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WATER ISLAND CAPITAL LLC

Q4 2025 · Filed 2026-02-17
Market Value
$703M
+18.1%
Holdings
94
+9
New Purchases
40
Added To
9
Closed
37
Reduced
8
Top 10 Concentration
50.8%
Turnover
81.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EXAS 5.06% 0.00% +5.06% $36M
HOLX 4.96% 0.00% +4.96% $35M
CMA 4.92% 0.00% +4.92% $35M
CDTX 4.74% 0.00% +4.74% $33M
WBD 4.67% 0.00% +4.67% $33M
JHG 4.38% 0.00% +4.38% $31M
SEE 3.30% 0.00% +3.30% $23M
CWAN 3.00% 0.00% +3.00% $21M
CFLT 2.75% 0.00% +2.75% $19M
EA 5.26% 3.00% +2.25% $37M
0YY7.L 2.03% 0.00% +2.03% $14M
JAMF 1.82% 0.00% +1.82% $13M
HI 1.80% 0.00% +1.80% $13M
PLYM 1.74% 0.00% +1.74% $12M
RNAM 1.73% 0.00% +1.73% $12M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VRNA 0.00% 5.21% -5.21% $0
AVDX 0.00% 4.82% -4.82% $0
INFA 0.00% 4.80% -4.80% $0
VBTX 0.00% 4.60% -4.60% $0
VRNT 0.00% 4.09% -4.09% $0
PBPB 0.00% 3.87% -3.87% $0
MLNK 0.00% 3.12% -3.12% $0
SPNS 0.00% 3.05% -3.05% $0
STAA 0.22% 2.97% -2.75% $2M
HBI 0.00% 2.51% -2.51% $0
CORZ 0.00% 2.37% -2.37% $0
VMEO 0.00% 2.03% -2.03% $0
MGRC 0.00% 1.96% -1.96% $0
PRO 0.00% 1.90% -1.90% $0
IAS 0.00% 1.83% -1.83% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 15 $299M 42.5%
Mid Cap 31 $315M 44.8%
Small Cap 42 $88M 12.6%
Micro Cap 6 $1M 0.2%

Portfolio Analytics

Avg Market Cap
$7.1B
Median Market Cap
$1.9B
Avg P/E
43.8
Median P/E
22.3
Avg Dividend Yield
0.01%
Avg Beta
1.12
# Stocks
94
# ETFs / Funds
0

Top Holdings (94 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GTLS 5.53% 188,325 $39M $206.23 $13M +61,154 +48.1%
2 CYBR 5.50% 86,648 $39M $446.06 -$3M +849 +1.0%
3 NSC 5.30% 129,043 $37M $288.72 -$534K +3,244 +2.6%
4 EA 5.26% 180,838 $37M $204.33 $19M +92,248 +104.1%
5 EXAS 5.06% 350,009 $36M $101.56 +350,009 NEW
6 HOLX 4.96% 467,742 $35M $74.49 +467,742 NEW
7 CMA 4.92% 398,037 $35M $86.93 +398,037 NEW
8 TXNM 4.83% 576,411 $34M $58.88 $8M +125,751 +27.9%
9 CDTX 4.74% 150,708 $33M $220.89 +150,708 NEW
10 WBD 4.67% 1,139,634 $33M $28.82 +1,139,634 NEW
11 JHG 4.38% 647,485 $31M $47.57 +647,485 NEW
12 SEE 3.30% 559,237 $23M $41.43 +559,237 NEW
13 TGNA 3.26% 1,179,885 $23M $19.41 -$2M -43,623 -3.6%
14 CWAN 3.00% 875,632 $21M $24.12 +875,632 NEW
15 SNV 2.87% 403,650 $20M $50.05 -$485K -17,850 -4.2%
16 CFLT 2.75% 640,113 $19M $30.24 +640,113 NEW
17 AL 2.73% 298,440 $19M $64.23 $31K -2,237 -0.7%
18 0YY7.L 2.03% 929,000 $14M $15.34 +929,000 NEW
19 JAMF 1.82% 985,069 $13M $13.01 +985,069 NEW
20 HI 1.80% 399,006 $13M $31.72 +399,006 NEW
21 PLYM 1.74% 559,215 $12M $21.88 +559,215 NEW
22 RNAM 1.73% 168,385 $12M $72.13 +168,385 NEW
23 KVUE 1.69% 690,191 $12M $17.25 +690,191 NEW
24 CSGS 1.64% 150,720 $12M $76.69 +150,720 NEW
25 FOLD 1.43% 706,617 $10M $14.24 +706,617 NEW
26 DVAX 1.34% 610,261 $9M $15.38 +610,261 NEW
27 QRVO 1.32% 109,521 $9M $84.51 +109,521 NEW
28 FRGE 1.25% 197,075 $9M $44.56 +197,075 NEW
29 ATXS 1.15% 615,790 $8M $13.09 +615,790 NEW
30 SEMR 1.06% 628,602 $7M $11.89 +628,602 NEW
31 AXTA 0.95% 205,722 $7M $32.31 +205,722 NEW
32 HOUS 0.90% 444,821 $6M $14.16 $1M -11,779 -2.6%
33 ALEX 0.77% 263,012 $5M $20.64 +263,012 NEW
34 EB 0.63% 987,653 $4M $4.45 +987,653 NEW
35 DAY 0.47% 47,453 $3M $69.16 -$9M -136,268 -74.2%
36 THS 0.33% 99,421 $2M $23.59 +99,421 NEW
37 NGD 0.28% 226,878 $2M $8.71 +226,878 NEW
38 REVG 0.27% 31,261 $2M $60.81 +31,261 NEW
39 BHF 0.27% 28,841 $2M $64.79 +28,841 NEW
40 STAA 0.22% 67,862 $2M $23.09 -$16M -590,455 -89.7%
41 WTRG 0.20% 36,646 $1M $38.36 +36,646 NEW
42 CTLP 0.20% 131,794 $1M $10.62 -$301K -29,113 -18.1%
43 IMXI 0.19% 88,476 $1M $15.36 $155K +2,301 +2.7%
44 DENN 0.19% 213,445 $1M $6.22 +213,445 NEW
45 PRA 0.16% 46,992 $1M $24.16 -$4M -163,469 -77.7%
46 NWE 0.13% 14,307 $923K $64.54 $85K +4 +0.0%
47 MOFG 0.12% 21,980 $846K $38.50 +21,980 NEW
48 UDMY 0.11% 135,922 $795K $5.85 +135,922 NEW
49 ZEUS 0.10% 16,293 $697K $42.78 +16,293 NEW
50 SHCO 0.09% 70,756 $634K $8.96 $54K +5,214 +8.0%
51 CIO 0.06% 61,498 $430K $6.99 $52K +7,181 +13.2%
52 DHIL 0.06% 2,482 $421K $169.50 +2,482 NEW
53 HTBK 0.06% 33,924 $407K $12.01 +33,924 NEW
54 FFWM 0.06% 65,919 $406K $6.16 +65,919 NEW
55 TRUE 0.06% 173,620 $392K $2.26 +173,620 NEW
56 FSFG 0.04% 8,788 $280K $31.86 +8,788 NEW
57 DKS 0.03% 1,100 $218K $197.97 +1,100 NEW
58 PGRE —% -$6M -958,918 -100.0% SOLD
59 TRML —% -$2M -50,968 -100.0% SOLD
60 CCRN —% -$609K -42,897 -100.0% SOLD
61 PINC —% -$8M -278,420 -100.0% SOLD
62 AVDX —% -$29M -2,882,867 -100.0% SOLD
63 CVAC —% -$4M -762,138 -100.0% SOLD
64 ZIMV —% -$1M -72,353 -100.0% SOLD
65 MGRC —% -$12M -99,363 -100.0% SOLD
66 BRY —% -$540K -142,979 -100.0% SOLD
67 MTSR —% -$980K -18,730 -100.0% SOLD
68 MLNK —% -$19M -930,234 -100.0% SOLD
69 IAS —% -$11M -1,071,160 -100.0% SOLD
70 VBTX —% -$27M -815,698 -100.0% SOLD
71 SPNS —% -$18M -421,434 -100.0% SOLD
72 SCS —% -$2M -94,905 -100.0% SOLD
73 PACB —% -$46K -35,754 -100.0% SOLD
74 PVBC —% -$505K -40,282 -100.0% SOLD
75 VRNA —% -$31M -290,182 -100.0% SOLD
76 VMEO —% -$12M -1,555,942 -100.0% SOLD
77 SAND —% -$3M -214,205 -100.0% SOLD
78 PBPB —% -$23M -1,351,588 -100.0% SOLD
79 HBI —% -$15M -2,264,676 -100.0% SOLD
80 INFA —% -$29M -1,149,598 -100.0% SOLD
81 IPG —% -$2M -63,104 -100.0% SOLD
82 VRNT —% -$24M -1,202,967 -100.0% SOLD
83 LBRDK —% -$2M -35,810 -100.0% SOLD
84 AURA —% -$64K -10,372 -100.0% SOLD
85 AMWD —% -$1M -18,336 -100.0% SOLD
86 WOW —% -$8M -1,558,174 -100.0% SOLD
87 MRC —% -$845K -58,605 -100.0% SOLD
88 MRUS —% -$9M -96,000 -100.0% SOLD
89 PRO —% -$11M -492,502 -100.0% SOLD
90 PHLT —% -$563K -72,772 -100.0% SOLD
91 CCRD —% -$447K -16,595 -100.0% SOLD
92 TECK —% -$9M -209,900 -100.0% SOLD
93 CORZ —% -$14M -785,446 -100.0% SOLD
94 HONE —% -$306K -22,464 -100.0% SOLD

New Positions

SymbolValue% Port
EXAS $36M 5.06%
HOLX $35M 4.96%
CMA $35M 4.92%
CDTX $33M 4.74%
WBD $33M 4.67%
JHG $31M 4.38%
SEE $23M 3.30%
CWAN $21M 3.00%
CFLT $19M 2.75%
0YY7.L $14M 2.03%
JAMF $13M 1.82%
HI $13M 1.80%
PLYM $12M 1.74%
RNAM $12M 1.73%
KVUE $12M 1.69%

Sold Out Positions

SymbolValue% Port
TECK —%
CORZ —%
AMWD —%
CCRN —%
MGRC —%
LBRDK —%
AURA —%
PACB —%
PRO —%
TRML —%
SAND —%
CVAC —%
VMEO —%
IAS —%
BRY —%
View SEC EDGAR Filings for WATER ISLAND CAPITAL LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms