Q2 2026 13F · SEC CIK 1222765

Water Island Capital LLC

Mutual fund managerFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $906.4M
Reported positions: 68
Holdings vs S&P 500, 3 yrs: —
Assets under management: $1.2B

Water Island Capital LLC is a mutual fund manager that reported 68 positions worth $906.4M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Taylor Morrison Home Corp (TMHC, 5.8%), Electronic Arts Inc (EA, 5.7%), Chart Inds Inc (GTLS, 5.5%).

Water Island Capital LLC holdings largest 50 of 68 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Water Island Capital LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
TMHCTaylor Morrison Home Corp	5.8%	—	727,492	—	$52.2M
EAElectronic Arts Inc	5.7%	7.2%	252,932	+1.2%	$51.9M
GTLSChart Inds Inc	5.5%	5.5%	237,599	+25.1%	$49.6M
PENPenumbra, Inc.	5.2%	5.5%	150,456	+25.3%	$47.5M
WBDWarner Bros Discovery Inc	5.1%	6.2%	1,740,468	+7.6%	$46.4M
JHGJanus Henderson Group PLC	5.1%	6.7%	890,916	-3.4%	$46.3M
NSCNorfolk Southn Corporation	5.1%	5.4%	146,283	+9.1%	$46.0M
TXNMTxnm Energy Inc	4.6%	5.5%	737,734	+9.3%	$41.9M
12769G100Caesars Entertainment Inc Ne	4.4%	—	1,313,074	—	$39.6M
WBSWebster Finl Corp	3.7%	4.1%	437,210	+5.1%	$33.4M
NSANational Storage Affiliates	3.6%	3.1%	728,454	+26.4%	$32.4M
SLABSilicon Laboratories Inc	3.6%	1.7%	148,138	+153.6%	$32.4M
RAMPLiveramp Holdings Inc	3.3%	—	805,327	—	$30.3M
CPRXCatalyst Pharmaceuticals Inc	3.2%	—	933,819	—	$29.3M
DDominion Energy Inc	2.9%	—	381,231	—	$26.0M
ACAArcosa Inc	2.8%	—	173,589	—	$25.2M
TECHBio-Techne Corp	2.6%	—	335,727	—	$23.7M
WSRWhitestone REIT	2.6%	—	1,227,709	—	$23.3M
ROKURoku Inc	2.5%	—	164,890	—	$22.8M
BLDTopbuild Cor	2.4%	—	51,251	—	$21.8M
DBRGDigitalbridge Group Inc	2.4%	2.8%	1,376,380	+6.0%	$21.7M
AVNSAvanos Med Inc	2.2%	—	799,002	—	$19.9M
SILASila Realty Trust Inc	2.1%	—	623,872	—	$18.9M
OGNOrganon & Co	2.1%	—	1,374,899	—	$18.6M
STELStellar Bancorp Inc	1.7%	2.2%	383,227	-11.1%	$15.1M
NUVLNuvalent Inc	1.4%	—	103,979	—	$12.8M
APGEApogee Therapeutics Inc	1.4%	—	94,900	—	$12.6M
XOMAXoma Royalty Corporation	1.1%	—	242,000	—	$10.3M
KVUEKenvue Inc	0.8%	1.7%	402,042	-42.6%	$7.7M
GOOGMAlphabet Inc	0.5%	—	85,000	—	$4.3M
AXTAAxalta Coating Sys Ltd	0.4%	0.8%	97,500	-52.9%	$3.3M
GSATGlobalstar Inc	0.3%	—	30,668	—	$2.5M
AESAES Corp	0.3%	0.4%	167,570	-9.8%	$2.5M
UNFUnifirst Corp Mass	0.3%	0.9%	9,045	-64.9%	$2.4M
ESPREsperion Therapeutics Inc Ne	0.2%	—	612,774	—	$1.9M
PAYOPayoneer Global Inc	0.2%	—	258,216	—	$1.8M
NATLNcr Atleos Corporation	0.2%	0.2%	41,860	+7.5%	$1.8M
BHFBrighthouse Finl Inc	0.2%	0.3%	28,329	-15.4%	$1.8M
QRVOQorvo Inc	0.2%	—	19,052	—	$1.8M
AAUCAllied Gold Corp	0.2%	0.3%	73,016	+0.3%	$1.7M
SEMSelect Med Hldgs Corp	0.1%	0.2%	82,492	-20.3%	$1.4M
EQTEqt Corp	0.1%	—	25,000	—	$1.3M
TALKTalkspace Inc	0.1%	0.2%	242,655	+12.3%	$1.3M
GBTGGlobal Business Travel Group	0.1%	—	133,456	—	$1.3M
IHSIhs Holding Ltd	0.1%	0.2%	150,235	+9.2%	$1.2M
CCOClear Channel Outdoor Hldgs	0.1%	0.2%	507,856	+6.1%	$1.2M
HONAHoneywell Aerospace Inc	0.1%	—	5,000	—	$1.1M
NWENorthwestern Energy Group Inc Com New	0.1%	—	13,633	—	$976K
EQHEquitable Hldgs Inc	0.1%	—	20,701	—	$908K
ECHOEchoStar Corp	0.1%	—	8,500	—	$863K

What Water Island Capital LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: —
3 years: —
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$906.4M	68
Q1 2026	$710.8M	77
Q4 2025	$765.8M	61
Q3 2025	$647.1M	58
Q2 2025	$523.0M	45
Q1 2025	$531.4M	50
Q4 2024	$767.5M	49
Q3 2024	$914.1M	56
Q2 2024	$899.0M	57
Q3 2022	$1.7B	73
Q2 2022	$1.6B	70
Q1 2022	$1.9B	67

Questions about Water Island Capital LLC's portfolio

What stocks does Water Island Capital LLC own?

Water Island Capital LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 68 positions worth $906.4M. The largest are Taylor Morrison Home Corp (TMHC) at 5.8%, Electronic Arts Inc (EA) at 5.7%, Chart Inds Inc (GTLS) at 5.5%, Penumbra, Inc. (PEN) at 5.2% and Warner Bros Discovery Inc (WBD) at 5.1%.

What did Water Island Capital LLC buy last quarter?

In Q2 2026, Water Island Capital LLC added Silicon Laboratories Inc (SLAB) (+153.6% shares), National Storage Affiliates (NSA) (+26.4% shares) and Penumbra, Inc. (PEN) (+25.3% shares), compared with its Q1 2026 filing.

What did Water Island Capital LLC sell last quarter?

In Q2 2026, Water Island Capital LLC cut from its top 50 Hologic Inc (HOLX), cut from its top 50 Masimo Corp (MASI), cut from its top 50 Tri Pointe Homes Inc (TPH), cut from its top 50 Great Lakes Dredge & Dock Co (GLDD), cut from its top 50 Arcellx Inc (ACLX), Unifirst Corp Mass (UNF) (-64.9% shares), Axalta Coating Sys Ltd (AXTA) (-52.9% shares) and Kenvue Inc (KVUE) (-42.6% shares), compared with its Q1 2026 filing.

When is Water Island Capital LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Water Island Capital LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Water Island Capital LLC manage?

Water Island Capital LLC reported $1.2B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $906.4M.