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Westchester Capital Management, LLC
Roy Behren · Asset Manager · Event-Driven
Westchester Capital Management, LLC (WCM) is an investment management firm specializing in event-driven alternative strategies, with a particular expertise in merger arbitrage. Founded in 1980, the firm became a pioneer in the liquid alternatives space with the 1989 launch of its flagship product, The Merger Fund, the first mutual fund dedicated to merger arbitrage. WCM was acquired by Virtus Investment Partners in 2021 and continues to operate as an affiliated boutique manager. Headquartered in Valhalla, New York, the firm focuses on delivering consistent, absolute returns with low volatility and minimal correlation to broader markets by exploiting price inefficiencies in announced corporate events like mergers and spin-offs.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -5.3% |
| YTD return | -5.9% |
| Sharpe ratio | -3.62 |
| Win rate | 77% |
| AUM | $0.7B |
| Inception | Oct 1, 2025 |
| Updated | Sep 11, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.7B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.westchestercapitalmanagement.com |
Current Holdings
Updated on Sep 11, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| NSC | Norfolk Southern Corporation | 17.2% | +5.7% |
| EA | Electronic Arts Inc | 16.7% | +4.3% |
| GTLS | Chart Industries Inc | 14.4% | +3.3% |
| WBD | Warner Bros Discovery Inc | 13.8% | +11.7% |
| PRA | ProAssurance Corporation | 5.5% | +3.3% |
| ANSC | Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares | 3.1% | +3.7% |
| KFII | K&F Growth Acquisition Corp. II Class A Ordinary shares | 2.8% | +3.4% |
| DMAA | Drugs Made In America Acquisition Corp. Ordinary Shares | 2.5% | +4.4% |
| LBRDK | Liberty Broadband Srs C | 2.5% | -34.7% |
| SZZL | Sizzle Acquisition Corp. II - Class A ordinary shares | 2.3% | +2.9% |
| GPAT | GP-Act III Acquisition Corp. Class A Ordinary Share | 2.1% | +1.8% |
| GTERA | Globa Terra Acquisition Corporation Class A Ordinary Shares | 2.0% | +2.4% |
| SIMA | SIM Acquisition Corp. I Class A Ordinary Shares | 2.0% | +2.8% |
| SDHI | Siddhi Acquisition Corp Class A Common stock | 2.0% | +2.1% |
| TACH | Titan Acquisition Corp | 1.9% | +1.6% |
| NPAC | New Providence Acquisition Corp. III Class A Ordinary Shares | 1.9% | +1.5% |
| KCHV | Kochav Defense Acquisition Corp. Class A Ordinary Shares | 1.9% | +1.7% |
| OYSE | Oyster Enterprises II Acquisition Corp Class A Ordinary Shares | 1.9% | +2.1% |
| SOUL | Soulpower Acquisition Corporation | 1.9% | +1.3% |
| PLMK | Plum Acquisition Corp. IV Class A Ordinary Shares | 1.8% | +0.4% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | SELL | SZZL | 2.3% → 0.0% |
| Aug 31, 2026 | BUY | PEN | 0.0% → 5.9% |
| Aug 31, 2026 | BUY | ROKU | 0.0% → 5.8% |
| Aug 31, 2026 | SELL | SIMA | 2.0% → 0.0% |
| Aug 31, 2026 | SELL | KFII | 2.8% → 1.8% |
Investment Style Analysis
Westchester Capital Management, LLC is widely recognized for employing a Event-Driven strategy. As of Sep 11, 2026, the firm oversees approximately $0.7B in assets under management (AUM). The portfolio demonstrates a clear preference for the Shell Companies and Railroads sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Westchester Capital Management, LLC made a significant move by reducing the position in SZZL. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
WCM’s philosophy is centered on the disciplined execution of event-driven strategies to achieve absolute returns regardless of market conditions. The firm prioritizes risk management and capital preservation, seeking to capture the arbitrage spread in announced transactions. Their process involves rigorous bottom-up research, specializing in identifying and exploiting price inefficiencies in corporate events such as mergers, spin-offs, and restructurings while hedging directional market exposure. They select investments in highly liquid situations with high conviction, aiming to provide investors with non-correlated results through a consistent and repeatable investment process.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Westchester Capital Management, LLC.
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Frequently asked questions
How is the simulated portfolio for Westchester Capital Management, LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Westchester Capital Management, LLC's largest holding?
As of the latest filing, Westchester Capital Management, LLC's top position is Norfolk Southern Corporation (NSC), representing 17.2% of the portfolio. This reflects a high-conviction bet by the institution.
What is Westchester Capital Management, LLC's historical performance and risk profile?
Our simulation indicates a total return of -5.3% with a win rate of 77%. Notably, the portfolio maintains a Sharpe Ratio of -3.62, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Westchester Capital Management, LLC primarily invest in?
Westchester Capital Management, LLC has a strong preference for the Shell Companies sector, which makes up 28.0% of their disclosed assets. The portfolio also has exposure to Railroads, indicating a specific thematic focus.
Is Westchester Capital Management, LLC's portfolio concentrated or diversified?
Westchester Capital Management, LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 48.3% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Westchester Capital Management, LLC performed in 2026?
Our AI-simulated model portfolio for Westchester Capital Management, LLC tracks a Year-to-Date (YTD) return of -5.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Roy Behren manage Westchester Capital Management, LLC directly?
Yes, Roy Behren serves as the key portfolio manager for Westchester Capital Management, LLC, overseeing the investment strategy and final capital allocation decisions.