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Water Island Credit Opportunities Fund (ACFIX)

Mutual Fund · Currency in USD · Last updated Sep 30, 2023

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.

Summary

Fund Info

ISINUS03875R8097
CUSIP03875R809
IssuerArbitrage Fund
Inception DateSep 30, 2012
CategoryNontraditional Bonds
Minimum Investment$100,000
Asset ClassBond

Expense Ratio

The Water Island Credit Opportunities Fund has a high expense ratio of 0.98%, indicating higher-than-average management fees.


0.98%
0.00%2.15%

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.


-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%MayJuneJulyAugustSeptember
1.96%
3.97%
ACFIX (Water Island Credit Opportunities Fund)
Benchmark (^GSPC)

S&P 500

Compare to other instruments

Search for stocks, ETFs, and funds to compare with ACFIX

Water Island Credit Opportunities Fund

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.


PeriodReturnBenchmark
1 month-0.00%-4.87%
6 months2.17%4.35%
Year-To-Date4.68%11.68%
1 year5.74%19.59%
5 years (annualized)3.31%7.97%
10 years (annualized)2.75%9.75%

Monthly Returns Heatmap


JanFebMarAprMayJunJulAugSepOctNovDec
20230.07%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 ratioSortino ratioOmega ratioCalmar ratioUlcer Index
ACFIX
Water Island Credit Opportunities Fund
2.44
^GSPC
S&P 500
0.89

Sharpe Ratio

The current Water Island Credit Opportunities Fund Sharpe ratio is 2.44. A Sharpe ratio higher than 2.0 is considered very good.


Rolling 12-month Sharpe Ratio-1.000.001.002.003.00MayJuneJulyAugustSeptember
2.44
0.89
ACFIX (Water Island Credit Opportunities Fund)
Benchmark (^GSPC)

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.


PeriodTTM20222021202020192018201720162015201420132012
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.


JanFebMarAprMayJunJulAugSepOctNovDec
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.


-15.00%-10.00%-5.00%0.00%MayJuneJulyAugustSeptember
-0.10%
-10.60%
ACFIX (Water Island Credit Opportunities Fund)
Benchmark (^GSPC)

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, 202024Mar 23, 202049Jun 2, 202073
-5.51%Jan 6, 2022120Jun 29, 2022209Apr 28, 2023329
-3.36%Aug 28, 2014351Jan 20, 2016128Jul 22, 2016479
-1.85%May 23, 201322Jun 24, 201317Jul 18, 201339
-1.82%Jun 9, 202015Jun 29, 202027Aug 6, 202042

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.


0.00%1.00%2.00%3.00%4.00%5.00%MayJuneJulyAugustSeptember
0.46%
3.17%
ACFIX (Water Island Credit Opportunities Fund)
Benchmark (^GSPC)