Water Island Credit Opportunities Fund (ACFIX)
The investment seeks to provide current income and capital growth. The fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as "junk bonds"), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the fund's investment adviser believes have debt-like characteristics. It invests in both domestic and foreign debt securities. The principal types of derivatives in which the fund may invest are credit default swaps, interest rate swaps, total return swaps, futures and options.
Fund Info
| ISIN | US03875R8097 |
|---|---|
| CUSIP | 03875R809 |
| Issuer | Arbitrage Fund |
| Inception Date | Sep 30, 2012 |
| Category | Nontraditional Bonds |
| Minimum Investment | $100,000 |
| Asset Class | Bond |
Expense Ratio
The Water Island Credit Opportunities Fund has a high expense ratio of 0.98%, indicating higher-than-average management fees.
Share Price Chart
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Performance
The chart shows the growth of an initial investment of $10,000 in Water Island Credit Opportunities Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Compare to other instruments
Return
Water Island Credit Opportunities Fund had a return of 4.68% year-to-date (YTD) and 5.74% in the last 12 months. Over the past 10 years, Water Island Credit Opportunities Fund had an annualized return of 2.75%, while the S&P 500 had an annualized return of 9.75%, indicating that Water Island Credit Opportunities Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| 1 month | -0.00% | -4.87% |
| 6 months | 2.17% | 4.35% |
| Year-To-Date | 4.68% | 11.68% |
| 1 year | 5.74% | 19.59% |
| 5 years (annualized) | 3.31% | 7.97% |
| 10 years (annualized) | 2.75% | 9.75% |
Monthly Returns Heatmap
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.07% | 0.61% | -0.24% | 1.12% | -0.24% | 0.91% |
Risk-Adjusted Performance
This table presents a comparison of risk-adjusted performance metrics for Water Island Credit Opportunities Fund (ACFIX) and S&P 500 (^GSPC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Ulcer Index | |
|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 2.44 | ||||
^GSPC S&P 500 | 0.89 |
Dividend History
Water Island Credit Opportunities Fund granted a 4.30% dividend yield in the last twelve months. The annual payout for that period amounted to $0.41 per share.
| Period | TTM | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.41 | $0.34 | $0.27 | $0.30 | $0.34 | $0.28 | $0.29 | $0.23 | $0.28 | $0.42 | $0.41 | $0.03 |
Dividend yield | 4.30% | 3.66% | 2.81% | 3.24% | 3.99% | 3.42% | 3.60% | 2.96% | 3.70% | 5.58% | 5.48% | 0.48% |
Monthly Dividends
The table displays the monthly dividend distributions for Water Island Credit Opportunities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | ||||
| 2022 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 |
| 2021 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.01 |
| 2020 | $0.03 | $0.03 | $0.01 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 |
| 2019 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 |
| 2018 | $0.02 | $0.02 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 |
| 2017 | $0.00 | $0.00 | $0.05 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.01 | $0.06 |
| 2016 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.10 |
| 2015 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.09 |
| 2014 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.10 |
| 2013 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.08 |
| 2012 | $0.03 |
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way.
Worst Drawdowns
The table below shows the maximum drawdowns of the Water Island Credit Opportunities Fund. A maximum drawdown is an indicator of risk. It shows a reduction in portfolio value from its maximum due to a series of losing trades.
The maximum drawdown since January 2010 for the Water Island Credit Opportunities Fund is 8.40%, recorded on Mar 23, 2020. It took 49 trading sessions for the portfolio to recover.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -8.4% | Feb 19, 2020 | 24 | Mar 23, 2020 | 49 | Jun 2, 2020 | 73 |
| -5.51% | Jan 6, 2022 | 120 | Jun 29, 2022 | 209 | Apr 28, 2023 | 329 |
| -3.36% | Aug 28, 2014 | 351 | Jan 20, 2016 | 128 | Jul 22, 2016 | 479 |
| -1.85% | May 23, 2013 | 22 | Jun 24, 2013 | 17 | Jul 18, 2013 | 39 |
| -1.82% | Jun 9, 2020 | 15 | Jun 29, 2020 | 27 | Aug 6, 2020 | 42 |
Volatility Chart
The current Water Island Credit Opportunities Fund volatility is 0.46%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.