FundWatcher
AGCAX
WATER ISLAND CREDIT OPPORTUNITIES FUND
ARBITRAGE FUNDS

Portfolio moves

Net position changes between two of this fund's N-PORT snapshots. These are differences between point-in-time reports — not a trade log — and share counts can be affected by splits and other corporate actions.

Nov 30, 2025 → Feb 28, 2026

Expand a category to see the positions behind it, ranked by weight.

Security Shares Nov 2025 Shares Feb 2026 Δ shares End % Δ value
Exact Sciences Corporation 0 6,000,000 6,000,000 4.14% $6.23M
CONFLUENT INC ZERO COUPON 01/15/2027 0 5,000,000 5,000,000 3.25% $4.89M
KENNEDY-WILSON INC SR UNSEC 5.0% 03-01-31 0 4,959,000 4,959,000 3.20% $4.81M
NUTANIX INC SR UNSECURED 12/29 0.5 0 5,000,000 5,000,000 3.06% $4.60M
ORGANON / ORGANON 4.125% 0 4,509,000 4,509,000 2.94% $4.43M
ZSCALER INC SR UNSECURED 144A 07/28 0.0000 0 4,000,000 4,000,000 2.44% $3.66M
WESCO Distribution Inc 0 3,500,000 3,500,000 2.34% $3.53M
CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.50000000 0 3,302,000 3,302,000 2.21% $3.33M
Dynavax Technologies Corp. 0 3,000,000 3,000,000 2.09% $3.14M
TYLER TECHNOLOGIES INC SR UNSECURED 03/26 0.25 0 3,000,000 3,000,000 1.99% $2.99M
EMRLD Borrower LP Term Loan B 0 2,714,000 2,714,000 1.80% $2.71M
Rand Parent LLC, Term Loan B 0 1,994,962 1,994,962 1.33% $2.00M
KENNEDY-WILSON INC SR UNSEC 4.75% 02-01-30 0 1,220,000 1,220,000 0.79% $1.18M
CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.75000000 0 1,000,000 1,000,000 0.67% $1.01M
PUT SPDR S&P 500 ETF 01/16/2026 P643 0 200 200 0.01% $18.20K
Long: JNKMSS TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS TRS USD P E JNK US SWAP/US78468R6229 0 1,251,695 1,251,695 -0.07% -$100.08K
ORGANON & CO 0 -20,300 -20,300 -0.10% -$147.99K
Long: HYGMSS TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS TRS USD P E HYG US SWAP 0 1,854,000 1,854,000 -0.11% -$164.00K
ZSCALER INC 0 -1,840 -1,840 -0.18% -$270.46K
KENNEDY-WILSON HOLDINGS INC 0 -45,700 -45,700 -0.33% -$497.22K
NUTANIX INC CL A 0 -22,100 -22,100 -0.56% -$845.99K
EXACT SCIENCES CORP 0 -12,400 -12,400 -0.85% -$1.28M
Security Shares Nov 2025 Shares Feb 2026 Δ shares End % Δ value
PROS Holdings, Inc. 5,000,000 0 -5,000,000 0.00% -$6.49M
Boost Newco Borrower, LLC 5,771,000 0 -5,771,000 0.00% -$6.13M
SPOTIFY USA INC CV SR UNSEC 0.0% 03-15-26 5,000,000 0 -5,000,000 0.00% -$5.90M
SPIRIT AEROSYSTEMS INC REGD 144A P/P 9.75000000 4,911,000 0 -4,911,000 0.00% -$5.38M
Boeing Co. (The), Conv. Pfd. 80,000 0 -80,000 0.00% -$5.06M
COMMSCOPE TERM 1LN 12/17/2029 5,000,000 0 -5,000,000 0.00% -$5.04M
Repay Holdings Corp. 5,000,000 0 -5,000,000 0.00% -$4.92M
DANA INC REGD 5.62500000 3,413,000 0 -3,413,000 0.00% -$3.41M
HILLENBRAND INC REGD 3.75000000 3,000,000 0 -3,000,000 0.00% -$3.00M
Verint Systems, Inc. 3,000,000 0 -3,000,000 0.00% -$2.97M
T/L LUMEN TECHNOLOGIES INC REGD ZCP TERM LOAN 0.00000000 2,945,162 0 -2,945,162 0.00% -$2.93M
COMMSCOPE LLC REGD 144A P/P 9.50000000 2,862,000 0 -2,862,000 0.00% -$2.90M
SPIRIT AEROSYSTEMS INC TL (TSFR3M+450) 8.34038% 01-15-27 1,964,557 0 -1,964,557 0.00% -$1.97M
PZZA 3.875 09/15/29 144A 1,655,000 0 -1,655,000 0.00% -$1.59M
EVOLENT HEALTH INC SR UNSECURED 12/29 3.5 2,000,000 0 -2,000,000 0.00% -$1.43M
LUMN 4.125 04/15/29 144A 1,403,000 0 -1,403,000 0.00% -$1.39M
TREEHOUSE FOODS INC SR UNSEC 4.0% 09-01-28 1,200,000 0 -1,200,000 0.00% -$1.19M
ZURICH INSURANCE GROUP AG TRS 0.0000% 05-15-2033 3,106,237 0 -3,106,237 0.00% -$170.19K
EVOLENT HEALTH INC A -15,800 0 15,800 0.00% $66.36K
ITRON INC -2,000 0 2,000 0.00% $198.08K
PROS HOLDINGS IN -146,500 0 146,500 0.00% $3.40M
BOEING CO/THE -21,200 0 21,200 0.00% $4.01M
SPOTIFY TECHNOLOGY SA -7,500 0 7,500 0.00% $4.49M
Security Shares Nov 2025 Shares Feb 2026 Δ shares End % Δ value
GTLS 7.5 01/01/30 144A 4,895,000 6,155,000 1,260,000 4.25% $1.29M
State Street Navigator Securities Lending Portfolio II 3,418,027 5,957,219 2,539,193 3.96% $2.54M
MSILF-GOVT-INS 3,418,027 5,957,219 2,539,192 3.96% $2.54M
BENTLEY SYSTEM-B -12,000 -6,000 6,000 -0.15% $284.22K
VARONIS SYSTEMS INC -13,300 -11,100 2,200 -0.17% $183.42K
Security Shares Nov 2025 Shares Feb 2026 Δ shares End % Δ value
MORGAN STANLEY PRIME BROKER US 21,207,481 11,555,950 -9,651,531 7.69% -$9.65M
HALOZYME THERAPEUTICS INC -20,600 -21,400 -800 -0.99% -$17.10K
Security Shares Nov 2025 Shares Feb 2026 Δ shares End % Δ value
Hologic, Inc. 7,500,000 7,500,000 0 4.96% $51.35K
FYBR 8.75 05/15/30 144A 6,408,000 6,408,000 0 4.39% -$93.34K
SEE 6.125 02/01/28 144A 6,000,000 6,000,000 0 4.05% -$17.94K
CSG SYSTEMS INTL INC CONV 3.875% 09/15/2028 5,000,000 5,000,000 0 4.04% $107.98K
SATS 6.75 11/30/30 5,093,000 5,093,000 0 3.43% -$131.33K
LYV 6.5 05/15/27 144A 5,000,000 5,000,000 0 3.34% -$26.18K
BSY 0.375 07/01/27 5,000,000 5,000,000 0 3.17% $70.87K
REDFIN CORP SR UNSECURED 04/27 0.5 4,500,000 4,500,000 0 2.86% $99.00K
TXNM ENERGY INC JR SUBORDINA 06/54 5.75 3,000,000 3,000,000 0 2.68% $31.95K
TGNA 5 09/15/29 3,473,000 3,473,000 0 2.31% $28.80K
BLCOCN 8 3/8 10/01/28 3,296,000 3,296,000 0 2.27% -$20.60K
Calpine Corp. 3,303,000 3,303,000 0 2.20% -$10.49K
HALOZYME THERAPEUTICS INC CONV 0.25% 03/01/2027 3,000,000 3,000,000 0 2.14% -$93.75K
BlackLine, Inc. 3,071,000 3,071,000 0 2.04% $43.00K
VRNS 1 09/15/29 3,000,000 3,000,000 0 1.79% -$89.63K
Itron, Inc. 2,500,000 2,500,000 0 1.65% -$6.58K
Rapid7, Inc. 2,500,000 2,500,000 0 1.56% $6.25K
US STEEL CORP 2,300,000 2,300,000 0 1.53% -$23.25K
SURGERY CENTER HOLDINGS REGD 144A P/P 7.25000000 2,000,000 2,000,000 0 1.33% -$54.86K
GTLS 9.5 01/01/31 144A 1,768,000 1,768,000 0 1.24% -$27.77K
RPD 1.25 03/15/29 2,125,000 2,125,000 0 1.20% -$94.67K
Gladstone Capital Corp 1,423,000 1,423,000 0 0.89% -$59.11K
SWAP MORGAN STANLEY COC 1,180,000 1,180,000 0 0.78% $0
SURGERY PARTNERS INC -500 -500 0 -0.01% $785
RAPID7 INC -6,087 -6,087 0 -0.03% $57.58K
Gladstone Capital Corp -12,024 -12,024 0 -0.15% $36.43K
TXNM ENERGY INC -54,000 -54,000 0 -2.12% -$30.78K
CSG SYSTEMS INTL INC -41,000 -41,000 0 -2.18% -$46.33K

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