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Name

As of 06/02/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

ARBITRAGE FUND

ARBNX | Fund

$14.19

$819 M

0.46%

$0.07

1.46%

Vitals

YTD Return

1.2%

1 yr return

6.4%

3 Yr Avg Return

6.7%

5 Yr Avg Return

3.1%

Net Assets

$819 M

Holdings in Top 10

48.0%

52 WEEK LOW AND HIGH

$14.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.46%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 300.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$100,000

IRA

$100,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/02/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

ARBITRAGE FUND

ARBNX | Fund

$14.19

$819 M

0.46%

$0.07

1.46%

ARBNX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return 6.7%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.16%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    ARBITRAGE FUND
  • Fund Family Name
    Water Island Capital-Advised Funds
  • Inception Date
    Oct 17, 2003
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Orrico

Fund Description

Effective August 3, 2026, the first paragraph under “Principal Investment Strategies” under the “SUMMARY SECTION” on page 3 of the Summary Prospectus for Arbitrage Fund is hereby deleted in its entirety and replaced with the following:

The Fund invests in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. Equity securities include common and preferred stock. The Fund may invest in equity securities of companies of any market capitalization. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. The Fund’s investment adviser (the “Adviser”) uses various investment strategies, including short selling and the purchasing and selling of options, in an attempt to preserve capital during times of market stress and to minimize market exposure, correlation, and volatility. The Adviser expects the Fund’s assets to be invested across various industries; however, if for example, a large percentage (namely, at least 50%) of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund’s assets could be concentrated in that industry for that period of time.

Please retain this supplement for future reference.

Read More

ARBNX - Performance

Return Ranking - Trailing

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -11.6% 15.8% 50.00%
1 Yr 6.4% -33.0% 41.7% 35.92%
3 Yr 6.7%* -10.5% 13.4% 37.76%
5 Yr 3.1%* -4.8% 11.1% 42.17%
10 Yr 3.5%* -4.6% 7.6% 50.00%

* Annualized

Return Ranking - Calendar

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
2025 4.4% -31.7% 23.2% 54.08%
2024 1.7% -20.7% 10.7% 36.08%
2023 3.9% -12.4% 14.7% 32.22%
2022 -4.4% -13.2% 12.9% 73.42%
2021 0.5% -11.7% 7.9% 35.71%

Total Return Ranking - Trailing

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -11.7% 15.8% 50.00%
1 Yr 6.4% -33.0% 41.7% 31.07%
3 Yr 6.7%* -10.5% 13.4% 35.71%
5 Yr 3.1%* -4.8% 11.1% 38.55%
10 Yr 3.5%* -4.6% 7.6% 50.00%

* Annualized

Total Return Ranking - Calendar

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
2025 8.3% -31.7% 23.2% 54.08%
2024 3.0% -20.7% 10.7% 36.08%
2023 6.0% -12.4% 14.7% 42.22%
2022 -0.7% -12.7% 12.9% 48.10%
2021 1.0% -11.5% 13.2% 40.00%

NAV & Total Return History

ARBNX - Holdings

Concentration Analysis

ARBNX Category Low Category High ARBNX % Rank
Net Assets 819 M 105 K 12.6 B 11.54%
Number of Holdings 102 5 2526 70.19%
Net Assets in Top 10 389 M -619 M 6.53 B 23.08%
Weighting of Top 10 48.03% 7.6% 96.1% 51.22%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 8.17%
  2. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 8.17%
  3. Janus Henderson Group PLC 4.61%
  4. Electronic Arts Inc 4.01%
  5. Endeavor Group Holdings Inc 3.99%
  6. Norfolk Southern Corp 3.92%
  7. Warner Bros Discovery Inc 3.89%
  8. TXNM Energy Inc 3.83%
  9. Chart Industries Inc 3.76%
  10. Hologic Inc 3.67%

Asset Allocation

Weighting Return Low Return High ARBNX % Rank
Stocks 		76.54% -57.09% 325.56% 13.46%
Cash 		17.51% -225.56% 102.75% 70.19%
Bonds 		3.02% -1.04% 63.30% 45.19%
Convertible Bonds 		0.64% 0.00% 95.47% 38.46%
Other 		0.55% -11.90% 43.69% 87.50%
Preferred Stocks 		0.00% 0.00% 5.67% 84.62%

Stock Sector Breakdown

Weighting Return Low Return High ARBNX % Rank
Technology 		32.29% 0.00% 100.00% 7.53%
Financial Services 		15.25% 0.00% 98.37% 53.76%
Healthcare 		11.20% 0.00% 27.28% 23.66%
Industrials 		10.99% 0.00% 27.58% 36.56%
Communication Services 		6.91% 0.00% 33.72% 33.33%
Real Estate 		6.81% 0.00% 93.91% 60.22%
Utilities 		4.13% 0.00% 66.28% 55.91%
Consumer Cyclical 		3.83% 0.00% 29.06% 68.82%
Consumer Defense 		3.43% 0.00% 30.58% 55.91%
Basic Materials 		2.95% 0.00% 42.74% 66.67%
Energy 		2.21% 0.00% 53.30% 60.22%

Stock Geographic Breakdown

Weighting Return Low Return High ARBNX % Rank
US 		72.92% -55.82% 325.56% 19.23%
Non US 		3.63% -7.09% 86.98% 8.65%

Bond Sector Breakdown

Weighting Return Low Return High ARBNX % Rank
Cash & Equivalents 		16.34% 0.00% 100.00% 41.35%
Corporate 		5.50% 0.00% 100.00% 40.38%
Derivative 		0.55% 0.00% 30.95% 81.73%
Securitized 		0.00% 0.00% 27.70% 79.81%
Municipal 		0.00% 0.00% 3.82% 79.81%
Government 		0.00% 0.00% 73.33% 83.65%

Bond Geographic Breakdown

Weighting Return Low Return High ARBNX % Rank
US 		3.02% -1.04% 80.93% 45.19%
Non US 		0.00% -64.71% 9.68% 13.46%

ARBNX - Expenses

Operational Fees

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.46% 0.73% 9.52% 80.58%
Management Fee 1.10% 0.13% 1.65% 43.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.06% 0.40% 9.39%

Sales Fees

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 58.93%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 300.00% 30.00% 483.00% 73.03%

ARBNX - Distributions

Dividend Yield Analysis

ARBNX Category Low Category High ARBNX % Rank
Dividend Yield 0.46% 0.00% 0.75% 75.96%

Dividend Distribution Analysis

ARBNX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

ARBNX Category Low Category High ARBNX % Rank
Net Income Ratio 0.16% -2.49% 4.20% 54.37%

Capital Gain Distribution Analysis

ARBNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

ARBNX - Fund Manager Analysis

Managers

John Orrico

Start Date

Tenure

Tenure Rank

Sep 18, 2000

21.71

21.7%

Mr. Orrico founded Water Island Capital, the advisor to The Arbitrage Funds, in 2000. He currently serves as Chairman of The Arbitrage Funds series trust and Chief Investment Officer of the firm. Prior to founding Water Island Capital, Mr. Orrico directed arbitrage, special situations, and distressed hedge fund portfolios at Lindemann Capital, which he joined in 1999, in conjunction with starting the organizational process for the Arbitrage Fund. Prior to joining Lindemann Capital, Mr. Orrico joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. Mr. Orrico has worked in the securities industry since joining Morgan Stanley in 1982, beginning in corporate finance, with additional experience in institutional equity trading, equity research analysis and portfolio management. Mr. Orrico received a BA from Georgetown University.

Todd Munn

Start Date

Tenure

Tenure Rank

Jan 31, 2005

17.34

17.3%

Munn is a portfolio manager of Water Island Capital, LLC. Prior to becoming a portfolio manager of the Fund, Mr. Munn was a senior equity analyst for the Fund. Mr. Munn received a Master of Business Administration degree from Fordham Graduate School of Business in 2003 and a Bachelors degree from Gettysburg College in 1993 — with a double major in Finance and Accounting.

Roger Foltynowicz

Start Date

Tenure

Tenure Rank

Jan 31, 2005

17.34

17.3%

Roger Foltynowicz, CAIA, received a Master of Science degree from Pace University in 2006 – with a major in Investment Management – and a Bachelor's degree from Presbyterian College in 1999 – with a major in Business Administration.

Matthew Osowiecki

Start Date

Tenure

Tenure Rank

Jun 30, 2016

5.92

5.9%

Matthew Osowiecki joined Water Island Capital, LLC in 2007. Before joining Water Island Capital, Mr. Osowiecki worked in the Investment Product Division of The Hartford and as a project manager in commercial development. Mr. Osowiecki received a Bachelor of Science in Finance from the University of Connecticut.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42

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