Water Island Capital LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed November 14, 2024), Water Island Capital LLC reported 57 stock positions worth $899.0 million. Its top holding was Amedisys (AMED) at 7.2% of the portfolio, followed by Hess (HES, 6.9%) and Axonics (5.0%). Compared with Q1 2024, it opened 30 new positions, sold out of 14, added to 5 and reduced 20. The biggest buy was a new position in Hashicorp Class A (HCP) and the biggest sale an exit from Pioneer Natural Resources (PXD).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001222765
- Portfolio Value
- $899.0M (Q2 2024)
- SEC Filing
- 0001222765-24-000021 ↗ filed Nov 14, 2024
Holdings Value
Holdings 57 stocks · $899.0M
| AMED Amedisys Inc. | 7.17% | 702,040 | $64.4M | Reduce -0.3% |
| HES Hess Corp. | 6.95% | 423,271 | $62.4M | Reduce -1.6% |
| AXONICS INC | 5.02% | 671,053 | $45.1M | Reduce -5.5% |
| HCP Hashicorp Inc. Class A | 4.20% | 1,120,881 | $37.8M | New |
| ACI Albertsons Cos Inc. Class A | 4.15% | 1,887,055 | $37.3M | Reduce -1.6% |
| ANSS Ansys Inc. | 4.14% | 115,843 | $37.2M | Reduce -1.2% |
| OLK Olink Holding AB - ADR | 4.13% | 1,458,010 | $37.2M | Reduce -12.2% |
| SQSP Squarespace Inc. Class A | 4.13% | 850,495 | $37.1M | New |
| CHX Championx Corp. | 3.94% | 1,065,472 | $35.4M | New |
| VZIO Vizio Holding Corp. Class A | 3.83% | 3,192,078 | $34.5M | Add +11.0% |
| X United States Steel Corp. | 3.81% | 906,092 | $34.3M | Reduce -15.7% |
| MRO Marathon Oil Corp. | 3.70% | 1,160,541 | $33.3M | New |
| JNPR Juniper Networks Inc. | 3.51% | 864,697 | $31.5M | Reduce -5.8% |
| CERE Cerevel Therapeutics Holding | 3.49% | 766,933 | $31.4M | Reduce -2.8% |
| MGRC McGrath Rentcorp | 3.38% | 285,128 | $30.4M | Reduce -3.5% |
| CTLT Catalent Inc. | 3.36% | 537,856 | $30.2M | Reduce -1.3% |
| EDR Endeavor Group Hold Class A | 3.17% | 1,054,268 | $28.5M | New |
| PRFT Perficient Inc. | 2.54% | 305,021 | $22.8M | New |
| HIBB Hibbett Inc. | 2.28% | 235,072 | $20.5M | New |
| SRCL Stericycle Inc. | 1.95% | 301,901 | $17.5M | New |
| WIRE Encore Wire Corp. | 1.93% | 59,814 | $17.3M | New |
| AY Atlantica Sustainable Infras | 1.49% | 612,216 | $13.4M | New |
| WKME Walkme Ltd. | 1.32% | 852,000 | $11.9M | New |
| SBOW Silverbow Resources Inc. | 1.31% | 312,000 | $11.8M | New |
| MTTR Matterport Inc. | 1.30% | 2,622,311 | $11.7M | New |
| ALE Allete Inc. | 1.29% | 185,776 | $11.6M | New |
| PWSC Powerschool Holdings Inc. Class A | 1.25% | 500,875 | $11.2M | New |
| DO Diamond Offshore Drilling Inc. | 1.23% | 711,264 | $11.0M | New |
| SILK Silk Road Medical Inc. filed as SILK RD MED INC | 1.22% | 406,305 | $11.0M | New |
| SLCA US Silica Holdings Inc. | 1.21% | 703,382 | $10.9M | New |
| TXNM TXNM Energy Inc. filed as PNM RES INC | 1.20% | 292,596 | $10.8M | No change |
| AGS Playags Inc. | 1.16% | 907,154 | $10.4M | New |
| AAN The Aaron's Co. Inc. filed as THE AARONS COMPANY INC | 1.08% | 973,039 | $9.7M | New |
| INFN Infinera Corp. | 1.02% | 1,510,000 | $9.2M | New |
| SIMO Silicon Motion Technol-ADR | 0.83% | 92,097 | $7.5M | Reduce -62.1% |
| NWLI National Western Life Grou-A | 0.36% | 6,478 | $3.2M | Add +503.2% |
| ETRN Equitrans Midstream Corp. | 0.20% | 137,313 | $1.8M | Add +85.0% |
| DFS Discover Financial Services | 0.15% | 10,182 | $1.3M | Reduce -2.5% |
| SWN Southwestern Energy Co. | 0.15% | 193,851 | $1.3M | Add +5.8% |
| EVBG Everbridge Inc. | 0.14% | 36,094 | $1.3M | Reduce -97.4% |
| AGR Avangrid Inc. | 0.13% | 33,890 | $1.2M | New |
| CPRI Capri Holdings Ltd. | 0.13% | 35,923 | $1.2M | Reduce -95.7% |
| NVEI Nuvei Corp.-Subordinate VTG | 0.13% | 36,663 | $1.2M | New |
| SRDX Surmodics Inc. | 0.13% | 27,592 | $1.2M | New |
| IBTX Independent Bank Group Inc. | 0.09% | 17,710 | $806K | New |
| HTLF Heartland Financial USA Inc. | 0.09% | 18,002 | $800K | New |
| ATRI Atrion Corporation | 0.09% | 1,761 | $797K | New |
| OVERSEAS SHIPHOLDING GROUP-A | 0.09% | 92,389 | $783K | New |
| AMK Assetmark Financial Holdings | 0.08% | 21,880 | $756K | New |
| WRK Westrock Co. | 0.07% | 12,581 | $632K | Reduce -5.3% |
| CCI Crown Castle Inc. | 0.07% | 6,326 | $618K | No change |
| HA Hawaiian Holdings Inc. | 0.06% | 42,821 | $532K | Reduce -41.0% |
| STER Sterling Check Corp. | 0.04% | 26,895 | $398K | Reduce -75.3% |
| HAYN Haynes International Inc. | 0.04% | 6,660 | $391K | Reduce -65.6% |
| CONSOLIDATED COMM HLDGS INC | 0.04% | 76,696 | $337K | Reduce -17.3% |
| MCS Marcus Corporation | 0.02% | 18,200 | $207K | New |
| PACB Pacific Biosciences of Calif | 0.00% | 20,000 | $27K | Add +91.2% |
Options reported separately and not counted above: NUVEI CORPORATION calls ($17.6M), ISHARES TR puts ($7.7M), ISHARES TR puts ($5.4M), INTERNATIONAL PAPER CO puts ($4.8M), COSTAR GROUP INC puts ($2.6M), GEN DIGITAL INC calls ($749K), XEROX HOLDINGS CORP calls ($535K).
Other holdings (11): bonds, preferreds, convertibles and warrants · $48.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 11,071,000 | $10.7M | Add +260.5% |
| BIOMARIN PHARMACEUTICAL (BMRN 0.599 08/01/24) | NOTE 0.599% 8/0 · principal | 7,382,000 | $7.3M | New |
| EVERBRIDGE INC (EVBG 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $4.9M | Add +100.0% |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | 5,055,000 | $4.9M | Add +65.5% |
| PERFICIENT INC (PRFT 0.125 11/15/26) | NOTE 0.125%11/1 · principal | 4,750,000 | $4.6M | Add +72.7% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 3,500,000 | $3.3M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | 3,000,000 | $3.0M | New |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | 3,105,000 | $2.9M | No change |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 3,000,000 | $2.8M | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,500,000 | $2.2M | 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: $947.3M.
Portfolio Sells Q1 2024 → Q2 2024
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −10.96 |
| EVBG Everbridge Inc. | Reduce -97.4% | 0.14% | −5.56 |
| DOOR Masonite International Corp. | Sold out | 0.00% | −5.41 |
| CPRI Capri Holdings Ltd. | Reduce -95.7% | 0.13% | −4.26 |
| TCN Tricon Residential Inc. | Sold out | 0.00% | −4.23 |
| M D C HLDGS INC | Sold out | 0.00% | −4.12 |
| SIMO Silicon Motion Technol-ADR | Reduce -62.1% | 0.83% | −1.35 |
| X United States Steel Corp. | Reduce -15.7% | 3.81% | −1.29 |
| MGRC McGrath Rentcorp | Reduce -3.5% | 3.38% | −0.86 |
| HES Hess Corp. | Reduce -1.6% | 6.95% | −0.70 |
| AXONICS INC | Reduce -5.5% | 5.02% | −0.68 |
| ACI Albertsons Cos Inc. Class A | Reduce -1.6% | 4.15% | −0.64 |
| ANSS Ansys Inc. | Reduce -1.2% | 4.14% | −0.60 |
| JNPR Juniper Networks Inc. | Reduce -5.8% | 3.51% | −0.45 |
| OLK Olink Holding AB - ADR | Reduce -12.2% | 4.13% | −0.41 |
| CERE Cerevel Therapeutics Holding | Reduce -2.8% | 3.49% | −0.39 |
| AMED Amedisys Inc. | Reduce -0.3% | 7.17% | −0.38 |
| CTLT Catalent Inc. | Reduce -1.3% | 3.36% | −0.22 |
| KAMN Kaman Corp. | Sold out | 0.00% | −0.19 |
| ERF Enerplus Corp. | Sold out | 0.00% | −0.18 |
| STER Sterling Check Corp. | Reduce -75.3% | 0.04% | −0.16 |
| APA Apa Corp. | Sold out | 0.00% | −0.15 |
| EAGLE BULK SHIPPING INC | Sold out | 0.00% | −0.13 |
| SP SP Plus Corp. | Sold out | 0.00% | −0.13 |
| HRT Hireright Holdings Corp. | Sold out | 0.00% | −0.12 |
| TAST Carrols Restaurant Group Inc. | Sold out | 0.00% | −0.12 |
| HAYN Haynes International Inc. | Reduce -65.6% | 0.04% | −0.09 |
| CSTR Capstar Financial Holdings I | Sold out | 0.00% | −0.06 |
| DSKE Daseke Inc. | Sold out | 0.00% | −0.06 |
| HA Hawaiian Holdings Inc. | Reduce -41.0% | 0.06% | −0.05 |
| TGAN Transphorm Inc. | Sold out | 0.00% | −0.03 |
| DFS Discover Financial Services | Reduce -2.5% | 0.15% | −0.01 |
| CONSOLIDATED COMM HLDGS INC | Reduce -17.3% | 0.04% | −0.01 |
| WRK Westrock Co. | Reduce -5.3% | 0.07% | −0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| HCP Hashicorp Inc. Class A | New | 4.20% | +4.20 |
| SQSP Squarespace Inc. Class A | New | 4.13% | +4.13 |
| CHX Championx Corp. | New | 3.94% | +3.94 |
| MRO Marathon Oil Corp. | New | 3.70% | +3.70 |
| EDR Endeavor Group Hold Class A | New | 3.17% | +3.17 |
| PRFT Perficient Inc. | New | 2.54% | +2.54 |
| HIBB Hibbett Inc. | New | 2.28% | +2.28 |
| SRCL Stericycle Inc. | New | 1.95% | +1.95 |
| WIRE Encore Wire Corp. | New | 1.93% | +1.93 |
| AY Atlantica Sustainable Infras | New | 1.49% | +1.49 |
| WKME Walkme Ltd. | New | 1.32% | +1.32 |
| SBOW Silverbow Resources Inc. | New | 1.31% | +1.31 |
| MTTR Matterport Inc. | New | 1.30% | +1.30 |
| ALE Allete Inc. | New | 1.29% | +1.29 |
| PWSC Powerschool Holdings Inc. Class A | New | 1.25% | +1.25 |
| DO Diamond Offshore Drilling Inc. | New | 1.23% | +1.23 |
| SILK Silk Road Medical Inc. | New | 1.22% | +1.22 |
| SLCA US Silica Holdings Inc. | New | 1.21% | +1.21 |
| AGS Playags Inc. | New | 1.16% | +1.16 |
| AAN The Aaron's Co. Inc. | New | 1.08% | +1.08 |
| INFN Infinera Corp. | New | 1.02% | +1.02 |
| NWLI National Western Life Grou-A | Add +503.2% | 0.36% | +0.30 |
| VZIO Vizio Holding Corp. Class A | Add +11.0% | 3.83% | +0.17 |
| AGR Avangrid Inc. | New | 0.13% | +0.13 |
| NVEI Nuvei Corp.-Subordinate VTG | New | 0.13% | +0.13 |
| SRDX Surmodics Inc. | New | 0.13% | +0.13 |
| ETRN Equitrans Midstream Corp. | Add +85.0% | 0.20% | +0.09 |
| IBTX Independent Bank Group Inc. | New | 0.09% | +0.09 |
| HTLF Heartland Financial USA Inc. | New | 0.09% | +0.09 |
| ATRI Atrion Corporation | New | 0.09% | +0.09 |
| OVERSEAS SHIPHOLDING GROUP-A | New | 0.09% | +0.09 |
| AMK Assetmark Financial Holdings | New | 0.08% | +0.08 |
| MCS Marcus Corporation | New | 0.02% | +0.02 |
| PACB Pacific Biosciences of Calif | Add +91.2% | 0.00% | −0.00 |
| SWN Southwestern Energy Co. | Add +5.8% | 0.15% | −0.02 |
Options Activity Q1 2024 → Q2 2024
| CAPRI HOLDINGS LIMITED | put | Sold out | 802,200 | $36.3Mbefore exit |
| NUVEI CORPORATION | call | New | 542,700 | $17.6M |
| FUSION PHARMACEUTICALS INC | call | Sold out | 500,000 | $10.7Mbefore exit |
| UNITED STATES STL CORP NEW | put | Sold out | 214,000 | $8.7Mbefore exit |
| HAWAIIAN HOLDINGS INC | put | Sold out | 482,500 | $6.4Mbefore exit |
| CATALENT INC | call | Sold out | 100,000 | $5.6Mbefore exit |
| ISHARES TR | put | New | 50,000 | $5.4M |
| INTERNATIONAL PAPER CO | put | New | 111,700 | $4.8M |
| COSTAR GROUP INC | put | New | 35,500 | $2.6M |
| UNITED PARKS & RESORTS INC | call | Sold out | 17,500 | $984Kbefore exit |
| DAVE & BUSTERS ENTMT INC | call | Sold out | 14,000 | $876Kbefore exit |
| GEN DIGITAL INC | call | Add +130.8% | 30,000 | $749K |
| XEROX HOLDINGS CORP | call | Add +3.4% | 46,000 | $535K |
| TELEPHONE & DATA SYS INC | put | Sold out | 20,000 | $320Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | Add +260.5% | 11,071,000 | $10.7M |
| BIOMARIN PHARMACEUTICAL (BMRN 0.599 08/01/24) | NOTE 0.599% 8/0 · principal | New | 7,382,000 | $7.3M |
| EVERBRIDGE INC (EVBG 0 03/15/26) | NOTE 3/1 · principal | Add +100.0% | 5,000,000 | $4.9M |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | Add +65.5% | 5,055,000 | $4.9M |
| PERFICIENT INC (PRFT 0.125 11/15/26) | NOTE 0.125%11/1 · principal | Add +72.7% | 4,750,000 | $4.6M |
| KAMAN CORP (KAMN 3.25 05/01/24) | NOTE 3.250% 5/0 · principal | Sold out | 3,000,000 | $3.0Mbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | New | 3,000,000 | $3.0M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | New | 2,500,000 | $2.2M |
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 |