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WATER ISLAND CAPITAL LLC

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1222765
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Sector Allocation

  • Industrials21.9%$206.8M
  • Healthcare19.1%$180.8M
  • Technology15.0%$142.0M
  • Financials12.6%$119.2M
  • Utilities8.4%$79.2M
  • Real Estate7.9%$74.6M
  • Communication Services7.8%$73.8M
  • Consumer Discretionary4.8%$45.2M
  • Other1.0%$9.2M
  • Consumer Staples0.8%$7.7M

AUM History

13fpro.ai/research/fund/water-island-capital-llc-1222765

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/water-island-capital-llc-1222765

WATER ISLAND CAPITAL LLC 13F holdings — Q2 2026

$1.1B portfolio (+20.0% QoQ) · 85 holdings · Q2 2026 13F · top 10 are 48% of the stock portfolio

Includes $130.2M of put/call options ($82.8M puts, $47.4M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $944.9M. Weights use the stock portfolio.

All holdings — WATER ISLAND CAPITAL LLC (Q2 2026)

85 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
WBD$WBDPUTWarner Bros. Discovery, Inc.$40.7M+45%
SPY$SPYCALLSPDR S&P 500 ETF TRUST$33.6MNew
NSA$NSANational Storage Affiliates Trust$32.4M+26%
SLAB$SLABSILICON LABORATORIES INC.$32.4M+154%
RAMP$RAMPLiveRamp Holdings, Inc.$30.3MNew
CPRX$CPRXCATALYST PHARMACEUTICALS, INC.$29.3MNew
D$DDOMINION ENERGY, INC$26.0MNew
ACA$ACAArcosa, Inc.$25.2MNew
TECH$TECHBIO-TECHNE Corp$23.7MNew
WSR$WSRWhitestone REIT$23.3MNew
ROKU$ROKUROKU, INC$22.8MNew
BLD$BLDQXO Insulation, LLC$21.8MNew
DBRG-PH$DBRG-PHDigitalBridge Group, Inc.$21.7M+6%
AVNS$AVNSAVANOS MEDICAL, INC.$19.9MNew
SILA$SILASila Realty Trust, Inc.$18.9MNew

What changed in Q2 2026

Against the previous quarter's 13F: 44 new, 25 added to, 13 trimmed, 57 sold out. Share-count changes; largest moves by dollar size first.

New positions (44)

  • TMHC$TMHCTaylor Morrison Home Corp$52.2M

    first bought this quarter

  • SPY$SPYCALLSPDR S&P 500 ETF TRUST$33.6M

    first bought this quarter

  • RAMP$RAMPLiveRamp Holdings, Inc.$30.3M

    first bought this quarter

  • CPRX$CPRXCATALYST PHARMACEUTICALS, INC.$29.3M

    first bought this quarter

  • D$DDOMINION ENERGY, INC$26.0M

    first bought this quarter

  • ACA$ACAArcosa, Inc.$25.2M

    first bought this quarter

+38 more in the Excel export

Added to (25)

  • CZR$CZRCaesars Entertainment, Inc.+4351%

    now $39.6M · held 2 qtrs, 2 adds in a row

  • SLAB$SLABSILICON LABORATORIES INC.+154%

    now $32.4M · held 2 qtrs, 2 adds in a row

  • WBD$WBDPUTWarner Bros. Discovery, Inc.+45%

    now $40.7M

  • GTLS$GTLSCHART INDUSTRIES INC+25%

    now $49.6M · held 4+ qtrs

  • PEN$PENPenumbra Inc+25%

    now $47.5M · held 2 qtrs, 2 adds in a row

  • NSA$NSANational Storage Affiliates Trust+26%

    now $32.4M · held 2 qtrs, 2 adds in a row

+19 more in the Excel export

Trimmed (13)

  • KVUE$KVUEKenvue Inc.-43%

    now $7.7M · held 3 qtrs

  • UNF$UNFUNIFIRST CORP-65%

    now $2.4M · held 2 qtrs

  • AXTA$AXTAAxalta Coating Systems Ltd.-53%

    now $3.3M · held 3 qtrs

  • STEL$STELStellar Bancorp, Inc.-11%

    now $15.1M · held 2 qtrs

  • JHG$JHGJanus Henderson Group Ltd.-3%

    now $46.3M · held 3 qtrs

  • DKS$DKSDICK'S SPORTING GOODS, INC.-89%

    now $136K · held 3 qtrs

+7 more in the Excel export

Sold out (57)

  • HOLX$HOLXHOLOGIC INCwas $42.3M

    held 2 qtrs

  • MASI$MASIMASIMO CORPwas $34.5M

    held 1 qtr

  • EA$EAPUTELECTRONIC ARTS INC.was $30.5M
  • TPH$TPHTri Pointe Homes, Inc.was $25.1M

    held 1 qtr

  • GLDD$GLDDGreat Lakes Dredge & Dock CORPwas $21.5M

    held 1 qtr

  • ACLX$ACLXArcellx, Inc.was $21.1M

    held 1 qtr

+51 more in the Excel export

Firm AUM (Form ADV): $1.2B as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F WATER ISLAND CAPITAL LLC has filed, 32 earlier quarters. Pick one to see what it held then.

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Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of WATER ISLAND CAPITAL's top 20 holdings: 57/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)

Top 10 since filing

-0.3%

Value-weighted move of the 10 largest stock positions

Turnover

36%

Last quarter

Top 10 weight

48%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

23%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q3 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

WATER ISLAND CAPITAL LLC disclosed 85 positions worth $1.1B in its Form 13F-HR for Q2 2026 — $944.9M in common stock plus $130.2M of put/call option positions (reported at underlying notional value, not premium at risk), led by $TMHC (Taylor Morrison Home Corp) at 5.5% of the equity portfolio, followed by $EA and $GTLS. During the quarter the fund opened 44 new positions and exited 57 — including a new stake in $TMHC and a full exit from $HOLX. The portfolio is most concentrated in Industrials (21.9% of disclosed assets). All figures are sourced directly from WATER ISLAND CAPITAL LLC’s Form 13F-HR filing with the SEC under CIK 1222765.

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AI-Powered Hedge Fund Analysis: WATER ISLAND CAPITAL LLC

13F Pro is an AI hedge fund tracker and stock research platform. For WATER ISLAND CAPITAL LLC (SEC CIK: 1222765), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in WATER ISLAND CAPITAL LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.