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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
+19.09%
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
$3B
AUM Growth
+$63.3M
Cap. Flow
-$219M
Cap. Flow %
-7.31%
Top 10 Hldgs %
59.09%
Holding
198
New
47
Increased
26
Reduced
22
Closed
95

Top Buys

Rank Stock Value
1
AGN
Allergan Inc
AGN
+$165M
2
CVD
COVANCE INC.
CVD
+$115M
3
CFN
CAREFUSION CORPORATION
CFN
+$98.8M
4
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
+$94.3M
5
CBST
CUBIST PHARMACEUTICALS INC
CBST
+$91.1M

Top Sells

Rank Stock Value
1
FWLT
FOSTER WHEELER AG (SWITZERLAND)
FWLT
+$152M
2
TWTC
TW TELECOM INC CL A COM
TWTC
+$146M
3
URS
URS CORP
URS
+$126M
4
SHPG
Shire pic
SHPG
+$116M
5
CNQR
CONCUR TECHNOLOGIES INC
CNQR
+$79.7M

Sector Composition

Rank Sector Weight
1 Healthcare 22.66%
2 Consumer Staples 11.19%
3 Technology 10.73%
4 Financials 6.82%
5 Consumer Discretionary 3.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COV
1
DELISTED
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
$221M 7.38%
2,165,420
+983,235
+83% +$94.3M
TQNT
2
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
$217M 7.24%
7,817,258
+2,465,056
+46% +$54.8M
AGN
3
DELISTED
Allergan Inc
AGN
$215M 7.18%
1,013,046
+830,746
+456% +$165M
DTV
4
DELISTED
DIRECTV COM STK (DE)
DTV
$203M 6.76%
2,340,096
+882,084
+60% +$75.9M
PL
5
DELISTED
PROTECTIVE LIFE CORP
PL
$178M 5.95%
2,562,628
+741,756
+41% +$51.6M
SWY
6
DELISTED
SAFEWAY INC
SWY
$177M 5.9%
5,040,357
+1,125,522
+29% +$38.9M
HCT
7
DELISTED
AMRICAN RLTY CAP HEALTHCARE TRUST INC. COMMON STOCK
HCT
$170M 5.66%
14,277,913
+1,441,626
+11% +$16.4M
FDO
8
DELISTED
FAMILY DOLLAR STORES
FDO
$145M 4.83%
1,828,839
+373,235
+26% +$29.3M
CVD
9
DELISTED
COVANCE INC.
CVD
$127M 4.24%
+1,225,758
New +$115M
CBST
10
DELISTED
CUBIST PHARMACEUTICALS INC
CBST
$118M 3.93%
+1,171,716
New +$91.1M
CFN
11
DELISTED
CAREFUSION CORPORATION
CFN
$104M 3.47%
1,752,157
+1,720,656
+5,462% +$98.8M
SAPE
12
DELISTED
SAPIENT CORP
SAPE
$96.5M 3.22%
+3,880,482
New +$81.9M
TRW
13
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
$96.1M 3.2%
934,004
+277,343
+42% +$28.3M
IRF
14
DELISTED
INTL RECTIFIER CORP
IRF
$93.9M 3.13%
2,352,168
+1,141,371
+94% +$45.3M
AVNR
15
DELISTED
AVANIR PHARMACEUTICALS, INC CL A
AVNR
$89.9M 3%
+5,306,423
New +$74.7M
ROC
16
DELISTED
ROCKWOOD HLDGS INC
ROC
$84.1M 2.8%
1,066,738
+132,026
+14% +$10.2M
DRC
17
DELISTED
DRESSER-RAND GROUP INC
DRC
$67M 2.23%
819,354
+285,667
+54% +$23.2M
GRT
18
DELISTED
GLIMCHER REALTY TRUST
GRT
$59.1M 1.97%
4,303,386
+1,964,632
+84% +$26.9M
VOLC
19
DELISTED
VOLCANO CORPORATION COM STK
VOLC
$55.7M 1.86%
+3,116,216
New +$37.4M
SIAL
20
DELISTED
SIGMA - ALDRICH CORP
SIAL
$45.4M 1.51%
330,812
+21,366
+7% +$2.9M
PTRY
21
DELISTED
PANTRY INC (THE)
PTRY
$30.6M 1.02%
+825,589
New +$22.3M
AMRE
22
DELISTED
AMREIT INC NEW COM STK
AMRE
$29.2M 0.97%
+1,100,064
New +$27.9M
POM
23
DELISTED
PEPCO HOLDINGS, INC.
POM
$28M 0.93%
1,037,878
-2,820,391
-73% -$76.5M
GTIV
24
DELISTED
GENTIVA HEALTH SERVICES INC
GTIV
$24.9M 0.83%
1,305,220
+1,107,266
+559% +$21.1M
BEAV
25
DELISTED
B/E Aerospace Inc
BEAV
$22.7M 0.76%
391,839
+189,550
+94% +$10.6M
1
2 3 4 5

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Water Island Capital's Q4 2014 Portfolio in Review

As of Q4 2014, Water Island Capital held 198 positions worth $3B, up 2.2% from $2.94B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Water Island Capital withdrew a net $219M in Q4 2014, closing 95 positions and reducing 22 holdings. Its most notable exit was FOSTER WHEELER AG (SWITZERLAND), an estimated $152M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 9.7% a quarter earlier, followed by Consumer Staples and Technology.

Against the trend, Water Island Capital opened a new position in COVANCE INC. worth $127M.

  • Water Island Capital's largest Q4 2014 buy was COVANCE INC.: 1,225,758 shares worth $127M.
  • Water Island Capital added most to Allergan Inc in Q4 2014, an estimated $165M increase.
  • Water Island Capital's biggest Q4 2014 reduction was PEPCO HOLDINGS, INC., cutting an estimated $76.5M.
  • Water Island Capital fully exited FOSTER WHEELER AG (SWITZERLAND) in Q4 2014, selling an estimated $152M.
  • Water Island Capital's ten largest holdings make up 59% of its $3B portfolio in Q4 2014.
  • Water Island Capital opened 47 new positions and closed 95 in Q4 2014.
  • Water Island Capital's portfolio value rose 2.2% quarter-over-quarter to $3B.

Based on Water Island Capital's 13F filing for Q4 2014, filed 10 Feb 2015.