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WATER ISLAND CAPITAL LLC — 13F Holdings & Portfolio

CIK 1222765 · latest 13F-HR filed 2026-08-14

Backtest portfolio

WATER ISLAND CAPITAL LLC manages $1.08B in 13F-reported U.S. long-equity assets across 85 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are TMHC (4.85%), EA (4.82%), GTLS (4.62%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 35 new positions and exited 46; 22 existing positions rose in reported value and 11 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$1.08B

Long-equity book

Holdings
85

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+35 / −46 / ↑22 / ↓11

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
TMHC5.5% · newEA5.5% · +1%GTLS5.3% · +25%PEN5.0% · +25%WBD4.9% · +8%JHG4.9% · -3%NSC4.9% · +9%TXNM4.4% · +9%CZR4.2% · +4351%WBS3.5% · +5%NSA3.4% · +26%SLAB3.4% · +154%RAMP3.2% · newCPRX3.1% · newD2.8% · newACA2.7% · newTECH2.5% · newWSR2.5% · newROKU2.4% · newCOR2.3% · newDBRG2.3% · +6%AVNS2.1% · newSILA2.0% · newOGN2.0% · newSTEL1.6% · -11%NUVL1.4% · newAPGE1.3% · newXOMA1.1% · newTXNM0.8% · 0%RPD0.8% · +54%KVUE0.8% · -43%VRNS0.5% · +67%BSY0.5% · 0%ETSY0.5% · newGOOGM0.5% · newRKT0.5% · 0%SNAP0.4% · newAXTA0.4% · -53%GSAT0.3% · newAES0.3% · -10%UNF0.3% · -65%ESPR0.2% · newPAYO0.2% · newNATL0.2% · +8%BHF0.2% · -15%QRVO0.2% · newAAUC0.2% · +0%SEM0.1% · -20%EQT0.1% · newTALK0.1% · +12%GBTG0.1% · newIHS0.1% · +9%CCO0.1% · +6%HONA0.1% · newNWE0.1% · -2%EQH0.1% · newECHO0.1% · newBA0.1% · -52%PVH0.1% · newSKYW0.1% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 48.1%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People
Assets Under Management
$1.22B
Discretionary
$1.22B
Employees
26
Accounts
7
Address
104 5TH AVENUE
9TH FLOOR
NEW YORK, NY 10011-6901
Phone
(800) 560-8210
Website
Name Title / Status Ownership Type
BUNTIC, CAROLYN, MARIE ControlMANAGEMENT COMMITTEE MEMBERLess than 5%Individual
CASADEI, ERIC, MICHAEL ControlMANAGEMENT COMMITTEE MEMBERLess than 5%Individual
DUNLEAVY, JUSTIN, MICHAEL ControlMANAGEMENT COMMITTEE MEMBERLess than 5%Individual
HICKEY, JONATHON, THOMAS ControlSENIOR MANAGING PARTNER, CHIEF OPERATING OFFICER, AND MANAGEMENT COMMITTEE MEMBERLess than 5%Individual
ORRICO, JOHN, SABBOTT ControlMANAGING MEMBER, CO-CHIEF INVESTMENT OFFICER, AND MANAGEMENT COMMITTEE MEMBERLess than 5%Individual
ORRICO, JOHN, SABBOTT ControlLIMITED PARTNER75% or moreIndividual
ORRICO, JOHN, SABBOTT ControlMANAGING MEMBER75% or moreIndividual
OSOWIECKI, MATTHEW, JAMES ControlCO-CHIEF INVESTMENT OFFICER AND MANAGEMENT COMMITTEE MEMBERLess than 5%Individual
PLUNKETT, CHRISTOPHER, JOHN ControlMANAGEMENT COMMITTEE MEMBERLess than 5%Individual
WATER ISLAND CAPITAL PARTNERS GP LLC ControlGENERAL PARTNERGeneral partnerDomestic Entity
WATER ISLAND CAPITAL PARTNERS LP ControlMANAGING MEMBER75% or moreDomestic Entity
CHANNEN, PHILIP, EDWARDCHIEF COMPLIANCE OFFICERLess than 5%Individual

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 22 →

Top Trims

Show all 11 →

New Positions

Show all 35 →

Exited Positions

Show all 46 →

WATER ISLAND CAPITAL LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 TAYLOR MORRISON HOME CORP TMHC 87724P106 $52.2M 4.85% 727,492 SH
2 ELECTRONIC ARTS INC EA 285512109 $51.9M 4.82% 252,932 SH
3 CHART INDS INC GTLS 16115Q308 $49.6M 4.62% 237,599 SH
4 PENUMBRA INC PEN 70975L107 $47.5M 4.42% 150,456 SH
5 WARNER BROS DISCOVERY INC WBD 934423104 $46.4M 4.32% 1,740,468 SH
6 JANUS HENDERSON GROUP PLC JHG G4474Y214 $46.3M 4.31% 890,916 SH
7 NORFOLK SOUTHN CORP NSC 655844108 $46.0M 4.28% 146,283 SH
8 TXNM ENERGY INC TXNM 69349H107 $41.9M 3.90% 737,734 SH
9 WARNER BROS DISCOVERY INC Put — 934423954 $40.7M 3.78% 1,525,200 SH
10 CAESARS ENTERTAINMENT INC NE CZR 12769G100 $39.6M 3.69% 1,313,074 SH
11 STATE STR SPDR S&P 500 ETF T Call — 78462F903 $33.6M 3.13% 45,000 SH
12 WEBSTER FINL CORP WBS 947890109 $33.4M 3.11% 437,210 SH
13 NATIONAL STORAGE AFFILIATES NSA 637870106 $32.4M 3.01% 728,454 SH
14 SILICON LABORATORIES INC SLAB 826919102 $32.4M 3.01% 148,138 SH
15 LIVERAMP HLDGS INC RAMP 53815P108 $30.3M 2.82% 805,327 SH
16 CATALYST PHARMACEUTICALS INC CPRX 14888U101 $29.3M 2.73% 933,819 SH
17 DOMINION ENERGY INC D 25746U109 $26.0M 2.42% 381,231 SH
18 ARCOSA INC ACA 039653100 $25.2M 2.35% 173,589 SH
19 BIO-TECHNE CORP TECH 09073M104 $23.7M 2.21% 335,727 SH
20 WHITESTONE REIT WSR 966084204 $23.3M 2.17% 1,227,709 SH
21 ROKU INC ROKU 77543R102 $22.8M 2.12% 164,890 SH
22 TOPBUILD COR — 89055F103 $21.8M 2.03% 51,251 SH
23 DIGITALBRIDGE GROUP INC DBRG 25401T603 $21.7M 2.02% 1,376,380 SH
24 AVANOS MED INC AVNS 05350V106 $19.9M 1.85% 799,002 SH
25 SILA REALTY TRUST INC SILA 146280508 $18.9M 1.76% 623,872 SH
26 ORGANON & CO OGN 68622V106 $18.6M 1.73% 1,374,899 SH
27 STELLAR BANCORP INC STEL 858927106 $15.1M 1.40% 383,227 SH
28 ORGANON & CO Put OGN 68622V956 $13.2M 1.23% 974,200 SH
29 NUVALENT INC NUVL 670703107 $12.8M 1.19% 103,979 SH
30 APOGEE THERAPEUTICS INC APGE 03770N101 $12.6M 1.17% 94,900 SH
31 STATE STR SPDR S&P 500 ETF T Put — 78462F953 $11.2M 1.04% 15,000 SH
32 NUVALENT INC Call NUVL 670703907 $10.4M 0.96% 84,000 SH
33 NUVALENT INC Put NUVL 670703957 $10.4M 0.96% 84,000 SH
34 XOMA ROYALTY CORPORATION XOMA 98419J206 $10.3M 0.96% 242,000 SH
35 TXNM ENERGY INC TXNM 69349HAF4 $7.8M 0.73% 6,000,000 PRN
36 RAPID7 INC RPD 753422AF1 $7.8M 0.73% 8,501,530 PRN
37 KENVUE INC KVUE 49177J102 $7.7M 0.71% 402,042 SH
38 VARONIS SYS INC VRNS 922280AD4 $4.9M 0.45% 5,000,000 PRN
39 BENTLEY SYS INC BSY 08265TAD1 $4.8M 0.45% 5,000,000 PRN
40 ETSY INC ETSY 29786AAL0 $4.7M 0.44% 5,000,000 PRN
41 LIVERAMP HLDGS INC Put — 53815P958 $4.4M 0.41% 117,100 SH
42 ALPHABET INC GOOGM 02079K404 $4.3M 0.40% 85,000 SH
43 REDFIN CORP RKT 75737FAE8 $4.3M 0.40% 4,500,000 PRN
44 SNAP INC SNAP 83304AAK2 $4.1M 0.38% 5,000,000 PRN
45 QXO INC Call QXO 82846H905 $3.5M 0.32% 200,000 SH
46 AXALTA COATING SYS LTD AXTA G0750C108 $3.3M 0.31% 97,500 SH
47 GLOBALSTAR INC GSAT 378973507 $2.5M 0.23% 30,668 SH
48 AES CORP AES 00130H105 $2.5M 0.23% 167,570 SH
49 UNIFIRST CORP MASS UNF 904708104 $2.4M 0.22% 9,045 SH
50 APOGEE THERAPEUTICS INC Put APGE 03770N951 $2.3M 0.22% 17,500 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $1.08B 85 0001222765-26-000011
2026-03-31 2026-05-15 $895.6M 98 0001222765-26-000007
2025-12-31 2026-02-17 $927.6M 91 0001222765-26-000003
2025-09-30 2025-11-14 $793.3M 84 0001222765-25-000021
Filer Information
Address
104 5TH AVENUE
9TH FLOOR
NEW YORK, NY 10011
Phone
(646) 727-4463
Filing Manager
WATER ISLAND CAPITAL LLC
NEW YORK, NY
Signatory
Philip E. Channen
Chief Compliance Officer