AGCAX Performance — Water Island Credit Opportunities Fund, Class A
Data updated: 2026-09-25
AGCAX returned +2.06% year to date and +4.32% over one year to May 2026. Annualised returns are +5.36% over 3 years and +3.40% over 5 years. The fund trailed its Short-Term Corporate Bond category average: $100 invested three years ago grew to $117, against $122 for the category, and to $104 over one year, against $106. Volatility over the past three years was 1.04% a year. In the 12 months to May 2026 the fund took in a net $1.9M, and assets reached $168.86M.
AGCAX Growth of $100
What $100 invested in Water Island Credit Opportunities Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Short-Term Corporate Bond category average over the same months.
| Period | AGCAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $104 | $106 |
| 3 years (Jun 2023 – May 2026) | $117 | $122 |
| 5 years (Jun 2021 – May 2026) | $118 | $117 |
| Since data start (Sep 2019 – May 2026) | $130 | $127 |
AGCAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.06% |
| 1 year | +4.32% |
| 3 years (annualised) | +5.36% |
| 5 years (annualised) | +3.40% |
AGCAX Annual Returns
Calendar-year total returns of Water Island Credit Opportunities Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +2.06% |
| 2025 | +4.52% |
| 2024 | +5.24% |
| 2023 | +7.03% |
| 2022 | −2.94% |
| 2021 | +3.06% |
| 2020 | +6.55% |
| 2019 (Sep–Dec) | +1.24% |
AGCAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.5% | +0.1% | +0.3% | +0.5% | +0.6% | — | — | — | — | — | — | — |
| 2025 | +0.6% | +0.4% | +0.5% | +0.2% | +0.5% | +0.2% | +0.4% | +0.4% | +0.4% | +0.3% | +0.4% | 0.0% |
| 2024 | +0.4% | +0.4% | −0.1% | +0.3% | +0.7% | +0.6% | +0.5% | +0.8% | +0.6% | +0.2% | +0.3% | +0.5% |
| 2023 | +1.7% | +0.6% | 0.0% | +0.6% | −0.2% | +1.0% | −0.1% | +0.8% | +0.5% | −0.2% | +1.1% | +1.1% |
| 2022 | −0.6% | +0.1% | −0.3% | −1.4% | −0.9% | −2.5% | +1.9% | +0.3% | −0.4% | +0.7% | +1.0% | −0.8% |
| 2021 | +0.3% | +0.7% | +0.1% | +0.6% | −0.1% | +0.3% | −0.1% | +0.2% | 0.0% | +0.3% | +0.1% | +0.5% |
| 2020 | +0.3% | +0.1% | −5.9% | +2.3% | +3.7% | +1.7% | +1.0% | +1.2% | −0.1% | +0.4% | +1.4% | +0.5% |
| 2019 | — | — | — | — | — | — | — | — | +0.2% | +0.1% | +0.5% | +0.5% |
AGCAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 1.04%
- 3-year Sharpe ratio: 0.82 (vs 4.5% risk-free rate)
- Best month: +1.14% (Dec 2023)
- Worst month: −0.22% (Oct 2023)
AGCAX Fund Flows
Monthly money in and out of Water Island Credit Opportunities Fund, from SEC Form N-PORT.
- 12-month net flow: $1.9M
- 12-month gross sales (incl. reinvestments): $56.0M
- Sales ÷ redemptions: 1.04×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $6.5M | $2.1M | $4.4M |
| Apr 2026 | $16.7M | $5.7M | $11.0M |
| Mar 2026 | $2.5M | $2.9M | −$414K |
| Feb 2026 | $2.6M | $7.2M | −$4.6M |
| Jan 2026 | $3.4M | $4.6M | −$1.2M |
| Dec 2025 | $4.9M | $5.1M | −$214K |
| Nov 2025 | $2.2M | $6.2M | −$3.9M |
| Oct 2025 | $4.7M | $5.9M | −$1.3M |
| Sep 2025 | $3.4M | $2.5M | $805K |
| Aug 2025 | $2.1M | $3.2M | −$1.0M |
| Jul 2025 | $4.5M | $4.9M | −$431K |
| Jun 2025 | $2.6M | $3.8M | −$1.2M |
AGCAX Assets Under Management
Net assets of Water Island Credit Opportunities Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $168.86M |
| 2026-02-28 | $152.70M |
| 2025-11-30 | $159.23M |
| 2025-08-31 | $163.24M |
| 2025-05-31 | $165.85M |
| 2025-02-28 | $137.26M |
| 2024-11-30 | $146.53M |
| 2024-08-31 | $146.07M |
| 2024-05-31 | $142.94M |
| 2024-02-29 | $141.07M |
| 2023-11-30 | $124.20M |
| 2023-08-31 | $119.70M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.