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MERFX Merger Investor

  • Fund
  • MERFX
  • Price as of: Dec 06, 2016
  • $15.70
  • + $0.02
  • + 0.13%
  • Category
  • Market Neutral

MERFX - Profile

Vitals

  • YTD Return 2.5%
  • 3 Yr Annualized Return 1.1%
  • 5 Yr Annualized Return 2.0%
  • Net Assets $2.97 B
  • Holdings in Top 10 43.2%

52 WEEK LOW AND HIGH

$15.70
$14.95
$15.70

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.87%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 157.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,000

IRA

$2,000

Investment Themes

CATEGORY

Market Neutral
  • Fund Type Open End Mutual Fund
  • Investment Style Market Neutral

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return 1.1%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.53%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name The Merger Fund®
  • Fund Family Name Westchester Capital
  • Inception Date Jan 31, 1989
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Roy D. Behren

Fund Description

Under normal market conditions, the fund invests at least 80% of its total assets principally in the common stock, preferred stock and, occasionally, warrants of companies which are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of such transactions.

MERFX - Performance

Return Ranking - Trailing

Period MERFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.5% -11.8% 14.2% 40.43% 3
1 Yr 2.1% -18.8% 10.2% 42.96% 3
3 Yr 1.1% * -13.2% 4.4% 41.67% 3
5 Yr 2.0% * -8.4% 4.1% 30.77% 2
10 Yr 2.5% * -1.8% 3.4% 22.86% 2

* Annualized


Return Ranking - Calendar

Period MERFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -2.0% -13.4% 5.6% 52.34% 4
2014 -2.4% -26.9% 10.0% 56.36% 4
2013 1.1% -10.3% 8.6% 43.18% 3
2012 1.5% -6.4% 10.3% 28.99% 2
2011 -1.2% -9.5% 7.9% 58.62% 4

Total Return Ranking - Trailing

Period MERFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.5% -11.8% 14.2% 42.55% 3
1 Yr 2.1% -13.7% 14.9% 39.26% 2
3 Yr 1.1% * -4.7% 5.4% 41.67% 3
5 Yr 2.0% * -3.5% 4.1% 33.85% 2
10 Yr 2.5% * -1.8% 5.2% 25.71% 2

* Annualized


Total Return Ranking - Calendar

Period MERFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.8% -10.4% 8.8% 53.13% 4
2014 1.5% -15.7% 10.0% 34.55% 2
2013 3.9% -4.0% 13.6% 47.73% 3
2012 4.0% -6.2% 16.7% 30.43% 2
2011 1.9% -8.5% 8.0% 39.66% 2

NAV & Total Return History

MERFX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

MERFX Category Low Category High MERFX % Rank Quintile
Net Assets 2.97 B 46.3 K 3.89 B 1.42% 1
Number of Holdings 154 2 2902 23.40% 4
Net Assets in Top 10 921 M -147 M 921 M 0.71% 1
Weighting of Top 10 43.2% 0.0% 439.3% 14.18% 2

Top 10 Holdings

  1. Yahoo! Inc 5.66%
  2. Alibaba Group Holding Ltd ADR 5.53%
  3. KLA-Tencor Corp 4.39%
  4. Sabmiller Plc Swap (Jpm) 6.32%
  5. LinkedIn Corp Class A 5.19%
  6. Jarden Corp 3.62%
  7. Ingram Micro Inc A 3.69%
  8. St Jude Medical Inc 3.26%
  9. Lam Research Corp 2.98%
  10. American International Group Inc 2.55%

Asset Allocation

Weighting Category Low Category High MERFX % Rank Quintile
Stocks
47.92% -411.11% 180.35% 14.18% 2
Cash
47.27% -86.01% 512.65% 19.15% 3
Bonds
3.94% 0.00% 82.03% 8.51% 2
Other
0.87% -88.72% 84.54% 8.51% 2
Preferred Stocks
0.00% -0.01% 22.81% 7.80% 3
Convertible Bonds
0.00% 0.00% 60.27% 5.67% 3

Stock Sector Breakdown

Weighting Category Low Category High MERFX % Rank Quintile
Technology
15.18% -42.70% 40.14% 9.77% 2
Basic Materials
8.87% -29.79% 23.94% 3.01% 1
Financial Services
4.91% -77.57% 20.98% 13.53% 2
Consumer Defense
3.16% -43.86% 20.95% 15.79% 3
Consumer Cyclical
3.01% -50.26% 44.48% 21.05% 3
Energy
2.73% -21.34% 16.54% 9.77% 2
Healthcare
2.71% -50.49% 24.99% 19.55% 3
Real Estate
1.08% -21.52% 10.42% 9.02% 2
Industrials
0.05% -61.33% 28.13% 24.06% 4
Communication Services
0.00% -29.29% 9.31% 16.54% 3
Utilities
0.00% -17.18% 15.52% 21.05% 4

Stock Geographic Breakdown

Weighting Category Low Category High MERFX % Rank Quintile
US
52.04% -407.67% 93.93% 9.22% 2
Non US
-4.12% -7.99% 97.99% 30.50% 5

Bond Sector Breakdown

Weighting Category Low Category High MERFX % Rank Quintile
Cash & Equivalents
46.40% -86.01% 512.65% 19.86% 3
Corporate
4.28% -0.02% 88.15% 10.64% 2
Derivative
0.53% -49.65% 0.53% 0.71% 1
Securitized
0.00% 0.00% 28.78% 6.38% 3
Municipal
0.00% 0.00% 2.55% 4.26% 3
Government
0.00% -5.52% 36.89% 4.26% 3

Bond Geographic Breakdown

Weighting Category Low Category High MERFX % Rank Quintile
US
3.84% 0.00% 50.81% 7.80% 2
Non US
0.10% -0.17% 31.22% 7.09% 2

MERFX - Expenses

Operational Fees

MERFX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.87% 0.65% 322.37% 66.67% 1
Management Fee 1.00% 0.12% 2.00% 11.35% 2
12b-1 Fee 0.18% 0.00% 1.00% 6.98% 1
Administrative Fee N/A 0.04% 0.40% N/A N/A

Sales Fees

MERFX Fees (% of AUM) Category Low Category High MERFX Rank Quintile
Front Load N/A 2.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.50% N/A N/A

Trading Fees

MERFX Fees (% of AUM) Category Low Category High MERFX Rank Quintile
Max Redemption Fee N/A 1.00% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MERFX Fees (% of AUM) Category Low Category High MERFX Rank Quintile
Turnover 157.00% 0.00% 7886.00% 23.74% 2

MERFX - Distributions

Dividend Yield Analysis

MERFX Category Low Category High MERFX % Rank Quintile
Dividend Yield 0.3% 0.00% 0.49% 15.79% 1

Dividend Distribution Analysis

MERFX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Quarterly Annually

Dividend Payout History


Net Income Ratio Analysis

MERFX Category Low Category High MERFX % Rank Quintile
Net Income Ratio -0.53% -6.55% 3.16% 33.33% 2

Capital Gain Distribution Analysis

MERFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

MERFX - Managers

Roy D. Behren

Manager

Start Date

Jan 24, 2007

Tenure

9.86

Tenure Rank

2.6%

Roy D. Behren, born 1960, came to WCM in 1994 from the U.S. Securities and Exchange Commission. After earning a B.S. in Economics at The Wharton School, he received a J.D. degree from the University of Miami Law School and a LL.M. degree in corporate law from the New York University School Of Law. He then joined the SEC's New York Regional Office, where he worked as an enforcement attorney for seven years prior to starting his investment career at WCM. From 2004 through 2006, Roy served as a member of Redback Networks’ Board of Directors and its Audit Committee. He is a co-portfolio manager of The Merger Fund®, The Merger Fund VL and the Dunham Monthly Distribution Fund and is currently the Chief Compliance Officer for WCM, The Merger Fund®and The Merger Fund VL.


Michael T. Shannon

Manager

Start Date

Jan 24, 2007

Tenure

9.86

Tenure Rank

2.6%

Michael T. Shannon, born 1966, joined WCM in 1996. He received a B.S. in Finance from Boston College and was subsequently hired by J.P. Morgan, where he worked in the firm's corporate finance, mergers & acquisitions and equity research departments. After a brief period as Senior Vice President in charge of Mergers and Special Situations at D.E. Shaw & Co. from March 2005 to May 2006, he rejoined WCM as co-portfolio manager. Mike, who holds a Chartered Financial Analyst certification, is a member of the New York Society of Security Analysts and the CFA Institute.


Tenure Analysis

Category Low

0.3

Category High

26.2

Category Average

4.32

Category Mode

1.9