WCFRX: WCM Alternatives: Credit Event Fund - MutualFunds.com
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WCM Alternatives Credit Event Investor

WCFRX - Snapshot

Vitals

  • YTD Return 4.7%
  • 3 Yr Annualized Return 8.2%
  • 5 Yr Annualized Return N/A
  • Net Assets $9.92 M
  • Holdings in Top 10 44.2%

52 WEEK LOW AND HIGH

$12.54
$8.11
$12.59

Expenses

OPERATING RELATED FEES

  • Expense Ratio 5.63%

SALES FEES

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

BROKERAGE FEES

  • Turnover 106.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,000
  • IRA N/A

Fund Classification

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

Compare WCFRX to Popular Long-Short Bond Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$10.02

+0.10%

$1.54 B

3.92%

$0.39

0.91%

-

$10.00

+0.10%

$418.63 M

3.62%

$0.36

0.40%

-

$10.25

+0.20%

$228.24 M

4.48%

$0.46

1.28%

-

$9.23

+0.11%

$156.01 M

0.67%

$0.06

0.22%

-

$8.99

0.00%

$118.24 M

3.50%

$0.31

0.45%

-

WCFRX - Profile

Distributions

  • YTD Total Return 4.7%
  • 3 Yr Annualized Total Return 8.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.77%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    WCM Alternatives: Credit Event Fund
  • Fund Family Name
    Westchester Capital
  • Inception Date
    Dec 29, 2017
  • Shares Outstanding
    6541
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Michael Shannon

Fund Description

The fund will invest principally in fixed income investments and other investments related to specific events or catalysts that the Adviser expects will cause material credit events or similar situations, such as capital structure arbitrage, mergers and acquisitions, spin-offs, credit restructurings, IPOs of debt, re-financings, debt maturities, asset monetizations, and other restructurings. It is non-diversified.


WCFRX - Performance

Return Ranking - Trailing

Period WCFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -4.9% 4.8% 4.35%
1 Yr 16.3% -0.6% 16.3% 2.17%
3 Yr 8.2%* -3.2% 8.3% 4.44%
5 Yr N/A* 2.3% 5.9% N/A
10 Yr N/A* 2.6% 5.5% N/A

* Annualized

Return Ranking - Calendar

Period WCFRX Return Category Return Low Category Return High Rank in Category (%)
2020 15.2% -5.8% 15.2% 2.22%
2019 9.3% -2.9% 18.1% 6.82%
2018 -4.6% -17.9% 3.4% 51.28%
2017 N/A -1.5% 9.3% N/A
2016 N/A -2.1% 5.5% N/A

Total Return Ranking - Trailing

Period WCFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -4.9% 4.8% 4.35%
1 Yr 16.3% -6.4% 16.3% 2.17%
3 Yr 8.2%* -5.1% 8.3% 4.44%
5 Yr N/A* 2.2% 5.9% N/A
10 Yr N/A* 2.6% 5.5% N/A

* Annualized

Total Return Ranking - Calendar

Period WCFRX Return Category Return Low Category Return High Rank in Category (%)
2020 15.2% -5.8% 15.2% 2.22%
2019 9.3% -2.9% 18.1% 6.82%
2018 -4.6% -17.9% 5.2% 71.79%
2017 N/A -1.5% 11.5% N/A
2016 N/A 0.1% 8.3% N/A

NAV & Total Return History


WCFRX - Holdings

Concentration Analysis

WCFRX Category Low Category High WCFRX % Rank
Net Assets 9.92 M 8.38 M 1.54 B 97.83%
Number of Holdings 89 4 1217 78.26%
Net Assets in Top 10 3.66 M 3.66 M 260 M 100.00%
Weighting of Top 10 44.22% 16.2% 85.4% 30.23%

Top 10 Holdings

  1. ALTABA INC ORD SHS ESCROW 6.41%
  2. ALTABA INC ORD SHS ESCROW 6.41%
  3. ALTABA INC ORD SHS ESCROW 6.41%
  4. ALTABA INC ORD SHS ESCROW 6.41%
  5. ALTABA INC ORD SHS ESCROW 6.41%
  6. ALTABA INC ORD SHS ESCROW 6.41%
  7. ALTABA INC ORD SHS ESCROW 6.41%
  8. ALTABA INC ORD SHS ESCROW 6.41%
  9. ALTABA INC ORD SHS ESCROW 6.41%
  10. ALTABA INC ORD SHS ESCROW 6.41%

Asset Allocation

Weighting Return Low Return High WCFRX % Rank
Bonds
67.30% 0.00% 121.45% 69.57%
Stocks
23.59% -11.81% 24.37% 10.87%
Cash
2.39% -26.97% 76.12% 95.65%
Preferred Stocks
2.21% 0.00% 6.85% 28.26%
Other
1.06% -10.00% 3.44% 32.61%
Convertible Bonds
0.00% 0.00% 22.42% 100.00%

Stock Sector Breakdown

Weighting Return Low Return High WCFRX % Rank
Financial Services
99.39% 0.00% 99.39% 5.00%
Communication Services
0.61% 0.00% 100.00% 45.00%
Utilities
0.00% 0.00% 23.28% 82.50%
Technology
0.00% 0.00% 23.48% 82.50%
Real Estate
0.00% 0.00% 34.80% 90.00%
Industrials
0.00% 0.00% 18.11% 85.00%
Healthcare
0.00% 0.00% 30.69% 82.50%
Energy
0.00% 0.00% 100.00% 85.00%
Consumer Defense
0.00% 0.00% 99.95% 72.50%
Consumer Cyclical
0.00% 0.00% 100.00% 82.50%
Basic Materials
0.00% 0.00% 7.91% 72.50%

Stock Geographic Breakdown

Weighting Return Low Return High WCFRX % Rank
US
23.59% -11.81% 23.88% 8.70%
Non US
0.00% -0.06% 8.40% 80.43%

Bond Sector Breakdown

Weighting Return Low Return High WCFRX % Rank
Corporate
96.47% 0.00% 96.47% 4.35%
Cash & Equivalents
3.29% 0.80% 100.00% 95.65%
Municipal
0.25% 0.00% 48.95% 23.91%
Derivative
0.00% 0.00% 36.29% 91.30%
Securitized
0.00% 0.00% 41.37% 95.65%
Government
0.00% 0.00% 7.65% 97.83%

Bond Geographic Breakdown

Weighting Return Low Return High WCFRX % Rank
US
57.66% 0.00% 119.74% 58.70%
Non US
9.64% -11.91% 41.56% 73.91%

WCFRX - Expenses

Operational Fees

WCFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 5.63% 0.90% 5.63% 2.22%
Management Fee 1.00% 0.50% 1.70% 52.17%
12b-1 Fee 0.25% 0.00% 1.00% 44.44%
Administrative Fee N/A 0.06% 0.45% N/A

Sales Fees

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

Trading Fees

WCFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 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.

WCFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 106.00% 0.00% 277.00% 26.83%

WCFRX - Distributions

Dividend Yield Analysis

WCFRX Category Low Category High WCFRX % Rank
Dividend Yield 0.00% 0.00% 6.19% 65.22%

Dividend Distribution Analysis

WCFRX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Monthly

Net Income Ratio Analysis

WCFRX Category Low Category High WCFRX % Rank
Net Income Ratio 1.77% -0.06% 8.02% 80.00%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

WCFRX - Fund Manager Analysis

Managers

Michael Shannon


Start Date

Tenure

Tenure Rank

Dec 29, 2017

3.01

3.0%

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

Dec 29, 2017

3.01

3.0%

Roy D. Behren, born 1960, came to WCM in 1994 from the U.S. Securities and Exchange Commission. 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 a LL.M. degree in corporate law from the New York University School Of Law. He then joined the SEC'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. He is a co-portfolio manager of The Merger Fund®, The Merger Fund VL and the Dunham Monthly Distribution Fund and is currently the Chief Compliance Officer for WCM, The Merger Fund®and The Merger Fund VL.

Steven Tan


Start Date

Tenure

Tenure Rank

Dec 29, 2017

3.01

3.0%

Mr. Tan, portfolio manager, has served as Senior Equity Analyst of Westchester Capital Management since 2012 and Director of Credit Research since 2016. From 2005 to 2011, Mr. Tan was Vice President at Avenue Capital where he was a senior analyst in the Event-driven Group and later in the High Yield and Distressed Group. Mr. Tan has served as a portfolio manager for the WCM Alternatives: Credit Event Fund since its inception.

Tenure Analysis

Category Low Category High Category Average Category Mode
1.25 9.34 4.49 4.6