Water Island Diversified Event-Driven Fund Class R
AEDFX
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USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 1290 Broadway, Suite 1100 Denver CO United States of America 80203
- IPO Date
- Oct 1, 2010
- CIK
- 0001105076
- Website
- arbitragefunds.com
- Similar Companies
- Business
- Water Island Event-Driven Fund Class R (AEDFX) is an open-end mutual fund that seeks capital growth through a multi-strategy, opportunistic approach to event-driven investing, primarily in equity and debt instruments, including high-yield bonds, of companies involved in corporate events such as mergers, acquisitions, and restructurings. The fund employs strategies including merger arbitrage, convertible arbitrage, and capital structure arbitrage to pursue consistent absolute returns with lower volatility and low correlation to broader markets; it offers Class R shares (AEDFX, minimum initial investment $2,000), alongside Institutional Class (AEDNX) and Class A (AGEAX) shares, all managed by Water Island Capital, LLC, with a net expense ratio of approximately 1.73% and total assets under management around $63.55 million. Launched on October 1, 2010, as Water Island Diversified Event-Driven Fund, it is part of The Arbitrage Funds, a Delaware statutory trust domiciled in the United States, with investment operations focused on U.S. and global securities markets and available exclusively to U.S. residents. The fund targets event-driven opportunities across sectors, with recent portfolio allocations including significant holdings in U.S. stocks (approximately 61%), U.S. bonds (17%), cash equivalents (13%), and non-U.S. stocks (6%), exemplified by positions in Frontier Communications Holdings LLC 8.75%, CyberArk Software Ltd., and Morgan Stanley Prime Broker US as of late 2025. Water Island Capital, LLC, founded in 2000 and headquartered at 104 Fifth Avenue, 9th Floor, New York, New York, serves as the investment adviser, with a team led by Gregory Loprete and Roger Foltynowicz since inception, John Orrico since 2018, and Matthew Osowiecki since September 2023. In recent developments, the fund underwent a name change from Water Island Diversified Event-Driven Fund, reflecting its evolution within The Arbitrage Funds family, which also includes the Arbitrage Fund, Water Island Long/Short Fund, and Water Island Credit Opportunities Fund. Water Island Capital promoted Matthew Osowiecki to Co-Chief Investment Officer in 2023, strengthening leadership for its event-driven strategies amid ongoing portfolio management, including positive contributions from merger arbitrage and special situations in Q4 2024. The adviser maintains a contractual fee waiver through September 30, 2025, limiting net expenses, while the firm continues to innovate in event-driven solutions through affiliated vehicles like AltShares ETFs.