News

There are still about $200 billion of pending U.S. mergers set to close, says co-portfolio manager Roy Behren. Read more of his insight in Andrew Bary’s Barron’s piece, “Merger Arbs Are Confident Despite Whispers on Tiffany Deal.”

Although the mall sector has felt the negative effects of the pandemic, co-portfolio manager Roy Behren believes the Simon Property Group – Taubman Centers merger agreement is extremely tight, making the deal less likely to fall apart. Watch his segment on CNBC Fast Money where he discusses further.

Managing member and co-portfolio manager Roy Behren shares his current stance on Simon Property Group’s acquisition of Taubman Centers with Wall Street Journal’s Julie Steinberg and Ben Dummett in the piece, “Short the Target: The Specialist Funds Betting M&A Deals Won’t Close.”

How has MERFX held up in the recent market drop? See what co-portfolio manager Roy Behren had to say about the Fund’s performance and what it does with its cash in the event of slower deal activity in Retired Investor’s Seeking Alpha piece, “Westchester Capital’s Merger Fund: The Merger Fund Allows Investors To Add A Merger Arbitrage Strategy To Their Portfolio.”

As a result of the new market environment, co-portfolio manager Roy Behren notes the deals he’s keeping a closer eye on in Jef Feeley and Joshua Fineman’s Bloomberg piece, “Exiting Billion-Dollar Deals Over Coronavirus Spurs Big Court Fights.”

Andrew Bary’s Barron’s piece, “Merger Arbitrage Bets Have Steadied as Stocks Bounce Back,” features commentary from co-portfolio manager Roy Behren on the attractiveness of the arbitrage market and deals he believes will still reach completion despite elevated coronavirus concerns

The coronavirus has impacted M&A in more ways than one. Co-portfolio manager Roy Behren explains how he’s “never seen panic like this coming out of merger arbitrage spreads” in Greg Roumeliotis and Megan Davies’ Reuters article, “Coronavirus sows doubt over corporate acquirers coming through.”

“This is one of those seminal situations in merger arb history,” says Westchester Capital Management’s co-portfolio manager Roy Behren. Read more of his insight on the Sprint – T-Mobile deal in Tara Lachapelle’s Bloomberg Opinion piece, “Sprint’s Floundering Stock Cannot Tell a Lie.”

Looking for a fund with low volatility? Investor’s Business Daily’s Matt Krantz highlights The Merger Fund’s (MERFX) performance during the financial crisis relative to the S&P 500’s 57% drop in his article, “Did You Miss The TD Ameritrade-Schwab $8 Bil One-Day Pop? Catch The Next Deal.”

Brendan Pedersen of Kiplinger showcases the benefits of merger arbitrage funds in his piece on November 1, 2019. Featuring commentary from co-portfolio manager Roy Behren, Pedersen reflects on M&A activity over the past year and outlook for the strategy.

Why MERFX? Josh Ortner’s Seeking Alpha piece, “MERFX Provides Investors A Market Arbitrage Opportunity,” highlights The Merger Fund’s consistent performance over the last three decades and low correlation to equities through its underlying strategy of merger arbitrage.

Leslie Norton of Barron’s highlights The Merger Fund’s (MERFX) 30 years of success as well as insight from co-portfolio managers Roy Behren and Michael Shannon on deals they believe are inefficiently priced in the article, “Market Volatility Got You Nervous? The Merger Fund Might Be the Answer.”

WealthManagement.com’s Brad Zigler discusses Westchester Capital Management’s Merger Fund (MERFX) as a fund that has been relatively neutral over the last three years of market unpredictability in his piece, “Dodging the Beta Bullet.”

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’ 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.  

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 Quarterly Review for shareholders.