Returns–Not enough quarters yet
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Taylor Morrison Home CorpCUSIP 87724P106 | $52.2M | 5.8% | New |
| Electronic Arts IncCUSIP 285512109 | $51.9M | 5.7% | +1.2% |
| Chart Inds IncCUSIP 16115Q308 | $49.6M | 5.5% | +25.1% |
| PENPenumbra Inc | $47.5M | 5.2% | +25.3% |
| Warner Bros Discovery IncCUSIP 934423104 | $46.4M | 5.1% | +7.6% |
| Janus Henderson Group PLCCUSIP G4474Y214 | $46.3M | 5.1% | −3.4% |
| NSCNorfolk Southn Corp | $46.0M | 5.1% | +9.1% |
| TXNMTxnm Energy Inc | $41.9M | 4.6% | +9.3% |
| CZRCaesars Entertainment Inc Ne | $39.6M | 4.4% | +4351.1% |
| Webster Finl CorpCUSIP 947890109 | $33.4M | 3.7% | +5.1% |
| National Storage AffiliatesCUSIP 637870106 | $32.4M | 3.6% | +26.4% |
| SLABSilicon Laboratories Inc | $32.4M | 3.6% | +153.6% |
| RAMPLiveramp Hldgs Inc | $30.3M | 3.3% | New |
| Catalyst Pharmaceuticals IncCUSIP 14888U101 | $29.3M | 3.2% | New |
| DDominion Energy Inc | $26.0M | 2.9% | New |
| ACAArcosa Inc | $25.2M | 2.8% | New |
| TECHBio-techne Corp | $23.7M | 2.6% | New |
| Whitestone ReitCUSIP 966084204 | $23.3M | 2.6% | New |
| ROKURoku Inc | $22.8M | 2.5% | New |
| Topbuild CorCUSIP 89055F103 | $21.8M | 2.4% | New |
| Digitalbridge Group IncCUSIP 25401T603 | $21.7M | 2.4% | +6.0% |
| Avanos Med IncCUSIP 05350V106 | $19.9M | 2.2% | New |
| Sila Realty Trust IncCUSIP 146280508 | $18.9M | 2.1% | New |
| OGNOrganon & Co | $18.6M | 2.1% | New |
| Stellar Bancorp IncCUSIP 858927106 | $15.1M | 1.7% | −11.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| National Storage AffiliatesCUSIP 637870106 | March 31, 2026 | +17.8% | $32.4M |
| CZRCaesars Entertainment Inc Ne | March 31, 2026 | +14.2% | $39.6M |
| KVUEKenvue Inc | December 31, 2025 | +10.8% | $7.7M |
| Webster Finl CorpCUSIP 947890109 | March 31, 2026 | +10.1% | $33.4M |
| Janus Henderson Group PLCCUSIP G4474Y214 | December 31, 2025 | +9.2% | $46.3M |
| Stellar Bancorp IncCUSIP 858927106 | March 31, 2026 | +7.4% | $15.1M |
| Axalta Coating Sys LtdCUSIP G0750C108 | December 31, 2025 | +5.9% | $3.3M |
| UNFUnifirst Corp Mass | March 31, 2026 | +5.1% | $2.4M |
| SLABSilicon Laboratories Inc | March 31, 2026 | +5.0% | $32.4M |
| NSCNorfolk Southn Corp | September 30, 2025 | +4.7% | $46.0M |
Sold off last quarter
- Hologic IncCUSIP 436440101 was $42.3M
- Masimo CorpCUSIP 574795100 was $34.5M
- Tri Pointe Homes IncCUSIP 87265H109 was $25.1M
- GLDDGreat Lakes Dredge & Dock Co was $21.5M
- Arcellx IncCUSIP 03940C100 was $21.1M
- Day One Biopharmaceuticals ICUSIP 23954D109 was $20.2M
- Enhabit IncCUSIP 29332G102 was $13.9M
- Veris Residential IncCUSIP 554489104 was $11.3M
- PKSTPeakstone Realty Trust was $10.5M
- Terns Pharmaceuticals IncCUSIP 880881107 was $9.9M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +0.2% | +14.8% |
| December 31, 2025 | +5.7% | +2.4% |
| September 30, 2025 | −4.0% | +7.8% |
| June 30, 2025 | +0.4% | +10.5% |
| March 31, 2025 | −0.7% | −4.6% |
| December 31, 2024 | −0.1% | +2.1% |
| September 30, 2024 | −0.3% | +5.4% |
| June 30, 2024 | −9.0% | +4.0% |
| March 31, 2024 | +0.2% | +10.0% |
| December 31, 2023 | −12.8% | +11.2% |
| September 30, 2023 | −0.9% | −3.6% |
| June 30, 2023 | −7.9% | +8.3% |
| September 30, 2022 | +2.7% | −5.3% |
| June 30, 2022 | −3.7% | −16.5% |
| March 31, 2022 | −2.6% | −4.9% |
| September 30, 2021 | −0.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Water Island Capital LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1222765&type=13F-HR&dateb=&owner=include&count=40CIK 1222765
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1222765/000122276526000011/Filed August 14, 2026 · accession 0001222765-26-000011