Water Island Credit Opportunities I (ACFIX)
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Water Island Credit Opportunities I
Oaks, PA 19456
C/O Sei Global Funds Services 1 Freedom Valley Drive
Arbitrage Funds
Management information
John S. Orrico,Lead manager since 30 January 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. Where necessary, we may change a category assignment based on recent changes to the portfolio.
Fund overview
CategoryNontraditional Bond
Fund familyArbitrage Fund
Net assets142.91M
YTD return0.80%
Yield4.88%
Morningstar rating★★★★
Inception date30 Sept 2012
Fund operations
Last dividend0.12
Last cap gain-6.00
Holdings turnover127.00%
Average for categoryN/A
Fees and expenses
ExpenseACFIXCategory average
Annual report expense ratio (net)1.31%1.23%
Prospectus net expense ratio1.31%N/A
Prospectus gross expense ratio1.63%N/A
Max 12b1 feeN/AN/A
Max front end sales loadN/A4.11%
Max deferred sales loadN/A1.17%
3-yr expense projection0N/A
5-yr expense projection0N/A
10-yr expense projection0N/A
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