Water Island Capital LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Water Island Capital LLC reported 67 stock positions worth $902.1 million. Its top holding was Taylor Morrison Home (TMHC) at 5.8% of the portfolio, followed by Electronic Arts (EA, 5.7%) and Chart Industries (GTLS, 5.5%). Compared with Q1 2026, it opened 32 new positions, sold out of 42, added to 22 and reduced 13. The biggest buy was a new position in Taylor Morrison Home (TMHC) and the biggest sale an exit from Hologic (HOLX).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001222765
- Portfolio Value
- $902.1M (Q2 2026)
- SEC Filing
- 0001222765-26-000011 ↗ filed Aug 14, 2026
Holdings Value
Holdings 67 stocks · $902.1M
| TMHC Taylor Morrison Home Corp. | 5.79% | 727,492 | $52.2M | New |
| EA Electronic Arts Inc. | 5.75% | 252,932 | $51.9M | Add +1.2% |
| GTLS Chart Industries Inc. | 5.50% | 237,599 | $49.6M | Add +25.1% |
| PEN Penumbra Inc. | 5.27% | 150,456 | $47.5M | Add +25.3% |
| WBD Warner Bros Discovery Inc. | 5.14% | 1,740,468 | $46.4M | Add +7.6% |
| JHG Janus Henderson Group PLC | 5.14% | 890,916 | $46.3M | Reduce -3.4% |
| NSC Norfolk Southern Corp. | 5.10% | 146,283 | $46.0M | Add +9.1% |
| TXNM TXNM Energy Inc. | 4.64% | 737,734 | $41.9M | Add +9.3% |
| CZR Caesars Entertainment Inc. | 4.39% | 1,313,074 | $39.6M | Add +4351.1% |
| WBS Webster Financial Corp. | 3.70% | 437,210 | $33.4M | Add +5.1% |
| NSA National Storage Affiliates | 3.59% | 728,454 | $32.4M | Add +26.4% |
| SLAB Silicon Laboratories Inc. | 3.59% | 148,138 | $32.4M | Add +153.6% |
| RAMP Liveramp Holdings Inc. | 3.36% | 805,327 | $30.3M | New |
| CPRX Catalyst Pharmaceuticals Inc. | 3.25% | 933,819 | $29.3M | New |
| D Dominion Energy Inc. | 2.89% | 381,231 | $26.0M | New |
| ACA Arcosa Inc. | 2.80% | 173,589 | $25.2M | New |
| TECH Bio-Techne Corp. | 2.63% | 335,727 | $23.7M | New |
| WSR Whitestone REIT | 2.58% | 1,227,709 | $23.3M | New |
| ROKU Roku Inc. | 2.53% | 164,890 | $22.8M | New |
| BLD Topbuild Corp. | 2.42% | 51,251 | $21.8M | New |
| DBRG Digitalbridge Group Inc. | 2.41% | 1,376,380 | $21.7M | Add +6.0% |
| AVNS Avanos Medical Inc. | 2.20% | 799,002 | $19.9M | New |
| SILA Sila Realty Trust Inc. | 2.10% | 623,872 | $18.9M | New |
| OGN Organon & Co. | 2.06% | 1,374,899 | $18.6M | New |
| STEL Stellar Bancorp Inc. | 1.67% | 383,227 | $15.1M | Reduce -11.1% |
| NUVL Nuvalent Inc. Class A | 1.42% | 103,979 | $12.8M | New |
| APGE Apogee Therapeutics Inc. | 1.40% | 94,900 | $12.6M | New |
| XOMA Xoma Royalty Corporation | 1.14% | 242,000 | $10.3M | New |
| KVUE Kenvue Inc. | 0.85% | 402,042 | $7.7M | Reduce -42.6% |
| AXTA Axalta Coating Systems Ltd. | 0.37% | 97,500 | $3.3M | Reduce -52.9% |
| GSAT Globalstar Inc. | 0.28% | 30,668 | $2.5M | New |
| AES AES Corp. | 0.27% | 167,570 | $2.5M | Reduce -9.8% |
| UNF Unifirst Corp. | 0.27% | 9,045 | $2.4M | Reduce -64.9% |
| ESPR Esperion Therapeutics Inc. | 0.21% | 612,774 | $1.9M | New |
| PAYO Payoneer Global Inc. | 0.20% | 258,216 | $1.8M | New |
| NATL NCR Atleos Corp. | 0.20% | 41,860 | $1.8M | Add +7.5% |
| BHF Brighthouse Financial Inc. | 0.20% | 28,329 | $1.8M | Reduce -15.4% |
| QRVO Qorvo Inc. | 0.20% | 19,052 | $1.8M | New |
| AAUC Allied Gold Corp. | 0.19% | 73,016 | $1.7M | Add +0.3% |
| SEM Select Medical Holdings Corp. | 0.15% | 82,492 | $1.4M | Reduce -20.3% |
| EQT Eqt Corp. | 0.15% | 25,000 | $1.3M | New |
| TALK Talkspace Inc. | 0.14% | 242,655 | $1.3M | Add +12.3% |
| GBTG Global Business Travel Group | 0.14% | 133,456 | $1.3M | New |
| IHS Ihs Holding Ltd. | 0.14% | 150,235 | $1.2M | Add +9.2% |
| CCO Clear Channel Outdoor Holdin | 0.14% | 507,856 | $1.2M | Add +6.1% |
| HONA Honeywell Aerospace Inc. | 0.12% | 5,000 | $1.1M | New |
| NWE Northwestern Energy Group Inc. | 0.11% | 13,633 | $976K | Reduce -1.5% |
| EQH Equitable Holdings Inc. | 0.10% | 20,701 | $908K | New |
| ECHO Echostar Corp. Class A | 0.10% | 8,500 | $863K | Add +112.5% |
| BA The Boeing Co. | 0.08% | 3,500 | $758K | Reduce -51.6% |
| PVH PVH Corp. | 0.08% | 10,000 | $743K | New |
| SKYW Skywest Inc. | 0.08% | 7,000 | $695K | New |
| CCRN Cross Country Healthcare Inc. | 0.07% | 49,612 | $655K | New |
| TBRG Trubridge Inc. | 0.07% | 23,251 | $609K | New |
| IMXI International Money Express | 0.07% | 42,140 | $609K | Add +27.2% |
| SLP Simulations Plus Inc. | 0.07% | 33,238 | $609K | New |
| NATH Nathan's Famous Inc. | 0.07% | 5,871 | $596K | Add +17.6% |
| VKTX Viking Therapeutics Inc. | 0.06% | 15,000 | $585K | Add +45.9% |
| ALK Alaska Air Group Inc. | 0.06% | 11,000 | $574K | Add +7.2% |
| HON Honeywell International Inc. | 0.06% | 2,500 | $560K | New |
| PACB Pacific Biosciences of Calif | 0.05% | 273,666 | $460K | Add +0.6% |
| AURA Aura Biosciences Inc. | 0.05% | 60,000 | $426K | New |
| ALOT Astronova Inc. | 0.04% | 11,972 | $341K | New |
| UAL United Airlines Holdings Inc. | 0.04% | 2,500 | $340K | Reduce -50.0% |
| VFC VF Corp. | 0.03% | 15,000 | $250K | New |
| PENN Penn Entertainment Inc. | 0.02% | 10,000 | $214K | Reduce -71.4% |
| DKS Dick's Sporting Goods Inc. | 0.02% | 600 | $136K | Reduce -88.8% |
Options reported separately and not counted above: WARNER BROS DISCOVERY INC puts ($40.7M), STATE STR SPDR S&P 500 ETF T calls ($33.6M), ORGANON & CO puts ($13.2M), STATE STR SPDR S&P 500 ETF T puts ($11.2M), NUVALENT INC calls ($10.4M), NUVALENT INC puts ($10.4M), LIVERAMP HLDGS INC puts ($4.4M), QXO INC calls ($3.5M), APOGEE THERAPEUTICS INC puts ($2.3M), VARONIS SYS INC puts ($629K).
Other holdings (8): bonds, preferreds, convertibles and warrants · $42.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 6,000,000 | $7.8M | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 8,501,530 | $7.8M | Add +54.5% |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 5,000,000 | $4.9M | Add +66.7% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 5,000,000 | $4.8M | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 5,000,000 | $4.7M | New |
| ALPHABET INC (GOOGL 6.25 05/15/29 A) | DEP SHS RP1/20 A | 85,000 | $4.3M | New |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 4,500,000 | $4.3M | No change |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 5,000,000 | $4.1M | New |
Total filed on the 13F, all lines: $944.9M.
Portfolio Sells Q1 2026 → Q2 2026
| HOLX Hologic Inc. | Sold out | 0.00% | −5.96 |
| MASI Masimo Corp. | Sold out | 0.00% | −4.86 |
| TPH Tri Pointe Homes Inc. | Sold out | 0.00% | −3.53 |
| GLDD Great Lakes Dredge & Dock Co. | Sold out | 0.00% | −3.02 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −2.96 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −2.85 |
| EHAB Enhabit Inc. | Sold out | 0.00% | −1.95 |
| VRE Veris Residential Inc. | Sold out | 0.00% | −1.59 |
| JHG Janus Henderson Group PLC | Reduce -3.4% | 5.14% | −1.53 |
| PKST Peakstone Realty Trust | Sold out | 0.00% | −1.48 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −1.40 |
| KW Kennedy-Wilson Holdings Inc. | Sold out | 0.00% | −1.26 |
| ZIM Zim Integrated Shipping Serv | Sold out | 0.00% | −1.23 |
| KVUE Kenvue Inc. | Reduce -42.6% | 0.85% | −0.85 |
| APLS Apellis Pharmaceuticals Inc. | Sold out | 0.00% | −0.68 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −0.67 |
| UNF Unifirst Corp. | Reduce -64.9% | 0.27% | −0.65 |
| STEL Stellar Bancorp Inc. | Reduce -11.1% | 1.67% | −0.55 |
| AXTA Axalta Coating Systems Ltd. | Reduce -52.9% | 0.37% | −0.44 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.36 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.33 |
| OS Onestream Inc. | Sold out | 0.00% | −0.31 |
| THR Thermon Group Holdings Inc. | Sold out | 0.00% | −0.23 |
| SNCY Sun Country Airlines Holding | Sold out | 0.00% | −0.23 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −0.23 |
| CSGS CSG Systems Intl Inc. | Sold out | 0.00% | −0.23 |
| SEMR Semrush Holdings Inc. Class A | Sold out | 0.00% | −0.22 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| STKL Sunopta Inc. | Sold out | 0.00% | −0.18 |
| PRA Proassurance Corp. | Sold out | 0.00% | −0.18 |
| CTLP Cantaloupe Inc. | Sold out | 0.00% | −0.16 |
| MCW Mister Car Wash Inc. | Sold out | 0.00% | −0.15 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.13 |
| DKS Dick's Sporting Goods Inc. | Reduce -88.8% | 0.02% | −0.13 |
| SKYT Skywater Technology Inc. | Sold out | 0.00% | −0.13 |
| AMRX Amneal Pharmaceuticals Inc. | Sold out | 0.00% | −0.12 |
| BA The Boeing Co. | Reduce -51.6% | 0.08% | −0.12 |
| AES AES Corp. | Reduce -9.8% | 0.27% | −0.10 |
| UDMY Udemy Inc. | Sold out | 0.00% | −0.09 |
| SEM Select Medical Holdings Corp. | Reduce -20.3% | 0.15% | −0.09 |
| BHF Brighthouse Financial Inc. | Reduce -15.4% | 0.20% | −0.08 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.08 |
| CVGW Calavo Growers Inc. | Sold out | 0.00% | −0.07 |
| ONTF ON24 Inc. | Sold out | 0.00% | −0.07 |
| HTBK Heritage Commerce Corp. | Sold out | 0.00% | −0.07 |
| BLFY Blue Foundry Bancorp | Sold out | 0.00% | −0.07 |
| FFIC Flushing Financial Corp. | Sold out | 0.00% | −0.07 |
| DHIL Diamond Hill Investment Grp | Sold out | 0.00% | −0.06 |
| FFWM First Foundation Inc. | Sold out | 0.00% | −0.06 |
| PENN Penn Entertainment Inc. | Reduce -71.4% | 0.02% | −0.05 |
Portfolio Buys Q1 2026 → Q2 2026
| TMHC Taylor Morrison Home Corp. | New | 5.79% | +5.79 |
| CZR Caesars Entertainment Inc. | Add +4351.1% | 4.39% | +4.28 |
| RAMP Liveramp Holdings Inc. | New | 3.36% | +3.36 |
| CPRX Catalyst Pharmaceuticals Inc. | New | 3.25% | +3.25 |
| D Dominion Energy Inc. | New | 2.89% | +2.89 |
| ACA Arcosa Inc. | New | 2.80% | +2.80 |
| TECH Bio-Techne Corp. | New | 2.63% | +2.63 |
| WSR Whitestone REIT | New | 2.58% | +2.58 |
| ROKU Roku Inc. | New | 2.53% | +2.53 |
| BLD Topbuild Corp. | New | 2.42% | +2.42 |
| AVNS Avanos Medical Inc. | New | 2.20% | +2.20 |
| SILA Sila Realty Trust Inc. | New | 2.10% | +2.10 |
| OGN Organon & Co. | New | 2.06% | +2.06 |
| SLAB Silicon Laboratories Inc. | Add +153.6% | 3.59% | +1.88 |
| NUVL Nuvalent Inc. Class A | New | 1.42% | +1.42 |
| APGE Apogee Therapeutics Inc. | New | 1.40% | +1.40 |
| XOMA Xoma Royalty Corporation | New | 1.14% | +1.14 |
| NSA National Storage Affiliates | Add +26.4% | 3.59% | +0.53 |
| GSAT Globalstar Inc. | New | 0.28% | +0.28 |
| ESPR Esperion Therapeutics Inc. | New | 0.21% | +0.21 |
| PAYO Payoneer Global Inc. | New | 0.20% | +0.20 |
| QRVO Qorvo Inc. | New | 0.20% | +0.20 |
| EQT Eqt Corp. | New | 0.15% | +0.15 |
| GBTG Global Business Travel Group | New | 0.14% | +0.14 |
| HONA Honeywell Aerospace Inc. | New | 0.12% | +0.12 |
| EQH Equitable Holdings Inc. | New | 0.10% | +0.10 |
| PVH PVH Corp. | New | 0.08% | +0.08 |
| SKYW Skywest Inc. | New | 0.08% | +0.08 |
| CCRN Cross Country Healthcare Inc. | New | 0.07% | +0.07 |
| TBRG Trubridge Inc. | New | 0.07% | +0.07 |
| SLP Simulations Plus Inc. | New | 0.07% | +0.07 |
| HON Honeywell International Inc. | New | 0.06% | +0.06 |
| AURA Aura Biosciences Inc. | New | 0.05% | +0.05 |
| ALOT Astronova Inc. | New | 0.04% | +0.04 |
| ECHO Echostar Corp. Class A | Add +112.5% | 0.10% | +0.03 |
| VFC VF Corp. | New | 0.03% | +0.03 |
| VKTX Viking Therapeutics Inc. | Add +45.9% | 0.06% | +0.02 |
| ALK Alaska Air Group Inc. | Add +7.2% | 0.06% | +0.01 |
| PACB Pacific Biosciences of Calif | Add +0.6% | 0.05% | +0.00 |
| NATH Nathan's Famous Inc. | Add +17.6% | 0.07% | −0.00 |
| IMXI International Money Express | Add +27.2% | 0.07% | −0.01 |
| TALK Talkspace Inc. | Add +12.3% | 0.14% | −0.02 |
| GTLS Chart Industries Inc. | Add +25.1% | 5.50% | −0.02 |
| IHS Ihs Holding Ltd. | Add +9.2% | 0.14% | −0.02 |
| CCO Clear Channel Outdoor Holdin | Add +6.1% | 0.14% | −0.02 |
| NATL NCR Atleos Corp. | Add +7.5% | 0.20% | −0.04 |
| AAUC Allied Gold Corp. | Add +0.3% | 0.19% | −0.13 |
| PEN Penumbra Inc. | Add +25.3% | 5.27% | −0.28 |
| NSC Norfolk Southern Corp. | Add +9.1% | 5.10% | −0.31 |
| WBS Webster Financial Corp. | Add +5.1% | 3.70% | −0.36 |
Options Activity Q1 2026 → Q2 2026
| WARNER BROS DISCOVERY INC | put | Add +45.3% | 1,525,200 | $40.7M |
| STATE STR SPDR S&P 500 ETF T | call | New | 45,000 | $33.6M |
| ELECTRONIC ARTS INC | put | Sold out | 149,800 | $30.5Mbefore exit |
| DAY ONE BIOPHARMACEUTICALS I | put | Sold out | 839,700 | $18.0Mbefore exit |
| ORGANON & CO | put | New | 974,200 | $13.2M |
| KENVUE INC | put | Sold out | 700,600 | $12.1Mbefore exit |
| STATE STR SPDR S&P 500 ETF T | put | New | 15,000 | $11.2M |
| NUVALENT INC | call | New | 84,000 | $10.4M |
| NUVALENT INC | put | New | 84,000 | $10.4M |
| TERNS PHARMACEUTICALS INC | put | Sold out | 188,500 | $9.9Mbefore exit |
| SILICON LABORATORIES INC | put | Sold out | 47,600 | $9.9Mbefore exit |
| ZIM INTEGRATED SHIPPING SERV | put | Sold out | 331,800 | $8.7Mbefore exit |
| JANUS HENDERSON GROUP PLC | put | Sold out | 154,300 | $7.9Mbefore exit |
| BANCO SANTANDER SA | call | Sold out | 681,700 | $7.7Mbefore exit |
| AXALTA COATING SYS LTD | put | Sold out | 195,000 | $5.4Mbefore exit |
| APELLIS PHARMACEUTICALS INC | put | Sold out | 120,500 | $4.8Mbefore exit |
| LIVERAMP HLDGS INC | put | New | 117,100 | $4.4M |
| QXO INC | call | New | 200,000 | $3.5M |
| APOGEE THERAPEUTICS INC | put | New | 17,500 | $2.3M |
| CENTESSA PHARMACEUTICALS PLC | put | Sold out | 41,000 | $1.6Mbefore exit |
| VARONIS SYS INC | put | New | 15,000 | $629K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | Add +54.5% | 8,501,530 | $7.8M |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | Sold out | 5,000,000 | $6.1Mbefore exit |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | Add +66.7% | 5,000,000 | $4.9M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | New | 5,000,000 | $4.7M |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | Sold out | 5,000,000 | $4.5Mbefore exit |
| ALPHABET INC (GOOGL 6.25 05/15/29 A) | DEP SHS RP1/20 A | New | 85,000 | $4.3M |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | New | 5,000,000 | $4.1M |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | Sold out | 3,000,000 | $3.1Mbefore exit |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | Sold out | 1,000,000 | $968Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 67 | $902.1M | TMHC, EA, GTLS, PEN, WBD |
| Q1 2026 | 77 | $710.8M | EA, JHG, WBD, HOLX, TXNM |
| Q4 2025 | 60 | $760.3M | GTLS, CYBR, NSC, EA, EXAS |
| Q3 2025 | 57 | $641.5M | CYBR, NSC, VRNA, AVDX, INFA |
| Q2 2025 | 44 | $517.5M | AMED, ANSS, JNPR, HES, SWTX |
| Q1 2025 | 49 | $526.6M | AMED, HES, HEES, K, EVRI |
| Q4 2024 | 48 | $762.7M | AMED, HES, K, HCP, EDR |
| Q3 2024 | 56 | $914.1M | AMED, HES, K, AXONICS INC, SQSP |
| Q2 2024Amended | 57 | $899.0M | AMED, HES, AXONICS INC, HCP, ACI |
| Q1 2024Amended | 41 | $858.9M | PXD, HES, AMED, EVBG, AXONICS INC |