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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

The Merger Fund®

MERFX | Fund

$17.37

$4.33 B

0.00%

$0.00

1.61%

Vitals

YTD Return

0.1%

1 yr return

0.2%

3 Yr Avg Return

0.2%

5 Yr Avg Return

1.8%

Net Assets

$4.33 B

Holdings in Top 10

44.0%

52 WEEK LOW AND HIGH

$17.4
$16.80
$17.48

Expenses

OPERATING FEES

Expense Ratio 1.61%

SALES FEES

Front Load 5.50%

Deferred Load N/A

TRADING FEES

Turnover 162.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$100


Fund Classification

Fund Type

Open End Mutual Fund

Investment Style

Event Driven


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

The Merger Fund®

MERFX | Fund

$17.37

$4.33 B

0.00%

$0.00

1.61%

MERFX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.59%
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
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Michael Shannon

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 0.1% -11.6% 15.8% 62.00%
1 Yr 0.2% -33.0% 41.7% 44.66%
3 Yr 0.2%* -10.5% 13.4% 27.55%
5 Yr 1.8%* -4.8% 11.1% 26.51%
10 Yr 0.9%* -4.6% 7.6% 35.29%

* Annualized

Return Ranking - Calendar

Period MERFX Return Category Return Low Category Return High Rank in Category (%)
2021 -0.5% -31.7% 23.2% 41.84%
2020 0.8% -20.7% 10.7% 14.43%
2019 1.5% -12.4% 14.7% 12.22%
2018 0.7% -13.2% 12.9% 44.30%
2017 0.4% -11.7% 7.9% 40.00%

Total Return Ranking - Trailing

Period MERFX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -11.7% 15.8% 62.00%
1 Yr 0.2% -33.0% 41.7% 37.86%
3 Yr 0.2%* -10.5% 13.4% 24.49%
5 Yr 2.9%* -4.8% 11.1% 21.69%
10 Yr 2.4%* -4.6% 7.6% 35.29%

* Annualized

Total Return Ranking - Calendar

Period MERFX Return Category Return Low Category Return High Rank in Category (%)
2021 -0.5% -31.7% 23.2% 41.84%
2020 0.8% -20.7% 10.7% 14.43%
2019 1.5% -12.4% 14.7% 3.33%
2018 1.9% -12.7% 12.9% 58.23%
2017 0.5% -11.5% 13.2% 61.43%

NAV & Total Return History


MERFX - Holdings

Concentration Analysis

MERFX Category Low Category High MERFX % Rank
Net Assets 4.33 B 105 K 12.6 B 7.69%
Number of Holdings 661 5 2526 37.50%
Net Assets in Top 10 1.81 B -619 M 6.53 B 3.85%
Weighting of Top 10 43.96% 7.6% 96.1% 32.93%

Top 10 Holdings

  1. AON PLC SWAP (GS) 7.43%
  2. AON PLC SWAP (GS) 7.43%
  3. AON PLC SWAP (GS) 7.43%
  4. AON PLC SWAP (GS) 7.43%
  5. AON PLC SWAP (GS) 7.43%
  6. AON PLC SWAP (GS) 7.43%
  7. AON PLC SWAP (GS) 7.43%
  8. AON PLC SWAP (GS) 7.43%
  9. AON PLC SWAP (GS) 7.43%
  10. AON PLC SWAP (GS) 7.43%

Asset Allocation

Weighting Return Low Return High MERFX % Rank
Stocks
61.39% -57.09% 325.56% 18.27%
Cash
32.67% -225.56% 102.75% 66.35%
Bonds
6.50% -1.04% 63.30% 28.85%
Preferred Stocks
0.08% 0.00% 5.67% 22.12%
Convertible Bonds
0.00% 0.00% 95.47% 34.62%
Other
-0.64% -11.90% 43.69% 97.12%

Stock Sector Breakdown

Weighting Return Low Return High MERFX % Rank
Financial Services
37.35% 0.00% 98.37% 17.20%
Technology
23.49% 0.00% 100.00% 19.35%
Communication Services
15.02% 0.00% 33.72% 45.16%
Healthcare
10.27% 0.00% 27.28% 32.26%
Industrials
4.55% 0.00% 27.58% 53.76%
Real Estate
3.64% 0.00% 93.91% 73.12%
Consumer Cyclical
3.30% 0.00% 29.06% 54.84%
Consumer Defense
0.99% 0.00% 30.58% 65.59%
Basic Materials
0.92% 0.00% 42.74% 76.34%
Energy
0.45% 0.00% 53.30% 33.33%
Utilities
0.00% 0.00% 66.28% 88.17%

Stock Geographic Breakdown

Weighting Return Low Return High MERFX % Rank
US
56.77% -55.82% 325.56% 12.50%
Non US
4.62% -7.09% 86.98% 19.23%

Bond Sector Breakdown

Weighting Return Low Return High MERFX % Rank
Cash & Equivalents
63.88% 0.00% 100.00% 72.12%
Derivative
23.18% 0.00% 30.95% 5.77%
Corporate
12.94% 0.00% 100.00% 24.04%
Securitized
0.00% 0.00% 27.70% 63.46%
Municipal
0.00% 0.00% 3.82% 63.46%
Government
0.00% 0.00% 73.33% 72.12%

Bond Geographic Breakdown

Weighting Return Low Return High MERFX % Rank
US
5.68% -1.04% 80.93% 31.73%
Non US
0.82% -64.71% 9.68% 23.08%

MERFX - Expenses

Operational Fees

MERFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.61% 0.73% 9.52% 79.61%
Management Fee 1.00% 0.13% 1.65% 35.58%
12b-1 Fee 0.25% 0.00% 1.00% 55.93%
Administrative Fee 0.10% 0.06% 0.40% N/A

Sales Fees

MERFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% 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

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 162.00% 30.00% 483.00% 50.56%

MERFX - Distributions

Dividend Yield Analysis

MERFX Category Low Category High MERFX % Rank
Dividend Yield 0.00% 0.00% 0.75% 58.65%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MERFX Category Low Category High MERFX % Rank
Net Income Ratio -0.59% -2.49% 4.20% 59.22%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MERFX - Fund Manager Analysis

Managers

Michael Shannon


Start Date

Tenure

Tenure Rank

Jan 24, 2007

15.36

15.4%

Mr. Shannon has served as Co-President of the Adviser since 2011 and also serves as Co-President and a Trustee of each Fund. Mr. Shannon served as Westchester’s Director of Research from May 1996 until April 2005. From April 2005 to April 2006, Mr. Shannon was Senior Vice President in charge of the Special Situations and Mergers Group of D.E. Shaw & Co. Mr. Shannon returned to Westchester in May 2006 as a research analyst and portfolio strategist and has served as a portfolio manager for The Merger Fund since January 2007, for WCM Alternatives: Event-Driven Fund since it commenced investment operations in January 2014, and for WCM Alternatives: Credit Event Fund since it commenced investment operations in January 2018. He received a B.S. in Finance from Boston Colleg.

Roy Behren


Start Date

Tenure

Tenure Rank

Jan 24, 2007

15.36

15.4%

Mr. Roy Behren serves as Managing Partner, Member of Investment Committee, Managing Member and Portfolio Manager at Westchester Capital Funds. He was also their Chief Compliance Officer from September 2002 through June 2010. 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 an LL.M. degree in corporate law from the New York University School of Law. In 1987, he joined the U.S. Securities and Exchange Commission'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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42