Westchester Capital Management, LLC

CIK

1512805

Location

VALHALLA, NY

Portfolio Value

Mid $2,008,279,718

Diversification

Diversified

Filing Date

Global Rank

#1,201 / 8,603 ▲ 117 · as of Mar 2026

Top Industry

Shell Companies 33.3%

3Y Alpha vs SPY

-19.7%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+3.1%

SPY

+76.0%

Annualised alpha

-19.7%

Max drawdown

−12.3%

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

154 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.4%

−0.5 pts

Top 5

33.1%

−2.8 pts

Top 10

49.3%

−2.6 pts

HHI

314

Diversified−44

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	43.1%	$866,241,113	116
Industrials	18.0%	$361,091,021	9
Communication Services	14.9%	$299,939,199	3
Unclassified	6.0%	$120,190,194	5
Technology	5.1%	$103,245,387	4
Healthcare	4.7%	$94,091,992	5
Consumer Cyclical	3.3%	$66,865,553	4
Energy	3.1%	$61,848,270	2
Consumer Defensive	1.1%	$22,097,615	5
Basic Materials	0.6%	$12,669,374	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

23 positions

Ticker	Company	Δ Shares	Shares	Value
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
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
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	$7,751,632
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
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
APLS	Apellis Pharmaceuticals, Inc.	227,489	$9,151,882
GSRF	GSR IV Acquisition Corp.	900,000	$9,026,999
FDX	Fedex Corp	31,200	$8,954,723
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
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	$3,963,849
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.

Portfolio Positions

Compact Export CSV View 13F filing

154 positions · $2,008,279,718 total · 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 154 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
EA	Electronic Arts Inc. Communication Services	Added	725,293	+131,132	$147,865,482	+21.8%	7.36%
NSC	Norfolk Southern Corp Industrials	Added	501,638	+114,042	$143,970,106	+28.7%	7.17%
WBD	Warner Bros. Discovery, Inc. Communication Services	Added	5,233,117	+1,253,116	$143,701,392	+25.3%	7.16%
WBS	Webster Financial Corp Financial Services	NEW	1,833,149	NEW	$127,257,202	NEW	6.34%
GTLS	Chart Industries Inc Industrials	Held	496,058	0	$102,559,990	+0.3%	5.11%
SPY	Spdr S&P 500 ETF Trust	Reduced	150,000	-50,000	$97,551,000	−28.5%	4.86%
UNF	Unifirst Corp Industrials	NEW	258,466	NEW	$65,027,459	NEW	3.24%
CWAN	Clearwater Analytics Holdings, Inc. Technology	NEW	2,619,794	NEW	$61,958,126	NEW	3.09%
CTRA	Coterra Energy Inc. Energy	NEW	1,588,341	NEW	$55,814,301	NEW	2.78%
DBRG	DigitalBridge Group, Inc. Financial Services	NEW	2,938,348	NEW	$45,309,325	NEW	2.26%
SEE	SEALED AIR CORP/DE Consumer Cyclical	Added	945,707	+92,086	$39,766,977	+12.4%	1.98%
PRA	Proassurance Corp Financial Services	Reduced	1,455,041	-150,503	$35,968,611	−7.3%	1.79%
HOLX	HOLOGIC INC Healthcare	Added	455,304	+135,570	$34,416,428	+44.5%	1.71%
PEN	Penumbra Inc Healthcare	NEW	76,630	NEW	$25,162,991	NEW	1.25%
MASI	Masimo Corp Healthcare	NEW	138,428	NEW	$24,622,187	NEW	1.23%
ANSC	Agriculture & Natural Solutions Acquisition Corp Financial Services	Added	2,044,768	+80,091	$23,085,429	+5.0%	1.15%
HYAC	Haymaker Acquisition Corp. 4 Financial Services	Held	1,939,028	0	$22,376,381	+1.4%	1.11%
AL	SUMISHO AIR LEASE CORP Industrials	Held	334,421	0	$21,717,298	+1.1%	1.08%
QRVO	Qorvo, Inc. Technology	NEW	263,895	NEW	$20,425,472	NEW	1.02%
DMAA	Drugs Made In America Acquisition Corp. Financial Services	Held	1,669,000	0	$17,491,119	+1.0%	0.87%
OS	OneStream, Inc. Technology	NEW	677,498	NEW	$16,259,952	NEW	0.81%
SZZL	Sizzle Acquisition Corp. II Financial Services	Reduced	1,561,745	-2,983	$16,054,737	+1.0%	0.80%
APTV	Aptiv PLC Consumer Cyclical	Held	223,800	0	$15,540,672	−8.7%	0.77%
KFII	K&F Growth Acquisition Corp. II Financial Services	Reduced	1,476,268	-408,732	$15,397,475	−21.0%	0.77%
GTERA	Globa Terra Acquisition Corp Financial Services	Held	1,414,429	0	$14,441,318	+1.1%	0.72%
TACH	Titan Acquisition Corp. Financial Services	Held	1,344,693	0	$13,836,890	+0.4%	0.69%
GIW	GigCapital8 Corp. Financial Services	Added	1,330,000	+250,000	$13,260,098	+24.1%	0.66%
KCHV	Kochav Defense Acquisition Corp. Financial Services	Held	1,286,000	0	$13,181,499	+1.1%	0.66%
OYSE	Oyster Enterprises II Acquisition Corp Financial Services	Held	1,295,112	0	$13,171,287	+0.6%	0.66%
SOUL	Soulpower Acquisition Corp. Financial Services	Held	1,279,300	0	$13,112,824	+1.0%	0.65%
SDHI	Siddhi Acquisition Corp (Cayman Islands) Financial Services	Reduced	1,249,197	-100,000	$12,916,695	−6.9%	0.64%
B	Barrick Mining Corp Basic Materials	NEW	310,600	NEW	$12,669,374	NEW	0.63%
JACS	Jackson Acquisition Co II Financial Services	Held	1,186,200	0	$12,561,856	+1.6%	0.63%
ALDF	Aldel Financial II Inc. Financial Services	Held	1,159,448	0	$12,243,769	+0.7%	0.61%
JHG	Janus Henderson Group Ltd. Financial Services	NEW	230,719	NEW	$11,852,033	NEW	0.59%
POLE	Andretti Acquisition Corp. II Financial Services	Held	1,111,416	0	$11,831,023	+1.3%	0.59%
NPAC	New Providence Acquisition Corp. III/Cayman Financial Services	Reduced	1,128,999	-150,000	$11,583,529	−11.7%	0.58%
VACH	Voyager Acquisition Corp./Cayman Islands Financial Services	Reduced	961,894	-300,000	$11,552,346	−14.2%	0.58%
CZR	Caesars Entertainment, Inc. Consumer Cyclical	NEW	435,600	NEW	$11,512,906	NEW	0.57%
AACB	Artius II Acquisition Inc. Financial Services	Held	995,939	0	$10,298,008	+0.4%	0.51%
CRAQ	Cal Redwood Acquisition Corp. Financial Services	Added	1,000,000	+350,000	$10,149,999	+54.0%	0.51%
APXT	Apex Treasury Corp Financial Services	Added	1,000,000	+500,000	$9,939,998	+101.0%	0.49%
KDP	Keurig Dr Pepper Inc. Consumer Defensive	Added	373,234	+100,600	$9,827,251	+28.7%	0.49%
PLMK	Plum Acquisition Corp, IV Financial Services	Reduced	921,100	-303,900	$9,726,815	−24.1%	0.48%
ATII	Archimedes Tech SPAC Partners II Co. Financial Services	Held	907,144	0	$9,443,367	+0.5%	0.47%
NTWO	Newbury Street II Acquisition Corp Financial Services	Held	898,111	0	$9,439,145	+0.8%	0.47%
MLAC	Mountain Lake Acquisition Corp.	Held	887,700	0	$9,347,479	+1.2%	0.47%
GPAT	GP-Act III Acquisition Corp. Financial Services	Reduced	860,852	-500,000	$9,331,634	−35.9%	0.46%
JENA	JENA ACQUISITION Corp II Financial Services	Held	912,000	0	$9,320,638	+0.5%	0.46%
APLS	Apellis Pharmaceuticals, Inc. Healthcare	NEW	227,489	NEW	$9,151,882	NEW	0.46%