Nasdaq - Delayed Quote USD

Water Island Credit Opportunities I (ACFIX)

9.65 -0.01 (-0.10%)
At close: 6:45 PM EDT

Fund Summary

The fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as "junk bonds"), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the fund's investment adviser believes have debt-like characteristics. It invests in both U.S. and foreign debt securities. The principal types of derivatives in which the fund may invest are credit default swaps, interest rate swaps, total return swaps, futures and options.

Water Island Credit Opportunities I

Oaks, PA 19456
C/O Sei Global Funds Services 1 Freedom Valley Drive

Fund Overview

Category Nontraditional Bond
Fund Family Arbitrage Fund
Net Assets 142.91M
YTD Return 0.80%
Yield 4.88%
Morningstar Rating
Inception Date Oct 01, 2012

Fund Operations

Last Dividend 0.12
Last Cap Gain -6.00
Holdings Turnover 127.00%
Average for Category --

Fees & Expenses

Expense ACFIX Category Average
Annual Report Expense Ratio (net) 1.31% 1.23%
Prospectus Net Expense Ratio 1.31% --
Prospectus Gross Expense Ratio 1.63% --
Max 12b1 Fee -- --
Max Front End Sales Load -- 4.11%
Max Deferred Sales Load -- 1.17%
3 Yr Expense Projection 0 --
5 Yr Expense Projection 0 --
10 Yr Expense Projection 0 --

Management Information

John S. Orrico, Lead Manager since January 31, 2018
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.

Morningstar Style Box

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Morningstar Category

While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.

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