ATQFX — Water Island Long/Short Fund
Data updated: 2021-10-21
ATQFX — Water Island Long/Short Fund. Money Market · $3.44M AUM · 1.97% expense ratio · 42.2% 1-yr return. Holdings, fees, performance and SEC filings.
ATQFX Fund Overview
ATQFX — Water Island Long/Short Fund is a US mutual fund managed by Arbitrage Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Arbitrage Funds
- Category: Money Market
- Assets under management: $3.44M
- 1-year return: 42.2%
- Ticker: ATQFX
- SEC CIK: 0001105076
- SEC series ID: S000047725
- Share class ID: C000149945
ATQFX Investment Objective and Strategy
Water Island Long/Short Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Arbitrage Funds.
Investment objective
The Fund seeks to achieve capital appreciation.
Principal investment strategy
"The Fund seeks to profit from investing in securities of companies whose stock price trades significantly higher or lower from where the investment adviser (the ""Adviser"") believes it should trade. The Adviser believes such differences may occur when news and events create misperception of a company's correct stock price. Examples of such news and events, which the Fund refers to as ""investment opportunities,"" include, but are not limited to: changes in industry or sector fundamentals, announcements or potential announcements of restructurings (bankruptcies, spinoffs, and asset sales), mergers and acquisitions, earnings results and outlook, regulatory changes and litigation. The Adviser's investment approach is to identify these differences and to tactically purchase or sell short such securities in order to achieve the Fund's objective.
The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. In certain circumstances, the Adviser may seek to proactively engage with company management to address opportunities that may further unlock value or discuss concerns. In order to meet its investment objective, the Fund will invest in a portfolio of securities including: equities, debt (such as corporate bonds, debentures, notes and other similar instruments), warrants, distressed, high-yield (these are referred to as junk bonds), convertible, preferred, when-issued, and other securities the Adviser believes will further its investment objective. The Fund may also invest in derivatives. The principal types of derivatives in which the Fund may invest are options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures.
Furthermore, the Fund may invest in instruments, such as exchange traded funds (""ETFs""), exchange traded notes (""ETNs"") and commodities. Under normal circumstances, the Fund invests at least 80% of the value of its net assets (including borrowings for investment purposes) in equity securities, such as common stock, preferred stock and securities convertible into such stock, and other instruments that have economic characteristics similar to equity securities. The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of investment opportunities are occurring within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.
The Fund is not limited with respect to issuer, geography, market capitalization, credit quality, sector or industry and the Fund is non-diversified as defined by the Investment Company Act of 1940, as amended (the ""1940 Act""). In addition, the Fund may invest in cash or cash equivalents, money market funds, or money market instruments such as Treasury bills and other short-term obligations of the United States Government, its agencies or instrumentalities and prime commercial paper. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies."
ATQFX Performance
Total returns for ATQFX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 42.2% |
ATQFX Risk Information
Risk metrics for ATQFX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 16.6%
ATQFX Costs and Fees
ATQFX costs about $197 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.97%
- Gross expense ratio: 12.84%
- Portfolio turnover: 577%
- Brokerage commissions: 49.63 bps of average net assets (SEC N-CEN)
ATQFX Cashflows
Over the 12 months to 2021-08, Water Island Long/Short Fund had net inflows of $1.04M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-08 | −$114.30K |
| 2021-07 | $2.33K |
| 2021-06 | $1.25K |
| 2021-05 | −$98.78K |
| 2021-04 | $36.55K |
| 2021-03 | $82.46K |
ATQFX Debt Constituents
No individual debt constituents are reported in Water Island Long/Short Fund's latest SEC N-PORT filing.
ATQFX Prospectus and SEC Filings
Official Water Island Long/Short Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-09-30
- Prospectus (485BPOS) — filed 2019-10-21
- Prospectus supplement (497) — filed 2019-03-25
- Portfolio holdings (N-PORT) — filed 2021-10-21
- Portfolio holdings (N-PORT) — filed 2021-07-06
- Portfolio holdings (N-PORT) — filed 2021-04-26
- Annual census (N-CEN) — filed 2021-08-11
- Annual census (N-CEN) — filed 2020-08-11
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.