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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
MRUS
101
PUT
DELISTED
Merus
MRUS
– –
-96,000
Closed -$9.04M
MTAL
102
DELISTED
Metals Acquisition
MTAL
– –
-103,254
Closed -$1.26M
PACB icon
103
Pacific Biosciences
PACB
$370M
– –
-35,754
Closed -$45.8K
PBPB
104
DELISTED
Potbelly
PBPB
– –
-1,351,588
Closed -$23M
PGRE
105
DELISTED
Paramount Group
PGRE
– –
-958,918
Closed -$6.27M
PINC
106
DELISTED
Premier
PINC
– –
-278,420
Closed -$7.74M
PRO
107
DELISTED
PROS Holdings
PRO
– –
-492,502
Closed -$11.3M
PVBC
108
DELISTED
Provident Bancorp
PVBC
– –
-40,282
Closed -$505K
SAND
109
DELISTED
Sandstorm Gold
SAND
– –
-214,205
Closed -$2.68M
SCS
110
DELISTED
Steelcase
SCS
– –
-94,905
Closed -$1.63M
SNV
111
PUT
DELISTED
Synovus
SNV
– –
-421,500
Closed -$20.7M
SPNS
112
DELISTED
Sapiens International
SPNS
– –
-421,434
Closed -$18.1M
TECK icon
113
Teck Resources
TECK
$32.6B
– –
-209,900
Closed -$9.09M
TRML
114
DELISTED
Tourmaline Bio
TRML
– –
-50,968
Closed -$2.44M
VBTX
115
DELISTED
Veritex Holdings
VBTX
– –
-815,698
Closed -$27.4M
VMEO
116
DELISTED
Vimeo
VMEO
– –
-1,555,942
Closed -$12.1M
VRNA
117
DELISTED
Verona Pharma
VRNA
– –
-290,182
Closed -$31M
VRNA
118
PUT
DELISTED
Verona Pharma
VRNA
– –
-84,100
Closed -$8.97M
VRNT
119
DELISTED
Verint Systems
VRNT
– –
-1,202,967
Closed -$24.4M
WNS
120
DELISTED
WNS Holdings
WNS
– –
-296,042
Closed -$22.6M
WOW
121
DELISTED
WideOpenWest
WOW
– –
-1,558,174
Closed -$8.04M
ZIMV
122
DELISTED
ZimVie
ZIMV
– –
-72,353
Closed -$1.37M
PHLT
123
DELISTED
Performant Healthcare Inc
PHLT
– –
-72,772
Closed -$563K
MTSR
124
DELISTED
Metsera Inc
MTSR
– –
-18,730
Closed -$980K
MTSR
125
PUT
DELISTED
Metsera Inc
MTSR
– –
-18,700
Closed -$979K
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.