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Westchester Capital Management, LLC
Westchester Capital Management, LLC is a registered investment adviser headquartered in Valhalla, NY. Founded originally as a predecessor firm in 1980 (with Westchester Capital Management, LLC registered since 2010), it specializes in merger arbitrage and event-driven investment strategies. The firm is a wholly owned subsidiary of Virtus Partners, Inc., and ultimately Virtus Investment Partners, Inc., serving both individual and institutional investors through mutual funds and private accounts. As of the most recent filings, it has approximately 9 employees.
Investment Strategy
Westchester Capital Management, LLC focuses on merger arbitrage and event-driven strategies. The firm's flagship mandates seek to exploit price inefficiencies following M&A announcements and other corporate events, investing primarily in publicly announced mergers, takeovers, and other event-driven opportunities. It utilizes proprietary research to evaluate the likelihood of deal completions and capitalizes on spreads between target prices and deal offer prices. The approach is designed to provide returns that are generally uncorrelated to broader equity and fixed income markets, seeking risk-adjusted performance regardless of market direction.
Latest 13F Filing Activity
Westchester Capital Management, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 130 equity positions and 7 options positions with a total 13F market value of $2B. The fund increased holdings in MR Cooper Group Inc., Liberty Broadband Corp., Frontier Communications Pare among other positions. Westchester Capital Management, LLC reduced exposure to Discover Finl SVCS, Berry Global Group Inc., United States STL Corp. New among others.
Top Holdings
Equity Positions (130)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
H HES | HESS CORP | 11.27% | $215.2M | 1,553,196 | $143.43 | $138.54 | -$26.2M |
K K | KELLANOVA | 7.08% | $135.3M | 1,701,179 | $80.86 | $79.53 | -$5.0M |
C CHX | CHAMPIONX CORPORATION | 5.02% | $95.8M | 3,857,598 | $30.92 | $24.84 | -$19.1M |
F FYBR | FRONTIER COMMUNICATIONS PARE | 4.25% | $81.2M | 2,229,955 | $35.66 | $36.40 | +$36.5M |
C COOP | MR COOPER GROUP INC | 3.89% | $74.4M | 498,421 | $149.21 | $149.21 | +$74.4M |
Options Positions (7)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | — | Put | $154.5M | 2,500 | $617.85 | $504.91 | 0 | +$14.6M |
B BA | BOEING CO | New | Put | $18.1M | 863 | $209.53 | $209.53 | +863 | +$18.1M |
D DD | DUPONT DE NEMOURS INC | Bought | Put | $8.0M | 1,166 | $68.59 | $76.55 | +97 | +$14.3K |
H HON | HONEYWELL INTL INC | Bought | Put | $7.9M | 339 | $232.88 | $212.87 | +18 | +$1.1M |
I IGT | INTERNATIONAL GAME TECHNOLOG | — | Put | $6.5M | 4,111 | $15.81 | $18.36 | 0 | -$185.0K |
Industry Allocation
Investment Team (2)
| Name | Role | Location | |
|---|---|---|---|
 | Co-President and CIO | Valhalla, NY , United States | |
S Steven Tan | Director of Credit Research, Co Porfolio Manager, and Senior Equity Analyst | New York, NY , United States |
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