No, fungi are separated from them based on their plate-like
cristae in the mitochondria, the possession of a single, posterior,
whiplash flagellum (in some forms), synthesis of lysine by the AAA
pathway, the use of glycogen as a storage compound, and the
presence of the Spitzenkorper in actively growing hyphae.
Water molds (assuming you are referring to the oomycetes) have
heterokont flagella--one whiplash and one tinsel--tubular cristae
in the mitochondria, and the DAA pathway for lysine synthesis.
Slime molds engulf their food, which fungi do not. They also
have 1-4 anteriorly directed flagella.