MERIX Performance — The Merger Fund, Class I
Data updated: 2026-08-28
MERIX returned +1.59% year to date and +5.04% over one year to Jun 2026. Annualised returns are +6.36% over 3 years and +3.47% over 5 years. The fund trailed its Global Mid-Cap Blend category average: $100 invested three years ago grew to $120, against $147 for the category, and to $105 over one year, against $118. Volatility over the past three years was 1.86% a year. In the 12 months to Jun 2026 the fund took in a net $231.6M, and assets reached $2.53B.
MERIX Growth of $100
What $100 invested in The Merger Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Global Mid-Cap Blend category average over the same months.
| Period | MERIX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $105 | $118 |
| 3 years (Jul 2023 – Jun 2026) | $120 | $147 |
| 5 years (Jul 2021 – Jun 2026) | $119 | $150 |
| Since data start (Jul 2019 – Jun 2026) | $131 | $193 |
MERIX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.59% |
| 1 year | +5.04% |
| 3 years (annualised) | +6.36% |
| 5 years (annualised) | +3.47% |
MERIX Annual Returns
Calendar-year total returns of The Merger Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.59% |
| 2025 | +8.41% |
| 2024 | +3.54% |
| 2023 | +4.51% |
| 2022 | +1.01% |
| 2021 | +0.09% |
| 2020 | +5.17% |
| 2019 (Jul–Dec) | +3.64% |
MERIX 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 | +0.1% | +0.4% | +0.3% | +0.1% | +0.2% | +0.5% | — | — | — | — | — | — |
| 2025 | +0.8% | +1.2% | +0.3% | +1.0% | +0.9% | +0.6% | +1.1% | +0.1% | +0.7% | +0.6% | +0.4% | +0.4% |
| 2024 | −0.1% | 0.0% | +0.6% | −0.9% | +0.4% | +0.6% | +1.6% | +0.2% | 0.0% | +0.2% | +0.1% | +0.8% |
| 2023 | 0.0% | +0.4% | −0.2% | +0.4% | −2.1% | +0.7% | +0.5% | +1.9% | +1.1% | −0.2% | +1.2% | +0.9% |
| 2022 | +0.1% | +0.2% | −0.1% | −0.4% | −0.6% | −0.8% | +1.2% | +0.8% | −0.5% | +1.0% | −0.5% | +0.5% |
| 2021 | +0.6% | +0.7% | −0.4% | +1.3% | +0.3% | −0.9% | −2.4% | +0.2% | +0.5% | −0.1% | −0.1% | +0.4% |
| 2020 | +0.4% | −0.3% | −2.5% | +2.2% | +0.1% | +0.1% | +1.2% | +0.4% | +0.3% | +0.5% | +1.7% | +1.1% |
| 2019 | — | — | — | — | — | — | +1.0% | +0.4% | +0.5% | +0.5% | +0.5% | +0.8% |
MERIX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 1.86%
- 3-year Sharpe ratio: 1.00 (vs 4.5% risk-free rate)
- Best month: +1.93% (Aug 2023)
- Worst month: −0.94% (Apr 2024)
MERIX Fund Flows
Monthly money in and out of The Merger Fund, from SEC Form N-PORT.
- 12-month net flow: $231.6M
- 12-month gross sales (incl. reinvestments): $670.8M
- Sales ÷ redemptions: 1.53×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $43.5M | $31.8M | $11.7M |
| May 2026 | $45.0M | $33.0M | $12.0M |
| Apr 2026 | $47.0M | $30.5M | $16.6M |
| Mar 2026 | $40.5M | $33.4M | $7.1M |
| Feb 2026 | $59.2M | $39.1M | $20.0M |
| Jan 2026 | $54.2M | $47.3M | $6.9M |
| Dec 2025 | $211.1M | $74.5M | $136.6M |
| Nov 2025 | $25.7M | $30.4M | −$4.7M |
| Oct 2025 | $41.6M | $36.5M | $5.1M |
| Sep 2025 | $33.2M | $29.1M | $4.1M |
| Aug 2025 | $33.2M | $28.5M | $4.8M |
| Jul 2025 | $36.7M | $25.3M | $11.4M |
MERIX Assets Under Management
Net assets of The Merger Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $2.53B |
| 2026-03-31 | $2.47B |
| 2025-12-31 | $2.41B |
| 2025-09-30 | $2.42B |
| 2025-06-30 | $2.36B |
| 2025-03-31 | $2.33B |
| 2024-12-31 | $2.32B |
| 2024-09-30 | $2.45B |
| 2024-06-28 | $2.62B |
| 2024-03-28 | $2.76B |
| 2023-12-29 | $2.82B |
| 2023-09-29 | $3.10B |
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.