WATER ISLAND CAPITAL LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| TAYLOR MORRISON HOME CORP | TMHC | $52.2M | 727,492 | - | new | NEW | |
| ELECTRONIC ARTS INC | EA | $51.9M | 252,932 | -0.86pp | 4q | +1.2%+$624.1K | |
| CHART INDS INC | GTLS | $49.6M | 237,599 | +0.23pp | 4q | +25.1%+$10.0M | |
| PENUMBRA INC | PEN | $47.5M | 150,456 | +0.02pp | 2q | +25.3%+$9.6M | |
| WARNER BROS DISCOVERY INC | WBD | $46.4M | 1,740,468 | -0.64pp | 3q | +7.6%+$3.3M | |
| JANUS HENDERSON GROUP PLC | JHG | $46.3M | 890,916 | -0.98pp | 3q | -3.4%-$1.6M | |
| NORFOLK SOUTHN CORP | NSC | $46.0M | 146,283 | -0.02pp | 4q | +9.1%+$3.8M | |
| TXNM ENERGY INC | TXNM | $41.9M | 737,734 | -0.51pp | 5q | +9.3%+$3.6M | |
| WARNER BROS DISCOVERY INC PUT | WBD | $40.7M | options only | +0.56pp | 3q | OPTIONS | |
| CAESARS ENTERTAINMENT INC NE | CZR | $39.6M | 1,313,074 | +3.60pp | 2q | +4351.1%+$38.7M | |
| STATE STREET SPDR S&P 500 ETF CALL | SPY | $33.6M | options only | - | new | OPTIONS | |
| WEBSTER FINL CORP | WBS | $33.4M | 437,210 | -0.12pp | 2q | +5.1%+$1.6M | |
| NATIONAL STORAGE AFFILIATES | NSA | $32.4M | 728,454 | +0.59pp | 2q | +26.4%+$6.8M | |
| SILICON LABORATORIES INC | SLAB | $32.4M | 148,138 | +1.65pp | 2q | +153.6%+$19.6M | |
| LIVERAMP HLDGS INC | RAMP | $30.3M | 805,327 | - | new | NEW | |
| CATALYST PHARMACEUTICALS INC | CPRX | $29.3M | 933,819 | - | new | NEW | |
| Dominion Energy, Inc. | D | $26.0M | 381,231 | - | new | NEW | |
| ARCOSA INC | ACA | $25.2M | 173,589 | - | new | NEW | |
| BIO TECHNE CORP | TECH | $23.7M | 335,727 | - | new | NEW | |
| WHITESTONE REIT | WSR | $23.3M | 1,227,709 | - | new | NEW | |
| ROKU INC | ROKU | $22.8M | 164,890 | - | new | NEW | |
| nan | BLD | $21.8M | 51,251 | - | new | NEW | |
| DIGITALBRIDGE GROUP INC | DBRG | $21.7M | 1,376,380 | -0.22pp | 3q | +6.0%+$1.2M | |
| AVANOS MED INC | AVNS | $19.9M | 799,002 | - | new | NEW | |
| SILA REALTY TRUST INC | SILA | $18.9M | 623,872 | - | new | NEW | |
| ORGANON & CO | OGN | $18.6M | 1,374,899 | - | new | NEW | |
| STELLAR BANCORP INC | STEL | $15.1M | 383,227 | -0.36pp | 2q | -11.1%-$1.9M | |
| ORGANON & CO PUT | OGN | $13.2M | options only | - | new | OPTIONS | |
| NUVALENT INC | NUVL | $12.8M | 103,979 | - | new | NEW | |
| APOGEE THERAPEUTICS INC | APGE | $12.6M | 94,900 | - | new | NEW | |
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $11.2M | options only | - | new | OPTIONS | |
| NUVALENT INC CALL | NUVL | $10.4M | options only | - | new | OPTIONS | |
| NUVALENT INC PUT | NUVL | $10.4M | options only | - | new | OPTIONS | |
| XOMA ROYALTY CORPORATION | XOMA | $10.3M | 242,000 | - | new | NEW | |
| TXNM ENERGY INC | $7.8M | 6,000,000 | -0.17pp | 5q | DEBT | ||
| Rapid7 0 - 0.25 up 30 | $7.8M | 8,501,530 | +0.19pp | 8q | DEBT | ||
| KENVUE INC | KVUE | $7.7M | 402,042 | -0.63pp | 3q | -42.6%-$5.7M | |
| VARONIS SYS INC | $4.9M | 5,000,000 | +0.16pp | 3q | DEBT | ||
| BENTLEY SYSTEMS INCORPORATED | $4.8M | 5,000,000 | -0.08pp | 9q | DEBT | ||
| ETSY INC | $4.7M | 5,000,000 | - | new | DEBT | ||
| LIVERAMP HLDGS INC PUT | RAMP | $4.4M | options only | - | new | OPTIONS | |
| ALPHABET INC | GOOGM | $4.3M | 85,000 | - | new | NEW | |
| REDFIN CORP | $4.3M | 4,500,000 | -0.08pp | 6q | DEBT | ||
| SNAP INC | $4.1M | 5,000,000 | - | new | DEBT | ||
| QXO INC CALL | QXO | $3.5M | options only | - | new | OPTIONS | |
| AXALTA COATING SYS LTD | AXTA | $3.3M | 97,500 | -0.33pp | 3q | -52.9%-$3.7M | |
| GLOBALSTAR INC | GSAT | $2.5M | 30,668 | - | new | NEW | |
| AES CORP | AES | $2.5M | 167,570 | -0.06pp | 2q | -9.8%-$267.7K | |
| UNIFIRST CORP MASS | UNF | $2.4M | 9,045 | -0.50pp | 2q | -64.9%-$4.4M | |
| APOGEE THERAPEUTICS INC PUT | APGE | $2.3M | options only | - | new | OPTIONS | |
| ESPERION THERAPEUTICS INC NECOM | ESPR | $1.9M | 612,774 | - | new | NEW | |
| PAYONEER GLOBAL INC | PAYO | $1.8M | 258,216 | - | new | NEW | |
| NCR ATLEOS CORPORATION | NATL | $1.8M | 41,860 | -0.02pp | 2q | +7.5%+$126.8K | |
| BRIGHTHOUSE FINL INC | BHF | $1.8M | 28,329 | -0.06pp | 3q | -15.4%-$326.7K | |
| QORVO INC | QRVO | $1.8M | 19,052 | - | new | NEW | |
| ALLIED GOLD CORP | AAUC | $1.7M | 73,016 | -0.09pp | 2q | HELD | |
| SELECT MED HLDGS CORP | SEM | $1.4M | 82,492 | -0.06pp | 2q | -20.3%-$346.3K | |
| EQT Corp | EQT | $1.3M | 25,000 | - | new | NEW | |
| TALKSPACE INC | TALK | $1.3M | 242,655 | -0.01pp | 2q | +12.3%+$137.8K | |
| GLOBAL BUSINESS TRAVEL GROUP | GBTG | $1.3M | 133,456 | - | new | NEW | |
| IHS HOLDING LIMITED | IHS | $1.2M | 150,235 | -0.01pp | 2q | +9.2%+$104.0K | |
| CLEAR CHANNEL OUTDOOR HLDGS | CCO | $1.2M | 507,856 | -0.01pp | 2q | +6.1%+$71.0K | |
| HONEYWELL AEROSPACE INC | HONA | $1.1M | 5,000 | - | new | NEW | |
| NORTHWESTERN ENERGY GROUP IN | NWE | $976.4K | 13,633 | -0.01pp | 4q | -1.5%-$14.7K | |
| EQUITABLE HLDGS INC | EQH | $908.4K | 20,701 | - | new | NEW | |
| ECHOSTAR CORP | ECHO | $862.8K | 8,500 | +0.03pp | 2q | +112.5%+$456.8K | |
| BOEING CO | BA | $757.6K | 3,500 | -0.09pp | 2q | -51.6%-$808.3K | |
| PVH CORPORATION | PVH | $742.6K | 10,000 | - | new | NEW | |
| SKYWEST INC | SKYW | $695.3K | 7,000 | - | new | NEW | |
| CROSS CTRY HEALTHCARE INC | CCRN | $655.4K | 49,612 | - | new | NEW | |
| VARONIS SYS INC PUT | VRNS | $629.4K | options only | - | new | OPTIONS | |
| TRUBRIDGE INC | TBRG | $609.4K | 23,251 | - | new | NEW | |
| INTERNATIONAL MNY EXPRESS IN | IMXI | $608.9K | 42,140 | flat | 4q | +27.2%+$130.3K | |
| SIMULATIONS PLUS INC | SLP | $608.6K | 33,238 | - | new | NEW | |
| NATHANS FAMOUS INC NEW | NATH | $596.5K | 5,871 | flat | 2q | +17.6%+$89.1K | |
| VIKING THERAPEUTICS INC | VKTX | $585.1K | 15,000 | +0.02pp | 2q | +45.9%+$184.1K | |
| ALASKA AIR GROUP INC | ALK | $574.2K | 11,000 | +0.01pp | 2q | +7.2%+$38.4K | |
| HONEYWELL INTL INC | HON | $559.8K | 2,500 | - | new | NEW | |
| PACIFIC BIOSCIENCES CALIF IN | PACB | $459.8K | 273,666 | flat | 2q | +0.6%+$2.7K | |
| AURA BIOSCIENCES INC | AURA | $426.0K | 60,000 | - | new | NEW | |
| AstroNova, Inc. | ALOT | $340.8K | 11,972 | - | new | NEW | |
| UNITED AIRLS HLDGS INC | UAL | $340.0K | 2,500 | -0.02pp | 2q | -50.0%-$340.0K | |
| V F CORP | VFC | $250.2K | 15,000 | - | new | NEW | |
| PENN ENTERTAINMENT INC | PENN | $213.6K | 10,000 | -0.04pp | 2q | -71.4%-$534.0K | |
| DICKS SPORTING GOODS INC | DKS | $136.1K | 600 | -0.11pp | 3q | -88.8%-$1.1M |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Utilities | $71.4M | 6.6% |
| Biotech & Pharma | $57.0M | 5.3% |
| Transport & Logistics | $47.6M | 4.4% |
| Medical Devices | $47.5M | 4.4% |
| Funds & ETFs | $44.8M | 4.2% |
| Business Services | $44.7M | 4.2% |
| Software & IT Services | $39.7M | 3.7% |
| Semiconductors & Electronics | $32.4M | 3.0% |
| Telecom & Media | $27.4M | 2.5% |
| Industrials | $25.2M | 2.3% |
| Other sectors | $26.2M | 2.4% |
| Not classified | $611.3M | 56.9% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +3.2% | +14.8% | -11.6% | 61% |
| Q2 2025 | +1.4% | +10.5% | -9.0% | 67% |
| Q1 2025 | +4.5% | -4.6% | +9.1% | 67% |
| Q4 2024 | +0.0% | +2.1% | -2.1% | 68% |
| Q3 2024 | +0.4% | +5.4% | -5.1% | 80% |
| Q2 2024 | -3.3% | +4.0% | -7.3% | 92% |
| Q4 2023 | +2.0% | +11.2% | -9.2% | 65% |
| Q3 2023 | +3.3% | -3.6% | +6.9% | 68% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.1B | 85 | 44 | 23 | 13 | 57 | 43.0% | 45 |
| Q1 2026 | $895.6M | 98 | 59 | 19 | 10 | 52 | 45.4% | 45 |
| Q4 2025 | $927.6M | 91 | 61 | 9 | 9 | 54 | 38.5% | 48 |
| Q3 2025 | $793.3M | 84 | 58 | 6 | 5 | 50 | 37.2% | 45 |
| Q2 2025 | $702.0M | 76 | 38 | 14 | 6 | 46 | 47.8% | 45 |
| Q1 2025 | $764.1M | 84 | 41 | 7 | 17 | 35 | 49.2% | 45 |
| Q4 2024 | $925.7M | 78 | 37 | 19 | 8 | 38 | 46.5% | 44 |
| Q3 2024 | $992.7M | 79 | 33 | 16 | 18 | 29 | 46.1% | 45 |
| Q2 2024 | $986.6M | 75 | 37 | 9 | 19 | 23 | 43.4% | 137 |
| Q1 2024 | $961.8M | 61 | 30 | 5 | 12 | 27 | 55.5% | 228 |
| Q4 2023 | $1.0B | 58 | 35 | 9 | 5 | 58 | 57.1% | 319 |
| Q3 2023 | $1.1B | 81 | 40 | 7 | 17 | 35 | 53.1% | 411 |
| Q2 2023 | $1.2B | 76 | 33 | 18 | 10 | 32 | 53.6% | 503 |
| Q1 2023 | $1.3B | 75 | 36 | 15 | 9 | 48 | 48.6% | 594 |
| Q4 2022 | $1.2B | 87 | 35 | 15 | 21 | 47 | 46.7% | 684 |
| Q3 2022 | $1.8B | 99 | 48 | 18 | 16 | 35 | 37.5% | 45 |
| Q2 2022 | $1.6B | 86 | 36 | 17 | 20 | 35 | 39.1% | 46 |
| Q1 2022 | $2.0B | 85 | 39 | 22 | 11 | 50 | 34.6% | 43 |
| Q4 2021 | $1.8B | 96 | 59 | 15 | 10 | 33 | 55.4% | 45 |
| Q3 2021 | $1.7B | 70 | 43 | 13 | 5 | 44 | 60.2% | 43 |
| Q2 2021 | $1.9B | 71 | 46 | 14 | 0 | 71 | 49.7% | 43 |
| Q1 2021 | $1.6B | 96 | 49 | 8 | 28 | 58 | 48.1% | 43 |
| Q4 2020 | $1.4B | 105 | 63 | 8 | 17 | 54 | 57.3% | 41 |
| Q3 2020 | $1.2B | 96 | 48 | 15 | 18 | 33 | 58.8% | 43 |
| Q2 2020 | $1.1B | 81 | 50 | 16 | 11 | 27 | 81.8% | 43 |
| Q1 2020 | $1.4B | 58 | 33 | 15 | 4 | 41 | 71.5% | 42 |
| Q4 2019 | $1.4B | 66 | 44 | 10 | 8 | 56 | 69.7% | 42 |
| Q3 2019 | $1.6B | 78 | 30 | 10 | 29 | 53 | 64.9% | 43 |
| Q2 2019 | $4.3B | 101 | 51 | 26 | 10 | 94 | 54.4% | 43 |
| Q1 2019 | $3.7B | 144 | 95 | 37 | 8 | 47 | 47.6% | 33 |
| Q4 2018 | $1.3B | 96 | 0 | 0 | 0 | 0 | 52.3% | 36 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.