Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 12/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
1.9%
1 yr return
3.0%
3 Yr Avg Return
2.5%
5 Yr Avg Return
4.2%
Net Assets
$110 M
Holdings in Top 10
42.9%
Expense Ratio 1.75%
Front Load 3.25%
Deferred Load N/A
Turnover 320.00%
Redemption Fee N/A
Standard (Taxable)
$2,000
IRA
$2,000
Fund Type
Open End Mutual Fund
Name
As of 12/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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 (the "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"). The Fund may invest in both U.S. and foreign securities and may invest in securities of companies of any market capitalization and in debt securities of any maturity. The Fund may also invest in derivatives, such as options and swaps. Furthermore, the Fund may invest in exchange traded funds ("ETFs"). The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of 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.
The Fund may utilize investment strategies such as merger arbitrage, convertible arbitrage, capital structure arbitrage, and special situations in order to profit from event-driven opportunities. These investment strategies are described more fully below.
Merger Arbitrage: 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 most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction may be sold short.
Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.
Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. Another example might involve the Fund purchasing one class of common stock while selling short a different class of common stock of the same issuer. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated.
Special Situations: The special situations strategy seeks to profit by investing in securities of companies whose stock price trades significantly higher or lower from where the Adviser believes they should trade, as the result of an ongoing or anticipated corporate catalyst. Corporate catalysts may include spin-offs, split-offs, asset sales, speculative mergers and acquisitions, transformational mergers and acquisitions, Dutch tenders (whereby an offer is made to purchase securities within a given price range through an auction structure, wherein shareholders are invited to sell shares over a specific time period by specifying the lowest price within the range that they will accept), regulatory changes, recapitalizations, refinancings, corporate levering/de-levering, un-solicited hostile offers, litigation, bankruptcy processes, distressed credit, and other catalysts. The strategy invests primarily in equity securities, but may also invest in debt, warrants, debentures, convertible securities, and preferred securities. The strategy may engage in short sales and derivatives to implement trading strategies and to mitigate volatility and market risk.
The Fund generally engages in active and frequent trading of portfolio securities to achieve its principal investment objective. The Fund may sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for defensive purposes, to preserve the Fund's ability to capitalize quickly on new market opportunities, or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. The Fund may also hold a significant amount of cash or short-term investments immediately after a period in which several transactions in which the Fund has invested close in a similar timeframe, yet before capital is redeployed to other opportunities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies.
The Fund is non-diversified, which means that it may invest a greater portion of its assets in one or a limited number of issuers and may invest overall in a smaller number of issuers than a diversified fund.
Period | AGEAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.9% | -11.6% | 15.8% | 40.00% |
1 Yr | 3.0% | -33.0% | 41.7% | 12.62% |
3 Yr | 2.5%* | -10.5% | 13.4% | 13.27% |
5 Yr | 4.2%* | -4.8% | 11.1% | 14.46% |
10 Yr | 1.9%* | -4.6% | 7.6% | 52.94% |
* Annualized
Period | AGEAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.1% | -31.7% | 23.2% | 7.14% |
2022 | -0.9% | -20.7% | 10.7% | 17.53% |
2021 | 1.0% | -12.4% | 14.7% | 52.22% |
2020 | 12.9% | -13.2% | 12.9% | 18.99% |
2019 | 4.2% | -11.7% | 7.9% | 10.00% |
Period | AGEAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.9% | -11.7% | 15.8% | 40.00% |
1 Yr | 3.0% | -33.0% | 41.7% | 14.56% |
3 Yr | 2.5%* | -10.5% | 13.4% | 28.57% |
5 Yr | 4.2%* | -4.8% | 11.1% | 25.30% |
10 Yr | 1.9%* | -4.6% | 7.6% | 64.71% |
* Annualized
Period | AGEAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.6% | -31.7% | 23.2% | 7.14% |
2022 | -0.9% | -20.7% | 10.7% | 17.53% |
2021 | 1.0% | -12.4% | 14.7% | 67.78% |
2020 | 13.1% | -12.7% | 12.9% | 44.30% |
2019 | 4.4% | -11.5% | 13.2% | 14.29% |
AGEAX | Category Low | Category High | AGEAX % Rank | |
---|---|---|---|---|
Net Assets | 110 M | 105 K | 12.6 B | 47.12% |
Number of Holdings | 119 | 5 | 2526 | 59.62% |
Net Assets in Top 10 | 30.3 M | -619 M | 6.53 B | 43.27% |
Weighting of Top 10 | 42.90% | 7.6% | 96.1% | 45.12% |
Weighting | Return Low | Return High | AGEAX % Rank | |
---|---|---|---|---|
Stocks | 68.72% | -57.09% | 325.56% | 15.38% |
Bonds | 20.75% | -1.04% | 63.30% | 36.54% |
Cash | 4.64% | -225.56% | 102.75% | 73.08% |
Convertible Bonds | 2.75% | 0.00% | 95.47% | 30.77% |
Other | 1.07% | -11.90% | 43.69% | 59.62% |
Preferred Stocks | 0.00% | 0.00% | 5.67% | 57.69% |
Weighting | Return Low | Return High | AGEAX % Rank | |
---|---|---|---|---|
Technology | 32.28% | 0.00% | 100.00% | 10.75% |
Healthcare | 13.34% | 0.00% | 27.28% | 15.05% |
Financial Services | 12.66% | 0.00% | 98.37% | 39.78% |
Industrials | 10.97% | 0.00% | 27.58% | 50.54% |
Real Estate | 7.27% | 0.00% | 93.91% | 54.84% |
Communication Services | 7.20% | 0.00% | 33.72% | 12.90% |
Consumer Defense | 3.94% | 0.00% | 30.58% | 58.06% |
Consumer Cyclical | 3.60% | 0.00% | 29.06% | 76.34% |
Utilities | 3.49% | 0.00% | 66.28% | 59.14% |
Basic Materials | 2.99% | 0.00% | 42.74% | 59.14% |
Energy | 2.25% | 0.00% | 53.30% | 54.84% |
Weighting | Return Low | Return High | AGEAX % Rank | |
---|---|---|---|---|
US | 64.30% | -55.82% | 325.56% | 14.42% |
Non US | 4.42% | -7.09% | 86.98% | 13.46% |
Weighting | Return Low | Return High | AGEAX % Rank | |
---|---|---|---|---|
Corporate | 57.17% | 0.00% | 100.00% | 25.96% |
Cash & Equivalents | 4.42% | 0.00% | 100.00% | 50.96% |
Derivative | 1.07% | 0.00% | 30.95% | 54.81% |
Securitized | 0.00% | 0.00% | 27.70% | 46.15% |
Municipal | 0.00% | 0.00% | 3.82% | 46.15% |
Government | 0.00% | 0.00% | 73.33% | 55.77% |
Weighting | Return Low | Return High | AGEAX % Rank | |
---|---|---|---|---|
US | 19.93% | -1.04% | 80.93% | 36.54% |
Non US | 0.82% | -64.71% | 9.68% | 4.81% |
AGEAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.75% | 0.73% | 9.52% | 54.37% |
Management Fee | 1.10% | 0.13% | 1.65% | 47.12% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 45.76% |
Administrative Fee | N/A | 0.06% | 0.40% | 18.97% |
AGEAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 3.25% | 2.75% | 5.75% | 83.33% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
AGEAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 10.00% |
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.
AGEAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 320.00% | 30.00% | 483.00% | 94.38% |
AGEAX | Category Low | Category High | AGEAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.45% | 0.00% | 0.75% | 39.42% |
AGEAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
AGEAX | Category Low | Category High | AGEAX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.59% | -2.49% | 4.20% | 44.66% |
AGEAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 14, 2023 | $0.053 | OrdinaryDividend |
Dec 17, 2020 | $0.015 | OrdinaryDividend |
Dec 19, 2019 | $0.021 | OrdinaryDividend |
Dec 13, 2018 | $0.145 | OrdinaryDividend |
Dec 14, 2017 | $0.029 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Oct 01, 2010
11.67
11.7%
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.
Start Date
Tenure
Tenure Rank
Oct 01, 2010
11.67
11.7%
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.
Start Date
Tenure
Tenure Rank
Oct 01, 2010
11.67
11.7%
Gregory(Gregg) Loprete joined Water Island Capital in 2009 and currently serves as a portfolio manager. He is primarily responsible for management of the firm’s convertible and fixed income investments. Prior to joining Water Island Capital, Mr. Loprete worked at Keefe, Bruyette & Woods as a Convertible and Preferred Trader where he evaluated, implemented and managed convertible and capital structure investments. From 2007-2008, Mr. Loprete was a Director in the Convertible Arbitrage Group at Ramius Capital Group, LLC. At Ramius Mr. Loprete also served as co-manager and trader. From 2003 to 2007, Mr. Loprete was a Senior Convertible Analyst and Convertible Banking Liaison at SG Cowen & Company. Mr. Loprete received a Masters of Business Administration degree in Finance from New York University in 1993 and a Bachelors degree from the University of Delaware in 1987 — with a major in English Literature with a minor in Economics.
Start Date
Tenure
Tenure Rank
Mar 31, 2018
4.17
4.2%
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.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.59 | 6.3 | 9.42 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...