WATER ISLAND CAPITAL LLC
13F Reported Value
ⓘ$895.6M
incl. option notional
Equity Holdings
ⓘ$750.1M
Option Notional
ⓘ$145.5M
$137.8M puts / $7.7M calls
Holdings
98
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
WATER ISLAND CAPITAL LLC disclosed 98 positions worth $895.6M in its Form 13F-HR for Q1 2026 — $750.1M in common stock plus $145.5M of put/call option positions (reported at underlying notional value, not premium at risk), led by $EA (ELECTRONIC ARTS INC.) at 6.8% of the equity portfolio, followed by $JHG and $WBD. During the quarter the fund opened 58 new positions and exited 51 — including a new stake in $PEN and a full exit from $CYBR. The portfolio is most concentrated in Healthcare (26.2% of disclosed assets). All figures are sourced directly from WATER ISLAND CAPITAL LLC’s Form 13F-HR filing with the SEC under CIK 1222765.
AI Fund Analysis
ConcentratingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- 71.1#276
Quality
$50.9M249,888 sh - —
Quality
$47.4M922,277 sh - 42.1#1,870
Quality
$44.4M1,617,020 sh - 62.3
Quality
$42.3M560,045 sh - 57.8
Quality
$39.5M674,867 sh - 69.7
Quality
$39.4M120,095 sh - 60.6
Quality
$39.3M189,939 sh - 70.8
Quality
$38.5M134,051 sh - 47.1
Quality
$34.5M194,197 sh - 71.1
Quality
$30.5M149,800 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 ELECTRONIC ARTS INC.$EA | 71.1#276 | $50.9M | 249,888 |
 Janus Henderson Group Ltd.$JHG | — | $47.4M | 922,277 |
 Warner Bros. Discovery, Inc.$WBD | 42.1#1,870 | $44.4M | 1,617,020 |
 HOLOGIC INC$HOLX | 62.3 | $42.3M | 560,045 |
 TXNM ENERGY INC$TXNM | 57.8 | $39.5M | 674,867 |
 Penumbra Inc$PEN | 69.7 | $39.4M | 120,095 |
 CHART INDUSTRIES INC$GTLS | 60.6 | $39.3M | 189,939 |
 NORFOLK SOUTHERN CORP$NSC | 70.8 | $38.5M | 134,051 |
 MASIMO CORP$MASI | 47.1 | $34.5M | 194,197 |
| ELECTRONIC ARTS INC.$EAPUT | 71.1 | $30.5M | 149,800 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of WATER ISLAND CAPITAL LLC's 98 positions.
Showing top 10 of 98 holdings.
Sector Allocation
Healthcare
$196.5M
Industrials
$142.5M
Financials
$118.1M
Technology
$98.8M
Real Estate
$52.5M
Utilities
$51.1M
Communication Services
$46.0M
Consumer Staples
$14.4M
Full Holdings — WATER ISLAND CAPITAL LLC (Q1 2026)
All 98 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $EA | ELECTRONIC ARTS INC. | $50.9M | 6.8% | +38% | 71.1 |
| 2 | $JHG | Janus Henderson Group Ltd. | $47.4M | 6.3% | +42% | — |
| 3 | $WBD | Warner Bros. Discovery, Inc. | $44.4M | 5.9% | +42% | 42.1 |
| 4 | $HOLX | HOLOGIC INC | $42.3M | 5.6% | +20% | 62.3 |
| 5 | $TXNM | TXNM ENERGY INC | $39.5M | 5.3% | +17% | 57.8 |
| 6 | $PEN | Penumbra Inc | $39.4M | 5.3% | NEW | 69.7 |
| 7 | $GTLS | CHART INDUSTRIES INC | $39.3M | 5.2% | +1% | 60.6 |
| 8 | $NSC | NORFOLK SOUTHERN CORP | $38.5M | 5.1% | +4% | 70.8 |
| 9 | $MASI | MASIMO CORP | $34.5M | 4.6% | NEW | 47.1 |
| 10 | $EAPUT | ELECTRONIC ARTS INC. | $30.5M | — | NEW | 71.1 |
| 11 |  $WBS | WEBSTER FINANCIAL CORP | $28.9M | 3.9% | NEW | 60.2 |
| 12 | $WBDPUT | Warner Bros. Discovery, Inc. | $28.8M | — | +1006% | 42.1 |
| 13 |  $TPH | Tri Pointe Homes, Inc. | $25.1M | 3.3% | NEW | 40.7 |
| 14 |  $NSA | National Storage Affiliates Trust | $21.7M | 2.9% | NEW | 44.8 |
| 15 |  $GLDD | Great Lakes Dredge & Dock CORP | $21.5M | 2.9% | NEW | 64.8 |
| 16 |  $ACLX | Arcellx, Inc. | $21.1M | 2.8% | NEW | 6.7 |
| 17 |  $DAWN | Day One Biopharmaceuticals, Inc. | $20.2M | 2.7% | NEW | 42.6 |
| 18 |  $DBRG | DigitalBridge Group, Inc. | $20.0M | 2.7% | +40% | 52.9 |
| 19 | — | DAY ONE BIOPHARMACEUTICALS I | $18.0M | — | NEW | — |
| 20 |  $STEL | Stellar Bancorp, Inc. | $15.8M | 2.1% | NEW | 55 |
| 21 |  $EHAB | Enhabit, Inc. | $13.9M | 1.9% | NEW | 54.8 |
| 22 |  $SLAB | SILICON LABORATORIES INC. | $12.2M | 1.6% | NEW | 36.6 |
| 23 |  $KVUE | Kenvue Inc. | $12.1M | 1.6% | +2% | 60.2 |
| 24 | $KVUEPUT | Kenvue Inc. | $12.1M | — | +1% | 60.2 |
| 25 |  $VRE | Veris Residential, Inc. | $11.3M | 1.5% | NEW | 60.1 |
| 26 |  $PKST | Peakstone Realty Trust | $10.5M | 1.4% | NEW | 25.5 |
| 27 |  $TERNPUT | Terns Pharmaceuticals, Inc. | $9.9M | — | NEW | — |
| 28 | $TERN | Terns Pharmaceuticals, Inc. | $9.9M | 1.3% | NEW | — |
| 29 | $SLABPUT | SILICON LABORATORIES INC. | $9.9M | — | NEW | 36.6 |
| 30 |  $KW | Kennedy-Wilson Holdings, Inc. | $8.9M | 1.2% | NEW | 29.7 |
| 31 |  $ZIM | ZIM Integrated Shipping Services Ltd. | $8.7M | 1.2% | NEW | — |
| 32 | — | ZIM INTEGRATED SHIPPING SERV | $8.7M | — | NEW | — |
| 33 | $TXNM | TXNM ENERGY INC | $8.1M | 1.1% | +100% | 57.8 |
| 34 | $JHGPUT | Janus Henderson Group Ltd. | $7.9M | — | +1186% | — |
| 35 |  $SANCALL | Banco Santander, S.A. | $7.7M | — | NEW | — |
| 36 |  $UNF | UNIFIRST CORP | $6.5M | 0.9% | NEW | 48.4 |
| 37 |  $CSGS | CSG SYSTEMS INTERNATIONAL INC | $6.1M | 0.8% | +0% | 51.4 |
| 38 |  $AXTA | Axalta Coating Systems Ltd. | $5.7M | 0.8% | +1% | — |
| 39 | $AXTAPUT | Axalta Coating Systems Ltd. | $5.4M | — | +191% | — |
| 40 |  $RPD | Rapid7, Inc. | $4.9M | 0.7% | +0% | 52.4 |
| 41 |  $APLSPUT | Apellis Pharmaceuticals, Inc. | $4.8M | — | NEW | 63.9 |
| 42 | $APLS | Apellis Pharmaceuticals, Inc. | $4.8M | 0.7% | NEW | 63.9 |
| 43 |  $AL | AIR LEASE CORP | $4.7M | 0.6% | -75% | 73.8 |
| 44 |  $BSY | BENTLEY SYSTEMS INC | $4.7M | 0.6% | +0% | 70.1 |
| 45 |  $NTNX | Nutanix, Inc. | $4.5M | 0.6% | +43% | 68.8 |
| 46 | — | REDFIN CORP | $4.3M | 0.6% | +0% | — |
| 47 |  $HALO | HALOZYME THERAPEUTICS, INC. | $3.1M | 0.4% | +0% | 81.2 |
| 48 |  $AES | AES CORP | $2.6M | 0.3% | NEW | 50.9 |
| 49 | — | VARONIS SYS INC | $2.6M | 0.3% | +0% | — |
| 50 |  $CWAN | Clearwater Analytics Holdings, Inc. | $2.6M | 0.3% | -87% | 50.2 |
| 51 |  $SDA | SunCar Technology Group Inc. | $2.4M | 0.3% | -90% | 45.1 |
| 52 |  $AAUC | Allied Gold Corp | $2.3M | 0.3% | NEW | — |
| 53 |  $OS | OneStream, Inc. | $2.2M | 0.3% | NEW | 41 |
| 54 |  $BHF | Brighthouse Financial, Inc. | $2.0M | 0.3% | +16% | 54.9 |
| 55 |  $NATL | NCR Atleos Corp | $1.7M | 0.2% | NEW | 46.3 |
| 56 |  $SEM | SELECT MEDICAL HOLDINGS CORP | $1.7M | 0.2% | NEW | 60.1 |
| 57 |  $THR | Thermon Group Holdings, Inc. | $1.7M | 0.2% | NEW | 58.1 |
| 58 |  $SNCY | Sun Country Airlines Holdings, LLC | $1.6M | 0.2% | NEW | 50.5 |
| 59 |  $CNTAPUT | Centessa Pharmaceuticals plc | $1.6M | — | NEW | — |
| 60 | $CNTA | Centessa Pharmaceuticals plc | $1.6M | 0.2% | NEW | — |
| 61 | $CSGS | CSG SYSTEMS INTERNATIONAL INC | $1.6M | 0.2% | -87% | 51.4 |
| 62 |  $SEMR | SEMrush Holdings, Inc. | $1.6M | 0.2% | -79% | 48.7 |
| 63 |  $FOLD | AMICUS THERAPEUTICS, INC. | $1.5M | 0.2% | -85% | 44.2 |
| 64 |  $BA | BOEING CO | $1.4M | 0.2% | -91% | 51.8 |
| 65 |  $STKL | SunOpta Inc. | $1.3M | 0.2% | NEW | 53.6 |
| 66 |  $PRA | PROASSURANCE CORP | $1.3M | 0.2% | +9% | 42.6 |
| 67 |  $CTLP | CANTALOUPE, INC. | $1.2M | 0.2% | -18% | 67 |
| 68 |  $CCO | Clear Channel Outdoor Holdings, Inc. | $1.1M | 0.1% | NEW | 47.1 |
| 69 |  $IHS | IHS Holding Ltd | $1.1M | 0.1% | NEW | — |
| 70 |  $TALK | Talkspace, Inc. | $1.1M | 0.1% | NEW | 43.5 |
| 71 |  $MCW | Mister Car Wash, Inc. | $1.1M | 0.1% | NEW | 58.7 |
| 72 |  $DKS | DICK'S SPORTING GOODS, INC. | $1.1M | 0.1% | +386% | 67.9 |
| 73 |  $GLAD | GLADSTONE CAPITAL CORP | $967,746 | 0.1% | -50% | — |
| 74 |  $CTRA | Coterra Energy Inc. | $959,041 | 0.1% | NEW | 80.6 |
| 75 |  $SKYT | SkyWater Technology, Inc | $946,632 | 0.1% | NEW | 68 |
| 76 |  $NWE | NorthWestern Energy Group, Inc. | $912,478 | 0.1% | -3% | 65.6 |
| 77 |  $AMRX | Amneal Pharmaceuticals, Inc. | $850,212 | 0.1% | NEW | 58.9 |
| 78 |  $CZR | Caesars Entertainment, Inc. | $779,685 | 0.1% | NEW | 44.3 |
| 79 |  $UDMY | Udemy, Inc. | $643,728 | 0.1% | +3% | 46.3 |
| 80 |  $EL | ESTEE LAUDER COMPANIES INC | $538,275 | 0.1% | NEW | 52.5 |
| 81 |  $PENN | PENN Entertainment, Inc. | $526,050 | 0.1% | NEW | 44.8 |
| 82 |  $CVGW | CALAVO GROWERS INC | $524,079 | 0.1% | NEW | 54.6 |
| 83 |  $IMXI | International Money Express, Inc. | $523,328 | 0.1% | -63% | 36.9 |
| 84 |  $NATH | NATHANS FAMOUS, INC. | $503,046 | 0.1% | NEW | 59.3 |
| 85 |  $ONTF | ON24 INC. | $488,948 | 0.1% | NEW | 21.2 |
| 86 |  $HTBK | HERITAGE COMMERCE CORP | $474,140 | 0.1% | +12% | 48.1 |
| 87 |  $BLFY | Blue Foundry Bancorp | $472,112 | 0.1% | NEW | — |
| 88 |  $ECHO | EchoStar CORP | $468,280 | 0.1% | NEW | 29.5 |
| 89 |  $FFIC | FLUSHING FINANCIAL CORP | $463,273 | 0.1% | NEW | 53 |
| 90 |  $UAL | United Airlines Holdings, Inc. | $460,350 | 0.1% | NEW | 61.3 |
| 91 |  $DHIL | DIAMOND HILL INVESTMENT GROUP INC | $434,036 | 0.1% | +2% | 58.2 |
| 92 |  $FFWM | First Foundation Inc. | $398,681 | 0.1% | +3% | 25.6 |
| 93 |  $ALK | ALASKA AIR GROUP, INC. | $377,547 | 0.1% | NEW | 56.3 |
| 94 |  $PACB | PACIFIC BIOSCIENCES OF CALIFORNIA, INC. | $359,093 | 0.1% | NEW | 10.8 |
| 95 |  $VCTR | Victory Capital Holdings, Inc. | $335,258 | 0.0% | NEW | 75.5 |
| 96 |  $VKTX | Viking Therapeutics, Inc. | $334,511 | 0.0% | NEW | — |
| 97 |  $UPS | UNITED PARCEL SERVICE INC | $247,918 | 0.0% | NEW | 58.2 |
| 98 |  $PYPL | PayPal Holdings, Inc. | $231,759 | 0.0% | NEW | 70.5 |
New Positions (58)
$PEN Penumbra Inc$39.4M$MASI MASIMO CORP$34.5M$EAPUT ELECTRONIC ARTS INC.$30.5M$WBS WEBSTER FINANCIAL CORP$28.9M$TPH Tri Pointe Homes, Inc.$25.1M$NSA National Storage Affiliates Trust$21.7M$GLDD Great Lakes Dredge & Dock CORP$21.5M$ACLX Arcellx, Inc.$21.1M$DAWN Day One Biopharmaceuticals, Inc.$20.2M$STEL Stellar Bancorp, Inc.$15.8M$EHAB Enhabit, Inc.$13.9M$SLAB SILICON LABORATORIES INC.$12.2M$VRE Veris Residential, Inc.$11.3M$PKST Peakstone Realty Trust$10.5MExited Positions (51)
$CYBR CyberArk Software Ltd.
$EXK ENDEAVOUR SILVER CORP
$AVDL AVADEL PHARMACEUTICALS PLC
$TGNA TEGNA INC
$AHL-PD ASPEN INSURANCE HOLDINGS LTD
$CFLT Confluent, Inc.
$SPYCALL SPDR S&P 500 ETF TRUST
$TECKPUT TECK RESOURCES LTD
$HI Hillenbrand, Inc.Browse Top Institutional Investors
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