Water Island Event-Driven Fund ClassR (AEDFX)

Fund Assets	60.47M
Expense Ratio	1.679%
Min. Investment	$2,000
Turnover	255.00%
Dividend (ttm)	0.09
Dividend Yield	0.65%
Dividend Growth	n/a
Payout Frequency	n/a
Ex-Dividend Date	Dec 18, 2025

Previous Close	13.22
YTD Return	5.15%
1-Year Return	7.23%
5-Year Return	21.16%
52-Week Low	12.46
52-Week High	13.36
Beta (5Y)	0.11
Holdings	131
Inception Date	Oct 1, 2010

About AEDFX

Water Island Event-Driven Fund Class R is an open-end mutual fund that focuses on event-driven investment strategies. Managed by Water Island Capital, this fund is designed to seek capital growth through a flexible, opportunistic approach targeting securities affected by significant corporate events. The fund invests in both equity and debt instruments of companies undergoing situations such as mergers, acquisitions, restructurings, or other events that may impact valuation. Its strategy incorporates merger arbitrage, convertible arbitrage, and capital structure arbitrage, aiming to deliver consistent, positive absolute returns with lower volatility and reduced correlation to broader market indices. A notable aspect of the fund is its active and frequent trading to capitalize on event-driven opportunities, sometimes holding substantial cash or short-term investments to maintain flexibility and respond quickly to new events. The fund is non-diversified, meaning it may concentrate holdings in fewer issuers than typical diversified funds. It can also hedge currency risk when investing internationally. By targeting event-driven scenarios, the Water Island Event-Driven Fund Class R serves investors seeking potential returns that are less reliant on general market movements and more driven by specific corporate catalysts.

• Fund Family: Arbitrage Fund
• Category: Event Driven
• Performance Rating: Average
• Risk Rating: Average
• Stock Exchange: Nasdaq
• Ticker Symbol: AEDFX
• Share Class: Class R
• Index: ICE BofA US 3-Month T Bill TR IX

Performance

AEDFX had a total return of 7.23% in the past year, including dividends. Since the fund's inception, the average annual return has been 3.00%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
AEDNX	Class I	1.47%
AGEAX	Class A	1.72%

Top 10 Holdings

37.42% of assets

Name	Symbol	Weight
Morgan Stanley Prime Broker Us	n/a	7.50%
TXNM Energy, Inc.	TXNM	4.07%
Endeavor Group Holdings, Inc.	EDR	4.03%
EchoStar Corp. 6.75%	ECHO.6.75 11.30.30	3.65%
Caesars Entertainment, Inc.	CZR	3.58%
Warner Bros. Discovery, Inc.	WBD	3.46%
DICK'S Sporting Goods, Inc.	DKS	3.13%
LiveRamp Holdings, Inc.	RAMP	2.79%
Penumbra, Inc.	PEN	2.75%
Schroders plc	SDR	2.46%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 18, 2025	$0.08593	Dec 19, 2025
Dec 14, 2023	$0.05624	Dec 15, 2023
Dec 19, 2019	$0.01911	Dec 20, 2019
Dec 13, 2018	$0.13867	Dec 14, 2018
Dec 14, 2017	$0.0258	Dec 15, 2017
Dec 16, 2015	$0.20271	Dec 17, 2015

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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