News

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.”

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’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.”

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.

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.

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.”

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.

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.

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 […]

Surrounding recent reports of Tesla going private, Westchester Capital Management’s Roy Behren highlights the lack of arbitrage opportunity and absence of details for traders in Elena Popina and Joshua Fineman’s Bloomberg piece, “Tesla Is Too Risky for These Traders.”

In Bailey McCann’s Wall Street Journal piece, “How Investors Can Cash In on the M&A Boom,” portfolio manager Roy Behren discusses the benefits of companies having cash on hand for investors in merger-arbitrage funds seeking deal completion.

Senior manager research analyst Patricia Oey provides a high-level overview of The Merger Fund (MERFX) amid recent bouts of M&A activity in Morningstar’s video, “2 Merger-Arbitrage Fund Picks.”

Andrew Bary’s Barron’s piece, “Stock Selloff Hurts Arbitrage Traders,” showcases Westchester Capital Management’s Merger Fund (MERFX) as a way to play merger arbitrage and highlights its year-to-date performance against similar funds in the space.

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’ 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.