ARCFX: Water Island Credit Opportunities R

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ARCFX Water Island Credit Opportunities R

  • Fund
  • ARCFX
  • Price as of: Oct 15, 2019
  • $9.70 - $0.00 - 0.00%

ARCFX - Profile

Vitals

  • YTD Return 1.6%
  • 3 Yr Annualized Return 2.5%
  • 5 Yr Annualized Return 1.8%
  • Net Assets $59 M
  • Holdings in Top 10 37.2%

52 WEEK LOW AND HIGH

$9.70
$9.52
$9.72

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.10%

SALES FEES

  • Front Load 3.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 221.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$2,000

IRA

$2,000

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Long-Short Credit

Distributions

  • YTD Total Return 1.6%
  • 3 Yr Annualized Total Return 2.5%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.18%
DIVIDENDS
  • Dividend Yield 1.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Water Island Credit Opportunities Fund
  • Fund Family Name Arbitrage Fund
  • Inception Date Oct 01, 2012
  • Shares Outstanding N/A
  • Share Class Retirement
  • Currency USD
  • Domiciled Country United States
  • Manager Gregory A. Loprete

Fund Description

The fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as "junk bonds"), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the fund's investment adviser believes have debt-like characteristics. It invests in both domestic and foreign debt securities. The principal types of derivatives in which the fund may invest are credit default swaps, interest rate swaps, total return swaps, futures and options.

ARCFX - Mutual Fund Categories

ARCFX - Performance

Return Ranking - Trailing

Period ARCFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -5.1% 30.0% 88.04%
1 Yr 3.1% -14.1% 19.6% 26.67%
3 Yr 2.5%* -33.5% 12.4% 37.66%
5 Yr 1.8%* -5.6% 10.7% 47.06%
10 Yr N/A* -2.7% 6.8% N/A

* Annualized


Return Ranking - Calendar

Period ARCFX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.9% -23.0% 3.4% 14.77%
2017 -1.3% -67.1% 21.4% 85.71%
2016 2.5% -17.3% 22.5% 37.14%
2015 -3.8% -10.4% 11.6% 71.70%
2014 -2.7% -13.7% 11.3% 43.75%

Total Return Ranking - Trailing

Period ARCFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -5.1% 30.0% 90.22%
1 Yr 3.1% -14.1% 19.6% 24.44%
3 Yr 2.5%* -5.6% 12.4% 55.84%
5 Yr 1.8%* -3.2% 10.7% 56.86%
10 Yr N/A* -1.4% 6.8% N/A

* Annualized


Total Return Ranking - Calendar

Period ARCFX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.9% -23.0% 5.2% 17.05%
2017 -1.1% -1.5% 25.0% 90.91%
2016 4.2% -14.8% 22.5% 34.29%
2015 -1.2% -6.0% 11.6% 66.04%
2014 0.7% -5.6% 12.1% 81.25%

NAV & Total Return History

ARCFX - Holdings

Concentration Analysis

ARCFX Category Low Category High ARCFX % Rank
Net Assets 59 M 200 3.24 B 48.42%
Number of Holdings 61 2 2106 69.89%
Net Assets in Top 10 17.4 M -7.32 M 1.69 B 32.26%
Weighting of Top 10 37.19% 0.0% 162.3% 53.76%

Top 10 Holdings

  1. Tribune Media Company 5.88% 4.29%

  2. Versum Materials, Inc. 5.5% 4.17%

  3. Jnkmss Trs Usd R V 01mfedl Fedl 01m/-40.00 Bps 3.97%

  4. Jnkmss Trs Usd P E Jnk Us Swap/Us78468r6229 3.97%

  5. RTI International Metals Inc. 1.62% 3.65%

  6. Kinetic Concepts, Inc. 7.88% 3.65%

  7. Tibco Software Inc 11.38% 3.53%

  8. Aleris International, Inc. 10.75% 3.37%

  9. Sotheby's Inc 4.88% 3.30%

  10. QEP Resources Inc 6.88% 3.30%


Asset Allocation

Weighting Return Low Return High ARCFX % Rank
Bonds
65.22% 0.00% 76.33% 19.35%
Cash
24.94% -45.95% 166.99% 52.69%
Convertible Bonds
13.92% 0.00% 13.92% 3.23%
Preferred Stocks
0.00% 0.00% 6.50% 25.81%
Other
0.00% -66.99% 49.28% 41.94%
Stocks
-4.09% -4.09% 70.82% 98.92%

Bond Sector Breakdown

Weighting Return Low Return High ARCFX % Rank
Corporate
79.14% 0.00% 80.39% 4.30%
Cash & Equivalents
24.94% -46.23% 166.99% 52.69%
Derivative
0.00% -6.26% 7.89% 23.66%
Securitized
0.00% 0.00% 43.00% 34.41%
Municipal
0.00% 0.00% 0.78% 20.43%
Government
0.00% -2.24% 64.67% 49.46%

Bond Geographic Breakdown

Weighting Return Low Return High ARCFX % Rank
US
59.86% 0.00% 71.38% 9.68%
Non US
5.36% 0.00% 31.36% 34.41%

ARCFX - Expenses

Operational Fees

ARCFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.10% 0.93% 12.57% 68.89%
Management Fee 0.95% 0.35% 2.25% 16.67%
12b-1 Fee 0.25% 0.00% 1.00% 23.44%
Administrative Fee 0.04% 0.04% 0.45% 7.32%

Sales Fees

ARCFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 2.50% 5.75% 86.96%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

ARCFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 8.82%

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.

ARCFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 221.00% 0.00% 1020.14% 86.67%

ARCFX - Distributions

Dividend Yield Analysis

ARCFX Category Low Category High ARCFX % Rank
Dividend Yield 1.71% 0.00% 4.86% 33.33%

Dividend Distribution Analysis

ARCFX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

ARCFX Category Low Category High ARCFX % Rank
Net Income Ratio 3.18% -2.56% 4.74% 24.44%

Capital Gain Distribution Analysis

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

ARCFX - Managers

Gregory A. Loprete

Manager

Start Date

Tenure

Tenure Rank

Oct 01, 2012

7.0

7.0%

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.


John S. Orrico

Manager

Start Date

Tenure

Tenure Rank

Jan 31, 2018

1.66

1.7%

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

0.0

Category High

20.88

Category Average

4.12

Category Mode

5.26