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WATER ISLAND CAPITAL LLC

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NEW YORK NY Investment Advisor Hedge Fund
13F Summary

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85

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Water Island Capital is based out of New York. Water Island Capital is a hedge fund with 8 clients and discretionary assets under management (AUM) of $1,589,726,167 (Form ADV from 2024-03-27). Their last reported 13F filing for Q3 2024 included $992,718,697 in managed 13F securities and a top 10 holdings concentration of 46.1%. Water Island Capital's largest holding is Amedisys Inc with shares held of 601,615. Whalewisdom has at least 111 13F filings, 8 13D filings, and 64 13G filings
Business Description
The advisory business focuses on event-driven situations and continually monitors and evaluates each investment's risk/return profile. They make timely and informed investment decisions based on market prices and predetermined exit strategies. This allows them to pursue the best risk-adjusted opportunities, rather than using all available strategies at all times. The advisory business utilizes a commission sharing arrangement with numerous participating broker-dealers to minimize conflicts of interest. This arrangement allows them to pursue best execution for clients while receiving research and other products and services. They are aware of the highly regulated and constantly evolving financial services industry and acknowledge that changes to regulations may impact their ability to pursue investment strategies or increase implementation costs.
Investment Strategy
The Adviser focuses on event-driven situations, continually monitoring and evaluating each investment's risk/return profile relative to its exit strategy and other opportunities. This allows the Adviser to make timely and informed decisions based on market price adjustments, prioritizing risk-adjusted opportunities over utilizing all available strategies at all times. The Adviser may also engage in active trading and seek short-term capital appreciation for certain privately offered pooled investment vehicles. These strategies rely on the Adviser's skill in evaluating potential outcomes and the market's reaction to them. A core principle of the Adviser's investment philosophy is capital preservation, particularly in challenging markets, which guides their disciplined fundamental approach that emphasizes downside protection while seeking compelling risk/reward opportunities.
Owners
  • ORRICO, JOHN, SABBOTT - MANAGING MEMBER, CO-CHIEF INVESTMENT OFFICER, AND MANAGEMENT COMMITTEE MEMBER
  • CHEW, CHRISTINA - SENIOR MANAGING PARTNER AND MANAGEMENT COMMITTEE MEMBER
  • CASADEI, ERIC, MICHAEL - MANAGEMENT COMMITTEE MEMBER
  • HICKEY, JONATHON, THOMAS - CHIEF OPERATING OFFICER AND MANAGEMENT COMMITTEE MEMBER
  • CHANNEN, PHILIP, EDWARD - CHIEF COMPLIANCE OFFICER
  • DUNLEAVY, JUSTIN, MICHAEL - MANAGEMENT COMMITTEE MEMBER
  • OSOWIECKI, MATTHEW, JAMES - CO-CHIEF INVESTMENT OFFICER
  • PLUNKETT, CHRISTOPHER, JOHN - MANAGEMENT COMMITTEE MEMBER
  • WATER ISLAND CAPITAL PARTNERS LP - MANAGING MEMBER
  • Click on the Ownership/Private Fund Data tab for more details.
Known Email Addresses
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Other Contact Information
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2024-09-30

Top Buys (13F)

Name % Change
K Kellanova Co 5.04%
EVRI Everi Holdings Inc 3.38%
RCM R1 RCM Inc 2.9%
INST Instructure Holdings 2.01%
PETQ PetIQ Inc 1.91%

2024-09-30

Top Sells (13F)

Name % Change
OLK Olink Holding AB (pu 3.94%
CERE Cerevel Therapeutics 3.33%
HIBB Hibbett Sports, Inc 2.17%
WIRE Encore Wire Corp 1.84%
PRFT Perficient Inc 1.62%

2024-09-30

13F Holdings Summary

Name $ Change
AMED Amedisys Inc 5.85%
HES Hess Corporation 5.76%
K Kellanova Co 5.04%
AXNX Axonics Inc 4.85%
SQSP Squarespace Inc 4.65%

2024-09-30

13F Activity

Market Value $0.99b, Prior: $0.99b
Inflows (Outflows) as % of Total MV +2.0898%
New Purchases 34 stocks
Added To 16 stocks
Sold out of 26 stocks
Reduced holdings in 22 stocks
Top 10 Holdings % 46.1%
Turnover %[1] 57.14%
Turnover Alt %[2] 31.39%
Time Held Top 20 1.5 quarters
Time Held Top 10 1.3 quarters
Time Held All 1.62 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-09-30

13F Sector Allocation Over Time

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2024-09-30

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30

Portfolio Performance