What hedge funds are most similar to WATER ISLAND CAPITAL LLC?

The funds with the most similar 13F portfolios to WATER ISLAND CAPITAL LLC are HBK INVESTMENTS L P, HARVEST, Kryger, based on overlapping conviction holdings in the latest SEC filings.

How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to WATER ISLAND

13F Portfolio OverlapQ1 2026WATER ISLAND portfolio →

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Most similar hedge funds by 13F overlap

WATER ISLAND CAPITAL LLC is an institutional investor managing $896M across 98 U.S. equity positions as of Q1 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to WATER ISLAND are HBK INVESTMENTS L P, HARVEST, Kryger, with shared positions in $EA, $WBD, $HOLX, $PEN, $NSC, $MASI. The full ranking of 25 similar funds is below.

#1HBK INVESTMENTS L PActive

Highly similar · 17 shared positions

$EA $WBD $HOLX $PEN $NSC $MASI

$9.9B

346 positions

#2HARVEST MANAGEMENT LLCActive

Highly similar · 19 shared positions

$EA $JHG $WBD $HOLX $NSC $PEN

$206M

55 positions

#3Kryger Capital LLCActive

Highly similar · 16 shared positions

$EA $WBD $GTLS $NSC $HOLX $PEN

$1.4B

76 positions

#4TIG Advisors, LLCActive

Highly similar · 25 shared positions

$HOLX $WBD $JHG $NSC $EA $ACLX

$2.2B

107 positions

#5GABELLI & Co INVESTMENT ADVISERS, INC.Passive

Highly similar · 24 shared positions

$EA $GTLS $WBD $HOLX $TXNM $ACLX

$674M

297 positions

#6ALPINE ASSOCIATES MANAGEMENT INC.Passive

Highly similar · 24 shared positions

$GTLS $NSC $EA $ACLX $PEN $WBD

$1.7B

70 positions

#7Sand Grove Capital Management LLPActive

Highly similar · 13 shared positions

$EA $TXNM $WBD $PEN $NSC $WBS

$444M

19 positions

#8Slotnik Capital, LLCActive

Substantial overlap · 15 shared positions

$PEN $GTLS $WBD $MASI $WBS $TPH

$342M

27 positions

#9First Trust Capital Management L.P.Passive

Substantial overlap · 16 shared positions

$HOLX $GTLS $EA $MASI $TPH $NSA

$1.9B

182 positions

#10CIBRA Capital LtdActive

Substantial overlap · 15 shared positions

$TXNM $HOLX $PEN $MASI $WBD $ACLX

$207M

25 positions

#11Westchester Capital Management, LLCPassive

Substantial overlap · 14 shared positions

$EA $WBD $GTLS $NSC $WBS $DBRG

$2.2B

307 positions

#12Melqart Asset Management (UK) LtdActive

Substantial overlap · 12 shared positions

$EA $TXNM $WBD $GTLS $NSC $PEN

$1.0B

41 positions

#13Pentwater Capital Management LPActive

Substantial overlap · 15 shared positions

$EA $WBD $NSC $MASI $HOLX $ACLX

$19.3B

92 positions

#14Kintayl Capital LPPassive

Substantial overlap · 18 shared positions

$WBS $NSC $EA $WBD $TXNM $HOLX

$192M

54 positions

#15PSquared Asset Management AGActive

Substantial overlap · 7 shared positions

$WBD $HOLX $GTLS $NSC $PEN $ACLX

$287M

15 positions

#16AQR Arbitrage LLCPassive

Substantial overlap · 20 shared positions

$EA $PEN $GTLS $NSC $WBS $WBD

$6.1B

556 positions

#17P SCHOENFELD ASSET MANAGEMENT LPPassive

Substantial overlap · 9 shared positions

$JHG $WBD $EA $NSC $MASI $KVUE

$184M

35 positions

#18NEXPOINT ASSET MANAGEMENT, L.P.Active

Substantial overlap · 13 shared positions

$HOLX $EA $MASI $ACLX $GTLS $TXNM

$1.5B

83 positions

#19Governors Lane LPPassive

Substantial overlap · 8 shared positions

$WBD $EA $NSC $JHG $TXNM $HOLX

$1.6B

190 positions

#20Decagon Asset Management LLPActive

Substantial overlap · 6 shared positions

$EA $HOLX $PEN $NSC $GTLS $CWAN

$386M

77 positions

#21KRYGER CAPITAL Ltd

Substantial overlap · 10 shared positions

$EA $GTLS $NSC $HOLX $DBRG $WBD

$1.3B

50 positions

#22Birnam Oak Advisors, LPActive

Substantial overlap · 8 shared positions

$WBD $PEN $GTLS $NSC $TXNM $KVUE

$441M

35 positions

#23NINE MASTS CAPITAL LtdActive

Substantial overlap · 16 shared positions

$WBD $NSC $EA $WBS $HOLX $SLAB

$693M

249 positions

#24Twin Securities, Inc.Active

Substantial overlap · 9 shared positions

$EA $WBD $HOLX $ACLX $KVUE $TERN

$206M

17 positions

#25Fort Baker Capital Management LPPassive

Substantial overlap · 8 shared positions

$EA $WBD $NSC $MASI $TERN $SLAB

$1.3B

121 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.