NexPoint Merger Arbitrage Fund (HMEZX)
The fund normally invests at least 80% of the value of its total assets (net assets plus the amount of any borrowings for investment purposes) in securities of companies that are involved in publicly-announced mergers (including mergers through takeovers and tender offers, so long as tender offers are being used to effect a merger) ("Merger Transactions") or companies that the Adviser believes may be involved in Merger Transactions. It engages in risk arbitrage strategies, particularly merger arbitrage strategies, in order to achieve its investment objective.
Fund Info
| ISIN | US4301016428 |
|---|---|
| CUSIP | 430101642 |
| Issuer | Highland Funds |
| Inception Date | Aug 18, 2016 |
| Category | Event Driven |
| Min. Investment | $2,500 |
| Asset Class | Alternatives |
Expense Ratio
HMEZX has a high expense ratio of 1.50%, 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 NexPoint Merger Arbitrage 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
NexPoint Merger Arbitrage Fund had a return of 2.11% year-to-date (YTD) and 6.96% in the last 12 months.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 2.11% | 5.21% |
| 1 month | 0.15% | -4.30% |
| 6 months | 2.94% | 18.42% |
| 1 year | 6.96% | 21.82% |
| 5 years (annualized) | 5.43% | 11.27% |
| 10 years (annualized) | N/A | 10.33% |
Monthly Returns Heatmap
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.10% | 0.51% | 1.33% | 0.10% | ||||||||
| 2023 | 0.41% | 0.41% | 0.46% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current risk-adjusted rank of HMEZX is 98, placing it in the top 2% of the market in terms of risk-adjusted performance. This ranking is based on the combined values of the indicators listed below.
NexPoint Merger Arbitrage Fund(HMEZX)
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
NexPoint Merger Arbitrage Fund granted a 5.05% dividend yield in the last twelve months. The annual payout for that period amounted to $1.00 per share.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.00 | $0.99 | $1.01 | $0.74 | $1.16 | $0.06 | $3.46 | $1.40 | $0.00 |
Dividend yield | 5.05% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.06% | 6.88% | 0.02% |
Monthly Dividends
The table displays the monthly dividend distributions for NexPoint Merger Arbitrage 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 | $0.25 | $0.00 | ||||||||
| 2023 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 |
| 2022 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.47 |
| 2020 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.16 |
| 2019 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 |
| 2018 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.46 |
| 2017 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.42 | $0.00 | $0.00 | $0.00 | $0.00 | $0.97 |
| 2016 | $0.00 |
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 NexPoint Merger Arbitrage 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 NexPoint Merger Arbitrage Fund was 6.86%, occurring on May 3, 2018. Recovery took 16 trading sessions.
The current NexPoint Merger Arbitrage Fund drawdown is 0.05%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -6.86% | Mar 6, 2018 | 42 | May 3, 2018 | 16 | May 25, 2018 | 58 |
| -4.29% | Feb 21, 2020 | 19 | Mar 18, 2020 | 55 | Jun 5, 2020 | 74 |
| -3.49% | Oct 16, 2017 | 80 | Feb 9, 2018 | 15 | Mar 5, 2018 | 95 |
| -3.01% | Sep 17, 2018 | 4 | Sep 20, 2018 | 6 | Sep 28, 2018 | 10 |
| -2.6% | Dec 17, 2018 | 6 | Dec 24, 2018 | 4 | Dec 31, 2018 | 10 |
Volatility
Volatility Chart
The current NexPoint Merger Arbitrage Fund volatility is 0.30%, 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.