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 TIG Advisors, HARVEST, ALPINE ASSOCIATES, 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 OverlapQ2 2026WATER ISLAND portfolio →

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Most similar hedge funds by 13F overlap

WATER ISLAND CAPITAL LLC is an institutional investor managing $1.1B across 85 U.S. equity positions as of Q2 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to WATER ISLAND are TIG Advisors, HARVEST, ALPINE ASSOCIATES, with shared positions in $WBD, $JHG, $NSC, $PEN, $GTLS, $EA. The full ranking of 25 similar funds is below.

#1TIG Advisors, LLCActive

Highly similar · 24 shared positions

$WBD $JHG $NSC $PEN $GTLS $EA

$2.3B

109 positions

#2HARVEST MANAGEMENT LLCActive

Highly similar · 22 shared positions

$TMHC $EA $PEN $WBD $JHG $NSC

$254M

64 positions

#3ALPINE ASSOCIATES MANAGEMENT INC.Active

Highly similar · 26 shared positions

$GTLS $NSC $PEN $WBS $EA $SLAB

$1.6B

66 positions

#4GABELLI & Co INVESTMENT ADVISERS, INC.Passive

Highly similar · 25 shared positions

$EA $WBD $GTLS $TXNM $JHG $PEN

$688M

316 positions

#5NEXPOINT ASSET MANAGEMENT, L.P.Active

Highly similar · 17 shared positions

$TMHC $JHG $EA $WBD $GTLS $TXNM

$1.5B

70 positions

#6HBK INVESTMENTS L PActive

Highly similar · 16 shared positions

$EA $PEN $WBD $NSC $GTLS $JHG

$10.2B

276 positions

#7Kryger Capital LLCActive

Substantial overlap · 15 shared positions

$EA $GTLS $WBD $NSC $SLAB $ROKU

$1.8B

109 positions

#8First Trust Capital Management L.P.Active

Substantial overlap · 15 shared positions

$TMHC $GTLS $JHG $WBS $NSA $EA

$1.7B

161 positions

#9Westchester Capital Management, LLCPassive

Substantial overlap · 16 shared positions

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

$2.0B

310 positions

#10Slotnik Capital, LLCActive

Substantial overlap · 14 shared positions

$TMHC $GTLS $PEN $WBD $WBS $TECH

$387M

28 positions

#11AQR Arbitrage LLCPassive

Substantial overlap · 21 shared positions

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

$7.0B

634 positions

#12Melqart Asset Management (UK) LtdActive

Substantial overlap · 12 shared positions

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

$1.1B

40 positions

#13Pentwater Capital Management LPActive

Substantial overlap · 19 shared positions

$EA $WBD $NSC $TXNM $CZR $ROKU

$16.4B

90 positions

#14Athos Capital LtdActive

Substantial overlap · 13 shared positions

$WBD $JHG $NSC $CZR $WBS $TXNM

$282M

38 positions

#15Kintayl Capital LPPassive

Substantial overlap · 20 shared positions

$EA $SLAB $D $ROKU $NSC $DBRG

$252M

61 positions

#16Sand Grove Capital Management LLPActive

Substantial overlap · 11 shared positions

$TXNM $EA $WBD $NSC $WBS $TECH

$383M

14 positions

#17Birnam Oak Advisors, LPActive

Substantial overlap · 13 shared positions

$GTLS $PEN $WBD $NSC $ROKU $BLD

$616M

40 positions

#18GLAZER CAPITAL, LLCPassive

Substantial overlap · 18 shared positions

$JHG $CPRX $NUVL $BLD $DBRG $GTLS

$4.1B

562 positions

#19P SCHOENFELD ASSET MANAGEMENT LPActive

Substantial overlap · 12 shared positions

$EA $WBD $PEN $JHG $NSC $ROKU

$244M

34 positions

#20CREDIT INDUSTRIEL ET COMMERCIALPassive

Substantial overlap · 16 shared positions

$JHG $PEN $WBD $WBS $BLD $TXNM

$1.6B

338 positions

#21Chicago Capital Management, LLCActive

Substantial overlap · 10 shared positions

$TMHC $GTLS $CPRX $NUVL $TECH $APGE

$112M

27 positions

#22GARDNER LEWIS ASSET MANAGEMENT L PPassive

Substantial overlap · 9 shared positions

$JHG $GTLS $NUVL $DBRG $PEN $STEL

$449M

75 positions

#23Yakira Capital Management, Inc.Passive

Substantial overlap · 9 shared positions

$EA $GTLS $JHG $NSC $WBS $BLD

$351M

202 positions

#24PSquared Asset Management AGActive

Notable overlap · 6 shared positions

$EA $TXNM $WBD $NSC $UNF $QXO

$306M

18 positions

#25Governors Lane LPPassive

Notable overlap · 5 shared positions

$TXNM $WBD $NSC $EA $AES

$1.2B

203 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.