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MERFX Merger Investor

  • Fund
  • MERFX
  • Price as of: Apr 23, 2019
  • $16.81 + $0.01 + 0.06%
  • Category
  • Market Neutral

MERFX - Profile

Vitals

  • YTD Return 2.4%
  • 3 Yr Annualized Return 3.1%
  • 5 Yr Annualized Return 0.8%
  • Net Assets $3.04 B
  • Holdings in Top 10 45.9%

52 WEEK LOW AND HIGH

$16.81
$16.08
$17.14

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.94%

SALES FEES

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

BROKERAGE FEES

  • Turnover 155.00%

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 2.4%
  • 3 Yr Annualized Total Return 4.9%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.08%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name The Merger Fund®
  • Fund Family Name Westchester Capital
  • Inception Date Jan 31, 1989
  • Shares Outstanding 77857159
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States

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 (%)
YTD 2.4% -10.0% 12.8% 35.71%
1 Yr 4.0% -33.2% 5.6% 6.10%
3 Yr 3.1%* -15.4% 6.0% 3.66%
5 Yr 0.8%* -22.9% 2.4% 12.66%
10 Yr 1.3%* -13.4% 14.3% 25.00%

* Annualized


Return Ranking - Calendar

Period MERFX Return Category Return Low Category Return High Rank in Category (%)
2018 3.0% -27.8% 6.2% 4.88%
2017 1.8% -21.2% 6.1% 34.15%
2016 2.3% -8.4% 7.9% 26.83%
2015 -2.0% -71.0% 5.6% 62.03%
2014 -2.4% -7.6% 5.2% 74.63%

Total Return Ranking - Trailing

Period MERFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.4% -10.0% 12.8% 35.71%
1 Yr 8.7% -33.2% 8.9% 2.44%
3 Yr 4.9%* -13.3% 7.7% 3.66%
5 Yr 2.9%* -22.9% 4.1% 12.66%
10 Yr 3.3%* -13.4% 16.0% 25.00%

* Annualized


Total Return Ranking - Calendar

Period MERFX Return Category Return Low Category Return High Rank in Category (%)
2018 7.7% -27.8% 8.0% 2.44%
2017 2.4% -9.9% 7.0% 48.78%
2016 2.6% -8.4% 11.2% 48.78%
2015 -0.8% -71.0% 5.6% 56.96%
2014 1.4% -7.6% 6.4% 46.27%

NAV & Total Return History

MERFX - Holdings

Concentration Analysis

MERFX Category Low Category High MERFX % Rank
Net Assets 3.04 B 9.7 M 7.5 B 5.95%
Number of Holdings 182 11 1081 57.14%
Net Assets in Top 10 637 M -93.3 M 748 M 5.95%
Weighting of Top 10 45.92% 5.9% 433.5% 27.38%

Top 10 Holdings

  1. Altaba Inc 9.95%

  2. Alibaba Group Holding Ltd ADR 8.25%

  3. Twenty-First Century Fox Inc Class B 6.86%

  4. Red Hat Inc 5.52%

  5. Dominion Energy Inc 3.63%

  6. ARRIS International PLC 2.71%

  7. Aspen Insurance Holdings Ltd 2.43%

  8. Dominion Energy Midstream Partners LP 2.43%

  9. Columbia Pipeline Group Inc 2.08%

  10. Shire Plc Swap (Baml) 2.06%


Asset Allocation

Weighting Return Low Return High MERFX % Rank
Cash
47.05% -14.35% 104.02% 46.43%
Stocks
43.68% -24.07% 92.19% 42.86%
Bonds
9.34% -88.90% 96.76% 13.10%
Preferred Stocks
0.06% -0.69% 9.08% 27.38%
Convertible Bonds
0.00% 0.00% 65.77% 76.19%
Other
-0.13% -19.88% 92.70% 85.71%

Stock Sector Breakdown

Weighting Return Low Return High MERFX % Rank
Financial Services
12.55% -1.85% 32.01% 15.85%
Industrials
9.46% -1.85% 82.28% 25.61%
Technology
9.20% -146.96% 28.23% 30.49%
Energy
7.33% -6.19% 29.89% 14.63%
Basic Materials
2.69% -3.48% 26.66% 39.02%
Healthcare
2.31% -8.57% 26.62% 42.68%
Communication Services
0.47% -66.38% 5.23% 36.59%
Real Estate
0.06% -15.68% 2.92% 29.27%
Consumer Defense
0.00% -50.73% 29.57% 70.73%
Consumer Cyclical
-1.07% -14.77% 140.95% 74.39%
Utilities
-2.40% -5.71% 8.92% 87.80%

Stock Geographic Breakdown

Weighting Return Low Return High MERFX % Rank
US
50.60% -23.42% 89.53% 27.38%
Non US
-6.92% -23.23% 64.88% 97.62%

Bond Sector Breakdown

Weighting Return Low Return High MERFX % Rank
Cash & Equivalents
47.32% -13.24% 104.02% 46.43%
Corporate
8.35% -0.70% 74.86% 21.43%
Government
0.75% -88.90% 30.39% 14.29%
Derivative
0.03% -0.05% 15.96% 7.14%
Securitized
0.00% 0.00% 40.12% 71.43%
Municipal
0.00% 0.00% 5.90% 71.43%

Bond Geographic Breakdown

Weighting Return Low Return High MERFX % Rank
US
8.40% -88.90% 69.52% 13.10%
Non US
0.94% -3.02% 27.24% 7.14%

MERFX - Expenses

Operational Fees

MERFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.94% 0.77% 5.07% 63.10%
Management Fee 1.00% 0.13% 2.00% 50.00%
12b-1 Fee 0.25% 0.00% 1.00% 45.65%
Administrative Fee N/A 0.04% 0.40% N/A

Sales Fees

MERFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

MERFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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 Return Low Category Return High Rank in Category (%)
Turnover 155.00% 52.00% 4753.00% 39.02%

MERFX - Distributions

Dividend Yield Analysis

MERFX Category Low Category High MERFX % Rank
Dividend Yield 0.01% 0.00% 0.11% 36.90%

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
Net Income Ratio 1.08% -2.10% 2.72% 20.24%

Capital Gain Distribution Analysis

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

MERFX - Managers

Tenure Analysis

Category Low

0.08

Category High

28.59

Category Average

6.47

Category Mode

5.29

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