The Arbitrage Fund Class Institutional (ARBNX) Fund Details & Analysis

Fund Information

Fund Category Event Driven

Fund Family Arbitrage Fund

Fund Style Large

ISIN US03875R2058

CUSIP 03875R205

Inception Date 2000-09-18

Domicile United States

Country USA

Fiscal Year End May

NAV Chart

Fund Metrics

Net Assets $778.07 Million

Share Class Net Assets $729.99 Million

Expense Ratio 1.46%

Expense Ratio Date 2025-09-26

Dividend Yield 0.00%

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Performance

YTD Return 0.14%

1-Year Return 7.88%

3-Year Return 5.68%

5-Year Return 3.36%

NAV $14.07

Previous Close Price $14.06

Last Update 2025-12-31

Dividend Information

Dividend Yield 0.00%

Dividend (ttm) 0.17

Dividend Growth -58.12%

Payout Frequency Annual

Ex-Dividend Date n/a

Ratings

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Beta (5Y) 1.23

About The Arbitrage Fund Class Institutional

The fund will invest at least 80% of its net assets in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. Equity securities include common and preferred stock. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.

Detailed Metrics

Market Cap Distribution

AverageMarketCap 7767.63%

Giant 0.00%

Large 3.02%

Medium 21.73%

Micro 15.42%

Small 32.50%

Value & Growth Metrics

Book-Value Growth % 4.18%

Cash-Flow Growth % 7.50%

Dividend Yield % 1.31%

Historical Earnings % 10.76%

Long-Term Earnings % 8.99%

Asset Allocation

Type	Net %	Long %	Short %	Category Average	benchmark
Bond	7.01%	7.01%	0.00%	12.00%	77.92%
Cash	23.82%	23.82%	0.00%	30.06%	0.00%
Non US Stock	6.75%	6.75%	0.00%	11.83%	8.20%
Not Classified	0.03%	0.03%	0.00%	1.18%	0.00%
Other	-0.09%	3.93%	4.01%	1.65%	2.01%
US Stock	62.48%	71.87%	9.39%	69.47%	11.87%

Top Holdings

Name	Weight	Owned	Change
Amedisys Inc	4.60%	-	-
Water Island Event Driven Fund	4.51%	-	-
Hess Corp	5.02%	-	-
MORGAN STANLEY PRIME BROKER US	9.01%	-	-
Squarespace Inc	None	-	-
Kellanova	3.25%	-	-
Marathon Oil Corp	None	-	-
Axonics Inc	None	-	-
HashiCorp Inc	None	-	-
Albertsons Cos Inc	3.52%	-	-
State Street Institutional US Government Money Market Fund	17.55%	-	-
Morgan Stanley Institutional Liquidity Funds - Government Portfolio	7.17%	-	-
DS Smith PLC	3.58%	-	-
Endeavor Group Holdings Inc	4.24%	-	-
HE Equipment Services Inc	3.35%	-	-
Everi Holdings Inc	3.25%	-	-
State Street Institutional U.S. Government Money Market Fund	7.17%	-	-
CyberArk Software Ltd	4.27%	-	-
Veritex Holdings Inc	3.33%	-	-
Norfolk Southern Corp	3.96%	-	-
Verona Pharma PLC	3.14%	-	-
Informatica Inc	3.03%	-	-
Chart Industries Inc	3.78%	-	-
TXNM Energy Inc	3.54%	-	-
Electronic Arts Inc	3.49%	-	-

See the full breakdown of ARBNX fund's asset allocation and top holdings .

Sector Weights

Category	Subcategory	Amount %	Category Avg	Stocks %	Benchmark
Bond Sector	Cash and Equivalents	4.75%	62.78%	77.19%	0.00%
Bond Sector	Corporate	4.75%	29.52%	22.81%	18.10%
Bond Sector	Derivative	4.75%	4.37%	0.00%	0.00%
Bond Sector	Government	4.75%	3.16%	0.00%	51.18%
Bond Sector	Municipal	4.75%	0.00%	0.00%	0.03%
Bond Sector	Securitized	4.75%	0.18%	0.00%	30.69%
Cyclical	Basic Materials	2.95%	4.38%	0.00%	4.84%
Cyclical	Consumer Cyclical	4.27%	4.88%	0.00%	9.89%
Cyclical	Financial Services	15.41%	16.86%	0.00%	19.70%
Cyclical	Real Estate	3.78%	1.70%	0.00%	8.19%
Defensive	Consumer Defensive	4.20%	7.76%	0.00%	5.41%
Defensive	Healthcare	19.50%	12.69%	0.00%	9.88%
Defensive	Utilities	4.75%	2.71%	0.00%	2.98%
Sensitive	Communication Services	16.83%	14.04%	0.00%	5.29%
Sensitive	Energy	0.00%	2.02%	0.00%	3.93%
Sensitive	Industrials	15.84%	13.61%	0.00%	12.16%
Sensitive	Technology	12.47%	19.34%	0.00%	17.74%

World Regions

Region	Subregion	Category Average	Stocks Percent	Benchmark
Americas	Latin America	0.24%	-	0.93%
Americas	North America	88.60%	93.49%	62.76%
Greater Asia	Asia Developed	0.27%	-	4.31%
Greater Asia	Asia Emerging	0.11%	-	5.02%
Greater Asia	Australasia	-	-	1.92%
Greater Asia	Japan	0.35%	-	6.75%
Greater Europe	Africa/Middle East	-	-	1.33%
Greater Europe	Europe Developed	5.00%	4.51%	12.97%
Greater Europe	Europe Emerging	-	-	0.28%
Greater Europe	United Kingdom	5.43%	2.01%	3.74%

Dividend History

Date	Amount	Unadjusted Amount	Currency	Declaration Date	Record Date	Payment Date	Period
2024-12-18	$0.095	$0.095	USD	-	-	-	-
2023-12-15	$0.278	$0.278	USD	-	2023-12-14	2023-12-18	Annual
2023-12-14	$0.034	$0.034	USD	-	-	-	-
2022-12-15	$0.135	$0.135	USD	2022-12-15	2022-12-14	2022-12-16	Annual
2021-12-14	$0.000	$0.000	None	-	-	-	-
2020-12-17	$0.000	$0.000	None	-	-	-	-
2019-12-19	$0.008	$0.008	USD	2019-12-19	2019-12-18	2019-12-20	Annual
2018-12-13	$0.098	$0.098	USD	2018-12-13	2018-12-12	2018-12-14	Other
2017-12-14	$0.133	$0.133	USD	2017-12-14	2017-12-13	2017-12-15	Other
2016-12-15	$0.000	$0.000	None	-	-	-	-
2015-12-16	$0.000	$0.000	None	-	-	-	-
2014-12-09	$0.000	$0.000	None	-	-	-	-
2013-12-18	$0.000	$0.000	None	-	-	-	-
2012-12-18	$0.127	$0.127	USD	2012-12-18	2012-12-17	2012-12-19	Other
2011-12-16	$0.000	$0.000	None	-	-	-	-
2010-12-16	$0.024	$0.024	USD	-	2010-12-15	2010-12-17	Other
2009-12-17	$0.074	$0.074	USD	-	2009-12-16	2009-12-18	Other
2008-12-10	$0.000	$0.000	None	-	-	-	-
2007-12-10	$0.000	$0.000	None	-	-	-	-
2006-12-28	$0.000	$0.000	None	-	-	-	-
2004-12-31	$0.000	$0.000	None	-	-	-	-
2003-12-31	$0.500	$0.500	USD	-	2003-12-30	2003-12-31	Other

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The Arbitrage Fund Class Institutional NMFQS:ARBNX