The Merger Fund Institutional Class
MERIX
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- The Merger Fund Institutional Class (MERIX) is an open-end mutual fund that seeks capital growth by engaging in merger arbitrage, investing primarily in publicly announced mergers, acquisitions, takeovers, and other corporate reorganizations globally; the strategy employs long positions in target companies hedged by short sales, put and call options, and derivatives to minimize market correlation and volatility. Core offerings include event-driven equity investments across sectors such as communication services, financials, information technology, industrials, and consumer staples; exposure to cash, cash-and-stock, fixed-exchange-ratio stock, and risk reversal deals; and positions in special purpose acquisition companies (SPACs), with top holdings as of September 30, 2025, encompassing Mr. Cooper Group Inc., Endeavor Group Holdings Inc., Frontier Communications Parent Inc., Kellanova, and CyberArk Software Ltd. The fund maintains approximately 45 long positions and 10 short positions, with an average position size of 2.2%, 99% invested, and short exposure at 17% of net assets, targeting institutional investors with a minimum initial investment of $100,000. Managed by co-portfolio managers Roy Behren and Michael Shannon since January 2007 under subadviser Westchester Capital Management, LLC and adviser Virtus Investment Advisers, Inc., the fund benefits from over 40 years of event-driven expertise, having evaluated more than 10,000 transactions and invested in over 5,000 with a 98% completion rate. Launched in 1989 as the pioneering mutual fund dedicated to merger arbitrage (with Institutional Class shares introduced August 1, 2013), MERIX is headquartered in Valhalla, New York, through its subadviser, and operates primarily in the United States (about 79% regional long exposure) with additional allocations to Europe, Asia ex-Japan, Canada, the United Kingdom, and Mexico; assets under management exceed $2.3 billion as of December 2025. Recent developments include strong year-to-date performance of 6.86% through September 2025, driven by contributions from deals such as Kellanova/Mars Inc., Mr. Cooper Group Inc./Rocket Companies Inc., and Teck Resources Ltd./Anglo American PLC, alongside four deal completions and capital redeployment into nine new situations in Q3 2025; the fund reported 1.92% return in Q3 2025 and maintained 45 transactions with no broken deals as of September end.