The Merger Fund VL I (MERVX)

Fund Assets	23.79M
Expense Ratio	1.43%
Min. Investment	$0.00
Turnover	n/a
Dividend (ttm)	0.51
Dividend Yield	4.34%
Dividend Growth	169.84%
Payout Frequency	Annual
Ex-Dividend Date	Dec 4, 2025

Previous Close	11.65
YTD Return	3.10%
1-Year Return	4.12%
5-Year Return	21.97%
52-Week Low	11.27
52-Week High	12.16
Beta (5Y)	0.02
Holdings	543
Inception Date	n/a

About MERVX

The Merger Fund VL is an event-driven mutual fund specifically focused on merger arbitrage strategies. Its primary objective is to deliver consistent, positive absolute returns with lower volatility compared to traditional equities by investing predominantly in publicly announced mergers, acquisitions, takeovers, and other corporate reorganizations worldwide. The fund aims to profit from the successful completion of these corporate transactions while maintaining minimal correlation with broader stock and bond markets and exhibiting positive correlation to interest rates. Managed by Westchester Capital Management, a firm with over three decades of specialized event-driven investing experience, The Merger Fund VL leverages a disciplined, research-intensive process to identify fact-based, time-defined investment opportunities. The portfolio comprises a diverse mix of holdings across small, micro, and medium capitalizations, often utilizing hedging to minimize both market and deal-completion risks. Geared toward institutional investors, variable annuities, and insurance products, the fund is recognized as a pioneer in liquid alternative investments and serves as a portfolio diversifier that may help dampen overall portfolio volatility during periods of market uncertainty.

• Stock Exchange: Nasdaq
• Ticker Symbol: MERVX
• Index: ICE BofA US 3-Month T Bill TR IX

Performance

MERVX had a total return of 4.12% in the past year, including dividends. Since the fund's inception, the average annual return has been 2.24%.

Top 10 Holdings

50.97% of assets

Name	Symbol	Weight
Goldman Sachs FS Treasury Intms Instl	FTIXX	10.30%
Endeavor Group Holdings, Inc.	EDR	7.13%
Goldman Sachs FS Government Instl	FGTXX	6.92%
Norfolk Southern Corporation	NSC	6.33%
Electronic Arts, Inc.	EA	6.21%
Chart Industries, Inc.	GTLS	4.70%
Accelerant Holdings	ARX	2.72%
UniFirst Corporation	UNF	2.56%
DigitalBridge Group, Inc.	DBRG	2.20%
Altaba Inc Escrow	n/a	1.90%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 4, 2025	$0.88623	Dec 4, 2025
Dec 5, 2024	$0.31138	Dec 6, 2024
Dec 7, 2023	$1.02565	Dec 8, 2023
Dec 7, 2022	$0.18303	Dec 7, 2022
Dec 29, 2021	$0.57164	Dec 29, 2021
Dec 29, 2020	$0.03131	Dec 29, 2020

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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