Westchester Capital Management, LLC

VALHALLA, NY · CIK 1512805 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2010 · limited liability company

Assets managed$2.9bn
Staff10 · 6 in investment roles
Main clients (by assets)Mutual funds and ETFs 100%
Form ADV · 2026-03-30SEC adviser record

Legal entityWESTCHESTER CAPITAL MANAGEMENT, LLC (US)

$2.0bn reported value -3.7% vs Q1 2026

300positions

50.1%in top 10

75 new 27 added 21 reduced 72 sold out vs Q1 2026

Options: 0 call positions (— notional), 10 put positions ($53.3m notional) – listed below, not included above.

This report includes the holdings of 2 other managers that share the investment decisions:

Virtus Investment Advisers, LLC – files its own report too; $904.4k of shares are in both
WESTCHESTER CAPITAL PARTNERS, LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ELECTRONIC ARTS INC COM EA	EA	826,173	$169.4m8.51%	8.51%	Added +100.9k	+100,880 13.9%
2	NORFOLK SOUTHN CORP COM NSC	NSC	515,734	$162.2m8.15%	8.15%	Added +14.1k	+14,096 2.8%
3	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	5,715,678	$152.4m7.66%	7.66%	Added +482.6k	+482,561 9.2%
4	CHART INDS INC COM GTLS	GTLS	613,584	$128.2m6.44%	6.44%	Added +117.5k	+117,526 23.7%
5	WEBSTER FINL CORP COM WBS	WBS	1,397,789	$106.8m5.37%	5.37%	Reduced -435.4k	-435,360 -23.8%
6	UNIFIRST CORP MASS COM UNF	UNF	287,253	$76.0m3.82%	3.82%	Added +28.8k	+28,787 11.1%
7	DIGITALBRIDGE GROUP INC CL A NEW CL A NEW		3,697,020	$58.3m2.93%	2.93%	Added +758.7k	+758,672 25.8%
8	PENUMBRA INC COM PEN	PEN	157,472	$49.7m2.50%	2.50%	Added +80.8k	+80,842 105.5%
9	QORVO INC COM QRVO	QRVO	532,551	$49.7m2.50%	2.50%	Added +268.7k	+268,656 101.8%
10	ROKU INC COM CL A ROKU	ROKU	314,488	$43.4m2.18%	2.18%	New
11	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	1,377,630	$41.6m2.09%	2.09%	Added +1.2m	+1,159,830 532.5%
12	AGRICULTURE & NAT SOL ACQ CO SHS CL A SHS CL A		2,044,768	$23.2m1.17%	1.17%	Unchanged
13	KENVUE INC COM KVUE	KVUE	1,022,789	$19.5m0.98%	0.98%	Added +691.4k	+691,439 208.7%
14	ORGANON & CO COMMON STOCK OGN	OGN	1,426,578	$19.3m0.97%	0.97%	New
15	SELECT MED HLDGS CORP COM SEM	SEM	983,315	$16.2m0.82%	0.82%	New
16	TOPBUILD CORP COM BLD	BLD	37,399	$15.9m0.80%	0.80%	New
17	K&F GROWTH ACQUISITION CORP SHS CL A KFII	KFII	1,476,268	$15.6m0.78%	0.78%	Unchanged
18	AES CORP COM AES	AES	1,013,872	$14.9m0.75%	0.75%	New
19	GLOBA TERRA ACQUISITION COR CL A ORD SHS GTERA	GTERA	1,414,429	$14.6m0.73%	0.73%	Unchanged
20	GIGCAPITAL8 CORP ORD CL A GIW	GIW	1,330,000	$13.4m0.67%	0.67%	Unchanged
21	OYSTER ENTERPRISES II ACQUIS ORD SHS CL A OYSE	OYSE	1,295,112	$13.4m0.67%	0.67%	Unchanged
22	KOCHAV DEFENSE ACQUI CO SHS CL A KCHV	KCHV	1,286,000	$13.3m0.67%	0.67%	Unchanged
23	SOULPOWER ACQUISITION CORP USD CL A ORD SHS SOUL	SOUL	1,279,300	$13.2m0.67%	0.67%	Unchanged
24	SIDDHI ACQUISITION CORP CL A SHS SDHI	SDHI	1,249,197	$13.0m0.65%	0.65%	Unchanged
25	PIONEER ACQUISITION I CORP CL A ORD SHS PACH	PACH	1,258,612	$12.9m0.65%	0.65%	Unchanged
26	JACKSON ACQUISITION CO II COM SHS CL A JACS	JACS	1,186,200	$12.6m0.63%	0.63%	Unchanged
27	ALDEL FINL II INC CL A ALDF	ALDF	1,159,448	$12.4m0.62%	0.62%	Unchanged
28	SIZZLE ACQUISITION CORP. II USD CL A ORD SHS SZZL	SZZL	1,175,280	$12.2m0.61%	0.61%	Reduced -386.5k	-386,465 -24.8%
29	JANUS HENDERSON GROUP PLC ORD SHS ORD SHS		230,719	$12.0m0.60%	0.60%	Unchanged
30	ANDRETTI ACQUISITION CORP II ORD SHS CL A POLE	POLE	1,111,416	$11.9m0.60%	0.60%	Unchanged
31	NEW PROVIDENCE ACQUISITION C USD CL A ORD SHS NPAC	NPAC	1,128,999	$11.7m0.59%	0.59%	Unchanged
32	OXLEY BRIDGE ACQ LTD USD CL A ORD SHS OBA	OBA	1,117,657	$11.4m0.58%	0.58%	Unchanged
33	ARTIUS II ACQUISITION INC SHS CL A SHS CL A		995,939	$10.4m0.52%	0.52%	Unchanged
34	CAL REDWOOD ACQUISITION CORP COM CL A CRAQ	CRAQ	1,000,000	$10.3m0.52%	0.52%	Unchanged
35	LAUNCH TWO ACQUISITION CORP. ORD SHS CL A LPBB	LPBB	950,000	$10.2m0.51%	0.51%	Unchanged
36	APEX TREAS CORP ORD SHS CL A APXT	APXT	1,000,000	$10.1m0.51%	0.51%	Unchanged
37	APOGEE THERAPEUTICS INC COM COM		72,962	$9.7m0.49%	0.49%	New
38	NEWBURY STR II ACQUISITION C ORD SHS CL A NTWO	NTWO	898,111	$9.5m0.48%	0.48%	Unchanged
39	JENA ACQUISITION CORP II USD CL A ORD SHS JENA	JENA	912,000	$9.4m0.47%	0.47%	Unchanged
40	QUANTUM LEAP ACQUISITION COR CL A ORD SHS QLEP	QLEP	950,000	$9.4m0.47%	0.47%	New
41	GSR IV ACQUISITION CORP CL A SHS GSRF	GSRF	900,000	$9.1m0.46%	0.46%	Unchanged
42	TITAN ACQUISITION CORP CL A TACH	TACH	869,693	$9.1m0.46%	0.46%	Reduced -475.0k	-475,000 -35.3%
43	COPLEY ACQUISITION CORP ORD SHS CL A COPL	COPL	860,600	$9.0m0.45%	0.45%	Unchanged
44	ARMADA ACQUISITION CORP II COM CL A COM CL A		833,400	$8.7m0.44%	0.44%	Unchanged
45	REPUBLIC DIGITAL ACQUISITION USD CL A ORD SHS RDAG	RDAG	825,000	$8.5m0.43%	0.43%	Unchanged
46	MOUNTAIN LAKE ACQUISIT CORP USD CL A ORD SHS MLAA	MLAA	853,517	$8.5m0.43%	0.43%	New
47	LIGHTWAVE ACQUISITION CORP USD CL A ORD SHS LWAC	LWAC	819,872	$8.4m0.42%	0.42%	Unchanged
48	HARVARD AVE ACQUISITION CORP USD CL A ORD SHS HAVA	HAVA	796,944	$8.1m0.41%	0.41%	Added +598.8k	+598,790 302.2%
49	FACT II ACQUISITION CORP ORD SHS CL A FACT	FACT	726,116	$7.7m0.39%	0.39%	Unchanged
50	MCKINLEY ACQUISITION CORP SHS CL A MKLY	MKLY	740,000	$7.5m0.38%	0.38%	Unchanged
51	BERTO ACQUISITION CORP ORD SHS TACO	TACO	703,632	$7.4m0.37%	0.37%	Unchanged
52	WHITE PEARL ACQUISITION CORP ORD SHS CL A WPAC	WPAC	705,324	$7.1m0.36%	0.36%	Added +455.3k	+455,324 182.1%
53	APEX TECH ACQUISITION INC ORD SHS TRAD	TRAD	700,000	$7.0m0.35%	0.35%	New
54	DUNE ACQUISITION CORP II SHS CL A CCAQ	CCAQ	666,477	$7.0m0.35%	0.35%	Unchanged
55	WEN ACQUISITION CORP COM CL A WENN	WENN	671,583	$6.9m0.35%	0.35%	Unchanged
56	APTIV PLC COM SHS APTV	APTV	111,900	$6.9m0.35%	0.35%	Unchanged
57	BARRICK MNG CORP COM SHS B	B	180,600	$6.6m0.33%	0.33%	Added +25.1k	+25,100 16.1%
58	CSLM DIGITA ASSET ACQ CORP I USD CL A ORD SHS KOYN	KOYN	650,000	$6.6m0.33%	0.33%	Unchanged
59	SOLARIUS CAPITAL ACQU CORP SHS CL A SOCA	SOCA	640,000	$6.6m0.33%	0.33%	Unchanged
60	QUARTZSEA ACQUISITION CORP ORD SHS QSEA	QSEA	611,605	$6.4m0.32%	0.32%	Added +245.0k	+245,000 66.8%
61	CROWN RESV ACQUISITION CORP ORD SHS CL A CRAC	CRAC	635,872	$6.4m0.32%	0.32%	Unchanged
62	DRUGS MADE IN AMER ACQ II CO USD ORD SHS DMII	DMII	621,797	$6.3m0.31%	0.31%	Added +121.8k	+121,791 24.4%
63	DRUGS MADE IN AMER ACQUTN CO ORD SHS DMAA	DMAA	581,790	$6.2m0.31%	0.31%	Reduced -1.1m	-1,087,210 -65.1%
64	ACTIVATE ENERGY ACQUISIT COR CL A ORD SHS AEAQ	AEAQ	600,000	$6.0m0.30%	0.30%	Added +350.0k	+350,000 140.0%
65	BLUE WTR ACQUISITION CORP. I ORD SHS CL A BLUW	BLUW	565,552	$5.8m0.29%	0.29%	Unchanged
66	AA MISSION ACQUISITION CORP ORD SHS CL A YCY	YCY	572,185	$5.8m0.29%	0.29%	Unchanged
67	YORKVILLE ACQUISITION CORP. SHS CL A MCGA	MCGA	550,000	$5.6m0.28%	0.28%	Unchanged
68	EQV VENTURES AC CORP. II ORD SHS CL A EVAC	EVAC	550,000	$5.6m0.28%	0.28%	New
69	MAYWOOD ACQUISITION CORP ORD SHS CL A ORD SHS CL A		532,807	$5.6m0.28%	0.28%	Unchanged
70	COLLECTIVE ACQUISITION CORP UNIT 04/27/2031 CAIIU	CAIIU	550,000	$5.5m0.28%	0.28%	New
71	THAYER VENTURES ACQ CORP II CL A TVAI	TVAI	525,000	$5.4m0.27%	0.27%	Unchanged
72	GORES HLDGS X INC SHS CL A GTEN	GTEN	515,073	$5.4m0.27%	0.27%	Unchanged
73	NMP ACQUISITION CORP CL A NMP	NMP	500,000	$5.1m0.26%	0.26%	Unchanged
74	VENDOME ACQUISITION CORP I COM CL A VNME	VNME	500,000	$5.1m0.26%	0.26%	Unchanged
75	DRUGS MADE IN AMER ACQ II CO UNIT 09/16/2030 DMIIU	DMIIU	502,914	$5.1m0.26%	0.26%	Unchanged
76	QUASAREDGE ACQUISITION CORP ORD SHS QRED	QRED	507,797	$5.0m0.25%	0.25%	New
77	SC II ACQUISITION CORP ORD SHS CLASS A SCII	SCII	500,000	$5.0m0.25%	0.25%	Unchanged
78	SPACSPHERE ACQUISITION CORP CL A SHS SSAC	SSAC	500,000	$5.0m0.25%	0.25%	New
79	APERTURE AC USD CL A ORD SHS APUR	APUR	500,000	$5.0m0.25%	0.25%	New
80	NEWHOLD INVT CORP III ORD SHS CL A ORD SHS CL A		450,000	$4.9m0.25%	0.25%	Unchanged
81	AXIOM INTELLIGENCE AC CORP 1 ORD SHS CL A AXIN	AXIN	460,459	$4.8m0.24%	0.24%	Reduced -214.5k	-214,541 -31.8%
82	ROMAN DBDR ACQUISITION CORP ORD SHS CL A DRDB	DRDB	438,091	$4.6m0.23%	0.23%	Added +252.8k	+252,847 136.5%
83	LAKE SUPERIOR ACQUISITION CO USD CL A ORD SHS LKSP	LKSP	455,000	$4.6m0.23%	0.23%	Added +255.0k	+255,000 127.5%
84	SILVER PEGASUS ACQUISITION C SHS CL A SPEG	SPEG	445,000	$4.6m0.23%	0.23%	Added +95.0k	+95,000 27.1%
85	VALARIS LTD CL A VAL	VAL	62,646	$4.5m0.23%	0.23%	Added +1.1k	+1,100 1.8%
86	MILUNA ACQUISITION CORP USD CL A ORD SHS MMTX	MMTX	450,000	$4.5m0.23%	0.23%	Unchanged
87	BHAV ACQUISITION CORP CL A ORD SHS BHAV	BHAV	450,000	$4.5m0.23%	0.23%	New
88	MAYWOOD ACQUISITION CORP 2 ORD SHS CL A USD MYX	MYX	450,000	$4.4m0.22%	0.22%	New
89	ORIGIN INVT CORP I ORD SHS ORIQ	ORIQ	425,000	$4.4m0.22%	0.22%	Unchanged
90	AI INFRASTRUCTURE ACQUISI UNIT 99/99/9999 AIIA.U	AIIA.U	400,000	$4.1m0.21%	0.21%	Unchanged
91	FUTURE VISION II ACQUISITION SHS FVN	FVN	376,362	$4.1m0.21%	0.21%	Unchanged
92	CSLM DIGITA ASSET ACQ CORP I UNIT 08/12/2030 KOYNU	KOYNU	400,000	$4.1m0.21%	0.21%	Unchanged
93	RIBBON ACQUISITION CORP ORD SHS CL A RIBB	RIBB	375,734	$3.9m0.20%	0.20%	Unchanged
94	BLACKROCK MUNIHOLDINGS FD IN COM MHD	MHD	326,160	$3.9m0.20%	0.20%	Unchanged
95	HUNTSMAN CORP COM HUN	HUN	364,321	$3.9m0.19%	0.19%	New
96	STARRY SEA ACQUISITION CORP SHS SSEA	SSEA	375,000	$3.8m0.19%	0.19%	Unchanged
97	GIGCAPITAL9 CORP CL A GIX	GIX	368,544	$3.7m0.18%	0.18%	Added +268.5k	+268,544 268.5%
98	CALISA ACQUISITION CORP ORD SHS ALIS	ALIS	354,923	$3.6m0.18%	0.18%	Unchanged
99	QUANTUMSPHERE ACQUISITION CO ORD SHS QUMS	QUMS	350,000	$3.6m0.18%	0.18%	Added +100.0k	+100,000 40.0%
100	MESHFLOW ACQUISITION CORP UNIT 11/19/2030 MESHU	MESHU	350,000	$3.5m0.18%	0.18%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CLEARWATER ANALYTICS HLDGS I		2,617,694	$61.9m2.6m shares
COTERRA ENERGY INC CTRA	CTRA	1,588,341	$55.8m1.6m shares
SEALED AIR CORP NEW		945,707	$39.8m945.7k shares
PROASSURANCE CORP PRA	PRA	1,455,041	$36.0m1.5m shares
HOLOGIC INC HOLX	HOLX	455,304	$34.4m455.3k shares
MASIMO CORP MASI	MASI	138,428	$24.6m138.4k shares
HAYMAKER ACQUISITION CORP IV 2680812D	2680812D	1,939,028	$22.2m1.9m shares
AIR LEASE CORP AL	AL	334,421	$21.7m334.4k shares
ONESTREAM INC OS	OS	677,498	$16.3m677.5k shares
VOYAGER ACQUISITION CORP		961,894	$10.3m961.9k shares
PLUM ACQUISITION CORP IV PLMK	PLMK	921,100	$9.7m921.1k shares
ARCHIMEDES TECH SPAC PARTNER		907,144	$9.4m907.1k shares
MOUNTAIN LAKE ACQUISITION CO		887,700	$9.3m887.7k shares
GP-ACT III ACQUISITION CORP GPAT	GPAT	860,852	$9.3m860.9k shares
APELLIS PHARMACEUTICALS INC APLS	APLS	227,489	$9.2m227.5k shares
SIM ACQUISITION CORP. I SIMA	SIMA	770,312	$8.3m770.3k shares
CENTURION ACQUISITION CORP ALF	ALF	688,240	$7.4m688.2k shares
TAVIA ACQUISITION CORP TAVI	TAVI	680,000	$7.2m680.0k shares
MOUNTAIN LAKE ACQUISIT CORP MLAAU	MLAAU	614,526	$6.1m614.5k shares
HARVARD AVE ACQUISITION CORP HAVAU	HAVAU	598,790	$6.1m598.8k shares
LIVE OAK ACQUISITION CORP V TMS	TMS	550,046	$5.7m550.0k shares
EQV VENTURES AC CORP. II EVAC.U	EVAC.U	550,000	$5.6m550.0k shares
LEGATO MERGER CORP III		483,161	$5.3m483.2k shares
A PARADISE ACQUISITION CORP ENHA	ENHA	521,794	$5.3m521.8k shares
SPACSPHERE ACQUISITION CORP SSACU	SSACU	500,000	$5.0m500.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
TOPBUILD CORP BLD · Put	BLD	Put	29,600	$12.6m29.6k shares	New
APTIV PLC APTV · Put	APTV	Put	111,900	$6.9m111.9k shares	Unchanged
QXO INC QXO · Put	QXO	Put	356,700	$6.2m356.7k shares	New
BARRICK MNG CORP B · Put	B	Put	150,300	$5.5m150.3k shares	Reduced
HONEYWELL INTL INC HON · Put	HON	Put	22,300	$5.0m22.3k shares	New
HONEYWELL AEROSPACE INC HONA · Put	HONA	Put	22,300	$4.9m22.3k shares	New
L3HARRIS TECHNOLOGIES INC LHX · Put	LHX	Put	16,200	$4.7m16.2k shares	Added
FEDEX CORP FDX · Put	FDX	Put	11,200	$3.5m11.2k shares	Reduced
COMCAST CORP NEW CMCSA · Put	CMCSA	Put	128,800	$3.2m128.8k shares	New
FEDEX FGHT HLDG CO INC FDXF · Put	FDXF	Put	5,600	$845.6k5.6k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
OAK WOODS ACQUISITION CORP OAKU · 13G · filed 2026-05-15	OAKU	9.9%	+9.9 pts	13G	2026-05-15
NABORS ENERGY TRANSITION COR 13G · filed 2025-11-14		9.4%	new	13G	2025-11-14
HAYMAKER ACQUISITION CORP IV 2680812D · 13G · filed 2025-11-14	2680812D	8.2%	+3.2 pts	13G	2025-11-14
GLOBA TERRA ACQUISITION COR GTERA · 13G · filed 2025-11-14	GTERA	8.0%≈ $14.5m	new	13G	2025-11-14
RIBBON ACQUISITION CORP RIBB · 13G · filed 2026-05-15	RIBB	7.8%≈ $4.0m	new	13G	2026-05-15
AA MISSION ACQUISITION CORP AAM · 13G · filed 2025-11-14	AAM	7.6%	new	13G	2025-11-14
ARES ACQUISITION CORP II KDK · 13G · filed 2025-08-14	KDK	6.2%	-1.7 pts	13G	2025-08-14
AGRICULTURE & NAT SOL ACQ CO 13G · filed 2026-02-13		6.0%≈ $22.4m	-1.2 pts	13G	2026-02-13
WHITE PEARL ACQUISITION CORP WPAC · 13G · filed 2026-08-14	WPAC	5.9%≈ $7.0m	new	13G	2026-08-14
FORTUNE RISE ACQUISITION COR 13G · filed 2025-02-14		5.7%	new	13G	2025-02-14
PIONEER ACQUISITION I CORP PACH · 13G · filed 2026-05-15	PACH	5.7%≈ $12.8m	new	13G	2026-05-15
GIGCAPITAL8 CORP GIW · 13G · filed 2026-05-15	GIW	5.1%≈ $13.3m	new	13G	2026-05-15
CROWN RESV ACQUISITION CORP CRAC · 13G · filed 2026-05-15	CRAC	5.1%≈ $8.9m	new	13G	2026-05-15
DT CLOUD STAR ACQUISITION CO DTSQ · 13G · filed 2026-02-13	DTSQ	5.1%≈ $2.1m	-1.9 pts	13G	2026-02-13
MILUNA ACQUISITION CORP MMTX · 13G · filed 2026-05-15	MMTX	5.0%≈ $4.5m	new	13G	2026-05-15
GIGCAPITAL7 CORP HDRN · 13G · filed 2025-05-14	HDRN	5.0%	new	13G	2025-05-14