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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
SPY icon
126
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$777B
– –
-25,000
Closed -$17M
STAA icon
127
STAAR Surgical
STAA
$1.2B
– –
-67,862
Closed -$1.57M
TECK icon
128
PUT
Teck Resources
TECK
$29.3B
– –
-292,100
Closed -$14M
TGNA
129
DELISTED
TEGNA Inc
TGNA
– –
-1,179,885
Closed -$22.9M
THS
130
DELISTED
Treehouse Foods
THS
– –
-99,421
Closed -$2.35M
TRUE
131
DELISTED
TrueCar
TRUE
– –
-173,620
Closed -$392K
WTRG icon
132
Essential Utilities
WTRG
$11.2B
– –
-36,646
Closed -$1.41M
ZEUS
133
DELISTED
Olympic Steel
ZEUS
– –
-16,293
Closed -$697K
DAY
134
DELISTED
Dayforce
DAY
– –
-47,453
Closed -$3.28M
BA.PRA
135
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$7.47B
– –
-80,000
Closed -$5.52M
AHL
136
DELISTED
Aspen Insurance
AHL
– –
-572,685
Closed -$21.2M
2 3 4 5
6

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FTM
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BFFIM
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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.