Institutional
WATER ISLAND CAPITAL LLC
CIK 0001222765
$895.6M
Reported AUM
98
Positions
Q1 2026
Period
2026-05-15
Filed
The Brief · WATER ISLAND CAPITAL LLC · Q1 2026
AI · grounded in 13F
Water Island Capital LLC closed its position in CyberArk Software Ltd CYBR, reducing exposure by $38.65M. The fund established new positions in Penumbra Inc PEN for $39.44M and Masimo Corp MASI for $34.54M. Other notable activity includes new stakes in Electronic Arts Inc for $30.54M and Webster Finl Corp WBS for $28.87M.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Ticker | Issuer | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|
| 1 | EA | ELECTRONIC ARTS INC | $50.9M | 5.69% | +69,050 | +38.2% |
| 2 | JHG | JANUS HENDERSON GROUP PLC | $47.4M | 5.29% | +274,792 | +42.4% |
| 3 | WBD | WARNER BROS DISCOVERY INC | $44.4M | 4.96% | +477,386 | +41.9% |
| 4 | HO1 | HOLOGIC INC | $42.3M | 4.73% | +92,303 | +19.7% |
| 5 | TXNM | TXNM ENERGY INC | $39.5M | 4.40% | +98,456 | +17.1% |
| 6 | PEN | PENUMBRA INC | $39.4M | 4.40% | +120,095 | NEW |
| 7 | GTLS | CHART INDS INC | $39.3M | 4.38% | +1,614 | +0.9% |
| 8 | NSC | NORFOLK SOUTHN CORP | $38.5M | 4.30% | +5,008 | +3.9% |
| 9 | MASI | MASIMO CORP | $34.5M | 3.86% | +194,197 | NEW |
| 10 | EA | ELECTRONIC ARTS INC | $30.5M | 3.41% | +149,800 | NEW |
| 11 | WBS | WEBSTER FINL CORP | $28.9M | 3.22% | +415,823 | NEW |
| 12 | WBD | WARNER BROS DISCOVERY INC | $28.8M | 3.22% | +954,600 | +1005.9% |
| 13 | T86 | TRI POINTE HOMES INC | $25.1M | 2.80% | +536,367 | NEW |
| 14 | NSA | NATIONAL STORAGE AFFILIATES | $21.7M | 2.43% | +576,224 | NEW |
| 15 | GLDD | GREAT LAKES DREDGE & DOCK CO | $21.5M | 2.40% | +1,263,580 | NEW |
| 16 | ACLXGBX | ARCELLX INC | $21.1M | 2.35% | +183,409 | NEW |
| 17 | DAWNGBX | DAY ONE BIOPHARMACEUTICALS I | $20.2M | 2.26% | +944,247 | NEW |
| 18 | DBRG | DIGITALBRIDGE GROUP INC | $20.0M | 2.24% | +370,051 | +39.8% |
| 19 | — | DAY ONE BIOPHARMACEUTICALS I | $18.0M | 2.01% | +839,700 | NEW |
| 20 | STEL | STELLAR BANCORP INC | $15.8M | 1.76% | +431,231 | NEW |
| 21 | EHABUSD | ENHABIT INC | $13.9M | 1.55% | +984,611 | NEW |
| 22 | SLAB | SILICON LABORATORIES INC | $12.2M | 1.36% | +58,417 | NEW |
| 23 | KVUE | KENVUE INC | $12.1M | 1.35% | +10,409 | +1.5% |
| 24 | KVUE | KENVUE INC | $12.1M | 1.35% | +5,600 | +0.8% |
| 25 | VRE | VERIS RESIDENTIAL INC | $11.3M | 1.26% | +597,390 | NEW |
| 26 | PKST | PEAKSTONE REALTY TRUST | $10.5M | 1.17% | +503,583 | NEW |
| 27 | 430 | TERNS PHARMACEUTICALS INC | $9.9M | 1.11% | +188,500 | NEW |
| 28 | — | TERNS PHARMACEUTICALS INC | $9.9M | 1.11% | +188,500 | NEW |
| 29 | SLAB | SILICON LABORATORIES INC | $9.9M | 1.11% | +47,600 | NEW |
| 30 | KW | KENNEDY-WILSON HOLDINGS INC | $8.9M | 1.00% | +825,652 | NEW |
| 31 | ZIM | ZIM INTEGRATED SHIPPING SERV | $8.7M | 0.98% | +331,800 | NEW |
| 32 | ZIM | ZIM INTEGRATED SHIPPING SERV | $8.7M | 0.98% | +331,800 | NEW |
| 33 | TXNM 5.75 06/01/54 | TXNM ENERGY INC | $8.1M | 0.90% | +3,000,000 | +100.0% |
| 34 | JHG | JANUS HENDERSON GROUP PLC | $7.9M | 0.88% | +142,300 | +1185.8% |
| 35 | SAN | BANCO SANTANDER SA | $7.7M | 0.86% | +681,700 | NEW |
| 36 | UNF | UNIFIRST CORP MASS | $6.5M | 0.72% | +25,743 | NEW |
| 37 | CSGS 3.875 09/15/28 | CSG SYS INTL INC | $6.1M | 0.68% | — | HELD |
| 38 | AXTA | AXALTA COATING SYS LTD | $5.7M | 0.64% | +1,180 | +0.6% |
| 39 | AXTA | AXALTA COATING SYS LTD | $5.4M | 0.60% | +127,900 | +190.6% |
| 40 | RPD 0.25 03/15/27 | RAPID7 INC | $4.9M | 0.54% | — | HELD |
| 41 | APLS | APELLIS PHARMACEUTICALS INC | $4.8M | 0.54% | +120,500 | NEW |
| 42 | APLSUSD | APELLIS PHARMACEUTICALS INC | $4.8M | 0.54% | +120,500 | NEW |
| 43 | AL | AIR LEASE CORP | $4.7M | 0.53% | -225,309 | -75.5% |
| 44 | BSY 0.375 07/01/27 | BENTLEY SYS INC | $4.7M | 0.53% | — | HELD |
| 45 | NTNX 0.5 12/15/29 | NUTANIX INC | $4.5M | 0.50% | +1,500,000 | +42.9% |
| 46 | RDFN 0.5 04/01/27 | REDFIN CORP | $4.3M | 0.48% | — | HELD |
| 47 | HALO 0.25 03/01/27 | HALOZYME THERAPEUTICS INC | $3.1M | 0.35% | — | HELD |
| 48 | AES | AES CORP | $2.6M | 0.29% | +185,833 | NEW |
| 49 | VRNS 1 09/15/29 | VARONIS SYS INC | $2.6M | 0.29% | — | HELD |
| 50 | CWAN | CLEARWATER ANALYTICS HLDGS I | $2.6M | 0.29% | -766,043 | -87.5% |
| 51 | SDA | SEALED AIR CORP NEW | $2.4M | 0.26% | -503,166 | -90.0% |
| 52 | AAUC | ALLIED GOLD CORP | $2.3M | 0.25% | +72,785 | NEW |
| 53 | K4F | ONESTREAM INC | $2.2M | 0.24% | +91,120 | NEW |
| 54 | BHF | BRIGHTHOUSE FINL INC | $2.0M | 0.22% | +4,649 | +16.1% |
| 55 | NATL | NCR ATLEOS CORPORATION | $1.7M | 0.19% | +38,939 | NEW |
| 56 | SEM | SELECT MED HLDGS CORP | $1.7M | 0.19% | +103,467 | NEW |
| 57 | THR | THERMON GROUP HLDGS INC | $1.7M | 0.19% | +32,987 | NEW |
| 58 | SNCY | SUN CTRY AIRLS HLDGS INC | $1.6M | 0.18% | +98,859 | NEW |
| 59 | CNTA | CENTESSA PHARMACEUTICALS PLC | $1.6M | 0.18% | +41,000 | NEW |
| 60 | CNTA | CENTESSA PHARMACEUTICALS PLC | $1.6M | 0.18% | +41,000 | NEW |
| 61 | CSN | CSG SYS INTL INC | $1.6M | 0.18% | -130,497 | -86.6% |
| 62 | 628 | SEMRUSH HLDGS INC | $1.6M | 0.18% | -494,730 | -78.7% |
| 63 | AM6 | AMICUS THERAPEUTIC | $1.5M | 0.17% | -602,551 | -85.3% |
| 64 | BA | BOEING CO | $1.4M | 0.16% | +7,234 | NEW |
| 65 | STKL | SUNOPTA INC | $1.3M | 0.14% | +196,514 | NEW |
| 66 | PRA | PROASSURANCE CORP | $1.3M | 0.14% | +4,111 | +8.7% |
| 67 | UTE0 | CANTALOUPE INC | $1.2M | 0.13% | -23,927 | -18.2% |
| 68 | CCO | CLEAR CHANNEL OUTDOOR HLDGS | $1.1M | 0.13% | +478,517 | NEW |
| 69 | IHS | IHS HOLDING LIMITED | $1.1M | 0.13% | +137,615 | NEW |
| 70 | TALK | TALKSPACE INC | $1.1M | 0.12% | +216,158 | NEW |
| 71 | MCW | MISTER CAR WASH INC | $1.1M | 0.12% | +156,502 | NEW |
| 72 | DKS | DICKS SPORTING GOODS INC | $1.1M | 0.12% | +4,248 | +386.2% |
| 73 | GLAD 5.875 10/01/30 | GLADSTONE CAP CORP | $968K | 0.11% | -1,000,000 | -50.0% |
| 74 | CTRA | COTERRA ENERGY INC | $959K | 0.11% | +27,292 | NEW |
| 75 | SKYT | SKYWATER TECHNOLOGY INC | $947K | 0.11% | +34,536 | NEW |
| 76 | NWE | NORTHWESTERN ENERGY GROUP IN | $912K | 0.10% | -469 | -3.3% |
| 77 | AMRX | AMNEAL PHARMACEUTICALS INC | $850K | 0.09% | +68,400 | NEW |
| 78 | CZR | CAESARS ENTERTAINMENT INC NE | $780K | 0.09% | +29,500 | NEW |
| 79 | 7WH | UDEMY INC | $644K | 0.07% | +3,413 | +2.5% |
| 80 | EL | LAUDER ESTEE COS INC | $538K | 0.06% | +7,500 | NEW |
| 81 | PENN | PENN ENTERTAINMENT INC | $526K | 0.06% | +35,000 | NEW |
| 82 | CVGW | CALAVO GROWERS INC | $524K | 0.06% | +20,321 | NEW |
| 83 | IMXI | INTERNATIONAL MONEY EXPRESS | $523K | 0.06% | -55,354 | -62.6% |
| 84 | NATH | NATHANS FAMOUS INC | $503K | 0.06% | +4,994 | NEW |
| 85 | ONTF | ON24 INC | $489K | 0.05% | +60,364 | NEW |
| 86 | XHC | HERITAGE COMM CORP | $474K | 0.05% | +4,068 | +12.0% |
| 87 | BLFY | BLUE FOUNDRY BANCORP | $472K | 0.05% | +35,658 | NEW |
| 88 | SATS | ECHOSTAR CORP | $468K | 0.05% | +4,000 | NEW |
| 89 | FFIC | FLUSHING FINL CORP | $463K | 0.05% | +30,161 | NEW |
| 90 | UAL | UNITED AIRLS HLDGS INC | $460K | 0.05% | +5,000 | NEW |
| 91 | BVE | DIAMOND HILL INVT GROUP INC | $434K | 0.05% | +40 | +1.6% |
| 92 | FFWM | FIRST FNDTN INC | $399K | 0.04% | +1,654 | +2.5% |
| 93 | ALK | ALASKA AIR GROUP INC | $378K | 0.04% | +10,265 | NEW |
| 94 | PACB | PACIFIC BIOSCIENCES CALIF IN | $359K | 0.04% | +272,040 | NEW |
| 95 | VCTR | VICTORY CAP HLDGS INC DEL | $335K | 0.04% | +5,120 | NEW |
| 96 | VKTX | VIKING THERAPEUTICS INC | $335K | 0.04% | +10,280 | NEW |
| 97 | UPS | UNITED PARCEL SVCS INC | $248K | 0.03% | +2,520 | NEW |
| 98 | PYPL | PAYPAL HLDGS INC | $232K | 0.03% | +5,124 | NEW |
| 99 | CYBR | CyberArk Software Ltd | — | — | -86,648 | EXITED |
| 100 | EXK | Exact Sciences Corp | — | — | -350,009 | EXITED |
| 101 | CMA | Comerica Inc | — | — | -398,037 | EXITED |
| 102 | CDTX | Cidara Therapeutics Inc | — | — | -150,708 | EXITED |
| 103 | AVDL | Avadel Pharmaceuticals PLC | — | — | -1,087,117 | EXITED |
| 104 | TGNA | TEGNA Inc | — | — | -1,179,885 | EXITED |
| 105 | 8ZV | Aspen Insurance Holdings Ltd | — | — | -572,685 | EXITED |
| 106 | SYU1 | Synovus Financial Corp | — | — | -403,650 | EXITED |
| 107 | 8QR | Confluent Inc | — | — | -640,113 | EXITED |
| 108 | SPY | State Street SPDR S&P 500 ETF | — | — | -25,000 | EXITED |
| 109 | CDTX | Cidara Therapeutics Inc | — | — | -76,900 | EXITED |
| 110 | TECK | Teck Resources Ltd | — | — | -292,100 | EXITED |
| 111 | JAMF | Jamf Holding Corp | — | — | -985,069 | EXITED |
| 112 | CADE | Cadence Bank | — | — | -297,603 | EXITED |
| 113 | 9HI | Hillenbrand Inc | — | — | -399,006 | EXITED |
| 114 | PLYM | Plymouth Industrial REIT Inc | — | — | -559,215 | EXITED |
| 115 | — | Avidity Biosciences Inc | — | — | -168,700 | EXITED |
| 116 | RNAGBP | Avidity Biosciences Inc | — | — | -168,385 | EXITED |
| 117 | — | Hillenbrand Inc | — | — | -315,000 | EXITED |
| 118 | DVAX | Dynavax Technologies Corp | — | — | -610,261 | EXITED |
| 119 | QRVO | Qorvo Inc | — | — | -109,521 | EXITED |
| 120 | FRGE | Forge Global Holdings Inc | — | — | -197,075 | EXITED |
| 121 | CATBUSD | Astria Therapeutics Inc | — | — | -615,790 | EXITED |
| 122 | — | Amicus Therapeutics Inc | — | — | -451,000 | EXITED |
| 123 | — | Anywhere Real Estate Inc | — | — | -444,821 | EXITED |
| 124 | SPOT 0 03/15/26 | SPOTIFY USA INC | — | — | -5,000,000 | EXITED |
| 125 | BA 6 10/15/27 | BOEING CO/THE | — | — | -80,000 | EXITED |
| 126 | ALEX | Alexander & Baldwin Inc | — | — | -263,012 | EXITED |
| 127 | CFLT 0 01/15/27 | CONFLUENT INC | — | — | -5,000,000 | EXITED |
| 128 | HOLX | Hologic Inc | — | — | -60,600 | EXITED |
| 129 | EB4 | Eventbrite Inc | — | — | -987,653 | EXITED |
| 130 | KMB | Kimberly-Clark Corp | — | — | -42,200 | EXITED |
| 131 | DAY | Dayforce Inc | — | — | -47,453 | EXITED |
| 132 | BL 0 03/15/26 | BLACKLINE INC | — | — | -3,071,000 | EXITED |
| 133 | ITRI 0 03/15/26 | ITRON INC | — | — | -2,500,000 | EXITED |
| 134 | THS | TreeHouse Foods Inc | — | — | -99,421 | EXITED |
| 135 | CORZ | Core Scientific Inc | — | — | -143,800 | EXITED |
| 136 | KVUE | Kenvue Inc | — | — | -118,400 | EXITED |
| 137 | NGDN | New Gold Inc | — | — | -226,878 | EXITED |
| 138 | 1RG | REV Group Inc | — | — | -31,261 | EXITED |
| 139 | STAA | STAAR Surgical Co | — | — | -67,862 | EXITED |
| 140 | WTRG | Essential Utilities Inc | — | — | -36,646 | EXITED |
| 141 | EVH 3.5 12/01/29 | EVOLENT HEALTH INC | — | — | -2,000,000 | EXITED |
| 142 | DENN | Denny's Corp | — | — | -213,445 | EXITED |
| 143 | — | Anywhere Real Estate Inc | — | — | -71,100 | EXITED |
| 144 | — | Anywhere Real Estate Inc | — | — | -71,100 | EXITED |
| 145 | MOFG | MidWestOne Financial Group Inc | — | — | -21,980 | EXITED |
| 146 | ZEUS | Olympic Steel Inc | — | — | -16,293 | EXITED |
| 147 | 75Z | Soho House & Co Inc | — | — | -70,756 | EXITED |
| 148 | CIO | City Office REIT Inc | — | — | -61,498 | EXITED |
| 149 | 5TC | TrueCar Inc | — | — | -173,620 | EXITED |
| 150 | FSFG | First Savings Financial Group | — | — | -8,788 | EXITED |
Source: SEC EDGAR · accession 0001222765-26-000007. 13F discloses long positions only — shorts, foreign equities, and options are excluded.