The Merger Fund

 

Daily NAV as of 5/23/2017
CUSIPTickerInception DateNAVChange($)YTD Return(%)
589509207MERIX8/1/2013$15.86$0.011.93%
589509108MERFX1/31/1989$15.94$0.011.79%

2016 Capital Gain and Ordinary Income Distributions Ex and Paid date December 29, 2016


Investment Objective

The Fund seeks to provide attractive risk-adjusted returns with minimal volatility in virtually all market environments. Risk-adjusted return is a concept that considers not only an investment's return, but also the potential risk involved in producing that return.

Investment Strategy

The Fund typically attempts to generate profits by capturing price movements generated by specific events. This may include investing in companies that are involved in publicly announced mergers, acquisitions, asset sales or other divestitures, restructurings, re-financings, recapitalizations, reorganizations or other special situations. By investing based on event-driven criteria, the Fund seeks to benefit from the successful conclusion of a specific event, rather than on the performance of the overall market.

 

At a Glance
Inception Date: January 31, 1989 August 31, 2013
Investment Minimum: $2,000 $1.0M
Ticker: MERFX MERIX
CUSIP: 589509108 589509207
Management Fee:(1) 0.87% 0.87%
Expenses before investment related expenses:(2)(3) 1.27% 1.09%
Total Operating Expense:(2) 1.65% 1.48%
Total Fund Assets as of 11/30/14: $5.6B N/A
Total Strategy Assets as of 11/30/14: $5.6B N/A

(1)As of prospectus dated 5/3/2016.
(2)The Adviser has contractually agreed to waive its investment advisory fee and to reimburse the Fund for other ordinary operating expenses to the extent necessary to limit ordinary operating expenses to an amount not to exceed 1.74%. The expense limitation is expected to apply until April 30, 2017, except that it may be terminated by the Board of Trustees at any time.
(3)Investment related expenses include acquired fund fees and expenses, interest expense, and borrowing expense on securities sold short.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted. Click the link below for the Fund's most recent quarter- and month-end performance data.

View Standardized Performance

 

Monthly
Fact Sheet
Daily
Price
History

Portfolio Composition as of 2/28/2017

Position Summary

Top 10 as a % of NAV: 46.83%
Average position size: 1.79%
Number of long positions: 81
Percent invested: 145.28%

Exposure

Long: 145.28%
Short: 66.00%
Net: 79.28%

Risk Summary (since inception 1/02/14)

Beta vs. S&P 500 Index: 1.00%
Standard Deviation: 3.98%

Strategy Allocation and Contribution to Performance

Strategy Allocations Contribution
Arbitrage: 61.55% 0.50%
Special Situations: 25.51% 0.41%
Credit: 7.49% 0.04%
Restructuring: 5.45% 0.06%
Total: 100% 1.01%

Regional Allocations (Gross exposure)

Sector Allocations (Gross exposure)