# WATER ISLAND CAPITAL LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1222765. Source: https://holderbook.com/funds/1222765-water-island-capital-llc/

- Reported value: $1.1B
- Positions: 85
- Weight of the ten largest: 43.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TAYLOR MORRISON HOME CORP | [TMHC](https://holderbook.com/stocks/TMHC/) | $52.2M | 727,492 | 4.9% | 1 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $51.9M | 252,932 | 4.8% | 4 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $49.6M | 237,599 | 4.6% | 4 |
| PENUMBRA INC | [PEN](https://holderbook.com/stocks/PEN/) | $47.5M | 150,456 | 4.4% | 2 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $46.4M | 1,740,468 | 4.3% | 3 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $46.3M | 890,916 | 4.3% | 3 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $46.0M | 146,283 | 4.3% | 4 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $41.9M | 737,734 | 3.9% | 5 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $40.7M | 0 | 3.8% | 3 |
| CAESARS ENTERTAINMENT INC NE | [CZR](https://holderbook.com/stocks/CZR/) | $39.6M | 1,313,074 | 3.7% | 2 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $33.6M | 0 | 3.1% | 1 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $33.4M | 437,210 | 3.1% | 2 |
| NATIONAL STORAGE AFFILIATES | [NSA](https://holderbook.com/stocks/NSA/) | $32.4M | 728,454 | 3.0% | 2 |
| SILICON LABORATORIES INC | [SLAB](https://holderbook.com/stocks/SLAB/) | $32.4M | 148,138 | 3.0% | 2 |
| LIVERAMP HLDGS INC | [RAMP](https://holderbook.com/stocks/RAMP/) | $30.3M | 805,327 | 2.8% | 1 |
| CATALYST PHARMACEUTICALS INC | [CPRX](https://holderbook.com/stocks/CPRX/) | $29.3M | 933,819 | 2.7% | 1 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $26.0M | 381,231 | 2.4% | 1 |
| ARCOSA INC | [ACA](https://holderbook.com/stocks/ACA/) | $25.2M | 173,589 | 2.3% | 1 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $23.7M | 335,727 | 2.2% | 1 |
| WHITESTONE REIT | [WSR](https://holderbook.com/stocks/WSR/) | $23.3M | 1,227,709 | 2.2% | 1 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $22.8M | 164,890 | 2.1% | 1 |
| TOPBUILD COR | [BLD](https://holderbook.com/stocks/BLD/) | $21.8M | 51,251 | 2.0% | 1 |
| DIGITALBRIDGE GROUP INC | [DBRG](https://holderbook.com/stocks/DBRG/) | $21.7M | 1,376,380 | 2.0% | 3 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $19.9M | 799,002 | 1.8% | 1 |
| SILA REALTY TRUST INC | [SILA](https://holderbook.com/stocks/SILA/) | $18.9M | 623,872 | 1.8% | 1 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $18.6M | 1,374,899 | 1.7% | 1 |
| STELLAR BANCORP INC | [STEL](https://holderbook.com/stocks/STEL/) | $15.1M | 383,227 | 1.4% | 2 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $13.2M | 0 | 1.2% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $12.8M | 103,979 | 1.2% | 1 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $12.6M | 94,900 | 1.2% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $11.2M | 0 | 1.0% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $10.4M | 0 | 1.0% | 1 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $10.4M | 0 | 1.0% | 1 |
| XOMA ROYALTY CORPORATION | [XOMA](https://holderbook.com/stocks/XOMA/) | $10.3M | 242,000 | 1.0% | 1 |
| TXNM ENERGY INC | - | $7.8M | 6,000,000 | 0.7% | 5 |
| RAPID7 INC | - | $7.8M | 8,501,530 | 0.7% | 8 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $7.7M | 402,042 | 0.7% | 3 |
| VARONIS SYS INC | - | $4.9M | 5,000,000 | 0.5% | 3 |
| BENTLEY SYS INC | - | $4.8M | 5,000,000 | 0.4% | 9 |
| ETSY INC | - | $4.7M | 5,000,000 | 0.4% | 1 |
| LIVERAMP HLDGS INC | [RAMP](https://holderbook.com/stocks/RAMP/) | $4.4M | 0 | 0.4% | 1 |
| ALPHABET INC | [GOOGN](https://holderbook.com/stocks/GOOGN/) | $4.3M | 85,000 | 0.4% | 1 |
| REDFIN CORP | - | $4.3M | 4,500,000 | 0.4% | 6 |
| SNAP INC | - | $4.1M | 5,000,000 | 0.4% | 1 |
| QXO INC | [QXOPRB](https://holderbook.com/stocks/QXOPRB/) | $3.5M | 0 | 0.3% | 1 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $3.3M | 97,500 | 0.3% | 3 |
| GLOBALSTAR INC | [GSAT](https://holderbook.com/stocks/GSAT/) | $2.5M | 30,668 | 0.2% | 1 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $2.5M | 167,570 | 0.2% | 2 |
| UNIFIRST CORP MASS | [UNF](https://holderbook.com/stocks/UNF/) | $2.4M | 9,045 | 0.2% | 2 |
| APOGEE THERAPEUTICS INC | [APGE](https://holderbook.com/stocks/APGE/) | $2.3M | 0 | 0.2% | 1 |
| ESPERION THERAPEUTICS INC NE | [ESPR](https://holderbook.com/stocks/ESPR/) | $1.9M | 612,774 | 0.2% | 1 |
| PAYONEER GLOBAL INC | [PAYO](https://holderbook.com/stocks/PAYO/) | $1.8M | 258,216 | 0.2% | 1 |
| NCR ATLEOS CORPORATION | [NATL](https://holderbook.com/stocks/NATL/) | $1.8M | 41,860 | 0.2% | 2 |
| BRIGHTHOUSE FINL INC | [BHF](https://holderbook.com/stocks/BHF/) | $1.8M | 28,329 | 0.2% | 3 |
| QORVO INC | [QRVO](https://holderbook.com/stocks/QRVO/) | $1.8M | 19,052 | 0.2% | 1 |
| ALLIED GOLD CORP | [AAUC](https://holderbook.com/stocks/AAUC/) | $1.7M | 73,016 | 0.2% | 2 |
| SELECT MED HLDGS CORP | [SEM](https://holderbook.com/stocks/SEM/) | $1.4M | 82,492 | 0.1% | 2 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $1.3M | 25,000 | 0.1% | 1 |
| TALKSPACE INC | [TALK](https://holderbook.com/stocks/TALK/) | $1.3M | 242,655 | 0.1% | 2 |
| GLOBAL BUSINESS TRAVEL GROUP | [GBTG](https://holderbook.com/stocks/GBTG/) | $1.3M | 133,456 | 0.1% | 1 |
| IHS HOLDING LIMITED | [IHS](https://holderbook.com/stocks/IHS/) | $1.2M | 150,235 | 0.1% | 2 |
| CLEAR CHANNEL OUTDOOR HLDGS | [CCO](https://holderbook.com/stocks/CCO/) | $1.2M | 507,856 | 0.1% | 2 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $1.1M | 5,000 | 0.1% | 1 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $976.4K | 13,633 | 0.1% | 4 |
| EQUITABLE HLDGS INC | [EQH](https://holderbook.com/stocks/EQH/) | $908.4K | 20,701 | 0.1% | 1 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $862.8K | 8,500 | 0.1% | 2 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $757.6K | 3,500 | 0.1% | 2 |
| PVH CORPORATION | [PVH](https://holderbook.com/stocks/PVH/) | $742.6K | 10,000 | 0.1% | 1 |
| SKYWEST INC | [SKYW](https://holderbook.com/stocks/SKYW/) | $695.3K | 7,000 | 0.1% | 1 |
| CROSS CTRY HEALTHCARE INC | [CCRN](https://holderbook.com/stocks/CCRN/) | $655.4K | 49,612 | 0.1% | 1 |
| VARONIS SYS INC | [VRNS](https://holderbook.com/stocks/VRNS/) | $629.4K | 0 | 0.1% | 1 |
| TRUBRIDGE INC | [TBRG](https://holderbook.com/stocks/TBRG/) | $609.4K | 23,251 | 0.1% | 1 |
| INTERNATIONAL MONEY EXPRESS | [IMXI](https://holderbook.com/stocks/IMXI/) | $608.9K | 42,140 | 0.1% | 4 |
| SIMULATIONS PLUS INC | [SLP](https://holderbook.com/stocks/SLP/) | $608.6K | 33,238 | 0.1% | 1 |
| NATHANS FAMOUS INC | [NATH](https://holderbook.com/stocks/NATH/) | $596.5K | 5,871 | 0.1% | 2 |
| VIKING THERAPEUTICS INC | [VKTX](https://holderbook.com/stocks/VKTX/) | $585.1K | 15,000 | 0.1% | 2 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $574.2K | 11,000 | 0.1% | 2 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $559.8K | 2,500 | 0.1% | 1 |
| PACIFIC BIOSCIENCES CALIF IN | [PACB](https://holderbook.com/stocks/PACB/) | $459.8K | 273,666 | 0.0% | 2 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $426.0K | 60,000 | 0.0% | 1 |
| ASTRONOVA INC | [ALOT](https://holderbook.com/stocks/ALOT/) | $340.8K | 11,972 | 0.0% | 1 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $340.0K | 2,500 | 0.0% | 2 |
| V F CORP | [VFC](https://holderbook.com/stocks/VFC/) | $250.2K | 15,000 | 0.0% | 1 |
| PENN ENTERTAINMENT INC | [PENN](https://holderbook.com/stocks/PENN/) | $213.6K | 10,000 | 0.0% | 2 |
| DICKS SPORTING GOODS INC | [DKS](https://holderbook.com/stocks/DKS/) | $136.1K | 600 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +2.9% | +14.8% | -11.9% | 68% |
| Q2 2025 | +1.4% | +10.5% | -9.0% | 67% |
| Q1 2025 | +4.5% | -4.6% | +9.1% | 67% |
| Q4 2024 | +0.0% | +2.1% | -2.1% | 68% |
| Q3 2024 | +0.4% | +5.4% | -5.1% | 80% |
| Q2 2024 | -3.3% | +4.0% | -7.3% | 92% |
| Q4 2023 | +2.0% | +11.2% | -9.2% | 65% |
| Q3 2023 | +3.3% | -3.6% | +6.9% | 68% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.1B | 85 |
| Q1 2026 | $895.6M | 98 |
| Q4 2025 | $927.6M | 91 |
| Q3 2025 | $793.3M | 84 |
| Q2 2025 | $702.0M | 76 |
| Q1 2025 | $764.1M | 84 |
| Q4 2024 | $925.7M | 78 |
| Q3 2024 | $992.7M | 79 |
| Q2 2024 | $986.6M | 75 |
| Q1 2024 | $961.8M | 61 |
| Q4 2023 | $1.0B | 58 |
| Q3 2023 | $1.1B | 81 |