The Merger Fund® Investor Class (MERFX)

Net Asset Value
1 Day
Overall Morningstar Rating
Market neutral
Style or Category
No Load
Sales Expenses
Expense Ratio
Below Average
Morningstar Risk Rating™
Investment Objective The investment seeks capital growth by engaging in merger arbitrage. Under normal market conditions- the fund invests at least 80% of its total assets principally in the common stock- preferred stock and- occasionally- warrants of companies which are involved in publicly announced mergers- takeovers- tender offers- leveraged buyouts- spin-offs- liquidations and other corporate reorganizations. Merger arbitrage is a highly specialized investment approach generally designed to profit from the successful completion of such transactions.


1 month-1.16% 3 years+1.54%
3 months+0.68% 5 years+2.20%
1 year+3.13% Since inception+6.08%
Data through --

Peer Comparisonvs. Market neutral

Performance 5-yr return+2.20%+0.87%
Expense ratio2.12%1.64%
Risk 5 year sharpe ratio0.710.23
Net assets$2.4B$431.5M
Average market cap$31.0B$36.9B
Average P/E22.519.5
Portfolio turnover166%166%

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Fund Management and Purchase Info

Fund familyWestchester Capital
Fund manager & tenureRoy Behren / 11 Years
Minimal initial investment$2,000.00
Minimum IRA investment--


U.S. stock52.41%
Fixed income9.88%
International stock0.00%
Top 5 Sectors
Portfolio weighting
Industrial materials 22.94%
Healthcare 20.47%
Telecommunication 11.34%
Consumer goods 10.14%
Business service 4.52%
Top 10 Holdings
Portfolio weighting
AABA Yahoo!9.70%
TWX Time Warner9.12%
BABA Alibaba Group Holding Ltd8.29%
NXPI NXP Semiconductors NV6.89%
-- 4.47%
T AT&T4.12%
DWDP DowDuPont Inc3.95%
-- 3.54%
WP Worldpay Inc3.47%
COL Rockwell Collins Inc2.98%