks Corporation
MITL
– –
-2,087,225
Closed -$23M
LHO
125
DELISTED
LaSalle Hotel Properties
LHO
– –
-211,996
Closed -$7.33M
3 4
5
6 7

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Water Island Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Water Island Capital held 158 positions worth $1.34B, down 27% from $1.85B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Water Island Capital withdrew a net $320M in Q4 2018, closing 62 positions and reducing 11 holdings. Its most notable exit was Pinnacle Foods, Inc., an estimated $138M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 21% of assets, up from 9% a quarter earlier, followed by Technology and Financials.

Against the trend, Water Island Capital opened a new position in Imperva, Inc. worth $70.2M.

  • Water Island Capital's largest Q4 2018 buy was Imperva, Inc.: 1,259,927 shares worth $70.2M.
  • Water Island Capital added most to TRIBUNE MEDIA COMPANY CLASS A in Q4 2018, an estimated $73.4M increase.
  • Water Island Capital's biggest Q4 2018 reduction was NxStage Medical Inc., cutting an estimated $25.9M.
  • Water Island Capital fully exited Pinnacle Foods, Inc. in Q4 2018, selling an estimated $138M.
  • Water Island Capital's ten largest holdings make up 52% of its $1.34B portfolio in Q4 2018.
  • Water Island Capital opened 53 new positions and closed 62 in Q4 2018.
  • Water Island Capital's portfolio value fell 27% quarter-over-quarter to $1.34B.

Based on Water Island Capital's 13F filing for Q4 2018, filed 5 Feb 2019.