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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
+1,508.69%
10 Year Est. Return
+23,520.55%
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
GTLS
1
DELISTED
Chart Industries
GTLS
$38.8M 4.19%
188,325
+61,154
+48% +$12.4M
CYBR
2
DELISTED
CyberArk
CYBR
$38.7M 4.17%
86,648
+849
+1% +$409K
NSC icon
3
Norfolk Southern
NSC
$77.8B
$37.3M 4.02%
129,043
+3,244
+3% +$938K
EA icon
4
Electronic Arts
EA
$52.5B
$37M 3.98%
180,838
+92,248
+104% +$18.6M
EXAS
5
DELISTED
Exact Sciences
EXAS
$35.5M 3.83%
+350,009
New +$28.1M
HOLX
6
DELISTED
Hologic
HOLX
$34.8M 3.76%
+467,742
New +$34.2M
CMA
7
DELISTED
Comerica
CMA
$34.6M 3.73%
+398,037
New +$32M
TXNM
8
TXNM Energy Inc
TXNM
$6.45B
$33.9M 3.66%
576,411
+125,751
+28% +$7.26M
CDTX
9
DELISTED
Cidara Therapeutics
CDTX
$33.3M 3.59%
+150,708
New +$24.4M
WBD icon
10
Warner Bros
WBD
$64B
$32.8M 3.54%
+1,139,634
New +$26.6M
JHG
11
DELISTED
Janus Henderson
JHG
$30.8M 3.32%
+647,485
New +$28.6M
AVDL
12
DELISTED
Avadel Pharmaceuticals
AVDL
$23.4M 2.53%
+1,087,117
New +$21.1M
SEE
13
DELISTED
Sealed Air
SEE
$23.2M 2.5%
+559,237
New +$21.6M
TGNA
14
DELISTED
TEGNA Inc
TGNA
$22.9M 2.47%
1,179,885
-43,623
-4% -$862K
AHL
15
DELISTED
Aspen Insurance
AHL
$21.2M 2.29%
572,685
-47,564
-8% -$1.75M
CWAN
16
DELISTED
Clearwater Analytics
CWAN
$21.1M 2.28%
+875,632
New +$17.5M
SNV
17
DELISTED
Synovus
SNV
$20.2M 2.18%
403,650
-17,850
-4% -$858K
CFLT
18
DELISTED
Confluent
CFLT
$19.4M 2.09%
+640,113
New +$15.7M
AL
19
DELISTED
Air Lease Corp
AL
$19.2M 2.07%
298,440
-2,237
-0.7% -$143K
SPY icon
20
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$779B
$17M 1.84%
+25,000
New +$16.9M
CDTX
21
PUT
DELISTED
Cidara Therapeutics
CDTX
$17M 1.83%
+76,900
New +$12.4M
DBRG icon
22
DigitalBridge
DBRG
$2.93B
$14.3M 1.54%
+929,000
New +$11.2M
TECK icon
23
PUT
Teck Resources
TECK
$28.2B
$14M 1.51%
292,100
+82,500
+39% +$3.57M
JAMF
24
DELISTED
Jamf
JAMF
$12.8M 1.38%
+985,069
New +$12M
CADE
25
DELISTED
Cadence Bank
CADE
$12.7M 1.37%
+297,603
New +$11.8M
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.