WATER ISLAND CAPITAL LLC

CIK

1222765

Location

NEW YORK, NY

Portfolio Value

Small $689,500,991

Diversification

Diversified

Filing Date

Global Rank

#3,172 / 8,794 ▲ 1081 · as of Jun 2026

Top Industry

Entertainment 10.0%

3Y Alpha vs SPY

-22.4%

Period ended 3 months ago

Filed Aug 14, 2026 · 50d

26 quarters · since Mar 2020

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

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Portfolio Concentration

68 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

7.5%

−7.9 pts

Top 5

34.5%

−30.0 pts

Top 10

60.3%

−29.1 pts

HHI

475

Diversified−525

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Communication Services	18.8%	$129,950,369	7
Healthcare	18.4%	$127,020,215	17
Financial Services	17.3%	$119,184,019	6
Industrials	13.9%	$95,834,250	11
Utilities	10.3%	$71,355,771	4
Technology	10.0%	$69,071,933	7
Consumer Cyclical	6.2%	$42,820,703	8
Real Estate	2.9%	$20,178,689	4
Consumer Defensive	1.1%	$7,683,022	1
Basic Materials	0.7%	$5,072,770	2
Energy	0.2%	$1,329,250	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

22 positions

Ticker	Company	Δ Shares	Shares	Value
CZR	Caesars Entertainment, Inc.	+1,283,574	1,313,074	$39,628,573
—		+152,230	728,454	$0
WBD	Warner Bros. Discovery, Inc.	+123,448	1,740,468	$46,400,876
SLAB	Silicon Laboratories Inc.	+89,721	148,138	$32,377,041
DBRG	DigitalBridge Group, Inc.	+77,329	1,376,380	$21,719,276
TXNM	Txnm Energy Inc	+62,867	737,734	$41,888,536
—		+47,660	237,599	$0
PEN	Penumbra Inc	+30,361	150,456	$47,506,482
CCO	Clear Channel Outdoor Holdings, Inc.	+29,339	507,856	$1,229,011
—		+26,497	242,655	$1,261,806
—		+21,387	437,210	$33,411,588
IHS	IHS Holding Ltd	+12,620	150,235	$1,237,936
NSC	Norfolk Southern Corp	+12,232	146,283	$46,019,168
IMXI	International Money Express, Inc.	+9,018	42,140	$608,923
VKTX	Viking Therapeutics, Inc.	+4,720	15,000	$585,150
ECHO	EchoStar CORP	+4,500	8,500	$862,750
—		+3,044	252,932	$51,861,177
NATL	NCR Atleos Corp	+2,921	41,860	$1,817,142
PACB	Pacific Biosciences Of California, Inc.	+1,626	273,666	$459,758
NATH	Nathans Famous, Inc.	+877	5,871	$596,493
ALK	Alaska Air Group, Inc.	+735	11,000	$574,200
AAUC	Allied Gold Corp	+231	73,016	$1,736,320
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
KVUE	Kenvue Inc.	−298,558	402,042	$7,683,022
AXTA	Axalta Coating Systems Ltd.	−109,402	97,500	$3,336,450
—		−48,004	383,227	$15,068,485
—		−31,361	890,916	$46,283,086
PENN	PENN Entertainment, Inc.	−25,000	10,000	$213,600
—		−20,975	82,492	$1,361,942
AES	Aes Corp	−18,263	167,570	$2,456,576
UNF	Unifirst Corp	−16,698	9,045	$2,392,040
BHF	Brighthouse Financial, Inc.	−5,161	28,329	$1,793,225
DKS	Dick's Sporting Goods, Inc.	−4,748	600	$136,086
BA	Boeing Co	−3,734	3,500	$757,645
UAL	United Airlines Holdings, Inc.	−2,500	2,500	$339,975
NWE	NorthWestern Energy Group, Inc.	−205	13,633	$976,395
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
RAMP	LiveRamp Holdings, Inc.	805,327	$30,312,508
D	Dominion Energy, Inc	381,231	$26,034,264
ACA	Arcosa, Inc.	173,589	$25,220,745
TECH	BIO-TECHNE Corp	335,727	$23,719,112
ROKU	Roku, Inc	164,890	$22,777,904
—		799,002	$19,879,169
—		623,872	$18,940,753
OGN	Organon & Co.	1,374,899	$18,616,132
—		51,251	$18,170,017
—		94,900	$12,596,077
GOOGL	Alphabet Inc.	85,000	$4,325,650
GSAT	Globalstar, Inc.	30,668	$2,493,001
PAYO	Payoneer Global Inc.	258,216	$1,838,497
QRVO	Qorvo, Inc.	19,052	$1,776,980
EQT	EQT Corp	25,000	$1,329,250
GBTG	Global Business Travel Group, Inc.	133,456	$1,253,151
HONA	Honeywell Aerospace Inc.	5,000	$1,105,400
EQH	Equitable Holdings, Inc.	20,701	$908,359
PVH	Pvh Corp. /De/	10,000	$742,600
SKYW	Skywest Inc	7,000	$695,310
SLP	Simulations Plus, Inc.	33,238	$608,587
HON	Honeywell International Inc	2,500	$559,750
AURA	Aura Biosciences, Inc.	60,000	$426,000
—		11,972	$340,842
VFC	V F Corp	15,000	$250,200
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
ZIM	ZIM Integrated Shipping Services Ltd.	331,800	$8,742,930
—		34,536	$946,631
AMRX	Amneal Pharmaceuticals, Inc.	68,400	$850,212
EL	Estee Lauder Companies Inc	7,500	$538,275
VCTR	Victory Capital Holdings, Inc.	5,120	$335,257
UPS	United Parcel Service Inc	2,520	$247,917
PYPL	PayPal Holdings, Inc.	5,124	$231,758
—		32,987	$0
—		1,263,580	$0
—		944,247	$0
—		98,859	$0
—		194,197	$0
—		133,872	$0
—		597,390	$0
—		825,652	$0
—		37,992	$0
—		156,502	$0
—		196,514	$0
—		35,658	$0
—		120,500	$0
—		107,867	$0
—		183,409	$0
—		560,045	$0
—		73,131	$0
—		20,321	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

68 tracked positions · $689,500,991 total · filing declares 85 positions · $1,075,083,365 · as of Jun 30, 2026

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

Showing 1–50 of 68 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
		Added	252,932	+3,044	$51,861,177	+1.8%	7.52%
PEN	Penumbra Inc Healthcare	Added	150,456	+30,361	$47,506,482	+20.5%	6.89%
WBD	Warner Bros. Discovery, Inc. Communication Services	Added	1,740,468	+123,448	$46,400,876	+4.5%	6.73%
		Reduced	890,916	-31,361	$46,283,086	—	6.71%
NSC	Norfolk Southern Corp Industrials	Added	146,283	+12,232	$46,019,168	+19.6%	6.67%
TXNM	Txnm Energy Inc Utilities	Added	737,734	+62,867	$41,888,536	+6.2%	6.08%
CZR	Caesars Entertainment, Inc. Consumer Cyclical	Added	1,313,074	+1,283,574	$39,628,573	+4982.6%	5.75%
		Added	437,210	+21,387	$33,411,588	+15.7%	4.85%
SLAB	Silicon Laboratories Inc. Technology	Added	148,138	+89,721	$32,377,041	+166.3%	4.70%
RAMP	LiveRamp Holdings, Inc. Technology	NEW	805,327	NEW	$30,312,508	NEW	4.40%
D	Dominion Energy, Inc Utilities	NEW	381,231	NEW	$26,034,264	NEW	3.78%
ACA	Arcosa, Inc. Industrials	NEW	173,589	NEW	$25,220,745	NEW	3.66%
TECH	BIO-TECHNE Corp Healthcare	NEW	335,727	NEW	$23,719,112	NEW	3.44%
ROKU	Roku, Inc Communication Services	NEW	164,890	NEW	$22,777,904	NEW	3.30%
DBRG	DigitalBridge Group, Inc. Financial Services	Added	1,376,380	+77,329	$21,719,276	+8.4%	3.15%
		NEW	799,002	NEW	$19,879,169	NEW	2.88%
		NEW	623,872	NEW	$18,940,753	NEW	2.75%
OGN	Organon & Co. Healthcare	NEW	1,374,899	NEW	$18,616,132	NEW	2.70%
		NEW	51,251	NEW	$18,170,017	NEW	2.64%
		Reduced	383,227	-48,004	$15,068,485	—	2.19%
		NEW	94,900	NEW	$12,596,077	NEW	1.83%
KVUE	Kenvue Inc. Consumer Defensive	Reduced	402,042	-298,558	$7,683,022	−36.4%	1.11%
GOOGL	Alphabet Inc. Communication Services	NEW	85,000	NEW	$4,325,650	NEW	0.63%
AXTA	Axalta Coating Systems Ltd. Basic Materials	Reduced	97,500	-109,402	$3,336,450	−41.8%	0.48%
GSAT	Globalstar, Inc. Communication Services	NEW	30,668	NEW	$2,493,001	NEW	0.36%
AES	Aes Corp Utilities	Reduced	167,570	-18,263	$2,456,576	−6.2%	0.36%
UNF	Unifirst Corp Industrials	Reduced	9,045	-16,698	$2,392,040	−63.1%	0.35%
PAYO	Payoneer Global Inc. Technology	NEW	258,216	NEW	$1,838,497	NEW	0.27%
NATL	NCR Atleos Corp Technology	Added	41,860	+2,921	$1,817,142	+7.1%	0.26%
BHF	Brighthouse Financial, Inc. Financial Services	Reduced	28,329	-5,161	$1,793,225	−10.6%	0.26%
QRVO	Qorvo, Inc. Technology	NEW	19,052	NEW	$1,776,980	NEW	0.26%
AAUC	Allied Gold Corp Basic Materials	Added	73,016	+231	$1,736,320	−23.1%	0.25%
		Reduced	82,492	-20,975	$1,361,942	—	0.20%
EQT	EQT Corp Energy	NEW	25,000	NEW	$1,329,250	NEW	0.19%
		Added	242,655	+26,497	$1,261,806	+12.8%	0.18%
GBTG	Global Business Travel Group, Inc. Consumer Cyclical	NEW	133,456	NEW	$1,253,151	NEW	0.18%
IHS	IHS Holding Ltd Real Estate	Added	150,235	+12,620	$1,237,936	+9.3%	0.18%
CCO	Clear Channel Outdoor Holdings, Inc. Communication Services	Added	507,856	+29,339	$1,229,011	+8.4%	0.18%
HONA	Honeywell Aerospace Inc. Industrials	NEW	5,000	NEW	$1,105,400	NEW	0.16%
NWE	NorthWestern Energy Group, Inc. Utilities	Reduced	13,633	-205	$976,395	+7.0%	0.14%
EQH	Equitable Holdings, Inc. Financial Services	NEW	20,701	NEW	$908,359	NEW	0.13%
ECHO	EchoStar CORP Communication Services	Added	8,500	+4,500	$862,750	+84.2%	0.13%
BA	Boeing Co Industrials	Reduced	3,500	-3,734	$757,645	−47.4%	0.11%
PVH	Pvh Corp. /De/ Consumer Cyclical	NEW	10,000	NEW	$742,600	NEW	0.11%
SKYW	Skywest Inc Industrials	NEW	7,000	NEW	$695,310	NEW	0.10%
IMXI	International Money Express, Inc. Technology	Added	42,140	+9,018	$608,923	+16.4%	0.09%
SLP	Simulations Plus, Inc. Healthcare	NEW	33,238	NEW	$608,587	NEW	0.09%
NATH	Nathans Famous, Inc. Consumer Cyclical	Added	5,871	+877	$596,493	+18.6%	0.09%
VKTX	Viking Therapeutics, Inc. Healthcare	Added	15,000	+4,720	$585,150	+74.9%	0.08%
ALK	Alaska Air Group, Inc. Industrials	Added	11,000	+735	$574,200	+52.1%	0.08%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.