News

“Has air come out of the SPAC bubble? Managing member and co-portfolio manager Roy Behren believes so. His commentary appears in Amrith Ramkumar’s Wall Street Journal piece, “SPAC Rout Erases $75 Billion in Startup Value.”

“The fact that spreads have widened is the understatement of the year,” says co-portfolio manager Roy Behren. His insight appears in Anirban Sen’s Reuters piece.

Co-portfolio manager Roy Behren discusses the recent widening of spreads in deals like AMD-Xilinx and Analog Devices-Maxim Integrated with Seeking Alpha’s Josh Fineman.

Some investors may consider including The Merger Fund (MERFX) instead of a standard bond fund, in an effort to provide diversified exposure in their “Fixed Income” assets. We are featured in a recent Seeking Alpha article titled “The Merger Fund Investor Class Has Performed Better Than Expected Since My Last Review”.

What’s been contributing to the recent slowdown in the SPAC market? Co-portfolio manager Roy Behren cites potential indigestion from massive issuance when speaking with Business Insider’s Anita Ramaswamy.

“You see people rushing to do it while the window is still open,” says co-portfolio manager Roy Behren following the recent volatility in the SPAC market. His insight appears in Amrith Ramkumar’s latest Wall Street Journal piece.

When can we see approval from the Delaware court on Altaba’s final liquidation plan? Featured in Andrew Bary’s Barron’s piece, co-portfolio manager Roy Behren says he expects an April time frame with distributions in May.

With all eyes on SPACs, co-portfolio manager Roy Behren tells The Wall Street Journal that “it raises the issue as to whether or not there is an element of speculative mania.”

Speaking with The Wall Street Journal, co-portfolio manager Roy Behren claims that “there’s a frothy feel to the SPAC universe” as the space continues to attract investors. His insight is featured in Amrith Ramkumar’s piece.

Why is a smaller promote better for public shareholders in a SPAC? Co-portfolio manager Roy Behren explains in Jessica DiNapoli and Joshua Franklin’s Reuters piece, “Analysis-Investors push back on blank-check company insiders’ payout bonanza.”

Joining host Oliver Renick for a live “Market On Close” segment, co-portfolio manager Roy Behren provides an update on the state of the M&A market and examples of deals he finds to be of particular interest at the moment.

“We love the risk/reward of it,” says co-portfolio manager Roy Behren surrounding the rising interest in SPACs seen this year. His commentary is featured in Antoine Gara and Eliza Haverstock’s Forbes piece, “How SPACs Became Wall Street’s Money Tree.”

Could Google be on the road to completing its acquisition of Fitbit? Read co-portfolio manager Roy Behren’s insight on why he’s now more optimistic the deal will close in Max Cherney’s Barron’s piece, “Google Is Getting Closer to Buying Fitbit. Here’s What It Means for Competitors.”

July 2021 Market Commentary  

Portfolio Managers Roy Behren and Mike Shannon offer their insights on recent developments in the merger arbitrage environment.  

In light of recent volatility, we are providing the attached supplement to our quarterly letters regarding our outlook and current opportunity set.  

Rising interest rates have historically, and by definition, reduced the price of fixed income securities, while absolute return strategies such as merger arbitrage typically provide increased rates of return corresponding with the rise in rates. Read the full commentary here.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q2 performance and offer their insights on the global markets in our Q2 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q1 performance and offer their insights on the global markets in our Q1 Quarterly Review for shareholders.

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q4 performance and offer their insights on the global markets in our Q4 Quarterly Review for shareholders.  

Guest author, Westchester Capital’s Managing Director of Strategic Accounts and Investor Relations, Jody Harris Stern, discusses the drivers behind our funds’ Q3 performance and offers her insights on the global markets in our Q3 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q2 performance and offer their insights on the global markets in our Q2 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q1 performance and offer their insights on the global markets in our Q1 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q4 performance and offer their insights on the global markets in our Q4 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q3 performance and offer their insights on the global markets in our Q3 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q2 performance and offer their insights on the global markets in our Q2 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q1 performance and offer their insights on the global markets in our Q1 WCF-Quarterly-Review-Q1-2019-f Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q4 performance and offer their insights on the global markets in our Q4 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q3 performance and offer their insights on the global markets in our Q3 Quarterly Review for shareholders.  

Portfolio Managers Roy Behren and Mike Shannon discuss the drivers behind our funds’ Q2 performance and offer their insights on the global markets in our Q2 Quarterly Review for shareholders.