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Trending ETFs

Name

As of 09/17/2021

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.44

$3.44 M

0.00%

1.71%

Vitals

YTD Return

-18.7%

1 yr return

25.1%

3 Yr Avg Return

13.6%

5 Yr Avg Return

9.0%

Net Assets

$3.44 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$10.5
$10.43
$13.61

Expenses

OPERATING FEES

Expense Ratio 1.71%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 329.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$100,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 09/17/2021

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.44

$3.44 M

0.00%

1.71%

ATQIX - Profile

Distributions

  • YTD Total Return -18.7%
  • 3 Yr Annualized Total Return 13.6%
  • 5 Yr Annualized Total Return 9.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.79%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    The Water Island Long/Short Fund
  • Fund Family Name
    Arbitrage Fund
  • Inception Date
    Dec 31, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    John Orrico

Fund Description

To pursue its investment objective, the Fund employs a "long/short" investment strategy to attempt to achieve capital appreciation and manage risk by purchasing stocks believed to be undervalued and selling short stocks believed to be overvalued. The Fund's investment adviser (the "Adviser") believes that a combination of long and short positions may provide positive returns through a complete market cycle and may offer reduced risk.

The Adviser seeks to identify companies where recent events or potential future catalysts may drive the company's share price higher or lower. Examples of such events and catalysts, which the Fund refers to as "event-driven investment opportunities," include, but are not limited to: announcements or potential announcements of restructurings (bankruptcies, spinoffs, and asset sales), mergers and acquisitions, management change, institution of shareholder-friendly practices, regulatory changes, litigation, earnings results and outlook, and changes in industry or sector fundamentals.

The Adviser's investment approach is to identify these event-driven investment opportunities and purchase or sell short such securities when the Adviser believes the market is under or over appreciating the potential value creation opportunity from such event or catalyst. The Adviser may sell an investment held long or close a short position, or buy the security to cover a short investment, for a number of reasons, including if the anticipated events or catalysts do not occur or do not affect the price of the securities as expected, or if the anticipated events or catalysts do occur and cause the securities to be, in the Adviser's view, more fairly valued in the market. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading of portfolio securities to achieve its investment objective. In certain circumstances, the Adviser may seek to proactively engage with company management to address opportunities that may further unlock value or discuss concerns.

The Adviser derives the ratio between long and short positions for the Fund based on its bottom-up analysis supplemented with macro-economic and market analyses. Under normal market conditions, the net long exposure of the Fund (long exposure minus short exposure) will range between 20% and 80%. The Adviser seeks to minimize the variability of Fund returns by managing long and short exposures and/or by holding a material level of cash and/or cash equivalents. For example, the Fund may hold long positions in securities with a value equal to 70% of its net assets and have short sale obligations equal to 35% of its net assets, resulting in 35% net long exposure. Assuming a 70% long exposure, 30% of Fund assets will be held in cash or cash equivalents, including cash and cash equivalents held to cover the Fund's short sale obligations. During periods of excessive market risk or when there is a lack of attractive investment opportunities that meet the Fund's investment objective, the Adviser may reduce the net long exposure of the Fund or may hold material levels of cash and/or cash equivalents. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged).

In order to meet its investment objective, the Fund will invest in a portfolio of securities including: equities, debt (such as corporate bonds, debentures, notes, and other similar instruments), warrants, distressed, high-yield (these are referred to as junk bonds), convertible, preferred, when-issued, and other securities the Adviser believes will further its investment objective. The Fund invests primarily in long and short positions in equity securities, such as common stock, preferred stock and securities convertible into such stock, and other instruments that have economic characteristics similar to equity securities. The Fund may also invest in derivatives. The principal types of derivatives in which the Fund may invest are options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures. The Fund may also invest in the common stock of and other interests (e.g., warrants and rights) in special purpose acquisition companies or similar special purpose entities (collectively, "SPACs"). The Fund may also invest in private placement and restricted securities. Furthermore, the Fund may invest in instruments, such as commodity-related exchange traded funds ("ETFs") and exchange traded notes ("ETNs"). The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage of investment opportunities occurring within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.

The Fund is not limited with respect to issuer, geography, market capitalization, credit quality, sector or industry. The Fund is non-diversified, which means that it may invest a greater portion of its assets in one or a limited number of issuers and may invest overall in a smaller number of issuers than a diversified fund. The Fund may hold a significant portion of its assets in cash, money market funds, or short-term investments for defensive purposes, to preserve the Fund's ability to capitalize quickly on new market opportunities, or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. The Fund may also hold a significant amount of cash or short-term investments immediately after the closing of a number of transactions in which it has invested. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.

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ATQIX - Performance

Return Ranking - Trailing

Period ATQIX Return Category Return Low Category Return High Rank in Category (%)
YTD -18.7% -24.5% 37.3% 98.03%
1 Yr 25.1% -17.9% 67.9% 21.78%
3 Yr 13.6%* -10.3% 22.3% 10.75%
5 Yr 9.0%* -4.9% 20.5% 30.18%
10 Yr N/A* -5.8% 12.0% N/A

* Annualized

Return Ranking - Calendar

Period ATQIX Return Category Return Low Category Return High Rank in Category (%)
2023 29.3% -47.6% 88.4% 6.15%
2022 4.9% -20.3% 62.6% 72.04%
2021 -6.7% -53.1% 12.7% 35.59%
2020 5.8% -67.1% 21.9% 59.51%
2019 4.6% -17.3% 25.3% 34.06%

Total Return Ranking - Trailing

Period ATQIX Return Category Return Low Category Return High Rank in Category (%)
YTD -18.7% -24.5% 37.3% 98.03%
1 Yr 25.1% -17.9% 67.9% 18.81%
3 Yr 13.6%* -11.4% 22.3% 10.75%
5 Yr 9.0%* -5.4% 20.5% 27.22%
10 Yr N/A* -5.8% 12.0% N/A

* Annualized

Total Return Ranking - Calendar

Period ATQIX Return Category Return Low Category Return High Rank in Category (%)
2023 29.3% -47.6% 88.4% 6.15%
2022 4.9% -20.3% 62.6% 72.04%
2021 -4.7% -53.1% 12.7% 35.03%
2020 5.8% -12.7% 24.8% 74.23%
2019 4.6% -15.5% 25.3% 35.51%

NAV & Total Return History


ATQIX - Holdings

Concentration Analysis

ATQIX Category Low Category High ATQIX % Rank
Net Assets 3.44 M 0 5.19 B 96.62%
Number of Holdings N/A 3 3156 4.24%
Net Assets in Top 10 N/A -87.9 M 765 M 100.00%
Weighting of Top 10 N/A 4.8% 100.0% 97.46%

Top 10 Holdings

Asset Allocation

Weighting Return Low Return High ATQIX % Rank
Stocks
19.96% -17.84% 113.92% 83.50%
Preferred Stocks
0.00% -0.01% 8.88% 94.07%
Other
0.00% -16.93% 36.41% 98.31%
Convertible Bonds
0.00% 0.00% 3.02% 94.07%
Cash
0.00% -140.68% 117.83% 1.69%
Bonds
0.00% -0.70% 152.17% 65.53%

ATQIX - Expenses

Operational Fees

ATQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.71% 0.40% 12.79% 61.35%
Management Fee 1.25% 0.00% 2.50% 63.77%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 1.54% 25.86%

Sales Fees

ATQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

ATQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 52.50%

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.

ATQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 329.00% 0.00% 498.00% 94.51%

ATQIX - Distributions

Dividend Yield Analysis

ATQIX Category Low Category High ATQIX % Rank
Dividend Yield 0.00% 0.00% 1.81% 56.52%

Dividend Distribution Analysis

ATQIX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

ATQIX Category Low Category High ATQIX % Rank
Net Income Ratio -1.79% -3.33% 2.81% 90.45%

Capital Gain Distribution Analysis

ATQIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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ATQIX - Fund Manager Analysis

Managers

John Orrico


Start Date

Tenure

Tenure Rank

Feb 22, 2021

0.52

0.5%

Mr. Orrico founded Water Island Capital, the advisor to The Arbitrage Funds, in 2000. He currently serves as Chairman of The Arbitrage Funds series trust and Chief Investment Officer of the firm. Prior to founding Water Island Capital, Mr. Orrico directed arbitrage, special situations, and distressed hedge fund portfolios at Lindemann Capital, which he joined in 1999, in conjunction with starting the organizational process for the Arbitrage Fund. Prior to joining Lindemann Capital, Mr. Orrico joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. Mr. Orrico has worked in the securities industry since joining Morgan Stanley in 1982, beginning in corporate finance, with additional experience in institutional equity trading, equity research analysis and portfolio management. Mr. Orrico received a BA from Georgetown University.

Eric Becker


Start Date

Tenure

Tenure Rank

Apr 30, 2021

0.34

0.3%

Eric Becker joined Water Island Capital in 2010 and serves as a Portfolio Manage and Senior Investment Analyst of Water Island Capital. Prior to joining the firm, Mr. Becker worked for the Electronic Trading and Product Development divisions of Bloomberg Tradebook. Mr. Becker received an Executive MBA from Cornell University and a BS in Business Administration from Bucknell University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 22.8 5.82 7.18