WATER ISLAND CAPITAL LLC

CIK

1222765

Location

NEW YORK, NY

Portfolio Value

Micro $15,057,834

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

5 positions · $15,057,834 total · Consumer Defensive only · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
KVUE	Kenvue Inc. Consumer Defensive	Added	700,600	+10,409	$12,078,344	+1.4%	80.21%
STKL	SunOpta Inc. Consumer Defensive	NEW	196,514	NEW	$1,273,410	NEW	8.46%
UDMY	Udemy, Inc. Consumer Defensive	Added	139,335	+3,413	$643,727	−19.0%	4.28%
EL	Estee Lauder Companies Inc Consumer Defensive	NEW	7,500	NEW	$538,275	NEW	3.57%
CVGW	Calavo Growers Inc Consumer Defensive	NEW	20,321	NEW	$524,078	NEW	3.48%