The Merger Fund
Merger Fund · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
The Merger Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
The fund seeks to achieve capital growth by engaging in merger arbitrage.
The fund pursues merger arbitrage by purchasing securities of announced acquisition targets at a discount to their expected value upon deal completion, seeking to profit from the spread between current price and completion value; the subadviser, Westchester Capital Management, LLC, manages day-to-day decisions and may employ hedging strategies including short sales and derivatives to manage issuer-specific risk. Because returns depend on successful completion of the specific transactions in which the fund invests, deal failure or delay directly impairs performance. The fund invests at least 80% of assets in merger-arbitrage securities and may hold significant cash positions between transaction closings.
| Share class | Gross | Net |
|---|---|---|
| MERFX | 1.65% | 1.55% |
| MERIX | 1.36% | 1.26% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 149.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 78.41% |
| Cash & short-term | 12.72% |
| Bonds | 3.56% |
| Loans | 0.25% |
| Derivatives | -0.35% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 30.3% |
| Communication Services | 14.6% |
| Industrials | 13.3% |
| Other | 13.2% |
| 8 smaller | 28.6% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: ARC RESOURCES LTD, CZR, ROKU, SHELL PLC, ORGANON & COMPANY, OGN, BORALEX INC, SEM
Largest exited: Clearwater Analytics Holdings Inc, Coterra Energy Inc, Sealed Air Corp., Proassurance Corp, Hologic Inc, Frontier Communications Holdings Llc, Masimo Corporation, HAYMAKER ACQUISITION CORP 4
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.60% | -62.35% | -87.29% | 1.07% | -65.46% | |
| +5.86% | +17.72% | +17.09% | 1.10% | -2.14% |
These classes hold the same portfolio, so the 104.38pp spread over 5 years is the cost difference between them — roughly 20.88pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 94.4% |
| Floating rate | 5.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 5.6% |
| 1-3y | 36.8% |
| 3-5y | 57.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | GOLDMAN SACHS TRUST | 7.63% | — | $192.80M | — |
| EA | ELECTRONIC ARTS INCEA | 6.19% | $205.04 | $156.43M | 762.9K |
| NSC | NORFOLK SOUTHERN CORPNSC | 5.92% | $314.59 | $149.65M | 475.7K |
| — | ENDEAVOR GROUP HOLDINGS INC | 5.68% | $30.28 | $143.53M | 4.7M |
| WBD | WARNER BROS. DISCOVERY INCWBD | 5.45% | $26.66 | $137.86M | 5.2M |
| — | GOLDMAN SACHS TRUST | 4.82% | — | $121.76M | — |
| GTLS | CHART INDUSTRIES INCGTLS | 4.68% | $208.94 | $118.42M | 566.7K |
| WBS | WEBSTER FINANCIAL CORPWBS | 4.15% | $76.42 | $104.93M | 1.4M |
| WCEIX | Virtus Event Opportunities TrustWCEIX | 4.15% | $10.45 | $104.79M | 10.0M |
| AETUF | ARC RESOURCES LTDAETUF | 2.74% | $21.01 | $69.14M | 3.3M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 51.41% of net assets, top 25 69.07%, across 268 issuers.
See more of this fund's book
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