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Water Island Event-Driven Fund (AEDNX)

Mutual Fund · Currency in USD · Last updated Sep 23, 2023

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.

Summary

Fund Info

ISINUS03875R4039
CUSIP03875R403
IssuerArbitrage Fund
Inception DateSep 30, 2010
CategoryEvent Driven
Minimum Investment$100,000
Asset ClassAlternatives

Expense Ratio

The Water Island Event-Driven Fund has a high expense ratio of 1.44%, indicating higher-than-average management fees.


1.44%
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 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.


0.00%5.00%10.00%15.00%AprilMayJuneJulyAugustSeptember
3.26%
8.61%
AEDNX (Water Island Event-Driven Fund)
Benchmark (^GSPC)

S&P 500

Compare to other instruments

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

Water Island Event-Driven Fund

Return

Water Island Event-Driven Fund had a return of 2.80% year-to-date (YTD) and 3.73% in the last 12 months. Over the past 10 years, Water Island Event-Driven Fund had an annualized return of 1.94%, while the S&P 500 had an annualized return of 9.85%, indicating that Water Island Event-Driven Fund did not perform as well as the benchmark.


PeriodReturnBenchmark
1 month1.15%-1.29%
6 months3.83%8.79%
Year-To-Date2.80%12.52%
1 year3.73%16.97%
5 years (annualized)4.08%8.17%
10 years (annualized)1.94%9.85%

Monthly Returns Heatmap


JanFebMarAprMayJunJulAugSepOctNovDec
20230.00%0.27%0.09%-2.51%1.66%1.63%1.07%

Risk-Adjusted Performance

This table presents a comparison of risk-adjusted performance metrics for Water Island Event-Driven Fund (AEDNX) 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
AEDNX
Water Island Event-Driven Fund
0.78
^GSPC
S&P 500
0.81

Sharpe Ratio

The current Water Island Event-Driven Fund Sharpe ratio is 0.78. A Sharpe ratio between 0 and 1.0 is considered sub-optimal.


Rolling 12-month Sharpe Ratio-0.500.000.501.00AprilMayJuneJulyAugustSeptember
0.78
0.81
AEDNX (Water Island Event-Driven Fund)
Benchmark (^GSPC)

Dividend History

Water Island Event-Driven Fund granted a 0.00% dividend yield in the last twelve months. The annual payout for that period amounted to $0.00 per share.


PeriodTTM20222021202020192018201720162015201420132012
Dividend$0.00$0.00$0.00$0.03$0.04$0.17$0.06$0.00$0.24$0.25$0.08$0.25

Dividend yield

0.00%0.00%0.00%0.24%0.46%1.79%0.63%0.00%2.87%2.67%0.85%2.77%

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.


JanFebMarAprMayJunJulAugSepOctNovDec
2023$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
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$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.08
2012$0.25

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way.


-15.00%-10.00%-5.00%0.00%AprilMayJuneJulyAugustSeptember
-1.13%
-9.93%
AEDNX (Water Island Event-Driven Fund)
Benchmark (^GSPC)

Worst Drawdowns

The table below shows the maximum drawdowns of the Water Island Event-Driven 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 Event-Driven Fund is 15.39%, recorded on Jan 20, 2016. It took 1073 trading sessions for the portfolio to recover.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-15.39%Jun 27, 2014394Jan 20, 20161073Apr 28, 20201467
-8.94%Jun 9, 2021259Jun 16, 2022
-7.09%Jul 8, 201121Aug 8, 201153Oct 21, 201174
-3.88%Mar 19, 201290Jul 25, 2012193May 3, 2013283
-1.77%Jun 10, 20202Jun 11, 202023Jul 15, 202025

Volatility Chart

The current Water Island Event-Driven Fund volatility is 0.76%, 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.


1.00%2.00%3.00%4.00%5.00%AprilMayJuneJulyAugustSeptember
0.76%
3.41%
AEDNX (Water Island Event-Driven Fund)
Benchmark (^GSPC)