Sub Index - Merger Arbitrage

Merger Arbitrage are those managers looking to exploit deal spreads in announced transactions. Funds in this category will typically focus on announced deal transactions (at least 90% of risk) and will seldom invest in other event based situations. When considering the basis risk inherent in the trades, Merger Arbitrage tends to have the lowest basis with positions generally fully hedged, with the aim of isolating the M&A premium. Looking through the lens of duration, merger arbitrage tends to be a relatively low duration strategy, with managers trading only announced deals where there is typically a defined timeline for the event (typically a few weeks to a few months). Leverage is typically high for this cohort of managers given their broadly market neutral portfolio constructs, and is often a function of the attractiveness of merger spreads.

Strategy AUM
31 December 2023
£2.6b
-34.2% YoY

Performance

Monthly Returns

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2024 -0.5 -0.1 -0.5
2023 -0.3 -0.3 -0.2 -0.2 -2.3 0.9 0.2 1.3 0.8 -0.6 1.4 0.7 1.5
2022 -0.7 0.4 0.2 -0.6 -1.4 -0.7 1.2 0.9 -0.8 1.1 -0.7 0.3 -1.0
2021 1.1 1.0 -0.3 1.4 0.5 0.1 -1.1 0.8 0.1 0.3 -0.4 0.5 4.1
2020 0.2 -0.4 -7.8 4.0 -0.2 -0.3 0.9 -0.1 0.4 0.8 2.1 1.1 0.4
2019 0.9 0.2 0.5 0.2 -0.9 -0.1 0.5 0.0 0.2 0.7 0.4 0.8 3.4
2018 0.6 -0.2 -1.0 -0.2 1.2 0.6 -0.6 0.3 0.2 -0.4 1.5 -0.7 1.3
2017 -0.6 0.3 0.2 0.9 0.2 0.4 0.0 -0.4 0.1 -0.1 -0.8 0.1 0.3
2016 0.3 0.3 1.0 -0.6 -0.3 -0.4 -0.2 0.1 0.2 -0.5 0.8 0.5 1.1
2015 0.4 0.9 0.1 0.1 0.8 -0.7 -0.5 -0.9 -0.7 0.5 -0.4 0.3 0.0
2014 0.0 0.6 -0.1 0.0 0.1 0.7 -0.4 0.4 -0.9 -0.9 0.6 0.4 0.5
2013 0.1 0.2 0.7 0.1 0.9 -0.2 0.5 0.0 0.3 0.2 0.0 0.3 3.4
2012 0.4 0.9 -0.1 0.1 -1.2 0.5 0.0 0.2 -0.3 -1.4 0.5 1.2 0.8
2011 0.1 -0.4 0.1 1.0 0.4 -0.5 -1.3 -1.9 -0.4 2.1 0.4 0.0 -0.6
2010 0.4 0.3 0.1 0.2 -0.4 0.6 2.1 0.6 1.5 -0.2 -0.2 0.5 5.6
Show all
  • Region Global
  • Currency Local Currency
  • Frequency Monthly Rebalancing
  • Methodology Equally Weighted
  • Download Index Return Series

Index Constituents

Filter by:
Name Inception Date Geography AUM AMC Perf. Fee Hurdle Min Inv. Liquidity MTD YTD 2023 1W 1M 3M 6M 1Y 2Y 3Y ISIN Liquidity Domicile Inv. Adviser Portfolio Manager UN PRI Signatory Companywide ESG Policy SFDR ESG Data Integration Active Ownership ESG Exclusion List Return Consistency
Percentile Rank
Performance
Percentile Rank
Diversifier
Percentile Rank
Downside Protection
Percentile Rank
Low Risk
Percentile Rank
Alpine Merger Arbitrage Fund Jul 2018 Global £136m 1.00% 20% No 1,000,000 Daily -3.4 0.1 -0.1 -0.7 -1.9 0.5 1.1 -4.7 -1.6 IE00BG7PPQ01 Daily Ireland Alpine Associates Management Robert E. Zoellner, Jr Yes No Article 6 No N/A Yes 29 47 69 68 33
Amundi Tiedemann Arbitrage Strategy Feb 2013 Global £918m 1.40% 20% 100,000 Daily -0.9 8.3 -0.3 0.0 1.9 4.2 7.9 7.7 10.4 IE00B905SX62 Daily Ireland TIG Advisors LLC Drew Figdor Article 6 91 76 53 67 90
Candriam Equities L Risk Arbitrage Opportunities Mar 2021 Global £43m 1.00% 20% Yes 0 Daily 0.9 -0.3 0.7 1.1 1.8 2.9 2.2 -1.6 LU2223683918 Daily Luxembourg Candriam Fabienne Cretin, Stéphane D... Yes Yes Article 6 No Yes Yes
Carmignac Portfolio Merger Arbitrage Apr 2023 Global £152m 0.60% 20% Yes 0 Daily 0.3 0.0 0.2 0.7 1.8 LU2585800878 Daily Luxembourg Carmignac Gestion Stéphane Dieudonné, Fabienn... Yes Yes Article 8 Yes Yes N/A
Carmignac Portfolio Merger Arbitrage Plus Apr 2023 Global £96m 0.95% 20% No 0 Daily -0.2 -0.1 0.0 0.1 1.3 LU2585801330 Daily Luxembourg Carmignac Gestion Stéphane Dieudonné, Fabienn... Yes Yes Article 8 Yes Yes N/A
First Private Systematic Merger Opportunities Apr 2020 Global £9m 0.75% 10% Yes 250,000 Daily 0.3 1.2 -0.1 0.1 0.8 1.3 2.4 3.8 3.5 DE000A0Q95G3 Daily Germany First Private Investment Ma... No Yes Article 6 No Yes Yes 61 49 91 61 89
Franklin K2 Bardin Hill Arbitrage UCITS Fund Sep 2019 Global £82m 1.25% 12.5% 5,000,000 Daily 0.5 -0.3 5.2 -0.3 -0.1 1.4 3.3 5.3 7.7 11.7 LU2039784561 Daily Luxembourg Bardin Hill Investment Part... Gian Maria Magrini Article 6 93 72 44 62 95
GAMCO Merger Arbitrage Oct 2011 Global £487m 1.00% 20% 100,000 Daily -0.5 4.4 0.0 0.5 1.5 2.3 4.2 6.8 9.6 LU0687944552 Daily Luxembourg GAMCO Investors Ralph Rocco , Mario Gabelli Article 6 91 75 37 47 91
Laffitte Risk Arbitrage UCITS Dec 2007 Global £6m 1.40% 15% 150,000 Daily 0.6 1.6 0.0 0.5 1.2 2.2 3.1 -0.4 3.1 LU1602251818 Daily Luxembourg Laffitte Capital Management 36 40 51 48 78
Man GLG Event Driven Alternative Jul 2019 Global £619m 1.00% 20% No 1,000,000 Daily 0.2 5.9 -0.2 0.5 1.3 2.3 4.4 8.3 12.4 IE00BJJNGV56 Daily Ireland Man Group Plc Michael Zhu, Robert Lachmayer No Yes Article 6 No N/A N/A 99 76 55 71 99
MontLake Abrax Merger Arbitrage UCITS Fund Jul 2019 Global £4m 1.50% 15% No 100,000 Daily -0.5 -13.2 2.0 -0.4 -11.1 -22.9 -27.0 IE00BZ00XJ42 Daily Ireland AUM Asset Management Ltd Xavier Robinson No Yes Article 8 Yes No Yes 7 4 51 35 17
Displaying 1 - 11 of 11 funds. View all

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Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.