WATER ISLAND CAPITAL LLC

CIK

1222765

Location

NEW YORK, NY

Portfolio Value

Small $710,812,661

Diversification

Diversified

Filing Date

Global Rank

#2,166 / 8,622 ▲ 645 · as of Mar 2026

Top Industry

Medical Devices 10.5%

3Y Alpha vs SPY

-20.2%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

-4.1%

SPY

+67.9%

Annualised alpha

-20.2%

Max drawdown

−22.4%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

77 tracked 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 Ltd.	+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 tracked 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 Ltd. 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%

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.