Water Island Credit Opportunities Fund I (ACFIX)
9.82
-0.01
(-0.10%)
USD |
Mar 18 2026
Returns Chart
Key Stats
| Net Expense Ratio | Total Assets Under Management | Weighted Average Dividend Yield | Turnover Ratio (Generic) |
|---|---|---|---|
| 1.01% | 153.05M | -- | 132.0% |
| 1 Year Fund Level Flows | 1 Year Total Returns (Daily) | Annualized Total Returns Since Inception (Daily) | Max Drawdown (Since Inception) |
| 10.40M | 4.19% |
Basic Info
| Investment Strategy | |
| The Fund seeks to provide current income and capital growth. The Fund invests in debt securities including corporate bonds and debentures, bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Adviser believes have debt-like characteristics. |
| General | |
| Security Type | Mutual Fund |
| Equity Style | -- |
| Broad Asset Class | Taxable Bond |
| Broad Category | Alternative Strategies |
| Global Peer Group | Alternative Credit Focus |
| Peer Group | Alternative Credit Focus Funds |
| Global Macro | Alternative Bond |
| US Macro | Alternative Bond Funds |
| YCharts Categorization | -- |
| YCharts Benchmark | -- |
| Prospectus Objective | Alternative Credit Focus Funds |
| Fund Owner Firm Name | Arbitrage Funds |
| Broad Asset Class Benchmark Index | |
| ^BBUSATR | 100.0% |
Net Fund Flows Versus Peer Group
1 Month
% Rank:
88
-26.65M
Peer Group Low
585.77M
Peer Group High
1 Year
% Rank:
47
10.40M
-817.12M
Peer Group Low
2.206B
Peer Group High
3 Months
% Rank:
73
-142.52M
Peer Group Low
1.391B
Peer Group High
3 Years
% Rank:
52
-751.05M
Peer Group Low
2.377B
Peer Group High
6 Months
% Rank:
73
-481.30M
Peer Group Low
1.783B
Peer Group High
5 Years
% Rank:
54
-1.893B
Peer Group Low
3.904B
Peer Group High
YTD
% Rank:
85
-52.57M
Peer Group Low
1.180B
Peer Group High
10 Years
% Rank:
44
-13.61B
Peer Group Low
5.099B
Peer Group High
Date Unavailable
Risk
Performance Versus Peer Group
Annual Total Returns Versus Peers
As of March 19, 2026.
Asset Allocation
As of November 30, 2025.
| Type | % Net |
|---|---|
| Cash | 2.73% |
| Stock | -13.39% |
| Bond | 93.31% |
| Convertible | 0.00% |
| Preferred | 3.18% |
| Other | 14.18% |
Top 10 Holdings
| Name | % Weight | Price | % Change |
|---|---|---|---|
|
Morgan Stanley Equity Swap
|
13.32% | -- | -- |
| Hologic, Inc. HOLX 3.25 02/15/2029 FIX USD Corporate 144A | 4.65% | 99.85 | 0.36% |
| Frontier Communications Holdings, LLC FRCOMM 8.75 05/15/2030 FIX USD Corporate 144A | 4.21% | 102.85 | 0.11% |
| PROS Holdings, Inc. PROHOL 2.5 07/01/2030 FIX USD Corporate 144A | 4.08% | -- | -- |
| BOOST NEWCO BORROWER, LLC BOOSNEW 01/15/2031 FIX USD Corporate 144A (Called) | 3.85% | 106.74 | 0.13% |
| Sealed Air Corporation SEE 6.125 02/01/2028 FIX USD Corporate 144A | 3.83% | 101.35 | -0.24% |
| CSG Systems International, Inc. CSGS 3.875 09/15/2028 FIX USD Corporate | 3.75% | 120.74 | -0.46% |
| Spotify USA Inc. SPOUSA 03/15/2026 FIX USD Corporate 144A (Matured) | 3.70% | 100.00 | 0.63% |
| Spirit AeroSystems, Inc. OCXCN-SASI 11/15/2030 FIX USD Corporate 144A (Called) | 3.38% | 109.88 | 0.03% |
| EchoStar Corporation ECHO 6.75 11/30/2030 FIX USD Corporate | 3.32% | 101.03 | -0.09% |
Fees & Availability
| Fees | |
| Actual 12B-1 Fee | -- |
| Actual Management Fee | 0.58% |
| Administration Fee | 99.50K% |
| Maximum Front Load | -- |
| Maximum Deferred Load | -- |
| Maximum Redemption Fee | 0.00% |
| General Availability | |
| Available for Insurance Product | No |
| Available for RRSP | No |
| Purchase Details | |
| Open to New Investors |
|
| Minimum Initial Investment | 100000.0 None |
| Minimum Subsequent Investment | 0.00 None |
Basic Info
| Investment Strategy | |
| The Fund seeks to provide current income and capital growth. The Fund invests in debt securities including corporate bonds and debentures, bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Adviser believes have debt-like characteristics. |
| General | |
| Security Type | Mutual Fund |
| Equity Style | -- |
| Broad Asset Class | Taxable Bond |
| Broad Category | Alternative Strategies |
| Global Peer Group | Alternative Credit Focus |
| Peer Group | Alternative Credit Focus Funds |
| Global Macro | Alternative Bond |
| US Macro | Alternative Bond Funds |
| YCharts Categorization | -- |
| YCharts Benchmark | -- |
| Prospectus Objective | Alternative Credit Focus Funds |
| Fund Owner Firm Name | Arbitrage Funds |
| Broad Asset Class Benchmark Index | |
| ^BBUSATR | 100.0% |
Fundamentals
| General | |
| Distribution Yield | -- |
| Dividend Yield TTM (3-17-26) | 4.08% |
| 30-Day SEC Yield | -- |
| 7-Day SEC Yield | -- |
| Number of Holdings | 63 |
| Stock | |
| Weighted Average PE Ratio | 45.92 |
| Weighted Average Price to Sales Ratio | 1.548 |
| Weighted Average Price to Book Ratio | 1.914 |
| Weighted Median ROE | 1.77% |
| Weighted Median ROA | 0.84% |
| ROI (TTM) | 1.27% |
| Return on Investment (TTM) | 1.27% |
| Earning Yield | 0.0235 |
| LT Debt / Shareholders Equity | 0.7512 |
| Number of Equity Holdings | 14 |
| Bond | |
| Yield to Maturity (11-30-25) | 4.01% |
| Effective Duration | 1.00 |
| Average Coupon | 5.00% |
| Calculated Average Quality | 5.569 |
| Effective Maturity | 3.182 |
| Nominal Maturity | 3.769 |
| Number of Bond Holdings | 39 |
As of November 30, 2025
Growth Metrics
| EPS Growth (1Y) | 39.61% |
| EPS Growth (3Y) | -20.30% |
| EPS Growth (5Y) | -2.78% |
| Sales Growth (1Y) | 6.40% |
| Sales Growth (3Y) | -2.55% |
| Sales Growth (5Y) | 5.55% |
| Sales per Share Growth (1Y) | 3.29% |
| Sales per Share Growth (3Y) | 17.51% |
| Operating Cash Flow - Growth Rate (3Y) | -1.97% |
As of November 30, 2025
Top Portfolio Holders
| Name | % Weight |
|---|---|
| Portfolio A | 5.00% |
| Portfolio B | 3.50% |
| Portfolio C | 2.25% |
Excel Add-In Codes
| Name: =YCI("M:ACFIX", "name") |
| Broad Asset Class: =YCI("M:ACFIX", "broad_asset_class") |
| Broad Category: =YCI("M:ACFIX", "broad_category_group") |
| Prospectus Objective: =YCI("M:ACFIX", "prospectus_objective") |
| To find the codes for any of our securities and financial metrics, see our Complete Excel Reference. |