Westchester Capital Management, LLC
Long book
$2.07B
Q1 2026
Positions
297
Top-10 weight
45%
concentration
Last quarter
+1.3%
SPY +14.8%
Turnover
32%
of book per quarter
Strategy in plain words
auto-generated from filingsWestchester Capital Management, LLC is an institutional manager, running a $2.07B US long book across 297 positions.
The portfolio is moderately concentrated (top 10 ≈ 45% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ELECTRONIC ARTS INC, NORFOLK SOUTHERN CORP, WARNER BROS DISCOVERY INC, WEBSTER FINANCIAL CORP, CHART INDUSTRIES INC.
Over the last 9 quarters its long book ran on average 4.9pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.5%
Q2 2024
+3.5%
Q3 2024
-3.6%
Q4 2024
+1.3%
Q1 2025
+2.4%
Q2 2025
-2.5%
Q3 2025
+1.8%
Q4 2025
-0.0%
Q1 2026
+1.3%
Sector allocation
Financials 46%
Industrials 15%
Other 11%
Technology 11%
Communications 8%
Services media 7%
Healthcare 1%
Materials 0%
Long book by quarter
What does Westchester Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EA ELECTRONIC ARTS INC | Technology | 725.3K | $147.9M | 7.2% | +22.1% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 501.6K | $144.0M | 7.0% | +29.4% |
| WBD WARNER BROS DISCOVERY INC | Communications | 5.2M | $143.7M | 7.0% | +43.4% |
| WBS WEBSTER FINANCIAL CORP | Financials | 1.8M | $127.3M | 6.2% | New |
| GTLS CHART INDUSTRIES INC | Industrials | 496.1K | $102.6M | 5.0% | Held |
| UNF UNIFIRST CORP/MA | Services media | 258.5K | $65.0M | 3.1% | New |
| CTRA COTERRA ENERGY INC | — | 1.6M | $55.8M | 2.7% | New |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 2.9M | $45.3M | 2.2% | New |
| SDA SEALED AIR CORP | Services media | 945.7K | $39.8M | 1.9% | +10.8% |
| PRA PROASSURANCE CORP | Financials | 1.5M | $36.0M | 1.7% | -9.4% |
| HO1 HOLOGIC INC | — | 455.3K | $34.4M | 1.7% | +42.4% |
| PEN PENUMBRA INC | Healthcare | 76.6K | $25.2M | 1.2% | New |
| MASI* MASIMO CORP | — | 138.4K | $24.6M | 1.2% | New |
| ANSC AGRICULTURE & NATURAL SOLUTI | Financials | 2.0M | $23.1M | 1.1% | +4.1% |
| HYAC HAYMAKER ACQUISITION CORP 4 | — | 1.9M | $22.2M | 1.1% | Held |
| AL AIR LEASE CORP | — | 334.4K | $21.7M | 1.1% | Held |
| QRVO QORVO INC | Technology | 263.9K | $20.4M | 1.0% | New |
| DMAA DRUGS MADE IN AMERICA ACQUIS | Financials | 1.7M | $17.5M | 0.8% | Held |
| K4F ONESTREAM INC | — | 677.5K | $16.3M | 0.8% | New |
| SZZL SIZZLE ACQUISITION CORP-CL A | Financials | 1.6M | $16.0M | 0.8% | -0.2% |
| KFII K&F GROWTH ACQUISITION COR-A | Financials | 1.5M | $15.4M | 0.7% | -21.7% |
| GTERA GLOBA TERRA ACQUISITION CO-A | Financials | 1.4M | $14.5M | 0.7% | Held |
| TACH TITAN ACQUISITION CORP-CL A | Financials | 1.3M | $13.9M | 0.7% | Held |
| GIW GIGCAPITAL8 CORP-A | Financials | 1.3M | $13.3M | 0.6% | +23.1% |
| OYSE OYSTER ENTERPRISES II ACQ-A | Financials | 1.3M | $13.2M | 0.6% | Held |
| KCHV KOCHAV DEFENSE ACQUISITION-A | Financials | 1.3M | $13.2M | 0.6% | Held |
| SOUL SOULPOWER ACQUISITION CO-A | Financials | 1.3M | $13.1M | 0.6% | Held |
| SDHI SIDDHI ACQUISITION CORP-A | Financials | 1.2M | $13.0M | 0.6% | -7.4% |
| PACH PIONEER ACQUISITION I-CL A | Financials | 1.3M | $12.8M | 0.6% | +208.0% |
| JACS JACKSON ACQUISITION CO-CL A | Financials | 1.2M | $12.6M | 0.6% | Held |
| ALDF ALDEL FINANCIAL II INC | Financials | 1.2M | $12.3M | 0.6% | Held |
| POLE ANDRETTI ACQUISITION CORP -A | Financials | 1.1M | $11.8M | 0.6% | Held |
| NPAC NEW PROVIDENCE ACQUISITION-A | Financials | 1.1M | $11.6M | 0.6% | -11.7% |
| OBA OXLEY BRIDGE ACQUISITIO-CL A | Financials | 1.1M | $11.3M | 0.5% | +21.8% |
| AACB ARTIUS II ACQUISITION INC-A | Financials | 995.9K | $10.3M | 0.5% | Held |
| CRAQ CAL REDWOOD ACQUISIT-CL A | Financials | 1.0M | $10.2M | 0.5% | +53.8% |
| LPBB LAUNCH TWO ACQUISITION- CL A | Financials | 950.0K | $10.1M | 0.5% | Held |
| APXT APEX TREASURY CORP-CL A | Financials | 1.0M | $10.0M | 0.5% | +100.0% |
| PLMK PLUM ACQUISITION CORP IV | Financials | 921.1K | $9.7M | 0.5% | -24.8% |
| ATII ARCHIMEDES TECH SPAC PARTNER | Financials | 907.1K | $9.4M | 0.5% | Held |
| NTWO NEWBURY STREET II AC-CLASS A | Financials | 898.1K | $9.4M | 0.5% | Held |
| GPAT GP-ACT III ACQUISITION-A | Financials | 860.9K | $9.3M | 0.5% | -36.7% |
| JENA JENA ACQUISITION CORP II - A | Financials | 912.0K | $9.3M | 0.5% | Held |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 227.5K | $9.2M | 0.4% | New |
| GSRF GSR IV ACQUISITION CORP-CL A | Financials | 900.0K | $9.0M | 0.4% | New |
| COPL COPLEY ACQUISITION CORP-A | Financials | 860.6K | $8.9M | 0.4% | Held |
| CCIX CHURCHILL CAPITAL CORP IX | Technology | 824.8K | $8.8M | 0.4% | +1003.1% |
| XRPN ARMADA ACQUISITION -CLASS A | Financials | 833.4K | $8.6M | 0.4% | Held |
| RDAG REPUBLIC DIGITAL ACQUIS-CL A | Financials | 825.0K | $8.4M | 0.4% | New |
| LBRDA LIBERTY BROADBAND-A | Communications | 166.7K | $8.4M | 0.4% | -68.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 863 | $2.21B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 778 | $2.38B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 678 | $2.19B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 511 | $1.91B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 416 | $1.94B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 393 | $1.84B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 458 | $2.34B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 558 | $2.66B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 630 | $2.72B | canonical | SEC ↗ |
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