2026 Q1 Portfolio Activity
In 2026 Q1, WATER ISLAND CAPITAL LLC maintained a portfolio of 150 distinct positions. The most significant new addition was PENUMBRA INC, now representing 4.40% of the total fund value. They heavily accumulated shares in ELECTRONIC ARTS INC, increasing the position by 1148.3%. Conversely, WATER ISLAND CAPITAL LLC completely exited their position in CyberArk Software Ltd.
Position History
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Total Positions
150
Quarter
2026 Q1
Top Holding
EA (5.7%)
Top 10 Concentration
45.4%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 150
WATER ISLAND CAPITAL LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
EA
ELECTRONIC ARTS...
|
Communication Services | 5.69% | 3.98% |
#1
3
Prev: #4
|
6.8 |
—
|
69,050 | 38.2% |
P
S
|
249,888 | $50,944,667 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
JHG
JANUS HENDERSON...
|
Financial Services | 5.29% | 3.32% |
#2
9
Prev: #11
|
6.1 |
—
|
274,792 | 42.4% |
P
S
|
922,277 | $47,377,369 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
WBD
WARNER BROS DIS...
|
Communication Services | 4.96% | 3.54% |
#3
7
Prev: #10
|
5.5 |
—
|
477,386 | 41.9% |
P
S
|
1,617,020 | $44,403,369 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
HOLX
HOLOGIC INC
|
Healthcare | 4.73% | 3.76% |
#4
2
Prev: #6
|
4.4 |
—
|
92,303 | 19.7% |
P
S
|
560,045 | $42,333,801 | 2007 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TXNM
TXNM ENERGY INC
|
Utilities | 4.40% | 3.66% |
#5
3
Prev: #8
|
4.3 |
—
|
98,456 | 17.1% |
P
S
|
674,867 | $39,452,726 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PEN
PENUMBRA INC
|
Healthcare | 4.40% | — |
#6
Prev: #—
|
5.3 |
—
|
120,095 | — |
NEW
|
120,095 | $39,435,596 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GTLS
CHART INDS INC
|
Industrials | 4.38% | 4.19% |
#7
6
Prev: #1
|
2.3 |
—
|
1,614 | 0.9% |
P
S
|
189,939 | $39,269,891 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NSC
NORFOLK SOUTHN ...
|
Industrials | 4.30% | 4.02% |
#8
5
Prev: #3
|
2.2 |
—
|
5,008 | 3.9% |
P
S
|
134,051 | $38,472,637 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MASI
MASIMO CORP
|
Healthcare | 3.86% | — |
#9
Prev: #—
|
5.0 |
—
|
194,197 | — |
NEW
|
194,197 | $34,541,821 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
ELECTRONIC ARTS...
|
|
PUT Option | 3.41% | — |
#10
Prev: #—
|
4.9 |
—
|
149,800 | — |
NEW
|
149,800 | $30,539,726 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
WBS
WEBSTER FINL CO...
|
Financial Services | 3.22% | — |
#11
Prev: #—
|
4.8 |
—
|
415,823 | — |
NEW
|
415,823 | $28,866,433 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
WARNER BROS DIS...
|
|
PUT Option | 3.22% | 0.29% |
#12
48
Prev: #60
|
4.3 |
—
|
954,600 | 1005.9% |
P
S
|
1,049,500 | $28,819,270 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
TPH
TRI POINTE HOME...
|
Consumer Cyclical | 2.80% | — |
#13
Prev: #—
|
4.6 |
—
|
536,367 | — |
NEW
|
536,367 | $25,064,430 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NSA
NATIONAL STORAG...
|
Real Estate | 2.43% | — |
#14
Prev: #—
|
4.5 |
—
|
576,224 | — |
NEW
|
576,224 | $21,746,694 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GLDD
GREAT LAKES DRE...
|
Industrials | 2.40% | — |
#15
Prev: #—
|
4.5 |
—
|
1,263,580 | — |
NEW
|
1,263,580 | $21,480,860 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ACLX
ARCELLX INC
|
Healthcare | 2.35% | — |
#16
Prev: #—
|
4.4 |
—
|
183,409 | — |
NEW
|
183,409 | $21,059,022 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
DAWN
DAY ONE BIOPHAR...
|
Healthcare | 2.26% | — |
#17
Prev: #—
|
4.4 |
—
|
944,247 | — |
NEW
|
944,247 | $20,244,656 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
DBRG
DIGITALBRIDGE G...
|
Financial Services | 2.24% | 1.54% |
#18
4
Prev: #22
|
3.4 |
—
|
370,051 | 39.8% |
P
S
|
1,299,051 | $20,031,366 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
DAY ONE BIOPHAR...
|
|
PUT Option | 2.01% | — |
#19
Prev: #—
|
4.3 |
—
|
839,700 | — |
NEW
|
839,700 | $18,003,168 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
STEL
STELLAR BANCORP...
|
Financial Services | 1.76% | — |
#20
Prev: #—
|
4.2 |
—
|
431,231 | — |
NEW
|
431,231 | $15,787,367 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
EHAB
ENHABIT INC
|
Healthcare | 1.55% | — |
#21
Prev: #—
|
4.1 |
—
|
984,611 | — |
NEW
|
984,611 | $13,873,170 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SLAB
SILICON LABORAT...
|
Technology | 1.36% | — |
#22
Prev: #—
|
4.0 |
—
|
58,417 | — |
NEW
|
58,417 | $12,159,499 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
KVUE
KENVUE INC
|
Consumer Defensive | 1.35% | 1.28% |
#23
8
Prev: #31
|
1.0 |
—
|
10,409 | 1.5% |
P
S
|
700,600 | $12,078,345 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
KENVUE INC
|
|
PUT Option | 1.35% | 1.29% |
#24
6
Prev: #30
|
1.0 |
—
|
5,600 | 0.8% |
P
S
|
700,600 | $12,078,344 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
VRE
VERIS RESIDENTI...
|
Real Estate | 1.26% | — |
#25
Prev: #—
|
4.0 |
—
|
597,390 | — |
NEW
|
597,390 | $11,272,750 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PKST
PEAKSTONE REALT...
|
Real Estate | 1.17% | — |
#26
Prev: #—
|
4.0 |
—
|
503,583 | — |
NEW
|
503,583 | $10,519,849 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
TERNS PHARMACEU...
|
|
PUT Option | 1.11% | — |
#27
Prev: #—
|
3.9 |
—
|
188,500 | — |
NEW
|
188,500 | $9,937,720 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
TERN
TERNS PHARMACEU...
|
Healthcare | 1.11% | — |
#28
Prev: #—
|
3.9 |
—
|
188,500 | — |
NEW
|
188,500 | $9,937,720 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
SILICON LABORAT...
|
|
PUT Option | 1.11% | — |
#29
Prev: #—
|
3.9 |
—
|
47,600 | — |
NEW
|
47,600 | $9,907,940 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
KW
KENNEDY-WILSON ...
|
Real Estate | 1.00% | — |
#30
Prev: #—
|
3.9 |
—
|
825,652 | — |
NEW
|
825,652 | $8,933,555 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
ZIM INTEGRATED ...
|
|
PUT Option | 0.98% | — |
#31
Prev: #—
|
3.9 |
—
|
331,800 | — |
NEW
|
331,800 | $8,742,930 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
ZIM
ZIM INTEGRATED ...
|
Industrials | 0.98% | — |
#32
Prev: #—
|
3.9 |
—
|
331,800 | — |
NEW
|
331,800 | $8,742,930 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
TXNM ENERGY INC
|
|
Bond/Debt | 0.90% | 0.44% |
#33
21
Prev: #54
|
3.4 |
—
|
3,000,000 | 100.0% |
P
S
|
6,000,000 | $8,098,750 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
PUT
JANUS HENDERSON...
|
|
PUT Option | 0.88% | 0.06% |
#34
50
Prev: #84
|
3.4 |
—
|
142,300 | 1185.8% |
P
S
|
154,300 | $7,926,391 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
CALL
BANCO SANTANDER...
|
|
CALL Option | 0.86% | — |
#35
Prev: #—
|
3.8 |
—
|
681,700 | — |
NEW
|
681,700 | $7,689,576 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
UNF
UNIFIRST CORP M...
|
Industrials | 0.72% | — |
#36
Prev: #—
|
3.8 |
—
|
25,743 | — |
NEW
|
25,743 | $6,476,681 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
CSG SYS INTL IN...
|
|
Bond/Debt | 0.68% | 0.64% |
#37
6
Prev: #43
|
1.3 |
—
|
no change | no change |
P
S
|
5,000,000 | $6,091,111 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
AXTA
AXALTA COATING ...
|
Basic Materials | 0.64% | 0.72% |
#38
2
Prev: #40
|
0.8 |
—
|
1,180 | 0.6% |
P
S
|
206,902 | $5,731,185 | 2015 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
PUT
AXALTA COATING ...
|
|
PUT Option | 0.60% | 0.23% |
#39
24
Prev: #63
|
3.2 |
—
|
127,900 | 190.6% |
P
S
|
195,000 | $5,401,500 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
RAPID7 INC
|
|
Bond/Debt | 0.54% | 0.55% |
#40
7
Prev: #47
|
1.2 |
—
|
no change | no change |
P
S
|
5,501,530 | $4,863,227 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
PUT
APELLIS PHARMAC...
|
|
PUT Option | 0.54% | — |
#42
Prev: #—
|
3.7 |
—
|
120,500 | — |
NEW
|
120,500 | $4,847,715 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
APLS
APELLIS PHARMAC...
|
Healthcare | 0.54% | — |
#41
Prev: #—
|
3.7 |
—
|
120,500 | — |
NEW
|
120,500 | $4,847,715 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
AL
AIR LEASE CORP
|
Industrials | 0.53% | 2.07% |
#43
24
Prev: #19
|
0.2 |
—
|
-225,309 | -75.5% |
P
S
|
73,131 | $4,749,127 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
BENTLEY SYS INC
|
|
Bond/Debt | 0.53% | 0.51% |
#44
5
Prev: #49
|
1.2 |
—
|
no change | no change |
P
S
|
5,000,000 | $4,747,188 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
NUTANIX INC
|
|
Bond/Debt | 0.50% | 0.36% |
#45
10
Prev: #55
|
2.7 |
—
|
1,500,000 | 42.9% |
P
S
|
5,000,000 | $4,514,886 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
REDFIN CORP
|
|
Bond/Debt | 0.48% | 0.45% |
#46
7
Prev: #53
|
1.2 |
—
|
no change | no change |
P
S
|
4,500,000 | $4,304,250 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
N/A
HALOZYME THERAP...
|
|
Bond/Debt | 0.35% | 0.35% |
#47
10
Prev: #57
|
1.1 |
—
|
no change | no change |
P
S
|
3,000,000 | $3,111,250 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
AES
AES CORP
|
Utilities | 0.29% | — |
#48
Prev: #—
|
3.6 |
—
|
185,833 | — |
NEW
|
185,833 | $2,618,387 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
VARONIS SYS INC
|
|
Bond/Debt | 0.29% | 0.30% |
#49
10
Prev: #59
|
1.1 |
—
|
no change | no change |
P
S
|
3,000,000 | $2,614,696 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
CWAN
CLEARWATER ANAL...
|
Technology | 0.29% | 2.28% |
#50
34
Prev: #16
|
0.1 |
—
|
-766,043 | -87.5% |
P
S
|
109,589 | $2,591,780 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-50 of 150 holdings