In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Water Island Capital LLC reported 56 stock positions worth $914.1 million . Its top holding was Amedisys (AMED) at 6.4% of the portfolio, followed by Hess (HES, 6.3% ) and Kellanova (K, 5.5% ). Compared with Q2 2024, it opened 22 new positions, sold out of 23, added to 15 and reduced 19. The biggest buy was a new position in Kellanova (K) and the biggest sale an exit from Olink Holding AB - ADR (OLK).
Location NEW YORK, NY
CIK 0001222765
Portfolio Value $914.1M (Q3 2024) Holdings 56 stocks · $914.1M 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 Q2 2024 AMED Amedisys Inc. 601,615 $58.1M Reduce -14.3% HES Hess Corp. 421,402 $57.2M Reduce -0.4% K Kellanova 619,784 $50.0M New AXONICS INC 691,839 $48.2M Add +3.1% SQSP Squarespace Inc. Class A 995,185 $46.2M Add +17.0% MRO Marathon Oil Corp. 1,628,880 $43.4M Add +40.4% HCP Hashicorp Inc. Class A 1,266,110 $42.9M Add +13.0% EDR Endeavor Group Hold Class A 1,326,661 $37.9M Add +25.8% VZIO Vizio Holding Corp. Class A 3,353,047 $37.5M Add +5.0% ANSS Ansys Inc. 114,088 $36.4M Reduce -1.5% ACI Albertsons Cos Inc. Class A 1,946,902 $36.0M Add +3.2% CTLT Catalent Inc. 567,174 $34.4M Add +5.5% CHX Championx Corp. 1,138,481 $34.3M Add +6.8% JNPR Juniper Networks Inc. 863,361 $33.7M Reduce -0.1% EVRI Everi Holdings Inc. 2,554,217 $33.6M New X United States Steel Corp. 883,980 $31.2M Reduce -2.4% RCM R1 RCM Inc. 2,034,317 $28.8M New MGRC McGrath Rentcorp 254,636 $26.8M Reduce -10.7% INST Instructure Holdings Inc. 848,233 $20.0M New PETQ Petiq Inc. 616,601 $19.0M New PARAA Paramount Global Class B 1,499,382 $15.9M New SMAR Smartsheet Inc. Class A 283,478 $15.7M New FYBR Frontier Communications Pare 412,278 $14.6M New ESGR Enstar Group Ltd. 38,849 $12.5M New RVNC Revance Therapeutics Inc. 2,381,196 $12.4M New MTTR Matterport Inc. 2,630,281 $11.8M Add +0.3% VGR Vector Group Ltd. 750,814 $11.2M New CHUY Chuy's Holdings Inc. 287,800 $10.8M New TWKS Thoughtworks Holding Inc. 2,189,000 $9.7M New PRFT Perficient Inc. 105,087 $7.9M Reduce -65.5% CRGY Crescent Energy Inc. Class A 525,000 $5.7M New SRCL Stericycle Inc. 94,103 $5.7M Reduce -68.8% AY Atlantica Sustainable Infras 172,225 $3.8M Reduce -71.9% ENV Envestnet Inc. 39,845 $2.5M New SPR Spirit Aerosystems Hold Class A 62,952 $2.0M New NVEI Nuvei Corp.-Subordinate VTG 49,942 $1.7M Add +36.2% SWN Southwestern Energy Co. 205,022 $1.5M Add +5.8% DFS Discover Financial Services 9,890 $1.4M Reduce -2.9% ALE Allete Inc. 20,669 $1.3M Reduce -88.9% HTLF Heartland Financial USA Inc. 20,879 $1.2M Add +16.0% PWSC Powerschool Holdings Inc. Class A 50,893 $1.2M Reduce -89.8% SRDX Surmodics Inc. 25,504 $989K Reduce -7.6% AGS Playags Inc. 78,540 $895K Reduce -91.3% HAYN Haynes International Inc. 15,018 $894K Add +125.5% IBTX Independent Bank Group Inc. 15,422 $889K Reduce -12.9% ARCH Arch Resources Inc. 5,342 $738K New AAN The Aaron's Co. Inc. filed as THE AARONS COMPANY INC 74,030 $737K Reduce -92.4% AGR Avangrid Inc. 17,391 $622K Reduce -48.7% BALY Bally's Corp. 25,364 $438K New FBMS First Bancshares Inc. 12,943 $416K New CONSOLIDATED COMM HLDGS INC 87,950 $408K Add +14.7% ITI Iteris Inc. 56,047 $400K New CFB Crossfirst Bankshares Inc. 23,519 $393K New STER Sterling Check Corp. 22,385 $374K Reduce -16.8% BTE Baytex Energy Corp. 20,000 $59K New PACB Pacific Biosciences of Calif 14,000 $24K Reduce -30.0%
Options reported separately and not counted above: ISHARES TR puts ($5.6M), UNITED STATES STL CORP NEW puts ($4.9M), ISHARES TR puts ($4.0M), WILLSCOT HLDGS CORP calls ($3.0M), COSTAR GROUP INC puts ($2.7M), FRONTIER COMMUNICATIONS PARE puts ($2.3M), DEXCOM INC calls ($838K), SURGERY PARTNERS INC calls ($677K), VERINT SYS INC calls ($253K), XEROX HOLDINGS CORP calls ($208K), REPAY HLDGS CORP calls ($82K).
Other holdings (12): bonds, preferreds, convertibles and warrants · $54.0M (not counted above) Security Class Shares / Principal Value Change TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal 9,205,000 $9.0M Add +82.1% DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 8,500,000 $7.9M New ENVESTNET INC (ENV 0.75 08/15/25) 0.75 8/15/2025 · principal 7,500,000 $7.6M New PERFICIENT INC (PRFT 0.125 11/15/26) NOTE 0.125%11/1 · principal 4,750,000 $4.7M No change BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 5,000,000 $4.6M Add +100.0% INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal 3,500,000 $4.2M New SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 3,500,000 $3.5M No change RINGCENTRAL INC (RNG 0 03/01/25) NOTE 3/0 · principal 3,105,000 $3.0M No change BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,071,000 $2.9M Reduce -72.3% VERINT SYSTEMS INC (VRNT 0.25 04/15/26) NOTE 0.250% 4/1 · principal 3,000,000 $2.8M No change RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 2,500,000 $2.3M 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: $968.1M.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ OLK Olink Holding AB - ADR Sold out 0.00% −4.13 CERE Cerevel Therapeutics Holding Sold out 0.00% −3.49 HIBB Hibbett Inc. Sold out 0.00% −2.28 WIRE Encore Wire Corp. Sold out 0.00% −1.93 PRFT Perficient Inc. Reduce -65.5% 0.87% −1.67 SRCL Stericycle Inc. Reduce -68.8% 0.63% −1.32 WKME Walkme Ltd. Sold out 0.00% −1.32 SBOW Silverbow Resources Inc. Sold out 0.00% −1.31 DO Diamond Offshore Drilling Inc. Sold out 0.00% −1.23 SILK Silk Road Medical Inc. Sold out 0.00% −1.22 SLCA US Silica Holdings Inc. Sold out 0.00% −1.21 TXNM TXNM Energy Inc. Sold out 0.00% −1.20 ALE Allete Inc. Reduce -88.9% 0.15% −1.14 PWSC Powerschool Holdings Inc. Class A Reduce -89.8% 0.13% −1.12 AY Atlantica Sustainable Infras Reduce -71.9% 0.41% −1.08 AGS Playags Inc. Reduce -91.3% 0.10% −1.06 INFN Infinera Corp. Sold out 0.00% −1.02 AAN The Aaron's Co. Inc. Reduce -92.4% 0.08% −1.00 SIMO Silicon Motion Technol-ADR Sold out 0.00% −0.83 AMED Amedisys Inc. Reduce -14.3% 6.35% −0.82 HES Hess Corp. Reduce -0.4% 6.26% −0.69 MGRC McGrath Rentcorp Reduce -10.7% 2.93% −0.45 X United States Steel Corp. Reduce -2.4% 3.42% −0.39 NWLI National Western Life Grou-A Sold out 0.00% −0.36 ETRN Equitrans Midstream Corp. Sold out 0.00% −0.20 ANSS Ansys Inc. Reduce -1.5% 3.98% −0.17 EVBG Everbridge Inc. Sold out 0.00% −0.14 CPRI Capri Holdings Ltd. Sold out 0.00% −0.13 ATRI Atrion Corporation Sold out 0.00% −0.09 OVERSEAS SHIPHOLDING GROUP-A Sold out 0.00% −0.09 AMK Assetmark Financial Holdings Sold out 0.00% −0.08 WRK Westrock Co. Sold out 0.00% −0.07 CCI Crown Castle Inc. Sold out 0.00% −0.07 AGR Avangrid Inc. Reduce -48.7% 0.07% −0.07 HA Hawaiian Holdings Inc. Sold out 0.00% −0.06 MCS Marcus Corporation Sold out 0.00% −0.02 SRDX Surmodics Inc. Reduce -7.6% 0.11% −0.02 STER Sterling Check Corp. Reduce -16.8% 0.04% −0.00 PACB Pacific Biosciences of Calif Reduce -30.0% 0.00% −0.00 DFS Discover Financial Services Reduce -2.9% 0.15% +0.00 IBTX Independent Bank Group Inc. Reduce -12.9% 0.10% +0.01 JNPR Juniper Networks Inc. Reduce -0.1% 3.68% +0.17
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ K Kellanova New 5.47% +5.47 EVRI Everi Holdings Inc. New 3.67% +3.67 RCM R1 RCM Inc. New 3.15% +3.15 INST Instructure Holdings Inc. New 2.19% +2.19 PETQ Petiq Inc. New 2.08% +2.08 PARAA Paramount Global Class B New 1.74% +1.74 SMAR Smartsheet Inc. Class A New 1.72% +1.72 FYBR Frontier Communications Pare New 1.60% +1.60 ESGR Enstar Group Ltd. New 1.37% +1.37 RVNC Revance Therapeutics Inc. New 1.35% +1.35 VGR Vector Group Ltd. New 1.23% +1.23 CHUY Chuy's Holdings Inc. New 1.18% +1.18 TWKS Thoughtworks Holding Inc. New 1.06% +1.06 MRO Marathon Oil Corp. Add +40.4% 4.75% +1.04 EDR Endeavor Group Hold Class A Add +25.8% 4.14% +0.98 SQSP Squarespace Inc. Class A Add +17.0% 5.05% +0.93 CRGY Crescent Energy Inc. Class A New 0.63% +0.63 HCP Hashicorp Inc. Class A Add +13.0% 4.69% +0.49 CTLT Catalent Inc. Add +5.5% 3.76% +0.39 ENV Envestnet Inc. New 0.27% +0.27 VZIO Vizio Holding Corp. Class A Add +5.0% 4.10% +0.26 AXONICS INC Add +3.1% 5.27% +0.25 SPR Spirit Aerosystems Hold Class A New 0.22% +0.22 ARCH Arch Resources Inc. New 0.08% +0.08 HAYN Haynes International Inc. Add +125.5% 0.10% +0.05 NVEI Nuvei Corp.-Subordinate VTG Add +36.2% 0.18% +0.05 BALY Bally's Corp. New 0.05% +0.05 FBMS First Bancshares Inc. New 0.05% +0.05 ITI Iteris Inc. New 0.04% +0.04 CFB Crossfirst Bankshares Inc. New 0.04% +0.04 HTLF Heartland Financial USA Inc. Add +16.0% 0.13% +0.04 SWN Southwestern Energy Co. Add +5.8% 0.16% +0.01 CONSOLIDATED COMM HLDGS INC Add +14.7% 0.04% +0.01 BTE Baytex Energy Corp. New 0.01% +0.01 MTTR Matterport Inc. Add +0.3% 1.29% −0.01 CHX Championx Corp. Add +6.8% 3.76% −0.18 ACI Albertsons Cos Inc. Class A Add +3.2% 3.94% −0.21
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ NUVEI CORPORATION call Sold out 542,700 $17.6Mbefore exit UNITED STATES STL CORP NEW put New 140,000 $4.9M INTERNATIONAL PAPER CO put Sold out 111,700 $4.8Mbefore exit ISHARES TR put Reduce -50.0% 50,000 $4.0M WILLSCOT HLDGS CORP call New 78,800 $3.0M FRONTIER COMMUNICATIONS PARE put New 65,000 $2.3M DEXCOM INC call New 12,500 $838K GEN DIGITAL INC call Sold out 30,000 $749Kbefore exit SURGERY PARTNERS INC call New 21,000 $677K VERINT SYS INC call New 10,000 $253K XEROX HOLDINGS CORP call Reduce -56.5% 20,000 $208K REPAY HLDGS CORP call New 10,000 $82K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal Add +82.1% 9,205,000 $9.0M DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal New 8,500,000 $7.9M ENVESTNET INC (ENV 0.75 08/15/25) 0.75 8/15/2025 · principal New 7,500,000 $7.6M BIOMARIN PHARMACEUTICAL (BMRN 0.599 08/01/24) NOTE 0.599% 8/0 · principal Sold out 7,382,000 $7.3Mbefore exit EVERBRIDGE INC (EVBG 0 03/15/26) NOTE 3/1 · principal Sold out 5,000,000 $4.9Mbefore exit BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal Add +100.0% 5,000,000 $4.6M INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal New 3,500,000 $4.2M JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) NOTE 1.500% 8/1 · principal Sold out 3,000,000 $3.0Mbefore exit BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal Reduce -72.3% 3,071,000 $2.9M RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal New 2,500,000 $2.3M
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