Westchester Capital Management, LLC

Registered adviser

CIK

1512805

Location

VALHALLA, NY

Portfolio Value

Mid $2,013,505,084

Diversification

Diversified

Reports for

WESTCHESTER CAPITAL PARTNERS, LLC Virtus Investment Advisers, LLC

Filing Date

Global Rank

#1,586 / 8,818 ▼ 198

Top Industry

Shell Companies 37.7%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 155686

Roster of Oct 1, 2026

Regulatory AUM

$2,884,059,583

Main clients

Registered funds and BDCs (100% of AUM)

LEI

549300JVYLER1U5NDK13

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

No private funds listed.

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$2,884,059,583	Registered funds and BDCs (100%)
Apr 2025 to Mar 2026	$2,812,808,825	Registered funds and BDCs (100%)
Apr 2024 to Mar 2025	$3,966,777,930	Registered funds and BDCs (100%)
May 2023 to Mar 2024	$5,348,167,512	Registered funds and BDCs (100%)
Apr 2023	$5,348,167,512	Registered funds and BDCs (100%)
Apr 2022 to Mar 2023	$5,331,158,059	Registered funds and BDCs (100%)

4 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 50.6%, 29.3 effective positions, active share 97.7% against the S&P MidCap 400 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

60.7% over the last four quarters (30% to under 100%)

Horizon

Short horizon

Value-weighted holding period 3.3 quarters (under 4)

Closest benchmark: the S&P MidCap 400 as of 2026-06-30, active share 97.7%; sector active share 58.3% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

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

View clone backtest

Portfolio Concentration

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

Top Position

8.4%

+1.6 pts

Top 5

35.7%

+5.2 pts

Top 10

49.3%

+3.8 pts

HHI

327

Diversified+57

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	46.6%	$939,147,325	243
Industrials	21.1%	$425,561,981	10
Communication Services	18.5%	$373,104,368	5
Healthcare	4.8%	$96,842,440	7
Consumer Cyclical	2.8%	$56,888,589	3
Technology	2.5%	$49,671,030	1
Consumer Defensive	1.0%	$19,813,931	2
Utilities	0.9%	$18,190,499	2
Basic Materials	0.8%	$16,023,044	2
Unclassified	0.7%	$13,713,778	5
Energy	0.2%	$4,548,099	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
CZR	Caesars Entertainment, Inc.	+1,159,830	1,377,630	$41,576,873
DBRHP	DigitalBridge Group, Inc.	+758,672	3,697,020	$55,122,568
KVUE	Kenvue Inc.	+691,439	1,022,789	$19,545,495
HAVA	Harvard Ave Acquisition Corp	+598,790	796,944	$8,049,132
WBD	Warner Bros. Discovery, Inc.	+482,561	5,715,678	$152,379,974
WPAC	White Pearl Acquisition Corp.	+455,324	705,324	$7,067,345
AEAQ	Activate Energy Acquisition Corp.	+350,000	600,000	$6,000,000
CHEC	Chenghe Acquisition III Co.	+275,000	277,000	$2,811,549
—		+268,656	532,551	$49,671,030
GIX	GigCapital9 Corp.	+268,544	368,544	$3,659,640
LKSP	Lake Superior Acquisition Corp	+255,000	455,000	$4,613,698
DRDB	Roman DBDR Acquisition Corp. II	+252,847	438,091	$4,615,286
QSEA	Quartzsea Acquisition Corp	+245,000	611,605	$6,434,083
DMII	Drugs Made In America Acquisition II Corp.	+121,791	621,797	$6,255,276
—		+117,526	613,584	$128,202,241
—		+100,880	826,173	$169,398,511
QUMS	Quantumsphere Acquisition Corp	+100,000	350,000	$3,576,999
FERA	Fifth Era Acquisition Corp I	+100,000	186,300	$1,941,244
SPEG	Silver Pegasus Acquisition Corp.	+95,000	445,000	$4,570,148
PEN	Penumbra Inc	+80,842	157,472	$49,721,783
PCAP	ProCap Acquisition Corp	+69,110	329,924	$3,391,617
UNF	Unifirst Corp	+28,787	287,253	$75,966,927
B	Barrick Mining Corp	+25,100	180,600	$6,633,437
CHAR	Charlton Aria Acquisition Corp	+22,500	222,500	$2,403,000
NSC	Norfolk Southern Corp	+14,096	515,734	$162,244,757
No positions match the current search.

Trimmed

Positions the filer reduced

21 positions

Ticker	Company	Δ Shares	Shares	Value
DMAA	Drugs Made In America Acquisition Corp.	−1,087,210	581,790	$6,196,063
SZZLR	Sizzle Acquisition Corp. II	−765,993	234,007	$38,026
—		−648,798	175,971	$1,916,324
TACHW	Titan Acquisition Corp.	−550,000	122,345	$73,408
LCCC	Lakeshore Acquisition III Corp.	−496,733	192,703	$2,006,036
TACH	Titan Acquisition Corp.	−475,000	869,693	$9,053,503
—		−435,360	1,397,789	$106,819,033
SZZL	Sizzle Acquisition Corp. II	−386,465	1,175,280	$12,175,900
BCAR	D. Boral ARC Acquisition I Corp.	−287,190	99,178	$1,034,426
CEPV	Cantor Equity Partners V, Inc.	−250,000	200,000	$2,062,598
AXIN	Axiom Intelligence Acquisition Corp 1	−214,541	460,459	$4,761,145
UYSC	UY Scuti Acquisition Corp.	−199,800	130,200	$1,387,932
BXBL	BOXABL Inc.	−193,244	155,928	$1,574,872
TDAC	Translational Development Acquisition Corp.	−124,524	124,328	$1,329,065
—		−119,885	46,828	$1,558,434
—		−74,646	25,352	$52,985
BLUWW	Blue Water Acquisition Corp. III	−50,000	148,958	$0
LCCCR	Lakeshore Acquisition III Corp.	−42,835	396,601	$79,319
PAACU	Proem Acquisition Corp. I	−5,000	117,188	$1,181,253
FDX	Fedex Corp	−4,400	11,200	$3,507,056
HON	Honeywell International Inc	−13	6,087	$1,362,879
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
ROKU	Roku, Inc	314,488	$43,443,371
OGN	Organon & Co.	1,426,578	$19,315,865
—		983,315	$16,234,529
AES	Aes Corp	1,013,872	$14,863,363
—		37,399	$13,259,067
—		72,962	$9,684,245
QLEP	Quantum Leap Acquisition Corp	950,000	$9,433,499
MLAA	Mountain Lake Acquisition Corp. II	853,517	$8,475,423
TRAD	APEX Tech Acquisition Inc.	700,000	$6,964,999
EVAC	EQV Ventures Acquisition Corp. II	550,000	$5,598,999
CAII	Collective Acquisition Corp. II	550,000	$5,444,998
QRED	QuasarEdge Acquisition Corp	507,797	$5,042,423
SSAC	SPACSphere Acquisition Corp.	500,000	$4,989,999
APUR	Aperture AC	500,000	$4,949,999
BHAV	BHAV Acquisition Corp	450,000	$4,468,499
MYX	Maywood Acquisition Corp. 2	450,000	$4,445,999
HUN	Huntsman CORP	364,321	$3,869,088
GSRV	GSR V Acquisition Corp.	350,000	$3,510,500
PONO	Pono Capital Four, Inc.	350,000	$3,485,999
LPCV	Launchpad Cadenza Acquisition Corp I	334,463	$3,344,630
TXNM	Txnm Energy Inc	58,597	$3,327,136
OTGA	OTG Acquisition Corp. I	312,800	$3,174,918
CMCSA	Comcast Corp	128,800	$3,162,038
XFLH	XFLH Capital Corp	315,547	$3,146,002
FMAC	Future Money Acquisition Corp	250,000	$2,494,999
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		2,617,694	$61,908,464
—		1,588,341	$55,814,303
—		945,707	$39,766,980
—		1,455,041	$35,968,614
—		455,304	$34,416,429
—		138,428	$24,622,188
—		1,939,028	$22,221,261
—		334,421	$21,717,300
—		677,498	$16,259,952
—		961,894	$10,301,885
PLMK	Plum Acquisition Corp. IV	921,100	$9,726,815
ATII	Archimedes Tech SPAC Partners II Co.	907,144	$9,443,367
—		887,700	$9,347,482
GPAT	GP-Act III Acquisition Corp.	860,852	$9,331,634
—		227,489	$9,151,882
SIMA	SIM Acquisition Corp. I	770,312	$8,257,743
ALF	Centurion Acquisition Corp.	688,240	$7,405,460
TAVI	Tavia Acquisition Corp.	680,000	$7,180,799
MLAAU	Mountain Lake Acquisition Corp. II	614,526	$6,102,242
HAVAU	Harvard Ave Acquisition Corp	598,790	$6,059,754
TMS	Teamshares Inc	550,046	$5,720,478
—		483,161	$5,309,940
ENHA	Enhanced Group Inc.	521,794	$5,306,645
SSACU	SPACSphere Acquisition Corp.	500,000	$5,034,998
PGAC	PANTAGES CAPITAL ACQUISITION Corp	443,000	$4,642,640
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

281 tracked positions · $2,013,505,084 total · filing declares 878 positions · $2,042,969,918 · as of Jun 30, 2026

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

Showing 1–50 of 281 positions by value · page 1 of 6

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
		Added	826,173	+100,880	$169,398,511	+14.6%	4	$196.25	8.41%
NSC	Norfolk Southern Corp Industrials	Added	515,734	+14,096	$162,244,757	+12.7%	4	$288.61	8.06%
WBD	Warner Bros. Discovery, Inc. Communication Services	Added	5,715,678	+482,561	$152,379,974	+6.0%	4	$22.78	7.57%
		Added	613,584	+117,526	$128,202,241	+25.0%	4	unpriced	6.37%
		Reduced	1,397,789	-435,360	$106,819,033	−16.1%	2	$68.46	5.31%
UNF	Unifirst Corp Industrials	Added	287,253	+28,787	$75,966,927	+16.8%	2	$233.73	3.77%
DBRHP	DigitalBridge Group, Inc. Financial Services	Added	3,697,020	+758,672	$55,122,568	+15.7%	2	$17.82	2.74%
PEN	Penumbra Inc Healthcare	Added	157,472	+80,842	$49,721,783	+97.6%	2	$331.11	2.47%
		Added	532,551	+268,656	$49,671,030	+143.2%	2	$86.63	2.47%
ROKU	Roku, Inc Communication Services	NEW	314,488	NEW	$43,443,371	NEW	1	$121.99	2.16%
CZR	Caesars Entertainment, Inc. Consumer Cyclical	Added	1,377,630	+942,030	$41,576,873	+261.1%	2	$27.49	2.06%
	PUT + SHARES	NEW	66,999	NEW	$23,753,155	NEW	1	unpriced	1.18%
		Held	2,044,768	0	$23,351,250	+1.2%	10	$10.27	1.16%
KVUE	Kenvue Inc. Consumer Defensive	Added	1,022,789	+691,439	$19,545,495	+242.2%	3	$17.63	0.97%
OGN	Organon & Co. Healthcare	NEW	1,426,578	NEW	$19,315,865	NEW	1	$11.96	0.96%
		NEW	983,315	NEW	$16,234,529	NEW	1	unpriced	0.81%
KFII	K&F Growth Acquisition Corp. II Financial Services	Held	1,476,268	0	$15,574,626	+1.2%	6	unpriced	0.77%
AES	Aes Corp Utilities	NEW	1,013,872	NEW	$14,863,363	NEW	1	$14.53	0.74%
GTERA	Globa Terra Acquisition Corp Financial Services	Held	1,414,429	0	$14,582,762	+1.0%	4	$9.96	0.72%
APTV	Aptiv PLC PUT + SHARES Consumer Cyclical	Held	223,800	0	$13,736,844	−11.6%	4	$78.85	0.68%
GIW	GigCapital8 Corp. Financial Services	Held	1,330,000	0	$13,391,768	+1.0%	3	$9.92	0.67%
KCHV	Kochav Defense Acquisition Corp. Financial Services	Held	1,286,000	0	$13,335,818	+1.2%	4	$10.09	0.66%
OYSE	Oyster Enterprises II Acquisition Corp Financial Services	Held	1,295,112	0	$13,326,700	+1.2%	4	$10.05	0.66%
SOUL	Soulpower Acquisition Corp. Financial Services	Held	1,279,300	0	$13,240,753	+1.0%	4	$10.07	0.66%
SDHI	Siddhi Acquisition Corp (Cayman Islands) Financial Services	Held	1,249,197	0	$13,016,631	+0.8%	5	unpriced	0.65%
PACH	Pioneer Acquisition I Corp Financial Services	Held	1,258,612	0	$12,875,599	+1.0%	4	$10.09	0.64%
JACS	Jackson Acquisition Co II Financial Services	Held	1,186,200	0	$12,621,167	+0.5%	5	$10.18	0.63%
ALDF	Aldel Financial II Inc. Financial Services	Held	1,159,448	0	$12,388,701	+1.2%	7	unpriced	0.62%
SZZL	Sizzle Acquisition Corp. II Financial Services	Reduced	1,175,280	-386,465	$12,175,900	−24.2%	5	$10.07	0.60%
B	Barrick Mining Corp PUT + SHARES Basic Materials	Added	330,900	+20,300	$12,153,956	−4.1%	2	$45.47	0.60%
		Held	230,719	0	$11,985,850	+1.1%	2	unpriced	0.60%
POLE	Andretti Acquisition Corp. II Financial Services	Held	1,111,416	0	$11,947,721	+1.0%	7	$10.01	0.59%
NPAC	New Providence Acquisition Corp. III Financial Services	Held	1,128,999	0	$11,720,137	+1.2%	3	$10.26	0.58%
OBA	Oxley Bridge Acquisition Ltd Financial Services	Held	1,117,657	0	$11,422,453	+0.9%	4	$10.01	0.57%
		Held	995,939	0	$10,447,399	+1.5%	5	$10.01	0.52%
CRAQ	Cal Redwood Acquisition Corp. Financial Services	Held	1,000,000	0	$10,299,999	+1.5%	4	$10.07	0.51%
LPBB	Launch Two Acquisition Corp. Financial Services	Held	950,000	0	$10,183,999	+0.9%	7	unpriced	0.51%
APXT	Apex Treasury Corp Financial Services	Held	1,000,000	0	$10,049,999	+1.1%	3	$9.92	0.50%
		NEW	72,962	NEW	$9,684,245	NEW	1	$90.09	0.48%
NTWO	Newbury Street II Acquisition Corp Financial Services	Held	898,111	0	$9,555,900	+1.2%	7	unpriced	0.47%
JENA	JENA ACQUISITION Corp II Financial Services	Held	912,000	0	$9,448,318	+1.4%	4	$10.16	0.47%
QLEP	Quantum Leap Acquisition Corp Financial Services	NEW	950,000	NEW	$9,433,499	NEW	1	unpriced	0.47%
GSRF	GSR IV Acquisition Corp. Financial Services	Held	900,000	0	$9,143,998	+1.3%	2	$10.02	0.45%
TACH	Titan Acquisition Corp. Financial Services	Reduced	869,693	-475,000	$9,053,503	−34.6%	4	$10.12	0.45%
COPL	Copley Acquisition Corp Financial Services	Held	860,600	0	$8,976,057	+1.1%	5	unpriced	0.45%
XRPN	Armada Acquisition Corp. II Financial Services	Held	833,400	0	$8,684,027	+1.1%	5	unpriced	0.43%
RDAG	Republic Digital Acquisition Co Financial Services	Held	825,000	0	$8,513,999	+0.9%	2	$10.22	0.42%
MLAA	Mountain Lake Acquisition Corp. II Financial Services	NEW	853,517	NEW	$8,475,423	NEW	1	$9.97	0.42%
LWAC	LightWave Acquisition Corp. Financial Services	Held	819,872	0	$8,379,091	+0.2%	3	$10.05	0.42%
HAVA	Harvard Ave Acquisition Corp Financial Services	Added	796,944	+598,790	$8,049,132	+305.8%	3	unpriced	0.40%

Showing the top 50 of 281 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.