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Westchester Capital Management, LLC

Q4 2025 · Filed 2026-02-13
Market Value
$1.7B
+11.7%
Holdings
185
+27
New Purchases
54
Added To
18
Closed
28
Reduced
23
Top 10 Concentration
57.1%
Turnover
44.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EA 7.27% 1.74% +5.53% $121M
WBD 6.30% 1.67% +4.63% $105M
EXAS 4.57% 0.00% +4.57% $76M
RNAM 4.16% 0.00% +4.16% $69M
NSC 6.70% 2.63% +4.07% $112M
CMA 3.43% 0.00% +3.43% $57M
DAY 2.26% 0.00% +2.26% $38M
SEE 2.12% 0.00% +2.12% $35M
CFLT 1.55% 0.00% +1.55% $26M
NGD 1.49% 0.00% +1.49% $25M
HOLX 1.43% 0.00% +1.43% $24M
THS 0.78% 0.00% +0.78% $13M
AL 1.29% 0.65% +0.63% $21M
KCHV 0.78% 0.19% +0.59% $13M
LWACU 0.49% 0.00% +0.49% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COOP 0.00% 10.38% -10.38% $0
K 0.00% 9.33% -9.33% $0
IPG 0.00% 4.26% -4.26% $0
VRNA 0.00% 3.45% -3.45% $0
LBRDA 1.54% 3.20% -1.67% $26M
GTLS 6.13% 7.35% -1.23% $102M
TECK 4.49% 5.47% -0.98% $75M
SPR 0.00% 0.89% -0.89% $0
VBTX 0.00% 0.88% -0.88% $0
NPACU 0.00% 0.88% -0.88% $0
MRUS 0.00% 0.72% -0.72% $0
KCHVU 0.00% 0.68% -0.68% $0
BACC 0.15% 0.84% -0.68% $3M
CHAC 0.09% 0.69% -0.61% $1M
PRA 2.32% 2.83% -0.50% $39M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 22 $865M 51.8%
Mid Cap 16 $325M 19.5%
Small Cap 52 $247M 14.8%
Micro Cap 95 $232M 13.9%

Portfolio Analytics

Avg Market Cap
$5.6B
Median Market Cap
$292M
Avg P/E
46.2
Median P/E
33.9
Avg Dividend Yield
0.02%
Avg Beta
0.49
# Stocks
177
# ETFs / Funds
8

Top Holdings (185 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CYBR 8.76% 327,864 $146M $446.06 $12M +49,856 +17.9%
2 EA 7.27% 594,161 $121M $204.33 $95M +464,995 +360.0%
3 NSC 6.70% 387,596 $112M $288.72 $73M +256,771 +196.3%
4 WBD 6.30% 3,649,601 $105M $28.82 $80M +2,371,301 +185.5%
5 GTLS 6.13% 496,058 $102M $206.23 -$8M -53,274 -9.7%
6 FYBR 5.26% 2,308,994 $88M $38.07 $10M +215,365 +10.3%
7 EXAS 4.57% 751,561 $76M $101.56 +751,561 NEW
8 TECK 4.49% 1,566,212 $75M $47.89 -$7M -297,334 -16.0%
9 RNAM 4.16% 962,659 $69M $72.13 +962,659 NEW
10 CMA 3.43% 658,366 $57M $86.93 +658,366 NEW
11 PRA 2.32% 1,605,544 $39M $24.16 -$3M -155,669 -8.8%
12 DAY 2.26% 546,665 $38M $69.16 +546,665 NEW
13 SEE 2.12% 853,621 $35M $41.43 +853,621 NEW
14 YCY 1.73% 2,701,172 $29M $10.67 $405K
15 CFLT 1.55% 857,198 $26M $30.24 +857,198 NEW
16 LBRDA 1.54% 530,942 $26M $48.28 -$22M -225,583 -29.8%
17 NGD 1.49% 2,852,255 $25M $8.71 +2,852,255 NEW
18 HOLX 1.43% 319,734 $24M $74.49 +319,734 NEW
19 TGNA 1.39% 1,192,134 $23M $19.41 -$1M
20 ANSC 1.31% 1,964,677 $22M $11.17 -$5M -500,127 -20.3%
21 AL 1.29% 334,421 $21M $64.23 $12M +180,721 +117.6%
22 SZZLU 0.95% 1,564,728 $16M $10.16 $63K
23 CTLP 0.88% 1,389,401 $15M $10.62 $69K
24 GTERU 0.86% 1,414,429 $14M $10.10 $170K
25 TACH 0.83% 1,344,693 $14M $10.26 $188K
26 THS 0.78% 553,686 $13M $23.59 +553,686 NEW
27 KCHV 0.78% 1,286,000 $13M $10.14 $10M +1,000,000 +349.6%
28 JACS 0.74% 1,186,200 $12M $10.42 $47K
29 ALDF 0.73% 1,159,448 $12M $10.51 $70K
30 AACB 0.61% 995,939 $10M $10.30 $169K
31 MLAC 0.55% 887,700 $9M $10.40 -$3M -294,571 -24.9%
32 OBA 0.55% 917,657 $9M $10.06 $4M +409,557 +80.6%
33 COPL 0.53% 860,600 $9M $10.19 $69K
34 PACH 0.52% 850,000 $9M $10.15 $85K
35 XRPN 0.51% 833,400 $9M $10.24 $2M +200,000 +31.6%
36 LWACU 0.49% 819,872 $8M $10.05 +819,872 NEW
37 TASK 0.43% 602,597 $7M $11.79 -$47K +201,970 +50.4%
38 LCCC 0.42% 689,436 $7M $10.21 $86K
39 CSX 0.41% 187,783 $7M $36.25 -$3K -3,984 -2.1%
40 IPODU 0.41% 666,477 $7M $10.19 +666,477 NEW
41 GSRFU 0.40% 650,000 $7M $10.30 -$146K -25,000 -3.7%
42 HAVAU 0.36% 598,790 $6M $10.01 +598,790 NEW
43 IPEX 0.33% 532,807 $5M $10.26 $21K
44 TVAIR 0.32% 525,000 $5M $10.12 $3M +275,000 +110.0%
45 GTEN 0.32% 515,073 $5M $10.29 +515,073 NEW
46 DMIIU 0.30% 502,914 $5M $10.00 $3M +302,914 +151.5%
47 NMPAU 0.30% 500,000 $5M $10.02 $45K
48 DMII 0.30% 500,000 $5M $9.90 +500,000 NEW
49 NHIC 0.28% 450,000 $5M $10.36 $81K
50 CEPV 0.28% 450,000 $5M $10.25 +450,000 NEW
51 PGACU 0.27% 443,000 $5M $10.36 $35K
52 TACO 0.26% 433,460 $4M $10.14 +433,460 NEW
53 ORIQ 0.26% 425,000 $4M $10.14 $42K
54 KOYNU 0.24% 400,000 $4M $10.12 $8K
55 CGCT 0.24% 390,847 $4M $10.29 -$3M -287,153 -42.4%
56 WENNU 0.24% 384,654 $4M $10.23 -$77K
57 SSEAU 0.23% 375,000 $4M $10.03 +375,000 NEW
58 QSEAU 0.23% 366,605 $4M $10.25 $37K
59 HON 0.22% 18,900 $4M $195.09 $993K +6,100 +47.7%
60 ALIS 0.21% 354,923 $4M $9.93 +354,923 NEW
61 FGMC 0.21% 349,172 $4M $10.04 -$673K -69,093 -16.5%
62 MESHU 0.21% 350,000 $4M $10.00 +350,000 NEW
63 AEAQU 0.21% 350,000 $4M $10.00 +350,000 NEW
64 SBXD-UN 0.21% 325,485 $3M $10.58 $36K
65 LPCVU 0.20% 334,463 $3M $9.98 +334,463 NEW
66 CHEC 0.17% 275,000 $3M $10.03 $14K
67 TDAC 0.16% 248,852 $3M $10.49 $37K
68 LKSPU 0.15% 255,000 $3M $10.12 +255,000 NEW
69 WTG 0.15% 254,058 $3M $10.15 $64K +4,058 +1.6%
70 BCSS 0.15% 250,000 $3M $10.22 $2M +225,000 +900.0%
71 BACC 0.15% 247,210 $3M $10.21 -$10M -1,002,790 -80.2%
72 CRAC 0.15% 250,000 $3M $10.09 +250,000 NEW
73 BLRKU 0.15% 250,000 $2M $10.00 +250,000 NEW
74 ITHAU 0.15% 250,000 $2M $9.96 +250,000 NEW
75 GSHRU 0.15% 240,000 $2M $10.24 $22K
76 KHC 0.15% 100,000 $2M $24.25 $1M +49,800 +99.2%
77 BHF 0.13% 34,440 $2M $64.79 +34,440 NEW
78 RAAQU 0.13% 215,312 $2M $10.20 -$241K -25,000 -10.4%
79 BIXIU 0.13% 220,000 $2M $9.96 +220,000 NEW
80 SVCC 0.12% 200,000 $2M $10.36 $12K
81 BLUW 0.12% 200,000 $2M $10.32 -$3M -275,000 -57.9%
82 CEPF 0.12% 200,000 $2M $10.28 $18K
83 OBAWU 0.12% 200,000 $2M $10.13 $16K
84 TVA 0.12% 190,031 $2M $10.65 -$3M -288,008 -60.2%
85 LAFAU 0.12% 200,000 $2M $10.02 +200,000 NEW
86 HAVA 0.12% 198,154 $2M $9.95 +198,154 NEW
87 DSACU 0.12% 192,208 $2M $10.05 +192,208 NEW
88 LATAU 0.11% 175,000 $2M $10.04 $11K
89 SVAQU 0.10% 175,000 $2M $9.94 +175,000 NEW
90 EMIS 0.10% 175,000 $2M $9.93 +175,000 NEW
91 HVMC 0.10% 170,299 $2M $10.00 +170,299 NEW
92 PMTRU 0.10% 150,000 $2M $10.66 $24K
93 NVG 0.09% 123,412 $2M $12.66 $46K
94 FIGXU 0.09% 152,916 $2M $10.06 $40K +2,916 +1.9%
95 APXTU 0.09% 150,000 $2M $10.01 +150,000 NEW
96 ADACU 0.09% 150,000 $1M $9.99 +150,000 NEW
97 IRHOU 0.09% 150,000 $1M $9.94 +150,000 NEW
98 MQY 0.09% 130,274 $1M $11.30 -$46K
99 BYM 0.09% 132,996 $1M $10.94 -$1K
100 CHAC 0.09% 134,347 $1M $10.77 -$9M -890,653 -86.9%

Options Breakdown

0 Calls $0 Call Value 12 Puts $246M Put Value

Top Puts

SymbolSharesValueStatus
SPY 200,000 $136M
TECK 1,278,900 $61M
CSX 299,800 $11M
HON 53,200 $10M
WBD 330,400 $10M
KDP 248,000 $7M
KHC 242,800 $6M
CMCSA 135,500 $4M
KVUE 33,200 $573K NEW
BA $0 SOLD

New Positions

SymbolValue% Port
EXAS $76M 4.57%
RNAM $69M 4.16%
CMA $57M 3.43%
DAY $38M 2.26%
SEE $35M 2.12%
CFLT $26M 1.55%
NGD $25M 1.49%
HOLX $24M 1.43%
THS $13M 0.78%
LWACU $8M 0.49%
IPODU $7M 0.41%
HAVAU $6M 0.36%
GTEN $5M 0.32%
DMII $5M 0.30%
CEPV $5M 0.28%

Sold Out Positions

SymbolValue% Port
DD —%
IAC —%
BSAAU —%
TACOU —%
NPACU —%
BAERW —%
BZFDW —%
ZEOWW —%
TVAIU —%
IBAC —%
XBPEW —%
XRPNU —%
VEEAW —%
AXINU —%
CEROW —%
View SEC EDGAR Filings for Westchester Capital Management, LLC →

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