Water Island Capital LLC reported 41 positions worth $394.24M for the quarter ended Jun 30, 2026, up 92.9% on the prior quarter. It opened 16 new positions, added to 15, trimmed 10 and exited 7. Its largest holding is Penumbra Inc at 12.1% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| CZR Caesars Entertainment, Inc. | +1.28M | +4,351.1% | $38.74M | 10.05% |
| RAMP LiveRamp Holdings, Inc. | +805.3K | – | $30.31M | 7.69% |
| D Dominion Energy, Inc | +381.2K | – | $26.03M | 6.6% |
| ACA Arcosa, Inc. | +173.6K | – | $25.22M | 6.4% |
| TECH BIO-TECHNE Corp | +335.7K | – | $23.72M | 6.02% |
| ROKU Roku, Inc | +164.9K | – | $22.78M | 5.78% |
| SLAB Silicon Laboratories Inc. | +89.7K | +153.6% | $19.61M | 8.21% |
| OGN Organon & Co. | +1.37M | – | $18.62M | 4.72% |
| PEN Penumbra Inc | +30.4K | +25.3% | $9.59M | 12.05% |
| NSC Norfolk Southern Corp | +12.2K | +9.1% | $3.85M | 11.67% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| ACLX GILEAD SCIENCES INC- CVR CONTINGENT VALUE RIGHT | -183.4K | -100.0% | $21.06M | Exited |
| ZIM ZIM Integrated Shipping Services Ltd. | -331.8K | -100.0% | $8.74M | Exited |
| KVUE Kenvue Inc. | -298.6K | -42.6% | $5.71M | 1.95% |
| UNF Unifirst Corp | -16.7K | -64.9% | $4.42M | 0.607% |
| AXTA Axalta Coating Systems Ltd. | -109.4K | -52.9% | $3.74M | 0.846% |
| DKS Dick'S Sporting Goods, Inc. | -4,748 | -88.8% | $1.08M | 0.035% |
| AMRX Amneal Pharmaceuticals, Inc. | -68.4K | -100.0% | $850.21K | Exited |
| BA Boeing Co | -3,734 | -51.6% | $808.30K | 0.192% |
| EL Estee Lauder Companies Inc | -7,500 | -100.0% | $538.28K | Exited |
| PENN PENN Entertainment, Inc. | -25.0K | -71.4% | $534.00K | 0.054% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| RAMP LiveRamp Holdings, Inc. | +805.3K | $30.31M | 7.69% |
| D Dominion Energy, Inc | +381.2K | $26.03M | 6.6% |
| ACA Arcosa, Inc. | +173.6K | $25.22M | 6.4% |
| TECH BIO-TECHNE Corp | +335.7K | $23.72M | 6.02% |
| ROKU Roku, Inc | +164.9K | $22.78M | 5.78% |
| OGN Organon & Co. | +1.37M | $18.62M | 4.72% |
| GSAT Globalstar, Inc. | +30.7K | $2.49M | 0.632% |
| PAYO Payoneer Global Inc. | +258.2K | $1.84M | 0.466% |
| EQT EQT Corp | +25.0K | $1.33M | 0.337% |
| HONA Honeywell Aerospace Inc. | +5,000 | $1.11M | 0.28% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| ACLX GILEAD SCIENCES INC- CVR CONTINGENT VALUE RIGHT | -183.4K | $21.06M | 10.3% |
| ZIM ZIM Integrated Shipping Services Ltd. | -331.8K | $8.74M | 4.28% |
| AMRX Amneal Pharmaceuticals, Inc. | -68.4K | $850.21K | 0.416% |
| EL Estee Lauder Companies Inc | -7,500 | $538.28K | 0.263% |
| VCTR Victory Capital Holdings, Inc. | -5,120 | $335.26K | 0.164% |
| UPS United Parcel Service Inc | -2,520 | $247.92K | 0.121% |
| PYPL PayPal Holdings, Inc. | -5,124 | $231.76K | 0.113% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | PEN Penumbra Inc | Healthcare | 150.5K | $47.51M | 12.05% | +30.4K | +25.3% | Added | 0.38% |
| 2 | NSC Norfolk Southern Corp | Industrials | 146.3K | $46.02M | 11.67% | +12.2K | +9.1% | Added | 0.07% |
| 3 | TXNM Txnm Energy Inc | Utilities | 737.7K | $41.89M | 10.63% | +62.9K | +9.3% | Added | 0.66% |
| 4 | CZR Caesars Entertainment, Inc. | Consumer Discretionary | 1.31M | $39.63M | 10.05% | +1.28M | +4,351.1% | Added | 0.64% |
| 5 | SLAB Silicon Laboratories Inc. | Technology | 148.1K | $32.38M | 8.21% | +89.7K | +153.6% | Added | 0.45% |
| 6 | RAMP LiveRamp Holdings, Inc. | Technology | 805.3K | $30.31M | 7.69% | +805.3K | – | New | 1.32% |
| 7 | D Dominion Energy, Inc | Utilities | 381.2K | $26.03M | 6.6% | +381.2K | – | New | 0.04% |
| 8 | ACA Arcosa, Inc. | Industrials | 173.6K | $25.22M | 6.4% | +173.6K | – | New | 0.35% |
| 9 | TECH BIO-TECHNE Corp | Healthcare | 335.7K | $23.72M | 6.02% | +335.7K | – | New | 0.22% |
| 10 | ROKU Roku, Inc | Technology | 164.9K | $22.78M | 5.78% | +164.9K | – | New | 0.12% |
| 11 | OGN Organon & Co. | Healthcare | 1.37M | $18.62M | 4.72% | +1.37M | – | New | 0.52% |
| 12 | KVUE Kenvue Inc. | Consumer Staples | 402.0K | $7.68M | 1.95% | -298.6K | -42.6% | Reduced | 0.02% |
| 13 | AXTA Axalta Coating Systems Ltd. | Basic Materials | 97.5K | $3.34M | 0.846% | -109.4K | -52.9% | Reduced | 0.05% |
| 14 | GSAT Globalstar, Inc. | Communication Services | 30.7K | $2.49M | 0.632% | +30.7K | – | New | 0.02% |
| 15 | AES Aes Corp | Utilities | 167.6K | $2.46M | 0.623% | -18.3K | -9.8% | Reduced | 0.02% |
Tip. Select a row to see that position’s full history at Water Island Capital.
As of its Q2 2026 13F filing, Water Island Capital LLC’s five largest positions were Penumbra Inc (PEN) at 12.1%, Norfolk Southern Corp (NSC) at 11.7%, Txnm Energy Inc (TXNM) at 10.6%, Caesars Entertainment, Inc. (CZR) at 10.1%, Silicon Laboratories Inc. (SLAB) at 8.2% of the reported portfolio.
Water Island Capital LLC reported a 13F portfolio worth $394.24M across 41 positions for Q2 2026. That is up 92.9% from the previous quarter.
Its largest purchases by value were Caesars Entertainment, Inc. ($38.74M), LiveRamp Holdings, Inc. ($30.31M), Dominion Energy, Inc ($26.03M). It opened 16 new positions.
Its largest sales by value were GILEAD SCIENCES INC- CVR CONTINGENT VALUE RIGHT ($21.06M), ZIM Integrated Shipping Services Ltd. ($8.74M), Kenvue Inc. ($5.71M). It exited 7 positions entirely.
From the Form 13F-HR reports Water Island Capital LLC files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.