News

Barron’s

Barron’s reporter Evie Liu highlights The Merger Fund (MERFX) in her article, “You Can Play the Flurry of M&A With Merger Arbitrage Funds. Here’s How They Work,” as she compares its positive performance to the S&P 500’s drop in 2018.

Read Full Article

Barron’s

The Merger Fund’s (MERFX) underlying strategy and average annual return is cited in the Barron’s piece, “Liquid Alternatives: Looking Beyond Stocks and Bonds.”

Barron’s

As Bristol-Myers Squibb – Celgene remains one of the most highly anticipated deals of 2019, Westchester Capital Management’s Roy Behren explains why he believes it will get approval from the ISS in Avi Salzman’s Barron’s article, “Bristol-Myers/Celgene Deal Is About to Face a Crucial Test.”

Read Full Article

Bloomberg Opinion

Co-portfolio manager Roy Behren shares his insight on acquisitions by T-Mobile and Bristol-Myers Squibb with Bloomberg Opinion columnist Tara Lachapelle in her piece, “For Two Huge Deals, Arbitrage Goes Out the Window.”

Read Full Article

Barron’s

The Merger Fund is on pace to have its best year since 2009. Portfolio manager Roy Behren provides his take on factors leading to the Fund’s recent success in Evie Liu’s Barron’s piece, “Tired of Stock Market Volatility? It’s Been a Good Year to Bet on Mergers.”

Read Full Article

According to Sources

As part of the “Merger Masters” series, Westchester Capital Management’s Michael Shannon and Roy Behren discuss recent deals, portfolio structure and their edge over other merger-arb funds with host Michael Samuels on the podcast, According to Sources.

Morningstar

Morningstar’s Director of Manager Research Russel Kinnel offers The Merger Fund as a fund that stands out for having strong performance during periods of a down market in the video, “Fund Winners and Losers During Recent Market Rockiness.”

Kiplinger

Ryan Ermey’s Kiplinger Fund Watch piece, “Merger Fund Takes the Stress Out of Market Swings,” showcases The Merger Fund (MERFX) as a way for investors to remain relatively isolated during bouts of volatility in the market with comparisons of the Fund’s past performance to the S&P 500.

Read Full Article

Barron’s

In Avi Salzman’s Barron’s piece, “Red Hat Stock Points to Wall Street’s Worries Over the IBM Deal,” portfolio manager Roy Behren shares his insight on the deal’s unusually large spread and size of the premium that IBM is paying for Red Hat.

Read Full Article

Barron’s

Westchester Capital Management’s Roy Behren discusses why he believes the $34 billion IBM – Red Hat deal is more expensive than the average acquisition in Avi Salzman’s Barron’s piece, “IBM Is Paying a Rich Price to Acquire Red Hat.”

Read Full Article

The Deal

In Chris Nolter’s The Deal piece, “Dell’s Deal Runs Into More Flak,” Westchester Capital Management’s Roy Behren discusses Dell’s $21.7 billion exchange offer and the lack of support it has received from many DVMT investors.

Read Full Article

Financial Advisor Magazine

Financial Advisor Magazine features portfolio manager Roy Behren’s insights from this year’s Inside Alts Conference on the record levels of M&A activity thus far in 2018 and how a merger arbitrage strategy can help dampen drawdowns in one’s portfolio.

Read Full Article

The Globe and Mail & Financial Post

Following the recent news of Enbridge’s decision to increase its offer to acquire the remaining public equity of Enbridge Energy Partners, Enbridge Energy Management and Enbridge Income Fund Holdings, Westchester Capital Management’s Roy Behren shares his insight with Canadian Press reporter Dan Healing in the piece, “Enbridge raises bids to roll up North American pipeline […]

Read Full Article

WCM Market Update

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

Read Full Article

WCM Market Update

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

Read Full Article

Which Boats will Rise with the Interest Rate Tide?

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.  

Read Full Article

PrivateBancorp Postpones Vote on $3.96 Billion CIBC Bid – Bloomberg Markets

Read Full Article

Understanding Event-Driven Strategies – Financial Advisor

Read Full Article

Westchester Capital Q4 Review

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.  

Read Full Article

Westchester Capital Q3 Review

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.  

Read Full Article

Westchester Capital Q2 Review

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.  

Read Full Article

Westchester Capital Q1 Review

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.  

Read Full Article

Westchester Capital Q4 Review

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.  

Read Full Article

Westchester Capital Q3 Review

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.  

Read Full Article

Westchester Capital Q2 Review

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.  

Read Full Article

Westchester Capital Q1 Review

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.  

Read Full Article