Water Island Capital 13F annual report
Water Island Capital is an investment fund managing more than $1.08 billion ran by Phil Channen. There are currently 63 companies in Mr. Channen’s portfolio. The largest investments include Activision Blizzard Inc and Vmware, together worth $191 million.
$1.08 billion Assets Under Management (AUM)
As of 7th November 2023, Water Island Capital’s top holding is 1,107,205 shares of Activision Blizzard Inc currently worth over $104 million and making up 9.6% of the portfolio value.
Relative to the number of outstanding shares of Activision Blizzard Inc, Water Island Capital owns more than approximately 0.1% of the company.
In addition, the fund holds 522,177 shares of Vmware worth $86.9 million, whose value fell approximately 0.1% in the past six months.
The third-largest holding is Horizon Therapeutics Pub L worth $79.7 million and the next is Pnm Res Inc worth $55.8 million, with 1,250,261 shares owned.
Currently, Water Island Capital's portfolio is worth at least $1.08 billion. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at Water Island Capital
The Water Island Capital office and employees reside in New York, New York. According to the last 13-F report filed with the SEC, Phil Channen serves as the Chief Compliance Officer at Water Island Capital.
Recent trades
In the most recent 13F filing, Water Island Capital revealed that it had opened a new position in
Denbury and bought 526,336 shares worth $51.6 million.
This means they effectively own approximately 0.1% of the company.
Denbury makes up
61.6%
of the fund's Energy sector allocation and has decreased its share price by 3.9% in the past year.
The investment fund also strengthened its position in Seagen Inc by buying
79,369 additional shares.
This makes their stake in Seagen Inc total 233,580 shares worth $49.6 million.
Seagen Inc soared 62.8% in the past year.
On the other hand, there are companies that Water Island Capital is getting rid of from its portfolio.
Water Island Capital closed its position in Aerojet Rocketdyne Inc on 14th November 2023.
It sold the previously owned 1,145,604 shares for $62.9 million.
Phil Channen also disclosed a decreased stake in Activision Blizzard Inc by approximately 0.1%.
This leaves the value of the investment at $104 million and 1,107,205 shares.
One of the smallest hedge funds
The two most similar investment funds to Water Island Capital are Luxor Capital L.P. and Csm Advisors. They manage $1.08 billion and $1.09 billion respectively.
Phil Channen investment strategy
Water Island Capital’s portfolio is diversified across 12 sectors.
Currently, their heaviest sector is Technology — making up 17.6% of
the total portfolio value.
The fund focuses on investments in the United States as
54.0% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are large-cap stocks.
Stocks with a size of more than $10 billion in market cap make up
14% of the total holdings value.
On the other hand, small-cap stocks make up only 3.2% of the portfolio.
The average market cap of the portfolio companies is close to $23.7 billion.
The complete list of Water Island Capital trades based on 13F SEC filings
These positions were updated on November 14th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| Activision Blizzard Inc |
6.00%
1,107,205
|
$103,668,000 | 9.58% |
| Vmware Inc. |
7.15%
522,177
|
$86,932,000 | 8.03% |
| Horizon Therapeutics Pub L |
2.87%
688,794
|
$79,687,000 | 7.36% |
| Aerojet Rocketdyne Holdings Inc |
Closed
1,145,604
|
$62,859,000 | |
| Pnm Res Inc |
3.85%
1,250,261
|
$55,774,000 | 5.15% |
| Univar Solutions Inc |
Closed
1,478,070
|
$52,974,000 | |
| Denbury Inc. |
Opened
526,336
|
$51,586,000 | 4.77% |
| Seagen Inc |
51.47%
233,580
|
$49,554,000 | 4.58% |
| TEGNA Inc |
7.12%
3,330,534
|
$48,526,000 | 4.48% |
| National Instrs Corp |
23.14%
737,438
|
$43,966,000 | 4.06% |
| Capri Holdings Limited |
Opened
719,843
|
$37,871,000 | 3.50% |
| New Relic Inc |
Opened
424,267
|
$36,326,000 | 3.36% |
| Focus Finl Partners Inc |
Closed
670,397
|
$35,203,000 | |
| Sovos Brands Inc |
Opened
1,475,225
|
$33,266,000 | 3.07% |
| Avid Technology, Inc. |
Opened
1,199,094
|
$32,220,000 | 2.98% |
| Abcam PLC |
Opened
1,419,326
|
$32,119,000 | 2.97% |
| Syneos Health Inc |
Closed
751,590
|
$31,672,000 | |
| PDC Energy Inc |
Closed
407,645
|
$29,000,000 | |
| Hostess Brands, Inc. |
Opened
853,795
|
$28,440,000 | 2.63% |
| Albertsons Cos Inc |
44.74%
1,247,398
|
$28,378,000 | 2.62% |
| Splunk Inc |
Opened
188,118
|
$27,512,000 | 2.54% |
| Triton Intl Ltd |
Closed
309,687
|
$25,785,000 | |
| Radius Global Infrastrctre I |
Closed
1,721,543
|
$25,651,000 | |
| Life Storage Inc |
Closed
192,170
|
$25,551,000 | |
| Heritage-Crystal Clean Inc |
Opened
547,480
|
$24,828,000 | 2.29% |
| Silicon Motion Technology Corp |
37.67%
480,248
|
$24,613,000 | 2.27% |
| ForgeRock, Inc. |
Closed
1,154,346
|
$23,710,000 | |
| Amedisys Inc. |
192.30%
249,329
|
$23,287,000 | 2.15% |
| Dice Therapeutics Inc |
Closed
483,894
|
$22,482,000 | |
| RPT Realty |
Opened
1,930,180
|
$20,383,000 | 1.88% |
| Avantax Inc |
Opened
787,549
|
$20,146,000 | 1.86% |
| NextGen Healthcare Inc |
Opened
846,680
|
$20,092,000 | 1.86% |
| IVERIC bio Inc |
Closed
503,196
|
$19,796,000 | |
| Absolute Software Corporation |
Closed
1,697,977
|
$19,459,000 | |
| Pacwest Bancorp |
Opened
2,332,351
|
$18,449,000 | 1.70% |
| Earthstone Energy Inc |
Opened
885,597
|
$17,924,000 | 1.66% |
| Vectivbio Hldg Ag |
Closed
939,293
|
$15,968,000 | |
| American Eqty Invt Life Hld |
Opened
286,671
|
$15,377,000 | 1.42% |
| First Horizon Corporation |
11.74%
1,386,349
|
$15,278,000 | 1.41% |
| Magellan Midstream Prtnrs Lp |
Closed
210,360
|
$13,110,000 | |
| Arconic Corporation |
Closed
380,939
|
$11,268,000 | |
| Urstadt Biddle Pptys Inc |
Closed
490,811
|
$10,435,000 | |
| Chicos Fas Inc |
Opened
1,390,000
|
$10,397,000 | 0.96% |
| Holly Energy Partners L.P. |
Opened
468,002
|
$10,277,000 | 0.95% |
| Rogers Corp. |
27.14%
76,597
|
$10,070,000 | 0.93% |
| Chase Corp. |
Opened
62,997
|
$8,015,000 | 0.74% |
| Veritiv Corp |
Opened
47,137
|
$7,961,000 | 0.74% |
| Sculptor Cap Mgmt |
Opened
629,300
|
$7,300,000 | 0.67% |
| Circor International Inc |
85.46%
123,489
|
$6,885,000 | 0.64% |
| Fiesta Restaurant Group Inc |
Opened
725,584
|
$6,138,000 | 0.57% |
| WestRock Co |
Opened
146,000
|
$5,227,000 | 0.48% |
| MagnaChip Semiconductor Corp |
6.54%
548,784
|
$4,560,000 | 0.42% |
| Globus Med Inc |
28.98%
77,756
|
$3,861,000 | 0.36% |
| Black Knight Inc |
Closed
64,540
|
$3,855,000 | |
| SciPlay Corporation |
Opened
151,925
|
$3,459,000 | 0.32% |
| Hersha Hospitality Tr |
Opened
313,062
|
$3,087,000 | 0.29% |
| RB Global Inc |
8.44%
48,871
|
$3,054,000 | 0.28% |
| Tabula Rasa HealthCare Inc |
Opened
269,001
|
$2,773,000 | 0.26% |
| Moneylion Inc |
No change
417,040
|
$2,257,000 | 0.21% |
| Oneok Inc. |
Opened
31,268
|
$1,983,000 | 0.18% |
| Chinook Therapeutics, Inc. |
Closed
51,468
|
$1,977,000 | |
| Franchise Group Inc |
Closed
50,809
|
$1,455,000 | |
| Exxon Mobil Corp. |
Opened
11,718
|
$1,378,000 | 0.13% |
| Spirit Airls Inc |
Closed
72,805
|
$1,249,000 | |
| Hartford Finl Svcs Group Inc |
No change
16,672
|
$1,182,000 | 0.11% |
| American Natl Bankshares Inc |
Opened
28,346
|
$1,075,000 | 0.10% |
| Thorne Healthtech Inc |
Opened
99,697
|
$1,016,000 | 0.09% |
| Diversey Hldgs Ltd |
Closed
83,798
|
$703,000 | |
| Baytex Energy Corp |
71.19%
146,085
|
$644,000 | 0.06% |
| The Necessity Retail Reit In |
Closed
92,385
|
$625,000 | |
| NexTier Oilfield Solutions Inc |
Closed
68,975
|
$617,000 | |
| Lakeland Bancorp, Inc. |
33.30%
39,714
|
$501,000 | 0.05% |
| Bluerock Homes Trust Inc |
No change
38,628
|
$499,000 | 0.05% |
| Greenhill & Co Inc |
50.10%
31,837
|
$471,000 | 0.04% |
| Boeing Co. |
Opened
2,450
|
$470,000 | 0.04% |
| Quotient Technology Inc |
Closed
110,417
|
$424,000 | |
| Caesars Entertainment Inc Ne |
Opened
7,700
|
$357,000 | 0.03% |
| U.S. Xpress Enterprises Inc |
Closed
56,592
|
$347,000 | |
| Cambridge Bancorp |
Opened
3,914
|
$244,000 | 0.02% |
| Intel Corp. |
Opened
6,000
|
$213,000 | 0.02% |
| Aura Biosciences Inc |
14.68%
22,650
|
$203,000 | 0.02% |
| Paratek Pharmaceuticals Inc. |
Closed
84,697
|
$187,000 | |
| Bloom Energy Corp |
Opened
13,500
|
$179,000 | 0.02% |
| Pacific Biosciences Calif In |
Opened
16,000
|
$134,000 | 0.01% |
| Dish Network Corporation |
7.27%
22,950
|
$134,000 | 0.01% |
| Clearside Biomedical Inc |
13.79%
82,500
|
$72,000 | 0.01% |
| Amarin Corp Plc |
16.57%
29,200
|
$27,000 | 0.00% |
| Cano Health Inc |
Closed
19,250
|
$27,000 | |
| Allbirds Inc |
No change
10,000
|
$11,000 | 0.00% |
| Phenomex Inc |
88.57%
10,000
|
$10,000 | 0.00% |
| Lightning Emotors Inc |
Closed
53,913
|
$2,000 | |
| No transactions found | |||
| Showing first 500 out of 91 holdings | |||
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