Water Island Event-Driven Fund (AEDNX)
The fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). It is non-diversified.
Fund Info
| ISIN | US03875R4039 |
|---|---|
| CUSIP | 03875R403 |
| Issuer | Arbitrage Fund |
| Inception Date | Sep 30, 2010 |
| Category | Event Driven |
| Min. Investment | $100,000 |
| Asset Class | Alternatives |
Expense Ratio
The Water Island Event-Driven Fund has a high expense ratio of 1.44%, indicating higher-than-average management fees.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Water Island Event-Driven Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
Water Island Event-Driven Fund had a return of -1.63% year-to-date (YTD) and 3.24% in the last 12 months. Over the past 10 years, Water Island Event-Driven Fund had an annualized return of 2.02%, while the S&P 500 had an annualized return of 10.55%, indicating that Water Island Event-Driven Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | -1.63% | 6.33% |
| 1 month | -1.63% | -2.81% |
| 6 months | 2.42% | 21.13% |
| 1 year | 3.24% | 24.56% |
| 5 years (annualized) | 3.74% | 11.55% |
| 10 years (annualized) | 2.02% | 10.55% |
Monthly Returns Heatmap
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -0.69% | 0.09% | 0.69% | |||||||||
| 2023 | 0.26% | -0.70% | 2.66% | 1.24% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
Water Island Event-Driven Fund(AEDNX)
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Water Island Event-Driven Fund (AEDNX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
Water Island Event-Driven Fund granted a 0.73% dividend yield in the last twelve months. The annual payout for that period amounted to $0.08 per share.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.08 | $0.08 | $0.00 | $0.00 | $0.03 | $0.04 | $0.17 | $0.06 | $0.00 | $0.24 | $0.25 | $0.08 |
Dividend yield | 0.73% | 0.72% | 0.00% | 0.00% | 0.24% | 0.46% | 1.78% | 0.62% | 0.00% | 2.79% | 2.59% | 0.81% |
Monthly Dividends
The table displays the monthly dividend distributions for Water Island Event-Driven 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.00 | $0.00 | $0.00 | |||||||||
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.08 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2020 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 |
| 2019 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 |
| 2018 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.17 |
| 2017 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 |
| 2016 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2015 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.24 |
| 2014 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 |
| 2013 | $0.08 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way.
Worst Drawdowns
The table below displays the maximum drawdowns of the Water Island Event-Driven Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Water Island Event-Driven Fund was 13.03%, occurring on Jan 20, 2016. Recovery took 981 trading sessions.
The current Water Island Event-Driven Fund drawdown is 2.05%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -13.03% | Jun 27, 2014 | 394 | Jan 20, 2016 | 981 | Dec 11, 2019 | 1375 |
| -12.24% | Feb 21, 2020 | 19 | Mar 18, 2020 | 21 | Apr 17, 2020 | 40 |
| -8.94% | Jun 9, 2021 | 259 | Jun 16, 2022 | 360 | Nov 21, 2023 | 619 |
| -7.09% | Jul 8, 2011 | 22 | Aug 8, 2011 | 53 | Oct 21, 2011 | 75 |
| -3.88% | Apr 13, 2012 | 143 | Nov 7, 2012 | 121 | May 3, 2013 | 264 |
Volatility
Volatility Chart
The current Water Island Event-Driven Fund volatility is 0.85%, 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.