Westchester Capital Management, LLC
Filing Date
Global Rank
#1,196
/ 8,622
▲ 121
· as of Mar 2026
Top Industry
Shell Companies
34.0%
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 SPYHypothetical 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.
Not a measure of this manager's performance.
Most of Westchester Capital Management, LLC's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
64% that is ordinary stock — as little as
48% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
-3.9%
SPY
+67.9%
Annualised alpha
-20.2%
Max drawdown
−12.1%
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 64% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
158 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
7.3%
−0.5 pts
Top 5
32.7%
−2.8 pts
Top 10
48.7%
−2.7 pts
HHI
307
Diversified−44
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 43.6% | $888,483,127 |
| Industrials | 17.8% | $362,888,663 |
| Communication Services | 14.7% | $299,939,199 |
| Unclassified | 5.9% | $120,190,194 |
| Technology | 5.1% | $103,245,387 |
| Healthcare | 4.6% | $94,091,992 |
| Consumer Cyclical | 3.5% | $70,392,189 |
| Energy | 3.0% | $61,848,270 |
| Consumer Defensive | 1.1% | $22,097,615 |
| Basic Materials | 0.6% | $12,669,374 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
24 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| WBD | Warner Bros. Discovery, Inc. | +1,253,116 | 5,233,117 | $143,701,392 | |
| CCIX | Churchill Capital Corp IX/Cayman | +750,000 | 824,769 | $8,808,532 | |
| WENN | WEN Acquisition Corp | +619,054 | 671,583 | $6,836,713 | |
| APXT | Apex Treasury Corp | +500,000 | 1,000,000 | $9,939,998 | |
| YCY | AA Mission Acquisition Corp. II | +494,185 | 572,185 | $5,761,901 | |
| MKLY | McKinley Acquisition Corp | +490,000 | 740,000 | $7,422,199 | |
| CRAQ | Cal Redwood Acquisition Corp. | +350,000 | 1,000,000 | $10,149,999 | |
| MHD | Blackrock Muniholdings Fund, Inc. | +282,172 | 326,160 | $3,679,084 | |
| TACO | Berto Acquisition Corp. | +270,172 | 703,632 | $7,212,227 | |
| KVUE | Kenvue Inc. | +264,950 | 331,350 | $5,712,473 | |
| GIW | GigCapital8 Corp. | +250,000 | 1,330,000 | $13,260,098 | |
| KOYN | CSLM Digital Asset Acquisition Corp III, Ltd | +250,000 | 650,000 | $6,525,998 | |
| HOLX | HOLOGIC INC | +135,570 | 455,304 | $34,416,428 | |
| EA | Electronic Arts Inc. | +131,132 | 725,293 | $147,865,482 | |
| NSC | Norfolk Southern Corp | +114,042 | 501,638 | $143,970,106 | |
| KDP | Keurig Dr Pepper Inc. | +100,600 | 373,234 | $9,827,251 | |
| SEE | SEALED AIR CORP/DE | +92,086 | 945,707 | $39,766,977 | |
| RIBB | Ribbon Acquisition Corp. | +91,000 | 375,734 | $3,948,963 | |
| ANSC | Agriculture & Natural Solutions Acquisition Corp | +80,091 | 2,044,768 | $23,085,429 | |
| MYI | Blackrock Muniyield Quality Fund III, Inc. | +61,247 | 112,436 | $1,181,701 | |
| MQY | Blackrock Muniyield Quality Fund, Inc. | +57,865 | 188,139 | $2,065,764 | |
| CRAC | Crown Reserve Acquisition Corp. I | +25,872 | 635,872 | $6,365,078 | |
| BHF | Brighthouse Financial, Inc. | +14,650 | 49,090 | $2,939,508 | |
| DMII | Drugs Made In America Acquisition II Corp. | +6 | 500,006 | $4,985,058 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
20 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CTLP | Cantaloupe, Inc. | −963,699 | 425,702 | $4,601,837 | |
| BCAR | D. Boral ARC Acquisition I Corp. | −616,107 | 386,368 | $3,910,042 | |
| SIMA | SIM Acquisition Corp. I | −500,000 | 770,312 | $8,257,743 | |
| GPAT | GP-Act III Acquisition Corp. | −500,000 | 860,852 | $9,331,634 | |
| KFII | K&F Growth Acquisition Corp. II | −408,732 | 1,476,268 | $15,397,475 | |
| HSPT | Horizon Space Acquisition II Corp. | −383,896 | 21,004 | $135,475 | |
| LBRDA | Liberty Broadband Corp | −364,229 | 166,713 | $8,372,325 | |
| PLMK | Plum Acquisition Corp, IV | −303,900 | 921,100 | $9,726,815 | |
| VACH | Voyager Acquisition Corp./Cayman Islands | −300,000 | 961,894 | $11,552,346 | |
| KHC | Kraft Heinz Co | −299,100 | 43,700 | $982,813 | |
| EGHA | EGH Acquisition Corp. | −244,100 | 80,900 | $825,987 | |
| FACT | FACT II Acquisition Corp. | −195,000 | 726,116 | $7,624,217 | |
| PRA | Proassurance Corp | −150,503 | 1,455,041 | $35,968,611 | |
| NPAC | New Providence Acquisition Corp. III/Cayman | −150,000 | 1,128,999 | $11,583,529 | |
| SDHI | Siddhi Acquisition Corp (Cayman Islands) | −100,000 | 1,249,197 | $12,916,695 | |
| FAC | Factorial Energy Inc. | −71,685 | 319,162 | $3,273,005 | |
| TVA | Texas Ventures Acquisition III Corp | −53,199 | 136,832 | $1,421,684 | |
| SPY | Spdr S&P 500 ETF Trust | −50,000 | 150,000 | $97,551,000 | |
| HON | Honeywell International Inc | −39,400 | 32,700 | $7,391,181 | |
| SZZL | Sizzle Acquisition Corp. II | −2,983 | 1,561,745 | $16,054,737 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| WBS | Webster Financial Corp | 1,833,149 | $127,257,202 | |
| UNF | Unifirst Corp | 258,466 | $65,027,459 | |
| CWAN | Clearwater Analytics Holdings, Inc. | 2,619,794 | $61,958,126 | |
| CTRA | Coterra Energy Inc. | 1,588,341 | $55,814,301 | |
| DBRG | DigitalBridge Group, Inc. | 2,938,348 | $45,309,325 | |
| PEN | Penumbra Inc | 76,630 | $25,162,991 | |
| MASI | Masimo Corp | 138,428 | $24,622,187 | |
| QRVO | Qorvo, Inc. | 263,895 | $20,425,472 | |
| OS | OneStream, Inc. | 677,498 | $16,259,952 | |
| B | Barrick Mining Corp | 310,600 | $12,669,374 | |
| JHG | Janus Henderson Group Ltd. | 230,719 | $11,852,033 | |
| CZR | Caesars Entertainment, Inc. | 435,600 | $11,512,906 | |
| FDX | Fedex Corp | 31,200 | $11,112,816 | |
| APLS | Apellis Pharmaceuticals, Inc. | 227,489 | $9,151,882 | |
| GSRF | GSR IV Acquisition Corp. | 900,000 | $9,026,999 | |
| RDAG | Republic Digital Acquisition Co | 825,000 | $8,439,748 | |
| VAL | Valaris Ltd | 61,546 | $6,033,969 | |
| MCGA | Yorkville Acquisition Corp. | 550,000 | $5,560,498 | |
| SCII | SC II Acquisition Corp. | 500,000 | $4,984,999 | |
| MMTX | Miluna Acquisition Corp | 450,000 | $4,504,498 | |
| LHX | L3harris Technologies, Inc. /De/ | 10,566 | $3,646,854 | |
| AEAQ | Activate Energy Acquisition Corp. | 250,000 | $2,472,499 | |
| WPAC | White Pearl Acquisition Corp. | 250,000 | $2,464,998 | |
| LATA | Galata Acquisition Corp. II | 175,000 | $1,748,249 | |
| PMTR | Perimeter Acquisition Corp. I | 150,000 | $1,538,999 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
16 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| TECK | Teck Resources Ltd | 2,845,112 | $136,252,412 | |
| EXAS | EXACT SCIENCES CORP | 751,561 | $76,328,534 | |
| NGD | New Gold Inc. /FI | 2,852,255 | $24,843,139 | |
| TGNA | TEGNA INC | 1,192,134 | $23,139,320 | |
| CSX | Csx Corp | 487,583 | $17,674,883 | |
| TASK | TaskUs, Inc. | 602,597 | $7,104,617 | |
| CMCSA | Comcast Corp | 141,500 | $4,229,427 | |
| CAPN | Cayson Acquisition Corp | 325,000 | $3,457,999 | |
| CEPF | Cantor Equity Partners IV, Inc. | 200,000 | $2,055,999 | |
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | 123,412 | $1,562,395 | |
| FTW | PRESIDIO PRODUCTION Co | 135,300 | $1,419,297 | |
| COLA | Columbus Acquisition Corp/Cayman Islands | 89,000 | $924,532 | |
| KMB | Kimberly Clark Corp | 8,155 | $822,757 | |
| KVAC | Keen Vision Acquisition Corp. | 70,000 | $822,500 | |
| SUNC | SunocoCorp LLC | 12,829 | $632,212 | |
| BRW | Saba Capital Income & Opportunities Fund | 22,344 | $156,631 | |
| No positions match the current search. | ||||
158 tracked positions ·
$2,035,846,010 total
· filing declares
863 positions · $2,207,298,614
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Technology
Showing 1–50
of 158 positions by value
· page 1 of 4
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| EA |
Electronic Arts Inc.
Communication Services
|
Added | 725,293 | $147,865,482 | 7.26% | |
| NSC |
Norfolk Southern Corp
Industrials
|
Added | 501,638 | $143,970,106 | 7.07% | |
| WBD |
Warner Bros. Discovery, Inc.
Communication Services
|
Added | 5,233,117 | $143,701,392 | 7.06% | |
| WBS |
Webster Financial Corp
Financial Services
|
NEW | 1,833,149 | $127,257,202 | 6.25% | |
| GTLS |
Chart Industries Inc
Industrials
|
Held | 496,058 | $102,559,990 | 5.04% | |
| SPY |
Spdr S&P 500 ETF Trust
PUT
|
Reduced | 150,000 | $97,551,000 | 4.79% | |
| UNF |
Unifirst Corp
Industrials
|
NEW | 258,466 | $65,027,459 | 3.19% | |
| CWAN |
Clearwater Analytics Holdings, Inc.
PUT
+ SHARES
Technology
|
NEW | 2,619,794 | $61,958,126 | 3.04% | |
| CTRA |
Coterra Energy Inc.
Energy
|
NEW | 1,588,341 | $55,814,301 | 2.74% | |
| DBRG |
DigitalBridge Group, Inc.
Financial Services
|
NEW | 2,938,348 | $45,309,325 | 2.23% | |
| SEE |
SEALED AIR CORP/DE
Consumer Cyclical
|
Added | 945,707 | $39,766,977 | 1.95% | |
| PRA |
Proassurance Corp
Financial Services
|
Reduced | 1,455,041 | $35,968,611 | 1.77% | |
| HOLX |
HOLOGIC INC
Healthcare
|
Added | 455,304 | $34,416,428 | 1.69% | |
| PEN |
Penumbra Inc
Healthcare
|
NEW | 76,630 | $25,162,991 | 1.24% | |
| MASI |
Masimo Corp
Healthcare
|
NEW | 138,428 | $24,622,187 | 1.21% | |
| ANSC |
Agriculture & Natural Solutions Acquisition Corp
Financial Services
|
Added | 2,044,768 | $23,085,429 | 1.13% | |
| HYAC |
Haymaker Acquisition Corp. 4
Financial Services
|
Held | 1,939,028 | $22,376,381 | 1.10% | |
| AL |
SUMISHO AIR LEASE CORP
Industrials
|
Held | 334,421 | $21,717,298 | 1.07% | |
| QRVO |
Qorvo, Inc.
Technology
|
NEW | 263,895 | $20,425,472 | 1.00% | |
| DMAA |
Drugs Made In America Acquisition Corp.
Financial Services
|
Held | 1,669,000 | $17,491,119 | 0.86% | |
| OS |
OneStream, Inc.
Technology
|
NEW | 677,498 | $16,259,952 | 0.80% | |
| SZZL |
Sizzle Acquisition Corp. II
Financial Services
|
Reduced | 1,561,745 | $16,054,737 | 0.79% | |
| APTV |
Aptiv PLC
PUT
+ SHARES
Consumer Cyclical
|
Held | 223,800 | $15,540,672 | 0.76% | |
| KFII |
K&F Growth Acquisition Corp. II
Financial Services
|
Reduced | 1,476,268 | $15,397,475 | 0.76% | |
| GTERA |
Globa Terra Acquisition Corp
Financial Services
|
Held | 1,414,429 | $14,441,318 | 0.71% | |
| TACH |
Titan Acquisition Corp.
Financial Services
|
Held | 1,344,693 | $13,836,890 | 0.68% | |
| GIW |
GigCapital8 Corp.
Financial Services
|
Added | 1,330,000 | $13,260,098 | 0.65% | |
| KCHV |
Kochav Defense Acquisition Corp.
Financial Services
|
Held | 1,286,000 | $13,181,499 | 0.65% | |
| OYSE |
Oyster Enterprises II Acquisition Corp
Financial Services
|
Held | 1,295,112 | $13,171,287 | 0.65% | |
| SOUL |
Soulpower Acquisition Corp.
Financial Services
|
Held | 1,279,300 | $13,112,824 | 0.64% | |
| SDHI |
Siddhi Acquisition Corp (Cayman Islands)
Financial Services
|
Reduced | 1,249,197 | $12,916,695 | 0.63% | |
| B |
Barrick Mining Corp
PUT
+ SHARES
Basic Materials
|
NEW | 310,600 | $12,669,374 | 0.62% | |
| JACS |
Jackson Acquisition Co II
Financial Services
|
Held | 1,186,200 | $12,561,856 | 0.62% | |
| ALDF |
Aldel Financial II Inc.
Financial Services
|
Held | 1,159,448 | $12,243,769 | 0.60% | |
| JHG |
Janus Henderson Group Ltd.
Financial Services
|
NEW | 230,719 | $11,852,033 | 0.58% | |
| POLE |
Andretti Acquisition Corp. II
Financial Services
|
Held | 1,111,416 | $11,831,023 | 0.58% | |
| NPAC |
New Providence Acquisition Corp. III/Cayman
Financial Services
|
Reduced | 1,128,999 | $11,583,529 | 0.57% | |
| VACH |
Voyager Acquisition Corp./Cayman Islands
Financial Services
|
Reduced | 961,894 | $11,552,346 | 0.57% | |
| CZR |
Caesars Entertainment, Inc.
PUT
+ SHARES
Consumer Cyclical
|
NEW | 435,600 | $11,512,906 | 0.57% | |
| FDX |
Fedex Corp
PUT
+ SHARES
Industrials
|
NEW | 31,200 | $11,112,816 | 0.55% | |
| AACB |
Artius II Acquisition Inc.
Financial Services
|
Held | 995,939 | $10,298,008 | 0.51% | |
| CRAQ |
Cal Redwood Acquisition Corp.
Financial Services
|
Added | 1,000,000 | $10,149,999 | 0.50% | |
| LPBB |
Launch Two Acquisition Corp.
Financial Services
|
Held | 950,000 | $10,088,999 | 0.50% | |
| APXT |
Apex Treasury Corp
Financial Services
|
Added | 1,000,000 | $9,939,998 | 0.49% | |
| KDP |
Keurig Dr Pepper Inc.
PUT
+ SHARES
Consumer Defensive
|
Added | 373,234 | $9,827,251 | 0.48% | |
| PLMK |
Plum Acquisition Corp, IV
Financial Services
|
Reduced | 921,100 | $9,726,815 | 0.48% | |
| ATII |
Archimedes Tech SPAC Partners II Co.
Financial Services
|
Held | 907,144 | $9,443,367 | 0.46% | |
| NTWO |
Newbury Street II Acquisition Corp
Financial Services
|
Held | 898,111 | $9,439,145 | 0.46% | |
| MLAC |
Mountain Lake Acquisition Corp.
|
Held | 887,700 | $9,347,479 | 0.46% | |
| GPAT |
GP-Act III Acquisition Corp.
Financial Services
|
Reduced | 860,852 | $9,331,634 | 0.46% |
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.