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Water Island Capital LLC
Water Island Capital LLC is a New York-based, employee-owned investment management firm founded in 2000. The firm is a specialist in event-driven investment strategies including merger arbitrage, long/short equity, and catalyst-driven credit. It manages assets for institutional and individual clients via private and public alternative investment vehicles. Water Island Capital is known for its fundamental, disciplined approach with a culture emphasizing transparency, independent thinking, and client service.
Investment Strategy
Water Island Capital is a dedicated event-driven investment manager, specializing in strategies such as merger arbitrage, catalyst-driven credit, and long/short equity. The firm focuses on corporate events—including mergers, acquisitions, restructurings, and refinancings—rather than broader market trends. Its multi-strategy approach emphasizes capital preservation, downside protection, risk diversification, and uncorrelated absolute returns by exploiting mispriced opportunities created by corporate actions and catalysts globally. Their investment process is disciplined and fundamentally driven, incorporating rigorous analysis and proactive risk management with the use of hedging and cycle-agnostic positioning.
Latest 13F Filing Activity
Water Island Capital LLC filed their most recent 13F report on Jun 30, 2025 disclosing 42 equity positions with a total 13F market value of $702M. The fund increased holdings in Springworks Therapeutics Inc., Skechers U S A Inc., Informatica Inc. among other positions. Water Island Capital LLC reduced exposure to H & E Equipment Services Inc., Kellanova, Everi HLDGS Inc. among others.
Top Holdings
Equity Positions (42)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A AMED | AMEDISYS INC | 7.87% | $55.3M | 561,814 | $94.26 | $98.39 | +$3.6M |
A ANSS | ANSYS INC | 5.67% | $39.8M | 113,285 | $347.50 | $351.22 | +$7.0M |
J JNPR | JUNIPER NETWORKS INC | 5.28% | $37.1M | 928,961 | $37.26 | $39.93 | +$5.5M |
H HES | HESS CORP | 5.14% | $36.1M | 260,459 | $144.13 | $138.54 | -$5.3M |
S SWTX | SPRINGWORKS THERAPEUTICS INC | 4.71% | $33.1M | 703,525 | $46.99 | $46.99 | +$33.1M |
Industry Allocation
Investment Team (10)
| Name | Role | Location | |
|---|---|---|---|
 | Research Analyst | New York, NY , United States | |
C Christina Chew | Senior Managing Partner - Chief Client Officer and Chief Operating Officer | New York, NY , United States | |
C Christopher Plunkett | Analyst | New Rochelle, NY , United States | |
 | Portfolio Manager | Caldwell, NJ , United States | |
 | Portfolio Manager | New York, NY , United States | |
 | Managing Director - Head of Business Development | Saddle River, NJ , United States | |
 | Portfolio Manager | New York, NY , United States | |
T Ted Chen | Portfolio Manager | New York, NY , United States | |
J Justin Dunleavy | Portfolio Manager and Head of Trading | Oradell, NJ , United States | |
P Paul Eisenmann | Vice President, Product Specialist | Medford, NJ , United States |
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