In its 13F for Q1 2024 (holdings as of March 31, 2024, filed November 14, 2024), Water Island Capital LLC reported 41 stock positions worth $858.9 million . Its top holding was Pioneer Natural Resources (PXD) at 11.0% of the portfolio, followed by Hess (HES, 7.6% ) and Amedisys (AMED, 7.6% ). Compared with Q4 2023, it opened 23 new positions, sold out of 19, added to 6 and reduced 12. The biggest buy was a new position in Everbridge (EVBG) and the biggest sale an exit from Splunk (SPLK).
Location NEW YORK, NY
CIK 0001222765
Portfolio Value $858.9M (Q1 2024) Holdings 41 stocks · $858.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 PXD Pioneer Natural Resources Co. 358,698 $94.2M Add +0.1% HES Hess Corp. 430,059 $65.6M Reduce -19.2% AMED Amedisys Inc. 703,877 $64.9M Reduce -1.0% EVBG Everbridge Inc. 1,406,511 $49.0M New AXONICS INC 710,124 $49.0M New DOOR Masonite International Corp. 353,433 $46.5M New X United States Steel Corp. 1,074,525 $43.8M Add +225.5% ACI Albertsons Cos Inc. Class A 1,917,564 $41.1M Add +13.7% ANSS Ansys Inc. 117,277 $40.7M New OLK Olink Holding AB - ADR 1,660,619 $39.0M Add +1.0% CPRI Capri Holdings Ltd. 832,086 $37.7M Reduce -1.1% MGRC McGrath Rentcorp 295,429 $36.4M New TCN Tricon Residential Inc. 3,259,880 $36.3M New M D C HLDGS INC 561,965 $35.4M New JNPR Juniper Networks Inc. 918,041 $34.0M New CERE Cerevel Therapeutics Holding 788,870 $33.3M Add +34.1% VZIO Vizio Holding Corp. Class A 2,876,321 $31.5M New CTLT Catalent Inc. 544,860 $30.8M New SIMO Silicon Motion Technol-ADR 242,792 $18.7M Reduce -36.5% TXNM TXNM Energy Inc. filed as PNM RES INC 292,596 $11.0M Reduce -2.5% STER Sterling Check Corp. 108,862 $1.8M New KAMN Kaman Corp. 35,021 $1.6M New ERF Enerplus Corp. 80,044 $1.6M New SWN Southwestern Energy Co. 183,240 $1.4M New DFS Discover Financial Services 10,448 $1.4M New APA Apa Corp. 38,469 $1.3M New HAYN Haynes International Inc. 19,345 $1.2M New EAGLE BULK SHIPPING INC 18,366 $1.1M Reduce -82.3% SP SP Plus Corp. 20,989 $1.1M Reduce -90.0% HRT Hireright Holdings Corp. 73,697 $1.1M New TAST Carrols Restaurant Group Inc. 110,206 $1.0M New HA Hawaiian Holdings Inc. 72,645 $968K Reduce -87.0% ETRN Equitrans Midstream Corp. 74,219 $927K New CCI Crown Castle Inc. 6,326 $669K Add +3.7% WRK Westrock Co. 13,290 $657K Reduce -27.4% CSTR Capstar Financial Holdings I 27,716 $557K Reduce -36.3% NWLI National Western Life Grou-A 1,074 $528K Reduce -67.7% DSKE Daseke Inc. 56,938 $473K New CONSOLIDATED COMM HLDGS INC 92,692 $400K Reduce -17.9% TGAN Transphorm Inc. 48,157 $236K New PACB Pacific Biosciences of Calif 10,463 $39K New
Options reported separately and not counted above: CAPRI HOLDINGS LIMITED puts ($36.3M), FUSION PHARMACEUTICALS INC calls ($10.7M), UNITED STATES STL CORP NEW puts ($8.7M), ISHARES TR puts ($7.8M), HAWAIIAN HOLDINGS INC puts ($6.4M), CATALENT INC calls ($5.6M), UNITED PARKS & RESORTS INC calls ($984K), DAVE & BUSTERS ENTMT INC calls ($876K), XEROX HOLDINGS CORP calls ($797K), TELEPHONE & DATA SYS INC puts ($320K), GEN DIGITAL INC calls ($291K).
Other holdings (9): bonds, preferreds, convertibles and warrants · $24.1M (not counted above) Security Class Shares / Principal Value Change SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 3,500,000 $3.2M No change KAMAN CORP (KAMN 3.25 05/01/24) NOTE 3.250% 5/0 · principal 3,000,000 $3.0M No change RINGCENTRAL INC (RNG 0 03/01/25) NOTE 3/0 · principal 3,105,000 $2.9M No change TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal 3,055,000 $2.9M New VERINT SYSTEMS INC (VRNT 0.25 04/15/26) NOTE 0.250% 4/1 · principal 3,000,000 $2.8M No change BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,071,000 $2.8M No change EVERBRIDGE INC (EVBG 0 03/15/26) NOTE 3/1 · principal 2,500,000 $2.4M New PERFICIENT INC (PRFT 0.125 11/15/26) NOTE 0.125%11/1 · principal 2,750,000 $2.4M New WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal 1,500,000 $1.6M No change
Total filed on the 13F, all lines: $882.9M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ SPLK Splunk Inc. Sold out 0.00% −7.71 SOVO Sovos Brands Inc. Sold out 0.00% −6.84 SRC Spirit Realty Capital Inc. Sold out 0.00% −5.98 AYX Alteryx Inc. Class A Sold out 0.00% −3.90 TGH Textainer Group Holdings Ltd. Sold out 0.00% −3.06 KRTX Karuna Therapeutics Inc. Sold out 0.00% −2.92 RPT REALTY Sold out 0.00% −2.89 CMBT CMB Tech NV Sold out 0.00% −2.86 IMGN Immunogen Inc. Sold out 0.00% −2.80 ROVR Rover Group Inc. Sold out 0.00% −2.43 MRTX Mirati Therapeutics Inc. Sold out 0.00% −2.13 ESMT Engagesmart Inc. Sold out 0.00% −1.89 BVH Bluegreen Vacations Holding Sold out 0.00% −1.84 RYZB Rayzebio Inc. Sold out 0.00% −1.48 PGTI PGT Innovations Inc. Sold out 0.00% −1.47 ICVX Icosavax Inc. Sold out 0.00% −1.46 SP SP Plus Corp. Reduce -90.0% 0.13% −1.00 HA Hawaiian Holdings Inc. Reduce -87.0% 0.11% −0.73 EAGLE BULK SHIPPING INC Reduce -82.3% 0.13% −0.47 HES Hess Corp. Reduce -19.2% 7.64% −0.46 CHS Chico's Fas Inc. Sold out 0.00% −0.33 SIMO Silicon Motion Technol-ADR Reduce -36.5% 2.17% −0.30 ORTX Orchard Therapeutics Ltd. Sold out 0.00% −0.16 NWLI National Western Life Grou-A Reduce -67.7% 0.06% −0.11 CPRI Capri Holdings Ltd. Reduce -1.1% 4.39% −0.07 TXNM TXNM Energy Inc. Reduce -2.5% 1.28% −0.04 AMNB Amer Natl Bnkshs/Danville Va Sold out 0.00% −0.03 CSTR Capstar Financial Holdings I Reduce -36.3% 0.06% −0.02 CONSOLIDATED COMM HLDGS INC Reduce -17.9% 0.05% −0.01 WRK Westrock Co. Reduce -27.4% 0.08% −0.00 AMED Amedisys Inc. Reduce -1.0% 7.55% +0.42
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ EVBG Everbridge Inc. New 5.70% +5.70 AXONICS INC New 5.70% +5.70 DOOR Masonite International Corp. New 5.41% +5.41 ANSS Ansys Inc. New 4.74% +4.74 MGRC McGrath Rentcorp New 4.24% +4.24 TCN Tricon Residential Inc. New 4.23% +4.23 M D C HLDGS INC New 4.12% +4.12 JNPR Juniper Networks Inc. New 3.96% +3.96 VZIO Vizio Holding Corp. Class A New 3.66% +3.66 CTLT Catalent Inc. New 3.58% +3.58 X United States Steel Corp. Add +225.5% 5.10% +3.41 PXD Pioneer Natural Resources Co. Add +0.1% 10.96% +2.46 CERE Cerevel Therapeutics Holding Add +34.1% 3.88% +1.25 ACI Albertsons Cos Inc. Class A Add +13.7% 4.79% +0.69 STER Sterling Check Corp. New 0.20% +0.20 KAMN Kaman Corp. New 0.19% +0.19 ERF Enerplus Corp. New 0.18% +0.18 OLK Olink Holding AB - ADR Add +1.0% 4.55% +0.18 SWN Southwestern Energy Co. New 0.16% +0.16 DFS Discover Financial Services New 0.16% +0.16 APA Apa Corp. New 0.15% +0.15 HAYN Haynes International Inc. New 0.14% +0.14 HRT Hireright Holdings Corp. New 0.12% +0.12 TAST Carrols Restaurant Group Inc. New 0.12% +0.12 ETRN Equitrans Midstream Corp. New 0.11% +0.11 DSKE Daseke Inc. New 0.06% +0.06 TGAN Transphorm Inc. New 0.03% +0.03 PACB Pacific Biosciences of Calif New 0.00% +0.00 CCI Crown Castle Inc. Add +3.7% 0.08% +0.00
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ CAPRI HOLDINGS LIMITED put New 802,200 $36.3M FUSION PHARMACEUTICALS INC call New 500,000 $10.7M HAWAIIAN HOLDINGS INC put Reduce -0.0% 482,500 $6.4M CATALENT INC call New 100,000 $5.6M EAGLE BULK SHIPPING INC put Sold out 92,300 $5.1Mbefore exit SP PLUS CORP call Sold out 50,000 $2.6Mbefore exit CAESARS ENTERTAINMENT INC NE call Sold out 20,000 $938Kbefore exit TELEPHONE & DATA SYS INC call Sold out 50,000 $918Kbefore exit DAVE & BUSTERS ENTMT INC call Reduce -2.1% 14,000 $876K TELEPHONE & DATA SYS INC put New 20,000 $320K GEN DIGITAL INC call Reduce -35.0% 13,000 $291K ALTERYX INC call Sold out 5,000 $236Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ SPLUNK INC (SPLK 1.125 06/15/27) NOTE 1.125% 6/1 · principal Sold out 8,362,000 $8.7Mbefore exit TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal New 3,055,000 $2.9M EVERBRIDGE INC (EVBG 0 03/15/26) NOTE 3/1 · principal New 2,500,000 $2.4M PERFICIENT INC (PRFT 0.125 11/15/26) NOTE 0.125%11/1 · principal New 2,750,000 $2.4M DOCUSIGN INC (DOCU 0 01/15/24) NOTE 1/1 · principal Sold out 2,000,000 $2.0Mbefore exit BLOCK INC (XYZ 0.125 03/01/25) NOTE 0.125% 3/0 · principal Sold out 2,000,000 $2.0Mbefore 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 2024 Amended 57 $899.0M AMED, HES, AXONICS INC, HCP, ACI Q1 2024 Amended 41 $858.9M PXD, HES, AMED, EVBG, AXONICS INC