WATER ISLAND CAPITAL LLC

CIK

1222765

Location

NEW YORK, NY

Portfolio Value

Small $710,812,661

Diversification

Diversified

Filing Date

Global Rank

#1,886 / 8,232 ▲ 711

Top Industry

Medical Devices 10.5%

3Y Alpha vs SPY

-21.0%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

-0.7%

SPY

+76.3%

Annualised alpha

-21.0%

Max drawdown

−22.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

77 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.2%

−1.4 pts

Top 5

31.6%

−9.0 pts

Top 10

57.0%

−15.3 pts

HHI

416

Diversified−199

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	27.3%	$193,754,718	15
Industrials	17.6%	$125,013,413	12
Financial Services	16.6%	$118,140,434	13
Communication Services	13.6%	$96,950,400	4
Real Estate	7.5%	$53,605,415	5
Utilities	6.0%	$42,983,587	3
Consumer Cyclical	4.4%	$31,382,266	7
Technology	3.5%	$24,975,123	10
Consumer Defensive	2.1%	$15,057,834	5
Basic Materials	1.1%	$7,990,431	2
Energy	0.1%	$959,040	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
WBD	Warner Bros. Discovery, Inc.	+477,386	1,617,020	$44,403,369
DBRG	DigitalBridge Group, Inc.	+370,051	1,299,051	$20,031,366
JHG	Janus Henderson Group PLC	+274,792	922,277	$47,377,369
TXNM	Txnm Energy Inc	+98,456	674,867	$39,452,724
HOLX	HOLOGIC INC	+92,303	560,045	$42,333,801
EA	Electronic Arts Inc.	+69,050	249,888	$50,944,666
KVUE	Kenvue Inc.	+10,409	700,600	$12,078,344
NSC	Norfolk Southern Corp	+5,008	134,051	$38,472,637
BHF	Brighthouse Financial, Inc.	+4,649	33,490	$2,005,381
DKS	Dick's Sporting Goods, Inc.	+4,248	5,348	$1,060,454
PRA	Proassurance Corp	+4,111	51,103	$1,263,266
HTBK	HERITAGE COMMERCE CORP	+4,068	37,992	$474,140
UDMY	Udemy, Inc.	+3,413	139,335	$643,727
FFWM	First Foundation Inc.	+1,654	67,573	$398,680
GTLS	Chart Industries Inc	+1,614	189,939	$39,269,888
AXTA	Axalta Coating Systems Ltd.	+1,180	206,902	$5,731,185
DHIL	DIAMOND HILL INVESTMENT GROUP INC	+40	2,522	$434,036
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
CWAN	Clearwater Analytics Holdings, Inc.	−766,043	109,589	$2,591,779
FOLD	AMICUS THERAPEUTICS, INC.	−602,551	104,066	$1,504,794
SEE	SEALED AIR CORP/DE	−503,166	56,071	$2,357,785
SEMR	SEMrush Holdings, Inc.	−494,730	133,872	$1,598,431
AL	SUMISHO AIR LEASE CORP	−225,309	73,131	$4,749,127
CSGS	Csg Systems International Inc	−130,497	20,223	$1,616,626
IMXI	International Money Express, Inc.	−55,354	33,122	$523,327
CTLP	Cantaloupe, Inc.	−23,927	107,867	$1,166,042
NWE	NorthWestern Energy Group, Inc.	−469	13,838	$912,477
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
PEN	Penumbra Inc	120,095	$39,435,595
MASI	Masimo Corp	194,197	$34,541,820
WBS	Webster Financial Corp	415,823	$28,866,432
TPH	Tri Pointe Homes, Inc.	536,367	$25,064,429
NSA	National Storage Affiliates Trust	576,224	$21,746,693
GLDD	Great Lakes Dredge & Dock CORP	1,263,580	$21,480,860
ACLX	Arcellx, Inc.	183,409	$21,059,021
DAWN	Day One Biopharmaceuticals, Inc.	944,247	$20,244,655
STEL	Stellar Bancorp, Inc.	431,231	$15,787,366
EHAB	Enhabit, Inc.	984,611	$13,873,168
SLAB	Silicon Laboratories Inc.	58,417	$12,159,498
VRE	Veris Residential, Inc.	597,390	$11,272,749
PKST	Peakstone Realty Trust	503,583	$10,519,848
TERN	Terns Pharmaceuticals, Inc.	188,500	$9,937,720
KW	Kennedy-Wilson Holdings, Inc.	825,652	$8,933,554
ZIM	ZIM Integrated Shipping Services Ltd.	331,800	$8,742,930
UNF	Unifirst Corp	25,743	$6,476,681
APLS	Apellis Pharmaceuticals, Inc.	120,500	$4,847,715
AES	Aes Corp	185,833	$2,618,386
AAUC	Allied Gold Corp	72,785	$2,259,246
OS	OneStream, Inc.	91,120	$2,186,880
NATL	NCR Atleos Corp	38,939	$1,696,961
SEM	Select Medical Holdings Corp	103,467	$1,685,477
THR	Thermon Group Holdings, Inc.	32,987	$1,662,544
SNCY	Sun Country Airlines Holdings, LLC	98,859	$1,633,150
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
EXAS	EXACT SCIENCES CORP	350,009	$35,546,914
TGNA	TEGNA INC	1,179,885	$22,901,567
QRVO	Qorvo, Inc.	109,521	$9,255,619
NGD	New Gold Inc. /FI	226,878	$1,976,107
STAA	Staar Surgical Co	67,862	$1,566,933
WTRG	Essential Utilities, Inc.	36,646	$1,405,740
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

77 positions · $710,812,661 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 77 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
EA	Electronic Arts Inc. Communication Services	Added	249,888	+69,050	$50,944,666	+37.9%	7.17%
JHG	Janus Henderson Group PLC Financial Services	Added	922,277	+274,792	$47,377,369	+53.8%	6.67%
WBD	Warner Bros. Discovery, Inc. Communication Services	Added	1,617,020	+477,386	$44,403,369	+35.2%	6.25%
HOLX	HOLOGIC INC Healthcare	Added	560,045	+92,303	$42,333,801	+21.5%	5.96%
TXNM	Txnm Energy Inc Utilities	Added	674,867	+98,456	$39,452,724	+16.2%	5.55%
PEN	Penumbra Inc Healthcare	NEW	120,095	NEW	$39,435,595	NEW	5.55%
GTLS	Chart Industries Inc Industrials	Added	189,939	+1,614	$39,269,888	+1.1%	5.52%
NSC	Norfolk Southern Corp Industrials	Added	134,051	+5,008	$38,472,637	+3.3%	5.41%
MASI	Masimo Corp Healthcare	NEW	194,197	NEW	$34,541,820	NEW	4.86%
WBS	Webster Financial Corp Financial Services	NEW	415,823	NEW	$28,866,432	NEW	4.06%
TPH	Tri Pointe Homes, Inc. Consumer Cyclical	NEW	536,367	NEW	$25,064,429	NEW	3.53%
NSA	National Storage Affiliates Trust Real Estate	NEW	576,224	NEW	$21,746,693	NEW	3.06%
GLDD	Great Lakes Dredge & Dock CORP Industrials	NEW	1,263,580	NEW	$21,480,860	NEW	3.02%
ACLX	Arcellx, Inc. Healthcare	NEW	183,409	NEW	$21,059,021	NEW	2.96%
DAWN	Day One Biopharmaceuticals, Inc. Healthcare	NEW	944,247	NEW	$20,244,655	NEW	2.85%
DBRG	DigitalBridge Group, Inc. Financial Services	Added	1,299,051	+370,051	$20,031,366	+40.6%	2.82%
STEL	Stellar Bancorp, Inc. Financial Services	NEW	431,231	NEW	$15,787,366	NEW	2.22%
EHAB	Enhabit, Inc. Healthcare	NEW	984,611	NEW	$13,873,168	NEW	1.95%
SLAB	Silicon Laboratories Inc. Technology	NEW	58,417	NEW	$12,159,498	NEW	1.71%
KVUE	Kenvue Inc. Consumer Defensive	Added	700,600	+10,409	$12,078,344	+1.4%	1.70%
VRE	Veris Residential, Inc. Real Estate	NEW	597,390	NEW	$11,272,749	NEW	1.59%
PKST	Peakstone Realty Trust Real Estate	NEW	503,583	NEW	$10,519,848	NEW	1.48%
TERN	Terns Pharmaceuticals, Inc. Healthcare	NEW	188,500	NEW	$9,937,720	NEW	1.40%
KW	Kennedy-Wilson Holdings, Inc. Real Estate	NEW	825,652	NEW	$8,933,554	NEW	1.26%
ZIM	ZIM Integrated Shipping Services Ltd. Industrials	NEW	331,800	NEW	$8,742,930	NEW	1.23%
UNF	Unifirst Corp Industrials	NEW	25,743	NEW	$6,476,681	NEW	0.91%
AXTA	Axalta Coating Systems Ltd. Basic Materials	Added	206,902	+1,180	$5,731,185	−13.8%	0.81%
APLS	Apellis Pharmaceuticals, Inc. Healthcare	NEW	120,500	NEW	$4,847,715	NEW	0.68%
AL	SUMISHO AIR LEASE CORP Industrials	Reduced	73,131	-225,309	$4,749,127	−75.2%	0.67%
AES	Aes Corp Utilities	NEW	185,833	NEW	$2,618,386	NEW	0.37%
CWAN	Clearwater Analytics Holdings, Inc. Technology	Reduced	109,589	-766,043	$2,591,779	−87.7%	0.36%
SEE	SEALED AIR CORP/DE Consumer Cyclical	Reduced	56,071	-503,166	$2,357,785	−89.8%	0.33%
AAUC	Allied Gold Corp Basic Materials	NEW	72,785	NEW	$2,259,246	NEW	0.32%
OS	OneStream, Inc. Technology	NEW	91,120	NEW	$2,186,880	NEW	0.31%
BHF	Brighthouse Financial, Inc. Financial Services	Added	33,490	+4,649	$2,005,381	+7.3%	0.28%
NATL	NCR Atleos Corp Technology	NEW	38,939	NEW	$1,696,961	NEW	0.24%
SEM	Select Medical Holdings Corp Healthcare	NEW	103,467	NEW	$1,685,477	NEW	0.24%
THR	Thermon Group Holdings, Inc. Industrials	NEW	32,987	NEW	$1,662,544	NEW	0.23%
SNCY	Sun Country Airlines Holdings, LLC Industrials	NEW	98,859	NEW	$1,633,150	NEW	0.23%
CNTA	Centessa Pharmaceuticals plc Healthcare	NEW	41,000	NEW	$1,628,520	NEW	0.23%
CSGS	Csg Systems International Inc Technology	Reduced	20,223	-130,497	$1,616,626	−86.0%	0.23%
SEMR	SEMrush Holdings, Inc. Technology	Reduced	133,872	-494,730	$1,598,431	−78.6%	0.22%
FOLD	AMICUS THERAPEUTICS, INC. Healthcare	Reduced	104,066	-602,551	$1,504,794	−85.0%	0.21%
BA	Boeing Co Industrials	NEW	7,234	NEW	$1,439,783	NEW	0.20%
STKL	SunOpta Inc. Consumer Defensive	NEW	196,514	NEW	$1,273,410	NEW	0.18%
PRA	Proassurance Corp Financial Services	Added	51,103	+4,111	$1,263,266	+11.3%	0.18%
CTLP	Cantaloupe, Inc. Technology	Reduced	107,867	-23,927	$1,166,042	−16.7%	0.16%
CCO	Clear Channel Outdoor Holdings, Inc. Communication Services	NEW	478,517	NEW	$1,134,085	NEW	0.16%
IHS	IHS Holding Ltd Real Estate	NEW	137,615	NEW	$1,132,571	NEW	0.16%
TALK	Talkspace, Inc. Healthcare	NEW	216,158	NEW	$1,118,617	NEW	0.16%