Water Island Capital
NEW YORK, NYfiles as WATER ISLAND CAPITAL LLC
$906m in 68 US stocks at the end of 30 June 2026. The top 10 are 50.2% of the money. It changed about 47.5% of the portfolio this quarter.
Value
$906m
Stocks
68
Top 10 share
50.2%
Turnover
47.5%
What changed this quarter
New
Bought for the first time this quarter.
- Taylor Morrison Home5.8% of the fund
- LiveRamp HoldingsRAMP3.3% of the fund
- Catalyst Pharmaceuticals3.2% of the fund
- Dominion EnergyD2.9% of the fund
- ArcosaACA2.8% of the fund
- Bio-TechneTECH2.6% of the fund
- Whitestone Reit2.6% of the fund
- RokuROKU2.5% of the fund
- Topbuild COR2.4% of the fund
- Avanos MED2.2% of the fund
- Sila Realty Trust2.1% of the fund
- OrganonOGN2.1% of the fund
- Nuvalent1.4% of the fund
- Apogee TherapeuticsAPGE1.4% of the fund
- Xoma Royalty1.1% of the fund
- Alphabet0.5% of the fund
- GlobalstarGSAT0.3% of the fund
- Esperion Therapeutics INC NE0.2% of the fund
- Payoneer GlobalPAYO0.2% of the fund
- QorvoQRVO0.2% of the fund
- EQTEQT0.1% of the fund
- Global Business Travel GroupGBTG0.1% of the fund
- Honeywell AerospaceHONA0.1% of the fund
- Equitable HoldingsEQH0.1% of the fund
- PVHPVH<0.1% of the fund
Added
Bought more of a stock they already held.
- Chart Inds5.5% of the fund+25%
- PenumbraPEN5.2% of the fund+25%
- Warner Bros. DiscoveryWBD5.1% of the fund+8%
- Norfolk SouthernNSC5.1% of the fund+9%
- Txnm EnergyTXNM4.6% of the fund+9%
- Caesars EntertainmentCZR4.4% of the fund+4351%
- Webster FinancialWBS3.7% of the fund+5%
- National Storage Affiliates3.6% of the fund+26%
- Silicon LaboratoriesSLAB3.6% of the fund+154%
- DigitalBridge GroupDBRG2.4% of the fund+6%
- NCR AtleosNATL0.2% of the fund+8%
- TalkspaceTALK0.1% of the fund+12%
- IHS HoldingIHS0.1% of the fund+9%
- Clear Channel Outdoor HoldingsCCO0.1% of the fund+6%
- EchoStarECHO<0.1% of the fund+113%
- International Money ExpressIMXI<0.1% of the fund+27%
- Nathans FamousNATH<0.1% of the fund+18%
- Viking TherapeuticsVKTX<0.1% of the fund+46%
- Alaska Air GroupALK<0.1% of the fund+7%
Cut
Sold some of their stake.
- Janus Henderson Group5.1% of the fund-3%
- Stellar Bancorp1.7% of the fund-11%
- KenvueKVUE0.8% of the fund-43%
- Axalta Coating SystemsAXTA0.4% of the fund-53%
- AESAES0.3% of the fund-10%
- UnifirstUNF0.3% of the fund-65%
- Brighthouse FinancialBHF0.2% of the fund-15%
- Select MED Hldgs0.2% of the fund-20%
- BoeingBA<0.1% of the fund-52%
- United Airlines HoldingsUAL<0.1% of the fund-50%
- PENN EntertainmentPENN<0.1% of the fund-71%
- Dick's Sporting GoodsDKS<0.1% of the fund-89%
Sold out
Sold their entire stake.
- Hologic-100%
- Masimo-100%
- TRI Pointe Homes-100%
- Great Lakes Dredge & DockGLDD-100%
- Arcellx-100%
- DAY One Biopharmaceuticals I-100%
- Enhabit-100%
- Veris Residential INC.com-100%
- Peakstone Realty TrustPKST-100%
- Terns Pharmaceuticals-100%
- Kennedy-Wilson Holdings-100%
- ZIM Integrated Shipping ServicesZIM-100%
- Apellis Pharmaceuticals-100%
- Air Lease-100%
- Clearwater Analytics Hldgs I-100%
- Sealed Air Corp New-100%
- Onestream-100%
- Thermon Group Hldgs-100%
- Sun Ctry Airls HldgsSNCY-100%
- Centessa Pharmaceuticals-100%
- CSG SYS Intl-100%
- Semrush Hldgs-100%
- Amicus Therapeutics-100%
- SunoptaSTKL-100%
- Proassurance-100%
Holdings
- Taylor Morrison Home
- Share
- 5.8%
- Value
- $52m
- Shares
- 727,492
New
- Electronic ArtsEA
- Share
- 5.7%
- Value
- $52m
- Shares
- 252,932
Held
- Chart Inds
- Share
- 5.5%
- Value
- $50m
- Shares
- 237,599
+25%
- Janus Henderson Group
- Share
- 5.1%
- Value
- $46m
- Shares
- 890,916
-3%
- Webster FinancialWBS
- Share
- 3.7%
- Value
- $33m
- Shares
- 437,210
+5%
- National Storage Affiliates
- Share
- 3.6%
- Value
- $32m
- Shares
- 728,454
+26%
- Catalyst Pharmaceuticals
- Share
- 3.2%
- Value
- $29m
- Shares
- 933,819
New
- Whitestone Reit
- Share
- 2.6%
- Value
- $23m
- Shares
- 1,227,709
New
- Topbuild COR
- Share
- 2.4%
- Value
- $22m
- Shares
- 51,251
New
- Avanos MED
- Share
- 2.2%
- Value
- $20m
- Shares
- 799,002
New
- Sila Realty Trust
- Share
- 2.1%
- Value
- $19m
- Shares
- 623,872
New
- Stellar Bancorp
- Share
- 1.7%
- Value
- $15m
- Shares
- 383,227
-11%
- Nuvalent
- Share
- 1.4%
- Value
- $13m
- Shares
- 103,979
New
- Apogee TherapeuticsAPGE
- Share
- 1.4%
- Value
- $13m
- Shares
- 94,900
New
- Xoma Royalty
- Share
- 1.1%
- Value
- $10m
- Shares
- 242,000
New
- Alphabet
- Share
- 0.5%
- Value
- $4m
- Shares
- 85,000
New
- Esperion Therapeutics INC NE
- Share
- 0.2%
- Value
- $2m
- Shares
- 612,774
New
- Allied GoldAAUC
- Share
- 0.2%
- Value
- $2m
- Shares
- 73,016
Held
- Select MED Hldgs
- Share
- 0.2%
- Value
- $1m
- Shares
- 82,492
-20%
- TalkspaceTALK
- Share
- 0.1%
- Value
- $1m
- Shares
- 242,655
+12%
- Honeywell AerospaceHONA
- Share
- 0.1%
- Value
- $1m
- Shares
- 5,000
New
- Cross Ctry Healthcare
- Share
- <0.1%
- Value
- $655,375
- Shares
- 49,612
New
- Trubridge
- Share
- <0.1%
- Value
- $609,409
- Shares
- 23,251
New
- AstroNovaALOT
- Share
- <0.1%
- Value
- $340,843
- Shares
- 11,972
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Taylor Morrison Home | 5.8% | $52m | 727,492 | New |
| Electronic ArtsEA | 5.7% | $52m | 252,932 | Held |
| Chart Inds | 5.5% | $50m | 237,599 | +25% |
| PenumbraPEN | 5.2% | $48m | 150,456 | +25% |
| Warner Bros. DiscoveryWBD | 5.1% | $46m | 1,740,468 | +8% |
| Janus Henderson Group | 5.1% | $46m | 890,916 | -3% |
| Norfolk SouthernNSC | 5.1% | $46m | 146,283 | +9% |
| Txnm EnergyTXNM | 4.6% | $42m | 737,734 | +9% |
| Caesars EntertainmentCZR | 4.4% | $40m | 1,313,074 | +4351% |
| Webster FinancialWBS | 3.7% | $33m | 437,210 | +5% |
| National Storage Affiliates | 3.6% | $32m | 728,454 | +26% |
| Silicon LaboratoriesSLAB | 3.6% | $32m | 148,138 | +154% |
| LiveRamp HoldingsRAMP | 3.3% | $30m | 805,327 | New |
| Catalyst Pharmaceuticals | 3.2% | $29m | 933,819 | New |
| Dominion EnergyD | 2.9% | $26m | 381,231 | New |
| ArcosaACA | 2.8% | $25m | 173,589 | New |
| Bio-TechneTECH | 2.6% | $24m | 335,727 | New |
| Whitestone Reit | 2.6% | $23m | 1,227,709 | New |
| RokuROKU | 2.5% | $23m | 164,890 | New |
| Topbuild COR | 2.4% | $22m | 51,251 | New |
| DigitalBridge GroupDBRG | 2.4% | $22m | 1,376,380 | +6% |
| Avanos MED | 2.2% | $20m | 799,002 | New |
| Sila Realty Trust | 2.1% | $19m | 623,872 | New |
| OrganonOGN | 2.1% | $19m | 1,374,899 | New |
| Stellar Bancorp | 1.7% | $15m | 383,227 | -11% |
| Nuvalent | 1.4% | $13m | 103,979 | New |
| Apogee TherapeuticsAPGE | 1.4% | $13m | 94,900 | New |
| Xoma Royalty | 1.1% | $10m | 242,000 | New |
| KenvueKVUE | 0.8% | $8m | 402,042 | -43% |
| Alphabet | 0.5% | $4m | 85,000 | New |
| Axalta Coating SystemsAXTA | 0.4% | $3m | 97,500 | -53% |
| GlobalstarGSAT | 0.3% | $2m | 30,668 | New |
| AESAES | 0.3% | $2m | 167,570 | -10% |
| UnifirstUNF | 0.3% | $2m | 9,045 | -65% |
| Esperion Therapeutics INC NE | 0.2% | $2m | 612,774 | New |
| Payoneer GlobalPAYO | 0.2% | $2m | 258,216 | New |
| NCR AtleosNATL | 0.2% | $2m | 41,860 | +8% |
| Brighthouse FinancialBHF | 0.2% | $2m | 28,329 | -15% |
| QorvoQRVO | 0.2% | $2m | 19,052 | New |
| Allied GoldAAUC | 0.2% | $2m | 73,016 | Held |
| Select MED Hldgs | 0.2% | $1m | 82,492 | -20% |
| EQTEQT | 0.1% | $1m | 25,000 | New |
| TalkspaceTALK | 0.1% | $1m | 242,655 | +12% |
| Global Business Travel GroupGBTG | 0.1% | $1m | 133,456 | New |
| IHS HoldingIHS | 0.1% | $1m | 150,235 | +9% |
| Clear Channel Outdoor HoldingsCCO | 0.1% | $1m | 507,856 | +6% |
| Honeywell AerospaceHONA | 0.1% | $1m | 5,000 | New |
| NorthWestern Energy GroupNWE | 0.1% | $976,395 | 13,633 | Held |
| Equitable HoldingsEQH | 0.1% | $908,360 | 20,701 | New |
| EchoStarECHO | <0.1% | $862,750 | 8,500 | +113% |
| BoeingBA | <0.1% | $757,645 | 3,500 | -52% |
| PVHPVH | <0.1% | $742,600 | 10,000 | New |
| SkywestSKYW | <0.1% | $695,310 | 7,000 | New |
| Cross Ctry Healthcare | <0.1% | $655,375 | 49,612 | New |
| Trubridge | <0.1% | $609,409 | 23,251 | New |
| International Money ExpressIMXI | <0.1% | $608,923 | 42,140 | +27% |
| Simulations PlusSLP | <0.1% | $608,588 | 33,238 | New |
| Nathans FamousNATH | <0.1% | $596,494 | 5,871 | +18% |
| Viking TherapeuticsVKTX | <0.1% | $585,150 | 15,000 | +46% |
| Alaska Air GroupALK | <0.1% | $574,200 | 11,000 | +7% |
| Honeywell InternationalHON | <0.1% | $559,750 | 2,500 | New |
| Pacific Biosciences of CaliforniaPACB | <0.1% | $459,759 | 273,666 | Held |
| Aura BiosciencesAURA | <0.1% | $426,000 | 60,000 | New |
| AstroNovaALOT | <0.1% | $340,843 | 11,972 | New |
| United Airlines HoldingsUAL | <0.1% | $339,975 | 2,500 | -50% |
| V FVFC | <0.1% | $250,200 | 15,000 | New |
| PENN EntertainmentPENN | <0.1% | $213,600 | 10,000 | -71% |
| Dick's Sporting GoodsDKS | <0.1% | $136,086 | 600 | -89% |
Options (10)
- Warner Bros Discovery
- Type
- Put
- Value
- $41m
- Contracts
- 1,525,200
- State STR Spdr S&P 500 ETF T
- Type
- Call
- Value
- $34m
- Contracts
- 45,000
- Organon
- Type
- Put
- Value
- $13m
- Contracts
- 974,200
- State STR Spdr S&P 500 ETF T
- Type
- Put
- Value
- $11m
- Contracts
- 15,000
- Nuvalent
- Type
- Call
- Value
- $10m
- Contracts
- 84,000
- Nuvalent
- Type
- Put
- Value
- $10m
- Contracts
- 84,000
- Liveramp Hldgs
- Type
- Put
- Value
- $4m
- Contracts
- 117,100
- QXO
- Type
- Call
- Value
- $3m
- Contracts
- 200,000
- Apogee Therapeutics
- Type
- Put
- Value
- $2m
- Contracts
- 17,500
- Varonis SYS
- Type
- Put
- Value
- $629,400
- Contracts
- 15,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Warner Bros Discovery | Put | $41m | 1,525,200 |
| State STR Spdr S&P 500 ETF T | Call | $34m | 45,000 |
| Organon | Put | $13m | 974,200 |
| State STR Spdr S&P 500 ETF T | Put | $11m | 15,000 |
| Nuvalent | Call | $10m | 84,000 |
| Nuvalent | Put | $10m | 84,000 |
| Liveramp Hldgs | Put | $4m | 117,100 |
| QXO | Call | $3m | 200,000 |
| Apogee Therapeutics | Put | $2m | 17,500 |
| Varonis SYS | Put | $629,400 | 15,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 73.3% since 30 June 2025.
Where the money is
Technology13.4%
Health care11.6%
Industrials8.4%
Media & telecom8.3%
Utilities7.9%
Financial services6.4%
Retail & consumer4.8%
Everyday goods0.8%
Materials0.6%
Energy0.1%
Other37.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.