Westchester Capital Management, LLC

Hedge Fund • Merger Arb

Westchester Capital Management, LLC is a Hedge Fund specializing in Merger Arb based in Valhalla, NY led by George Robert Aylward, reporting $2.8B in AUM as of Q3 2025 with 36% Unknown concentration.

CEOGeorge Robert Aylward

Portfolio Value: $1.8B
Positions: 177
Top Holding: COOP at 8.52%
Last Reported: Q3 2025

Address100 Summit Lake Drive, Valhalla, NY, 10595-1339, United States

Top Holdings

Largest long holdings in Westchester Capital Management, LLC's portfolio (49.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Mr. Cooper Group Inc. COOP	Financial - Mortgages Financial Services	$155.2M	8.52%	+$50.1M Bought	1.15% 736.2K shares	Q2 2025 Held for 5 months
2 Kellanova K	Packaged Foods Consumer Defensive	$139.5M	7.66%	—	0.49% 1.7M shares	Q3 2024 Held for 1y 2m
3 CyberArk Software CYBR	Software - Infrastructure Technology	$134.3M	7.38%	+$134.3M New	0.55% 278.0K shares	Q3 2025 Held for 2 months
4 Chart Industries GTLS	Industrial - Machinery Industrials	$109.9M	6.04%	+$109.9M New	1.22% 549.3K shares	Q3 2025 Held for 2 months
5 Teck Resources TECK	Industrial Materials Basic Materials	$81.8M	4.49%	+$81.8M Bought	0.38% 1.9M shares	Q3 2025 Held for 2 months
6 Frontier Communications Parent, Inc. FYBR	Telecommunications Services Communication Services	$78.2M	4.30%	-$5.1M Sold	0.84% 2.1M shares	Q3 2024 Held for 1y 2m
7 The Interpublic Group of Companies IPG	Advertising Agencies Communication Services	$63.7M	3.50%	+$4.7M Bought	0.62% 2.3M shares	Q4 2024 Held for 11 months
8 VRNA Verona Pharma VRNA	Unknown Unknown	$51.6M	2.84%	+$51.6M New	— 483.7K shares	Q3 2025 Held for 2 months
9 Liberty Broadband Corporation LBRDA	Telecommunications Services Communication Services	$47.9M	2.63%	+$867.6K Bought	0.53% 756.5K shares	Q1 2025 Held for 8 months
10 ProAssurance PRA	Insurance - Property & Casualty Financial Services	$42.3M	2.32%	-$602.8K Sold	3.43% 1.8M shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Westchester Capital Management, LLC's latest filing

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Market Value

$1.8B

Prior: $1.6B

Q/Q Change

+16.23%

+$254.2M

Net Flows % of MV

+5.02%

Turnover Ratio

41.86%

New Purchases

61 stocks

$616.2M

Added To

20 stocks

+$119.3M

Sold Out Of

37 stocks

$618.7M

Reduced Holdings

18 stocks

-$25.5M

Increased Positions

Position	Shares Δ	Change
1 CyberArk Software CYBR	New	0 → 278.0K +$134.3M
2 Chart Industries GTLS	New	0 → 549.3K +$109.9M
3 VRNA Verona Pharma VRNA	New	0 → 483.7K +$51.6M
4 Norfolk Southern NSC	New	0 → 130.8K +$39.3M
5 Electronic Arts EA	New	0 → 129.2K +$26.1M

Decreased Positions

Position	Shares Δ	Change
1 Hess HES	Sold	1.6M → 0 −$215.2M
2 ChampionX CHX	Sold	3.9M → 0 −$95.8M
3 The AZEK Company AZEK	Sold	1.3M → 0 −$70.9M
4 Ares Acquisition Corporation AACT	Sold	3.8M → 0 −$43.4M
5 Skechers SKX	Sold	539.3K → 0 −$34.0M