In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Water Island Capital LLC reported 48 stock positions worth $762.7 million . Its top holding was Amedisys (AMED) at 7.2% of the portfolio, followed by Hess (HES, 7.1% ) and Kellanova (K, 6.8% ). Compared with Q3 2024, it opened 21 new positions, sold out of 29, added to 19 and reduced 8. The biggest buy was a new position in Zuora Class A (ZUO) and the biggest sale an exit from Axonics .
Location NEW YORK, NY
CIK 0001222765
Portfolio Value $762.7M (Q4 2024) Holdings 48 stocks · $762.7M 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 Q3 2024 AMED Amedisys Inc. 603,565 $54.8M Add +0.3% HES Hess Corp. 409,761 $54.5M Reduce -2.8% K Kellanova 645,072 $52.2M Add +4.1% HCP Hashicorp Inc. Class A 1,284,797 $44.0M Add +1.5% EDR Endeavor Group Hold Class A 1,346,226 $42.1M Add +1.5% ANSS Ansys Inc. 117,899 $39.8M Add +3.3% EVRI Everi Holdings Inc. 2,924,921 $39.5M Add +14.5% ACI Albertsons Cos Inc. Class A 1,862,712 $36.6M Reduce -4.3% JNPR Juniper Networks Inc. 957,573 $35.9M Add +10.9% SMAR Smartsheet Inc. Class A 555,904 $31.1M Add +96.1% CHX Championx Corp. 1,116,624 $30.4M Reduce -1.9% FYBR Frontier Communications Pare 760,304 $26.4M Add +84.4% ZUO Zuora Inc. Class A 2,422,511 $24.0M New ROIC Retail Opportunity Investmen 1,311,468 $22.8M New X United States Steel Corp. 588,117 $20.0M Reduce -33.5% CDMO Avid Bioservices Inc. 1,596,339 $19.7M New SUM Summit Materials Inc. Class A 384,888 $19.5M New MGRC McGrath Rentcorp 170,210 $19.0M Reduce -33.2% PARAA Paramount Global Class B 1,511,267 $15.8M Add +0.8% ALTR Altair Engineering Inc. Class A 144,509 $15.8M New ESGR Enstar Group Ltd. 44,327 $14.3M Add +14.1% ALTM Arcadium Lithium PLC 2,772,693 $14.2M New MTTR Matterport Inc. 2,683,458 $12.7M Add +2.0% BERY Berry Global Group Inc. 176,474 $11.4M New BARNES GROUP INC 229,306 $10.8M New JWN Nordstrom Inc. 379,000 $9.2M New PDCO Patterson Cos Inc. 235,572 $7.3M New IPG Interpublic Group of Cos Inc. 249,257 $7.0M New CCRN Cross Country Healthcare Inc. 368,095 $6.7M New ENLC Enlink Midstream LLC 272,659 $3.9M New LBRDK Liberty Broadband-C 37,309 $2.8M New ARCH Arch Resources Inc. 18,173 $2.6M Add +240.2% RVNC Revance Therapeutics Inc. 722,234 $2.2M Reduce -69.7% ALE Allete Inc. 28,162 $1.8M Add +36.3% HTLF Heartland Financial USA Inc. 27,940 $1.7M Add +33.8% DFS Discover Financial Services 8,558 $1.5M Reduce -13.5% FBMS First Bancshares Inc. 34,345 $1.2M Add +165.4% IBTX Independent Bank Group Inc. 19,464 $1.2M Add +26.2% USAP Universal Stainless & Alloy 26,054 $1.1M New PTVE Pactiv Evergreen Inc. 60,965 $1.1M New AGS Playags Inc. 90,244 $1.0M Add +14.9% BROOKLINE BANCORP INC 60,587 $715K New BALY Bally's Corp. 32,372 $579K New CTV Innovid Corp. 169,406 $523K New CFB Crossfirst Bankshares Inc. 30,438 $461K Add +29.4% BCOV Brightcove 86,500 $376K New SCWX Secureworks Corp. Class A 35,290 $299K New SPR Spirit Aerosystems Hold Class A 7,887 $269K Reduce -87.5%
Options reported separately and not counted above: SLB LIMITED calls ($31.3M), STATE STR SPDR S&P 500 ETF T calls ($14.7M), NORDSTROM INC puts ($9.2M), AMCOR PLC calls ($8.9M), REVANCE THERAPEUTICS INC calls ($7.1M), OMNICOM GROUP INC calls ($6.6M), COSTAR GROUP INC calls ($5.8M), DESPEGAR COM CORP calls ($4.2M), BOEING CO puts ($1.8M), DIGITALOCEAN HLDGS INC calls ($1.1M), DEXCOM INC calls ($972K), UNITED STATES STL CORP NEW puts ($602K), and 3 more.
Other holdings (15): bonds, preferreds, convertibles and warrants · $69.7M (not counted above) Security Class Shares / Principal Value Change TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal 14,205,000 $14.1M Add +54.3% DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 8,500,000 $7.9M No change UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 5,000,000 $5.0M New AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 5,000,000 $5.0M New BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 80,000 $4.9M New BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 5,000,000 $4.5M No change DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal 5,000,000 $4.4M New INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal 3,500,000 $4.4M No change SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 3,500,000 $3.7M No change RINGCENTRAL INC (RNG 0 03/01/25) NOTE 3/0 · principal 3,105,000 $3.1M No change BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,071,000 $2.9M No change HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 3,000,000 $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 RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 2,500,000 $2.3M No change WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal 1,500,000 $1.7M No change
Total filed on the 13F, all lines: $832.3M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ AXONICS INC Sold out 0.00% −5.27 SQSP Squarespace Inc. Class A Sold out 0.00% −5.05 MRO Marathon Oil Corp. Sold out 0.00% −4.75 VZIO Vizio Holding Corp. Class A Sold out 0.00% −4.10 CTLT Catalent Inc. Sold out 0.00% −3.76 RCM R1 RCM Inc. Sold out 0.00% −3.15 INST Instructure Holdings Inc. Sold out 0.00% −2.19 PETQ Petiq Inc. Sold out 0.00% −2.08 VGR Vector Group Ltd. Sold out 0.00% −1.23 CHUY Chuy's Holdings Inc. Sold out 0.00% −1.18 RVNC Revance Therapeutics Inc. Reduce -69.7% 0.29% −1.06 TWKS Thoughtworks Holding Inc. Sold out 0.00% −1.06 PRFT Perficient Inc. Sold out 0.00% −0.87 X United States Steel Corp. Reduce -33.5% 2.62% −0.80 CRGY Crescent Energy Inc. Class A Sold out 0.00% −0.63 SRCL Stericycle Inc. Sold out 0.00% −0.63 MGRC McGrath Rentcorp Reduce -33.2% 2.50% −0.44 AY Atlantica Sustainable Infras Sold out 0.00% −0.41 ENV Envestnet Inc. Sold out 0.00% −0.27 SPR Spirit Aerosystems Hold Class A Reduce -87.5% 0.04% −0.19 NVEI Nuvei Corp.-Subordinate VTG Sold out 0.00% −0.18 SWN Southwestern Energy Co. Sold out 0.00% −0.16 PWSC Powerschool Holdings Inc. Class A Sold out 0.00% −0.13 SRDX Surmodics Inc. Sold out 0.00% −0.11 HAYN Haynes International Inc. Sold out 0.00% −0.10 AAN The Aaron's Co. Inc. Sold out 0.00% −0.08 AGR Avangrid Inc. Sold out 0.00% −0.07 BALY Bally's Corp. Sold out 0.00% −0.05 CONSOLIDATED COMM HLDGS INC Sold out 0.00% −0.04 ITI Iteris Inc. Sold out 0.00% −0.04 STER Sterling Check Corp. Sold out 0.00% −0.04 BTE Baytex Energy Corp. Sold out 0.00% −0.01 PACB Pacific Biosciences of Calif Sold out 0.00% −0.00 DFS Discover Financial Services Reduce -13.5% 0.19% +0.04 CHX Championx Corp. Reduce -1.9% 3.98% +0.23 ACI Albertsons Cos Inc. Class A Reduce -4.3% 4.80% +0.86 HES Hess Corp. Reduce -2.8% 7.15% +0.89
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ ZUO Zuora Inc. Class A New 3.15% +3.15 ROIC Retail Opportunity Investmen New 2.99% +2.99 CDMO Avid Bioservices Inc. New 2.58% +2.58 SUM Summit Materials Inc. Class A New 2.55% +2.55 SMAR Smartsheet Inc. Class A Add +96.1% 4.08% +2.37 ALTR Altair Engineering Inc. Class A New 2.07% +2.07 ALTM Arcadium Lithium PLC New 1.86% +1.86 FYBR Frontier Communications Pare Add +84.4% 3.46% +1.86 EVRI Everi Holdings Inc. Add +14.5% 5.18% +1.51 BERY Berry Global Group Inc. New 1.50% +1.50 BARNES GROUP INC New 1.42% +1.42 EDR Endeavor Group Hold Class A Add +1.5% 5.52% +1.38 K Kellanova Add +4.1% 6.85% +1.38 ANSS Ansys Inc. Add +3.3% 5.21% +1.24 JWN Nordstrom Inc. New 1.20% +1.20 HCP Hashicorp Inc. Class A Add +1.5% 5.76% +1.07 JNPR Juniper Networks Inc. Add +10.9% 4.70% +1.02 PDCO Patterson Cos Inc. New 0.95% +0.95 IPG Interpublic Group of Cos Inc. New 0.92% +0.92 CCRN Cross Country Healthcare Inc. New 0.88% +0.88 AMED Amedisys Inc. Add +0.3% 7.18% +0.83 ENLC Enlink Midstream LLC New 0.51% +0.51 ESGR Enstar Group Ltd. Add +14.1% 1.87% +0.51 MTTR Matterport Inc. Add +2.0% 1.67% +0.37 LBRDK Liberty Broadband-C New 0.37% +0.37 PARAA Paramount Global Class B Add +0.8% 2.07% +0.33 ARCH Arch Resources Inc. Add +240.2% 0.34% +0.26 USAP Universal Stainless & Alloy New 0.15% +0.15 PTVE Pactiv Evergreen Inc. New 0.14% +0.14 FBMS First Bancshares Inc. Add +165.4% 0.16% +0.11 HTLF Heartland Financial USA Inc. Add +33.8% 0.22% +0.10 ALE Allete Inc. Add +36.3% 0.24% +0.09 BROOKLINE BANCORP INC New 0.09% +0.09 BALY Bally's Corp. New 0.08% +0.08 CTV Innovid Corp. New 0.07% +0.07 IBTX Independent Bank Group Inc. Add +26.2% 0.15% +0.06 BCOV Brightcove New 0.05% +0.05 SCWX Secureworks Corp. Class A New 0.04% +0.04 AGS Playags Inc. Add +14.9% 0.14% +0.04 CFB Crossfirst Bankshares Inc. Add +29.4% 0.06% +0.02
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SLB LIMITED call New 817,200 $31.3M STATE STR SPDR S&P 500 ETF T call New 25,000 $14.7M NORDSTROM INC put New 379,000 $9.2M AMCOR PLC call New 942,500 $8.9M REVANCE THERAPEUTICS INC call New 2,334,200 $7.1M OMNICOM GROUP INC call New 77,000 $6.6M COSTAR GROUP INC call New 80,700 $5.8M ISHARES TR put Sold out 50,000 $5.6Mbefore exit DESPEGAR COM CORP call New 217,900 $4.2M ISHARES TR put Sold out 50,000 $4.0Mbefore exit WILLSCOT HLDGS CORP call Sold out 78,800 $3.0Mbefore exit COSTAR GROUP INC put Sold out 35,500 $2.7Mbefore exit FRONTIER COMMUNICATIONS PARE put Sold out 65,000 $2.3Mbefore exit BOEING CO put New 10,000 $1.8M DIGITALOCEAN HLDGS INC call New 33,000 $1.1M UNITED STATES STL CORP NEW put Reduce -87.4% 17,700 $602K BAUSCH PLUS LOMB CORP call New 31,200 $563K VERINT SYS INC call Sold out 10,000 $253Kbefore exit REPAY HLDGS CORP call Sold out 10,000 $82Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal Add +54.3% 14,205,000 $14.1M ENVESTNET INC (ENV 0.75 08/15/25) 0.75 8/15/2025 · principal Sold out 7,500,000 $7.6Mbefore exit UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal New 5,000,000 $5.0M AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal New 5,000,000 $5.0M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 80,000 $4.9M PERFICIENT INC (PRFT 0.125 11/15/26) NOTE 0.125%11/1 · principal Sold out 4,750,000 $4.7Mbefore exit DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal New 5,000,000 $4.4M HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal New 3,000,000 $2.9M
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