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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
+20.62%
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
$1.24B
AUM Growth
-$528M
Cap. Flow
-$612M
Cap. Flow %
-49.4%
Top 10 Hldgs %
46.7%
Holding
131
New
32
Increased
19
Reduced
23
Closed
44

Top Buys

Rank Stock Value
1
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$35.4M
2
ATCO
Atlas Corp.
ATCO
+$23.6M
3
KNBE
KnowBe4, Inc. Class A Common Stock
KNBE
+$23.2M
4
MYOV
Myovant Sciences Ltd.
MYOV
+$23.1M
5
AIMC
Altra Industrial Motion Corp
AIMC
+$21.7M

Top Sells

Rank Stock Value
1
CHNG
Change Healthcare Inc. Common Stock
CHNG
+$93.2M
2
Y
Alleghany Corp
Y
+$83.3M
3
ZEN
ZENDESK INC
ZEN
+$73.1M
4
AVLR
Avalara, Inc.
AVLR
+$53.4M
5
NLSN
Nielsen Holdings plc
NLSN
+$51.1M

Sector Composition

Rank Sector Weight
1 Technology 26.4%
2 Industrials 13.71%
3 Healthcare 13.46%
4 Communication Services 10.9%
5 Energy 7.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IS
101
CALL
DELISTED
ironSource Ltd.
IS
– –
-498,600
Closed -$75K
CYBE
102
DELISTED
Cyberoptics Corp
CYBE
– –
-20,237
Closed -$1.09M
TWTR
103
CALL
DELISTED
Twitter, Inc.
TWTR
– –
-7,000
Closed -$32K
TWTR
104
DELISTED
Twitter, Inc.
TWTR
– –
-1,110,363
Closed -$48.7M
TWTR
105
PUT
DELISTED
Twitter, Inc.
TWTR
– –
-197,000
Closed -$91K
CCXI
106
DELISTED
ChemoCentryx, Inc.
CCXI
– –
-739,425
Closed -$38.2M
MN
107
DELISTED
MANNING & NAPIER, INC.
MN
– –
-38,264
Closed -$469K
ZY
108
DELISTED
Zymergen Inc. Common Stock
ZY
– –
-180,999
Closed -$503K
AVLR
109
DELISTED
Avalara, Inc.
AVLR
– –
-581,162
Closed -$53.4M
SHLX
110
DELISTED
Shell Midstream Partners, L.P.
SHLX
– –
-448,439
Closed -$7.09M
Y
111
DELISTED
Alleghany Corp
Y
– –
-99,211
Closed -$83.3M
PING
112
DELISTED
Ping Identity Holding Corp.
PING
– –
-1,549,471
Closed -$43.5M
FMTX
113
DELISTED
Forma Therapeutics Holdings, Inc. Common Stock
FMTX
– –
-1,253,785
Closed -$25M
CVET
114
DELISTED
Covetrus, Inc. Common Stock
CVET
– –
-1,092,813
Closed -$22.8M
TMX
115
DELISTED
Terminix Global Holdings, Inc.
TMX
– –
-425,570
Closed -$16.3M
IEA
116
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
– –
-97,409
Closed -$1.32M
GBT
117
DELISTED
Global Blood Therapeutics, Inc.
GBT
– –
-649,242
Closed -$44.2M
BRG
118
DELISTED
Bluerock Residential Growth REIT, Inc.
BRG
– –
-310,306
Closed -$8.3M
HNGR
119
DELISTED
Hanger Inc.
HNGR
– –
-70,814
Closed -$1.33M
DRE
120
DELISTED
Duke Realty Corp.
DRE
– –
-668,956
Closed -$32.2M
CHNG
121
DELISTED
Change Healthcare Inc. Common Stock
CHNG
– –
-3,391,670
Closed -$93.2M
CTXS
122
DELISTED
Citrix Systems Inc
CTXS
– –
-169,082
Closed -$17.6M
NLSN
123
DELISTED
Nielsen Holdings plc
NLSN
– –
-1,842,086
Closed -$51.1M
1 2 3 4
5

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Water Island Capital's Q4 2022 Portfolio in Review

As of Q4 2022, Water Island Capital held 131 positions worth $1.24B, down 30% from $1.77B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Water Island Capital withdrew a net $612M in Q4 2022, closing 44 positions and reducing 23 holdings. Its most notable exit was Change Healthcare Inc. Common Stock, an estimated $93.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 33% a quarter earlier, followed by Industrials and Healthcare.

Against the trend, Water Island Capital opened a new position in Horizon Therapeutics Public Limited Company Ordinary Shares worth $48.5M.

  • Water Island Capital's largest Q4 2022 buy was Horizon Therapeutics Public Limited Company Ordinary Shares: 426,020 shares worth $48.5M.
  • Water Island Capital added most to Shaw Communications Inc. in Q4 2022, an estimated $15.6M increase.
  • Water Island Capital's biggest Q4 2022 reduction was Cowen Inc. Class A Common Stock, cutting an estimated $16.1M.
  • Water Island Capital fully exited Change Healthcare Inc. Common Stock in Q4 2022, selling an estimated $93.2M.
  • Water Island Capital's ten largest holdings make up 47% of its $1.24B portfolio in Q4 2022.
  • Water Island Capital opened 32 new positions and closed 44 in Q4 2022.
  • Water Island Capital's portfolio value fell 30% quarter-over-quarter to $1.24B.

Based on Water Island Capital's 13F filing for Q4 2022, filed 14 Feb 2023.