WATER ISLAND CAPITAL LLC
Q4 2025 13F-HR Holdings
Net value change ($000)
+134,288
(16.9%)
New positions
42
Sold out positions
39
Turnover %
109.8%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q3 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| EXAS | 35,547 | NEW |
| HOLX | 34,842 | NEW |
| CMA | 34,601 | NEW |
| CDTX | 33,290 | NEW |
| WBD | 32,844 | NEW |
| JANUS HENDERSON GROUP PLC | 30,801 | NEW |
| AVDL | 23,427 | NEW |
| SEE | 23,169 | NEW |
| CWAN | 21,120 | NEW |
| CFLT | 19,357 | NEW |
Top Reduces (Value $000, Stocks/ETFs)
| VRNA | -30,965 | -100.0% |
| AVDX | -28,685 | -100.0% |
| INFA | -28,556 | -100.0% |
| VBTX | -27,350 | -100.0% |
| VTY | -24,360 | -100.0% |
| PBPB | -23,031 | -100.0% |
| WNS | -22,579 | -100.0% |
| MeridianLink, Inc. | -18,540 | -100.0% |
| SAPIENS INTERNATIONAL CORP N V | -18,122 | -100.0% |
| STAA | -16,122 | -91.1% |
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000):
108,990
(11.7% of total reported value)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
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