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Hedge fund

Westchester Capital Management, LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1512805

Reported value
$2.0bn
27% in companies we cover
Positions we cover
36
Largest NSC 8.2%
Copy, a year
+0.3%
S&P 500 +13.8%
Copy Sharpe ratio
0.04
S&P 500 0.76

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.3k$10.4k
CopyS&P 500 $10,000 copying Westchester Capital Management, LLC's filed holdings in companies we cover from August 2, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −53.9% (S&P 500 −31.8%); beta 0.95; alpha −10.7% a year (t = −2.30); last 12 months +8.8% against +12.1%.

Reported value by quarter

Westchester Capital Management, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T $4T Reported value, 2013-03-31: $3B Reported value, 2013-06-30: $3.3B Reported value, 2013-09-30: $3.5B Reported value, 2013-12-31: $3.8B Reported value, 2014-03-31: $4.7B Reported value, 2014-06-30: $5B Reported value, 2014-09-30: $5.6B Reported value, 2014-12-31: $4.4B Reported value, 2015-03-31: $2.9B Reported value, 2015-06-30: $5.3B Reported value, 2015-09-30: $4.5B Reported value, 2015-12-31: $3.9B Reported value, 2016-03-31: $3.9B Reported value, 2016-06-30: $3.2B Reported value, 2016-09-30: $2.5B Reported value, 2016-12-31: $3.1B Reported value, 2017-03-31: $2.6B Reported value, 2017-06-30: $2.4B Reported value, 2017-09-30: $2.2B Reported value, 2017-12-31: $2B Reported value, 2018-03-31: $2.1B Reported value, 2018-06-30: $2B Reported value, 2018-09-30: $2.1B Reported value, 2018-12-31: $1.9B Reported value, 2019-03-31: $2.3B Reported value, 2019-06-30: $2.8B Reported value, 2019-09-30: $2.2B Reported value, 2019-12-31: $2.2B Reported value, 2020-03-31: $2.2B Reported value, 2020-06-30: $1.9B Reported value, 2020-09-30: $2.1B Reported value, 2020-12-31: $2.7B Reported value, 2021-03-31: $3.4B Reported value, 2021-06-30: $3.9B Reported value, 2021-09-30: $3.2B Reported value, 2021-12-31: $3.3B Reported value, 2022-03-31: $3.2B Reported value, 2022-06-30: $3.2B Reported value, 2022-09-30: $3.3B Reported value, 2022-12-31: $3.5T Reported value, 2023-03-31: $3.1B Reported value, 2023-06-30: $2.9B Reported value, 2023-09-30: $2.9B Reported value, 2023-12-31: $2.5B Reported value, 2024-03-31: $2.3B Reported value, 2024-06-30: $2.3B Reported value, 2024-09-30: $2.1B Reported value, 2024-12-31: $1.7B Reported value, 2025-03-31: $1.7B Reported value, 2025-06-30: $1.7B Reported value, 2025-09-30: $1.9B Reported value, 2025-12-31: $2.1B Reported value, 2026-03-31: $2.1B Reported value, 2026-06-30: $2B 2013-03-31 2015-12-31 2018-09-30 2021-06-30 2024-03-31 2026-06-30 $2B
View chart data
Period Reported value
2013-03-31 $3B
2013-06-30 $3.3B
2013-09-30 $3.5B
2013-12-31 $3.8B
2014-03-31 $4.7B
2014-06-30 $5B
2014-09-30 $5.6B
2014-12-31 $4.4B
2015-03-31 $2.9B
2015-06-30 $5.3B
2015-09-30 $4.5B
2015-12-31 $3.9B
2016-03-31 $3.9B
2016-06-30 $3.2B
2016-09-30 $2.5B
2016-12-31 $3.1B
2017-03-31 $2.6B
2017-06-30 $2.4B
2017-09-30 $2.2B
2017-12-31 $2B
2018-03-31 $2.1B
2018-06-30 $2B
2018-09-30 $2.1B
2018-12-31 $1.9B
2019-03-31 $2.3B
2019-06-30 $2.8B
2019-09-30 $2.2B
2019-12-31 $2.2B
2020-03-31 $2.2B
2020-06-30 $1.9B
2020-09-30 $2.1B
2020-12-31 $2.7B
2021-03-31 $3.4B
2021-06-30 $3.9B
2021-09-30 $3.2B
2021-12-31 $3.3B
2022-03-31 $3.2B
2022-06-30 $3.2B
2022-09-30 $3.3B
2022-12-31 $3.5T
2023-03-31 $3.1B
2023-06-30 $2.9B
2023-09-30 $2.9B
2023-12-31 $2.5B
2024-03-31 $2.3B
2024-06-30 $2.3B
2024-09-30 $2.1B
2024-12-31 $1.7B
2025-03-31 $1.7B
2025-06-30 $1.7B
2025-09-30 $1.9B
2025-12-31 $2.1B
2026-03-31 $2.1B
2026-06-30 $2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NSCNorfolk Southern8.15%$162.2m515.7K+2.8% Added
UNFUnifirst Corp3.82%$76.0m287.3K+11.1% Added
PENPenumbra Inc2.50%$49.7m157.5K+105.5% Added
ROKURoku, Inc2.18%$43.4m314.5KNew
CZRCaesars Entertainment, Inc.2.09%$41.6m1.38M+532.5% Added
KVUEKenvue0.98%$19.5m1.02M+208.7% Added
OGNOrganon & Co.0.97%$19.3m1.43MNew
AESAES Corporation0.75%$14.9m1.01MNew
LPBBLaunch Two Acquisition Corp.0.51%$10.2m950.0K0.0%
NTWONewbury Street II Acquisition Corp0.48%$9.5m898.1K0.0%
FACTFact II Acquisition Corp.0.39%$7.7m726.1K0.0%
MKLYMckinley Acquisition Corp0.38%$7.5m740.0K0.0%
APTVAptiv0.34%$6.9m111.9K0.0%
BBarrick Mining Corp0.33%$6.6m180.6K+16.1% Added
MCGAYorkville Acquisition Corp.0.28%$5.6m550.0K0.0%
SSACSpacsphere Acquisition Corp.0.25%$5.0m500.0KNew
VALValaris Ltd0.23%$4.5m62.6K+1.8% Added
MMTXMiluna Acquisition Corp0.23%$4.5m450.0K0.0%
FVNFuture Vision II Acquisition Corp.0.21%$4.1m376.4K0.0%
HUNHuntsman Corp0.19%$3.9m364.3KNew
ALISCalisa Acquisition Corp0.18%$3.6m354.9K0.0%
FDXFedEx0.18%$3.5m11.2K−28.2% Reduced
TXNMTxnm Energy Inc0.17%$3.3m58.6KNew
LHXL3Harris0.16%$3.2m11.0K+311.3% Added
CMCSAComcast0.16%$3.2m128.8KNew
BHFBrighthouse Financial, Inc.0.16%$3.1m49.1K0.0%
WTGWintergreen Acquisition Corp.0.13%$2.6m254.1K0.0%
WSTNWestin Acquisition Corp0.12%$2.3m226.2K0.0%
TECHBio-Techne0.09%$1.9m26.3KNew
HONHoneywell Technologies0.07%$1.4m6.1KNew
HONAHoneywell Aerospace0.07%$1.3m6.1KNew
BKHABlack Hawk Acquisition Corp0.06%$1.2m102.0K0.0%
FDXFFedEx Freight0.04%$845,6005.6KNew
UCFICN Healthy Food Tech Group Corp.0.01%$268,43648.7K0.0%
MFICMidcap Financial Investment Corp0.00%$77,6367.7K0.0%
AVATAvalanche Treasury Corp0.00%$35,02770.0KNew
CompanyBought (value)Shares
ROKURoku, Inc$43.4m314.5K
CZRCaesars Entertainment, Inc.$35.0m1.16M
PENPenumbra Inc$25.5m80.8K
OGNOrganon & Co.$19.3m1.43M
AESAES Corporation$14.9m1.01M
KVUEKenvue$13.2m691.4K
UNFUnifirst Corp$7.6m28.8K
SSACSpacsphere Acquisition Corp.$5.0m500.0K
NSCNorfolk Southern$4.4m14.1K
HUNHuntsman Corp$3.9m364.3K
TXNMTxnm Energy Inc$3.3m58.6K
CMCSAComcast$3.2m128.8K
LHXL3Harris$2.4m8.3K
TECHBio-Techne$1.9m26.3K
HONHoneywell Technologies$1.4m6.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
PLMKPlum Acquisition Corp. IV−$9.7m−921.1K
MACIMelar Acquisition Corp. I/cayman−$4.6m−424.7K
KDPKeurig Dr Pepper−$2.0m−74.9K
FDXFedEx−$1.4m−4.4K
RNAAtrium Therapeutics, Inc.−$738,506−55.2K
BSAABest Spac I Acquisition Corp.−$511,000−50.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
PLMKPlum Acquisition Corp. IV$9.7m921.1K
MACIMelar Acquisition Corp. I/cayman$4.6m424.7K
KDPKeurig Dr Pepper$2.0m74.9K
RNAAtrium Therapeutics, Inc.$738,50655.2K
BSAABest Spac I Acquisition Corp.$511,00050.0K
  • Industrials51.6%
  • Health Care13.9%
  • Consumer Discretionary9.1%
  • Communication Services8.7%
  • Technology5.1%
  • Consumer Staples3.7%
  • Utilities3.4%
  • Materials2.0%
  • Financials1.7%
  • Energy0.9%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 2, 2013 to November 2, 2026+0.3%+13.8%0.040.76−53.9%0.95
2018 onwardsJanuary 5, 2018 to November 2, 2026−5.3%+13.9%−0.180.66−53.9%0.93
Last three yearsNovember 3, 2023 to November 2, 2026−0.1%+21.8%−0.261.16−20.8%0.35
Last yearNovember 7, 2025 to November 2, 2026+9.2%+14.2%0.540.84−7.4%0.08

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.