WATER ISLAND CAPITAL LLC
Long book
$710.8M
Q1 2026
Positions
77
Top-10 weight
57%
concentration
Last quarter
+4.3%
SPY +14.8%
Turnover
77%
of book per quarter
Strategy in plain words
auto-generated from filingsWATER ISLAND CAPITAL LLC is a concentrated fundamental stock-picker, running a $710.8M US long book across 77 positions.
The portfolio is concentrated: the top 10 names carry 57% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ELECTRONIC ARTS INC, Janus Hendersongroup Pl, WARNER BROS DISCOVERY INC, HOLOGIC INC, TXNM ENERGY INC.
Over the last 9 quarters its long book ran on average 4pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-11.7%
Q2 2024
-1.8%
Q3 2024
+9.2%
Q4 2024
+5.6%
Q1 2025
+1.6%
Q2 2025
+3.1%
Q3 2025
-3.0%
Q4 2025
-2.5%
Q1 2026
+4.3%
Sector allocation
Other 39%
Industrials 15%
Financials 11%
Technology 11%
Communications 8%
Healthcare 7%
Utilities 7%
Services media 2%
Long book by quarter
What does WATER ISLAND own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EA ELECTRONIC ARTS INC | Technology | 249.9K | $50.9M | 7.2% | +38.2% |
| WBD WARNER BROS DISCOVERY INC | Communications | 1.6M | $44.4M | 6.2% | +41.9% |
| HO1 HOLOGIC INC | — | 560.0K | $42.3M | 6.0% | +19.7% |
| TXNM TXNM ENERGY INC | Utilities | 674.9K | $39.5M | 5.6% | +17.1% |
| PEN PENUMBRA INC | Healthcare | 120.1K | $39.4M | 5.5% | New |
| GTLS CHART INDUSTRIES INC | Industrials | 189.9K | $39.3M | 5.5% | +0.9% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 134.1K | $38.5M | 5.4% | +3.9% |
| MASI* MASIMO CORP | — | 194.2K | $34.5M | 4.9% | New |
| WBS WEBSTER FINANCIAL CORP | Financials | 415.8K | $28.9M | 4.1% | New |
| T86 TRI POINTE HOMES INC | — | 536.4K | $25.1M | 3.5% | New |
| GLDD GREAT LAKES DREDGE & DOCK CO | — | 1.3M | $21.5M | 3.0% | New |
| ACLXGBX ARCELLX INC | — | 183.4K | $21.1M | 3.0% | New |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 944.2K | $20.2M | 2.8% | New |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 1.3M | $20.0M | 2.8% | +39.8% |
| STEL STELLAR BANCORP INC | Financials | 431.2K | $15.8M | 2.2% | New |
| EHABUSD ENHABIT INC | — | 984.6K | $13.9M | 2.0% | New |
| SLAB SILICON LABORATORIES INC | Technology | 58.4K | $12.2M | 1.7% | New |
| KVUE KENVUE INC | Other | 700.6K | $12.1M | 1.7% | +1.5% |
| 430 TERNS PHARMACEUTICALS INC | — | 188.5K | $9.9M | 1.4% | New |
| ZIM ZIM INTEGRATED SHIPPING SERV | Industrials | 331.8K | $8.7M | 1.2% | New |
| UNF UNIFIRST CORP/MA | Services media | 25.7K | $6.5M | 0.9% | New |
| AXTA AXALTA COATING SYSTEMS LTD | Other | 206.9K | $5.7M | 0.8% | +0.6% |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 120.5K | $4.8M | 0.7% | New |
| AL AIR LEASE CORP | — | 73.1K | $4.7M | 0.7% | -75.5% |
| AES AES CORP | Utilities | 185.8K | $2.6M | 0.4% | New |
| SDA SEALED AIR CORP | Services media | 56.1K | $2.4M | 0.3% | -90.0% |
| AAUC ALLIED GOLD CORP | — | 72.8K | $2.3M | 0.3% | New |
| K4F ONESTREAM INC | — | 91.1K | $2.2M | 0.3% | New |
| BHF BRIGHTHOUSE FINANCIAL INC | Financials | 33.5K | $2.0M | 0.3% | +16.1% |
| NATL NCR ATLEOS CORP | Technology | 38.9K | $1.7M | 0.2% | New |
| SEM SELECT MEDICAL HOLDINGS CORP | Healthcare | 103.5K | $1.7M | 0.2% | New |
| 8TG THERMON GROUP HOLDINGS INC | — | 33.0K | $1.7M | 0.2% | New |
| SNCY SUN COUNTRY AIRLINES HOLDING | — | 98.9K | $1.6M | 0.2% | New |
| VICI Vici properties inc | Real estate | 20.2K | $1.6M | 0.2% | -86.6% |
| 628 SEMRUSH HOLDINGS INC-A | — | 133.9K | $1.6M | 0.2% | -78.7% |
| AM6 AMICUS THERAPEUTICS INC | — | 104.1K | $1.5M | 0.2% | -85.3% |
| BA BOEING CO/THE | Industrials | 7.2K | $1.4M | 0.2% | New |
| STKL SUNOPTA INC | — | 196.5K | $1.3M | 0.2% | New |
| PRA PROASSURANCE CORP | Financials | 51.1K | $1.3M | 0.2% | +8.7% |
| UTE0 CANTALOUPE INC | — | 107.9K | $1.2M | 0.2% | -18.2% |
| CCO CLEAR CHANNEL OUTDOOR HOLDIN | Services media | 478.5K | $1.1M | 0.2% | New |
| IHS IHS HOLDING LTD | Communications | 137.6K | $1.1M | 0.2% | New |
| TALK TALKSPACE INC | Healthcare | 216.2K | $1.1M | 0.2% | New |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 5.3K | $1.1M | 0.1% | +386.2% |
| CTRA COTERRA ENERGY INC | — | 27.3K | $959K | 0.1% | New |
| SKYT SKYWATER TECHNOLOGY INC | Technology | 34.5K | $947K | 0.1% | New |
| NWE NORTHWESTERN ENERGY GROUP IN | Utilities | 13.8K | $912K | 0.1% | -3.3% |
| AMRX AMNEAL PHARMACEUTICALS INC | Healthcare | 68.4K | $850K | 0.1% | New |
| CZR CAESARS ENTERTAINMENT INC | Services media | 29.5K | $780K | 0.1% | New |
| 7WH UDEMY INC | — | 139.3K | $644K | 0.1% | +2.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 98 | $895.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 91 | $927.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 84 | $793.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 76 | $702.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 84 | $764.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 78 | $925.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 79 | $992.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Nov 14, 2024 | 75 | $986.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 15, 2024 | 71 | $943K | SEC ↗ | |
| Q1 2024 | 13F-HR/ARESTATEMENT | Nov 14, 2024 | 61 | $961.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 59 | $884K | SEC ↗ |
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