News

Coming off of a turbulent 2018, one strategy inspired Envestnet to recognize a new asset class in its annual Asset Manager Awards. Co-portfolio managers Roy Behren and Michael Shannon discuss the Merger Fund’s (MERFX) win in the liquid alternatives category in this ThinkAdvisor piece.

Following Westchester Capital Management’s win in the Liquid Alternatives category at this year’s Envestnet | PMC & Investment Advisor Asset Manager Awards, co-portfolio managers Roy Behren and Michael Shannon discuss their expertise in Janet Levaux’s ThinkAdvisor piece, “Time for a Portfolio Tune-Up?.”

In John Engle’s recent GuruFocus piece, Westchester Capital Management’s seasoned co-portfolio manager Roy Behren identifies risk management, precise deal selection and more as rules for successful merger arbitrage.

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.

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.”

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.”

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.”

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.”

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 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.