AGEAX: Water Island Event-Driven Fund - MutualFunds.com

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Arbitrage Event-Driven A

AGEAX - Snapshot

Vitals

  • YTD Return 7.1%
  • 3 Yr Annualized Return 3.7%
  • 5 Yr Annualized Return 3.7%
  • Net Assets $106 M
  • Holdings in Top 10 58.3%

52 WEEK LOW AND HIGH

$10.35
$8.53
$10.37

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.11%

SALES FEES

  • Front Load 3.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 397.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,000
  • IRA $2,000

Fund Classification

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

Compare AGEAX to Popular Market Neutral Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$13.88

+0.14%

$10.05 B

1.24%

$0.17

2.97%

1.24%

$9.72

+0.10%

$5.64 B

0.00%

$0.00

0.31%

1.27%

$17.50

-0.06%

$3.36 B

1.31%

$0.23

1.92%

2.03%

$8.49

-0.24%

$1.48 B

0.00%

$0.00

-13.28%

0.96%

$13.29

+0.08%

$1.42 B

2.07%

$0.27

2.70%

1.66%

AGEAX - Profile

Distributions

  • YTD Total Return 7.1%
  • 3 Yr Annualized Total Return 2.5%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.02%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Water Island Event-Driven Fund
  • Fund Family Name
    Arbitrage Fund
  • Inception Date
    May 31, 2013
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Todd Munn

Fund Description

The fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). It is non-diversified.


AGEAX - Performance

Return Ranking - Trailing

Period AGEAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.1% -34.2% 96.2% 13.91%
1 Yr 8.3% -32.6% 24.7% 11.02%
3 Yr 3.7%* -18.4% 9.8% 29.09%
5 Yr 3.7%* -11.0% 6.4% 22.89%
10 Yr 2.1%* -6.7% 9.5% 61.11%

* Annualized

Return Ranking - Calendar

Period AGEAX Return Category Return Low Category Return High Rank in Category (%)
2019 4.2% -20.7% 10.7% 15.18%
2018 -1.8% -17.7% 14.7% 49.52%
2017 3.3% -21.2% 12.9% 20.88%
2016 5.2% -17.6% 13.5% 9.88%
2015 -10.4% -71.0% 59.6% 90.00%

Total Return Ranking - Trailing

Period AGEAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.1% -35.1% 96.2% 13.91%
1 Yr 4.8% -32.6% 24.7% 21.19%
3 Yr 2.5%* -18.4% 9.8% 43.64%
5 Yr 3.1%* -11.0% 6.4% 32.53%
10 Yr 1.7%* -6.7% 9.5% 63.89%

* Annualized

Total Return Ranking - Calendar

Period AGEAX Return Category Return Low Category Return High Rank in Category (%)
2019 4.2% -20.7% 10.7% 15.18%
2018 -1.8% -17.7% 14.7% 66.67%
2017 3.6% -12.7% 12.9% 41.76%
2016 5.2% -17.6% 13.5% 13.58%
2015 -10.4% -71.0% 59.6% 97.14%

NAV & Total Return History


AGEAX - Holdings

Concentration Analysis

AGEAX Category Low Category High AGEAX % Rank
Net Assets 106 M 105 K 10 B 40.83%
Number of Holdings 154 4 2310 69.23%
Net Assets in Top 10 36.4 M -184 M 4.87 B 34.19%
Weighting of Top 10 58.33% 6.1% 96.9% 39.39%

Top 10 Holdings

  1. Caesars Entertainment Corp 9.27%
  2. LogMeIn Inc 7.39%
  3. Wright Medical Group NV 6.82%
  4. Msgss Trs Usd R V 01mlibor Us0001m -40.00 Bps /Msgsss 6.78%
  5. Msgss Trs Usd P E Us6174464486/ Ms Us Swap 6.78%
  6. Msgss Trs Usd R V 01mlibor Us0001m -40.00 Bps /Msgsss 6.78%
  7. Msgss Trs Usd P E Us6174464486/ Ms Us Swap 6.78%
  8. Msgss Trs Usd R V 01mlibor Us0001m -40.00 Bps /Msgsss 6.78%
  9. Msgss Trs Usd P E Us6174464486/ Ms Us Swap 6.78%
  10. Msgss Trs Usd R V 01mlibor Us0001m -40.00 Bps /Msgsss 6.78%

Asset Allocation

Weighting Return Low Return High AGEAX % Rank
Stocks
70.38% -47.96% 325.56% 10.08%
Cash
21.85% -225.56% 116.30% 80.34%
Bonds
6.03% -0.04% 71.57% 26.89%
Convertible Bonds
1.66% 0.00% 94.81% 25.64%
Preferred Stocks
0.08% 0.00% 6.53% 31.62%
Other
0.00% -6.69% 90.75% 48.72%

Stock Sector Breakdown

Weighting Return Low Return High AGEAX % Rank
Financial Services
28.89% 0.00% 100.00% 23.58%
Technology
21.25% 0.00% 100.00% 22.64%
Communication Services
16.20% 0.00% 33.72% 3.77%
Healthcare
15.67% 0.00% 100.00% 28.30%
Consumer Cyclical
6.59% 0.00% 25.51% 63.21%
Energy
5.70% 0.00% 31.78% 21.70%
Real Estate
4.91% 0.00% 100.00% 31.13%
Industrials
0.43% 0.00% 27.12% 79.25%
Consumer Defense
0.37% 0.00% 31.86% 72.64%
Utilities
0.00% 0.00% 66.28% 77.36%
Basic Materials
0.00% 0.00% 9.04% 78.30%

Stock Geographic Breakdown

Weighting Return Low Return High AGEAX % Rank
US
57.97% -46.42% 325.56% 8.55%
Non US
12.41% -8.77% 56.91% 7.69%

Bond Sector Breakdown

Weighting Return Low Return High AGEAX % Rank
Cash & Equivalents
73.76% 0.00% 100.00% 62.39%
Corporate
26.24% 0.00% 100.00% 23.08%
Derivative
0.00% 0.00% 32.49% 44.44%
Securitized
0.00% 0.00% 44.65% 39.32%
Municipal
0.00% 0.00% 2.40% 38.46%
Government
0.00% 0.00% 84.72% 51.28%

Bond Geographic Breakdown

Weighting Return Low Return High AGEAX % Rank
US
4.48% -0.04% 59.77% 29.91%
Non US
1.55% 0.00% 21.18% 11.97%

AGEAX - Expenses

Operational Fees

AGEAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.11% 0.64% 23.08% 65.81%
Management Fee 1.10% 0.13% 1.75% 52.50%
12b-1 Fee 0.25% 0.00% 1.00% 39.71%
Administrative Fee N/A 0.06% 0.40% 18.97%

Sales Fees

AGEAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 2.75% 5.75% 85.00%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AGEAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 10.00%

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.

AGEAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 397.00% 30.00% 483.00% 94.95%

AGEAX - Distributions

Dividend Yield Analysis

AGEAX Category Low Category High AGEAX % Rank
Dividend Yield 0.00% 0.00% 3.67% 35.00%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

AGEAX Category Low Category High AGEAX % Rank
Net Income Ratio 0.02% -3.64% 3.48% 64.10%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

AGEAX - Fund Manager Analysis

Managers

Todd Munn


Start Date

Tenure

Tenure Rank

Oct 01, 2010

10.01

10.0%

Munn is a portfolio manager of Water Island Capital, LLC. Prior to becoming a portfolio manager of the Fund, Mr. Munn was a senior equity analyst for the Fund. Mr. Munn received a Master of Business Administration degree from Fordham Graduate School of Business in 2003 and a Bachelors degree from Gettysburg College in 1993 — with a double major in Finance and Accounting.

Roger Foltynowicz


Start Date

Tenure

Tenure Rank

Oct 01, 2010

10.01

10.0%

Roger Foltynowicz, CAIA, received a Master of Science degree from Pace University in 2006 – with a major in Investment Management – and a Bachelor's degree from Presbyterian College in 1999 – with a major in Business Administration.

Gregory Loprete


Start Date

Tenure

Tenure Rank

Oct 01, 2010

10.01

10.0%

Gregory(Gregg) Loprete joined Water Island Capital in 2009 and currently serves as a portfolio manager. He is primarily responsible for management of the firm’s convertible and fixed income investments. Prior to joining Water Island Capital, Mr. Loprete worked at Keefe, Bruyette & Woods as a Convertible and Preferred Trader where he evaluated, implemented and managed convertible and capital structure investments. From 2007-2008, Mr. Loprete was a Director in the Convertible Arbitrage Group at Ramius Capital Group, LLC. At Ramius Mr. Loprete also served as co-manager and trader. From 2003 to 2007, Mr. Loprete was a Senior Convertible Analyst and Convertible Banking Liaison at SG Cowen & Company. Mr. Loprete received a Masters of Business Administration degree in Finance from New York University in 1993 and a Bachelors degree from the University of Delaware in 1987 — with a major in English Literature with a minor in Economics.

Edward Chen


Start Date

Tenure

Tenure Rank

Sep 30, 2013

7.01

7.0%

Mr. Chen joined Water Island Capital, LLC in 2013. Prior to joining Water Island, Mr. Chen was a Managing Director and Senior Event-Driven Strategist for Jefferies LLC and an Event-Driven Analyst for Citigroup Global Markets, Inc. Mr. Chen began his investment career in 2006 and earned an M.B.A. with a concentration in Finance from MIT Sloan School of Management and a B.S.E. in Computer Science from the University of Pennsylvania.

John Orrico


Start Date

Tenure

Tenure Rank

Mar 31, 2018

2.5

2.5%

John Orrico, CFA, serves as Chief Investment Officer of t Water Island Capital, LLC. Prior to organizing Water Island in January 2000, Mr. Orrico assisted in the management of private trusts and entities employing merger arbitrage strategies. Mr. Orrico received a Bachelor's degree from Georgetown University in 1982 – with a double major in Finance and International Management. He received the Chartered Financial Analyst designation in 1988.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 30.09 6.06 6.79