{
  "page": "compare",
  "query": {
    "a": "VARCX",
    "b": "HMEAX"
  },
  "retrieved_at": "2026-07-07T19:42:17+00:00",
  "disclaimer": "Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them.",
  "attribution": "Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC.",
  "terms": {
    "notice": "Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed.",
    "url": "https://fundwatcher.app/terms/"
  },
  "fund_a": {
    "name": "First Trust Merger Arbitrage Fund",
    "ticker": "VARCX",
    "slug": "VARCX",
    "series_id": "S000048195",
    "html_url": "https://fundwatcher.app/funds/VARCX/"
  },
  "fund_b": {
    "name": "Nexpoint Merger Arbitrage Fund",
    "ticker": "HMEAX",
    "slug": "HMEAX",
    "series_id": "S000054634",
    "html_url": "https://fundwatcher.app/funds/HMEAX/"
  },
  "overlap": {
    "coverage_a_by_b": "0.3643996275681027068257043557",
    "coverage_b_by_a": "0.3643996275681027068257043557",
    "shared_count": 17,
    "as_of": {
      "a": "2026-03-31",
      "b": "2026-03-31"
    },
    "a_top": [
      {
        "name": "CHART INDUSTRIES INC",
        "value": "111624531.75",
        "weight": "0.06939622",
        "shared": true
      },
      {
        "name": "HOLOGIC INC",
        "value": "84560416.48",
        "weight": "0.05257064",
        "shared": true
      },
      {
        "name": "SEALED AIR CORP",
        "value": "84130233.95",
        "weight": "0.05230320",
        "shared": true
      },
      {
        "name": "MASIMO CORP",
        "value": "71524906.53",
        "weight": "0.04446655",
        "shared": true
      },
      {
        "name": "ELECTRONIC ARTS INC",
        "value": "69357593.35",
        "weight": "0.04311915",
        "shared": true
      },
      {
        "name": "TRI POINTE HOMES INC",
        "value": "62898159.43",
        "weight": "0.03910336",
        "shared": false
      },
      {
        "name": "NATIONAL STORAGE AFFILIATES TRUST",
        "value": "58514737.80",
        "weight": "0.03637822",
        "shared": true
      },
      {
        "name": "AIR LEASE CORP CL A",
        "value": "53135466.56",
        "weight": "0.03303396",
        "shared": true
      },
      {
        "name": "CLEARWATER ANALYTICS HOLDINGS INC",
        "value": "42469960.50",
        "weight": "0.02640329",
        "shared": true
      },
      {
        "name": "TERNS PHARMACEUTICALS INC",
        "value": "40706219.12",
        "weight": "0.02530678",
        "shared": true
      },
      {
        "name": "VERIS RESIDENTIAL INC",
        "value": "38787152.91",
        "weight": "0.02411371",
        "shared": true
      },
      {
        "name": "ONESTREAM INC",
        "value": "36645384.00",
        "weight": "0.02278219",
        "shared": true
      },
      {
        "name": "WEBSTER FINL",
        "value": "29629427.88",
        "weight": "0.01842042",
        "shared": false
      },
      {
        "name": "Zywave_Pfd Equity",
        "value": "27735020.85",
        "weight": "0.01724267",
        "shared": false
      },
      {
        "name": "Centurion Acquisition Corp.",
        "value": "26715610.43",
        "weight": "0.01660891",
        "shared": false
      },
      {
        "name": "DAY ONE BIOPHARMACEUTICALS INC",
        "value": "26371800.32",
        "weight": "0.01639517",
        "shared": false
      },
      {
        "name": "ARCELLX INC",
        "value": "23374366.68",
        "weight": "0.01453169",
        "shared": true
      },
      {
        "name": "Lionheart Holdings - Class A",
        "value": "20835725.25",
        "weight": "0.01295343",
        "shared": false
      },
      {
        "name": "GP-Act III Acquisition Corp. - Class A",
        "value": "20570059.88",
        "weight": "0.01278827",
        "shared": false
      },
      {
        "name": "KENNEDY-WILSON HOLDINGS INC",
        "value": "20562306.36",
        "weight": "0.01278345",
        "shared": true
      },
      {
        "name": "Drugs Made In America Acquisition Corp.",
        "value": "20257524.00",
        "weight": "0.01259397",
        "shared": false
      },
      {
        "name": "LAUNCH ONE ACQUISITION CORP SPECIAL PURPOSE ACQUISITION COMPANIES",
        "value": "19931453.88",
        "weight": "0.01239125",
        "shared": false
      },
      {
        "name": "HERITAGE COMMERCE CORP",
        "value": "17236464.96",
        "weight": "0.01071579",
        "shared": false
      },
      {
        "name": "AMICUS THERAPEUTICS INC",
        "value": "16375704.18",
        "weight": "0.01018066",
        "shared": true
      },
      {
        "name": "Melar Acquisition Corp. I - Class A",
        "value": "13760972.55",
        "weight": "0.00855510",
        "shared": false
      },
      {
        "name": "AGRICULTURE & NATURAL SOLUTI SPECIAL PURPOSE ACQUISITION COMPANIES",
        "value": "13417266.72",
        "weight": "0.00834142",
        "shared": false
      },
      {
        "name": "Legato Merger Corp. III",
        "value": "12989234.86",
        "weight": "0.00807532",
        "shared": false
      },
      {
        "name": "SIM Acquisition Corp. I - Class A",
        "value": "12565752.78",
        "weight": "0.00781204",
        "shared": false
      },
      {
        "name": "APELLIS PHARMACEUTICALS INC",
        "value": "12060109.17",
        "weight": "0.00749769",
        "shared": false
      },
      {
        "name": "BLUE FOUNDRY BANCORP",
        "value": "11350757.92",
        "weight": "0.00705669",
        "shared": false
      },
      {
        "name": "Siddhi Acquisition Corp. - Class A",
        "value": "11342423.22",
        "weight": "0.00705151",
        "shared": false
      },
      {
        "name": "Cantor Equity Partners III Inc. SHS CL A",
        "value": "10687356.31",
        "weight": "0.00664426",
        "shared": false
      },
      {
        "name": "TWO HBRS INVT CORP",
        "value": "10563317.28",
        "weight": "0.00656714",
        "shared": true
      },
      {
        "name": "UMB Money Market Special II",
        "value": "10225191.98",
        "weight": "0.00635693",
        "shared": false
      },
      {
        "name": "Live Oak Acquisition Corp. V - Class A",
        "value": "9855903.20",
        "weight": "0.00612735",
        "shared": false
      },
      {
        "name": "Graf Global Corp. - Class A",
        "value": "9727014.78",
        "weight": "0.00604722",
        "shared": false
      },
      {
        "name": "Vendome Acquisition Corp. I - Class A",
        "value": "9119836.40",
        "weight": "0.00566974",
        "shared": false
      },
      {
        "name": "Drugs Made In America Acquisition II Corp.",
        "value": "9113845.78",
        "weight": "0.00566602",
        "shared": false
      },
      {
        "name": "Soulpower Acquisition Corp. - Class A",
        "value": "9014875.00",
        "weight": "0.00560449",
        "shared": false
      },
      {
        "name": "Mountain Lake Acquisition Corp. - Class A",
        "value": "8855624.70",
        "weight": "0.00550548",
        "shared": false
      },
      {
        "name": "Cantor Equity Partners IV, Inc. - Class A",
        "value": "8761474.09",
        "weight": "0.00544695",
        "shared": false
      },
      {
        "name": "COTERRA ENERGY INC",
        "value": "8183332.92",
        "weight": "0.00508752",
        "shared": true
      },
      {
        "name": "NewHold Investment Corp. III ORD SHS CL A",
        "value": "7980216.13",
        "weight": "0.00496125",
        "shared": false
      },
      {
        "name": "Charlton Aria Acquisition Corp. - Class A",
        "value": "7572971.63",
        "weight": "0.00470807",
        "shared": false
      },
      {
        "name": "Digital Asset Acquisition Corp. - Class A",
        "value": "7486863.36",
        "weight": "0.00465453",
        "shared": false
      },
      {
        "name": "Range Capital Acquisition Corp.",
        "value": "6777099.72",
        "weight": "0.00421328",
        "shared": false
      },
      {
        "name": "SEMRUSH HOLDINGS INC",
        "value": "6440615.10",
        "weight": "0.00400409",
        "shared": true
      },
      {
        "name": "Meshflow Acquisition Corp. - Class A",
        "value": "6389434.50",
        "weight": "0.00397227",
        "shared": false
      },
      {
        "name": "Pyrophyte Acquisition Corp. - Class A",
        "value": "6363605.92",
        "weight": "0.00395621",
        "shared": false
      },
      {
        "name": "BTC Development Corp. ORD SHS CL A",
        "value": "6353030.61",
        "weight": "0.00394964",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "Short-Term Investment",
        "value": "302558532.20",
        "weight": "0.21970196",
        "shared": false
      },
      {
        "name": "HOLOGIC INC",
        "value": "109771798.00",
        "weight": "0.07971046",
        "shared": true
      },
      {
        "name": "CLEARWATER ANALYTICS HOLDINGS INC",
        "value": "94087977.50",
        "weight": "0.06832170",
        "shared": true
      },
      {
        "name": "SEALED AIR CORP",
        "value": "82657685.00",
        "weight": "0.06002163",
        "shared": true
      },
      {
        "name": "ONESTREAM INC",
        "value": "80116968.00",
        "weight": "0.05817669",
        "shared": true
      },
      {
        "name": "AIR LEASE CORP CL A",
        "value": "71619403.70",
        "weight": "0.05200621",
        "shared": true
      },
      {
        "name": "CSG SYSTEMS INTL INC",
        "value": "66842630.40",
        "weight": "0.04853757",
        "shared": false
      },
      {
        "name": "ELECTRONIC ARTS INC",
        "value": "55976585.90",
        "weight": "0.04064723",
        "shared": true
      },
      {
        "name": "SEMRUSH HOLDINGS INC",
        "value": "54362425.98",
        "weight": "0.03947511",
        "shared": true
      },
      {
        "name": "MASIMO CORP",
        "value": "52916325.00",
        "weight": "0.03842503",
        "shared": true
      },
      {
        "name": "ARCELLX INC",
        "value": "41508578.20",
        "weight": "0.03014133",
        "shared": true
      },
      {
        "name": "CHART INDUSTRIES INC",
        "value": "36536860.00",
        "weight": "0.02653113",
        "shared": true
      },
      {
        "name": "TERNS PHARMACEUTICALS INC",
        "value": "34499546.24",
        "weight": "0.02505174",
        "shared": true
      },
      {
        "name": "BRIGHTHOUSE FINANCIAL INC",
        "value": "32837712.96",
        "weight": "0.02384501",
        "shared": false
      },
      {
        "name": "PROASSURANCE CORPORATION",
        "value": "30525986.40",
        "weight": "0.02216635",
        "shared": false
      },
      {
        "name": "TXNM ENERGY INC",
        "value": "29248941.04",
        "weight": "0.02123903",
        "shared": false
      },
      {
        "name": "AMICUS THERAPEUTICS INC",
        "value": "26691424.80",
        "weight": "0.01938190",
        "shared": true
      },
      {
        "name": "WARNER BROS DISCOVERY INC",
        "value": "20595000.00",
        "weight": "0.01495500",
        "shared": false
      },
      {
        "name": "CLEAR CHANNEL OUTDOOR HOLDINGS INC",
        "value": "20108620.50",
        "weight": "0.01460181",
        "shared": false
      },
      {
        "name": "SELECT MEDICAL HLDGS CORP",
        "value": "20080031.40",
        "weight": "0.01458105",
        "shared": false
      },
      {
        "name": "EchoStar Corp",
        "value": "17023635.88",
        "weight": "0.01236166",
        "shared": false
      },
      {
        "name": "COTERRA ENERGY INC",
        "value": "16327449.60",
        "weight": "0.01185613",
        "shared": true
      },
      {
        "name": "TALKSPACE INC CL A",
        "value": "13854613.50",
        "weight": "0.01006049",
        "shared": false
      },
      {
        "name": "TWO HBRS INVT CORP",
        "value": "11089436.68",
        "weight": "0.00805256",
        "shared": true
      },
      {
        "name": "GETTY IMAGES INC SR SECURED 144A 11/30 10.5",
        "value": "10324498.75",
        "weight": "0.00749710",
        "shared": false
      },
      {
        "name": "SEE 7.25 02/15/31 144A",
        "value": "8394041.36",
        "weight": "0.00609531",
        "shared": false
      },
      {
        "name": "VERIS RESIDENTIAL INC",
        "value": "7703734.11",
        "weight": "0.00559404",
        "shared": true
      },
      {
        "name": "INTERRENT REAL E",
        "value": "7457829.53",
        "weight": "0.00541548",
        "shared": false
      },
      {
        "name": "Olaplex 2/22 TL 2/17/2029",
        "value": "5116473.00",
        "weight": "0.00371531",
        "shared": false
      },
      {
        "name": "SEE 6.5 07/15/32 144A",
        "value": "4200782.72",
        "weight": "0.00305039",
        "shared": false
      },
      {
        "name": "ZSCALER INC CFD",
        "value": "2367734.15",
        "weight": "0.00171932",
        "shared": false
      },
      {
        "name": "WALGREENS BOOTS ALLIANCE INC",
        "value": "2075176.84",
        "weight": "0.00150688",
        "shared": false
      },
      {
        "name": "ATRIUM THERAPEUTICS INC",
        "value": "1806795.06",
        "weight": "0.00131200",
        "shared": false
      },
      {
        "name": "Lightwave Acquisition Corp.",
        "value": "1016000.00",
        "weight": "0.00073777",
        "shared": false
      },
      {
        "name": "WBD US 11/21/25 P18 LONG",
        "value": "900000.00",
        "weight": "0.00065353",
        "shared": false
      },
      {
        "name": "KENNEDY-WILSON HOLDINGS INC",
        "value": "805862.78",
        "weight": "0.00058517",
        "shared": true
      },
      {
        "name": "WALMART INC",
        "value": "505261.00",
        "weight": "0.00036689",
        "shared": false
      },
      {
        "name": "DAIWA CAPITAL MARKETS AMERICA INC. SLRPD 3.820% 01/02/2026",
        "value": "505261.00",
        "weight": "0.00036689",
        "shared": false
      },
      {
        "name": "USD/TWD FWD 20251202 ROYCGB2L",
        "value": "474946.00",
        "weight": "0.00034488",
        "shared": false
      },
      {
        "name": "CANTOR FITZGERALD SECURITIES SLRPD 3.850% 01/02/2026",
        "value": "474946.00",
        "weight": "0.00034488",
        "shared": false
      },
      {
        "name": "BLUEPRINT MEDICINES CORP",
        "value": "197068.60",
        "weight": "0.00014310",
        "shared": false
      },
      {
        "name": "SAPIENCE WARRANTS 08/23/2027",
        "value": "174915.72",
        "weight": "0.00012701",
        "shared": false
      },
      {
        "name": "US 2YR NOTE (CBT) MAR26 FINANCIAL COMMODITY FUTURE.",
        "value": "139380.73",
        "weight": "0.00010121",
        "shared": false
      },
      {
        "name": "US ULTRA BOND CBT Sep25",
        "value": "139295.00",
        "weight": "0.00010115",
        "shared": false
      },
      {
        "name": "NATIONAL STORAGE AFFILIATES TRUST",
        "value": "138958.68",
        "weight": "0.00010090",
        "shared": true
      },
      {
        "name": "DBRG US 04/17/26 C16 LONG",
        "value": "98400.00",
        "weight": "0.00007145",
        "shared": false
      },
      {
        "name": "TD TRIPARTY MORTGAGE",
        "value": "97750.00",
        "weight": "0.00007098",
        "shared": false
      },
      {
        "name": "INTEGRATED RAIL AND RESOURCES ACQUISITION CORP WT EXPIRATION: 11/12/26",
        "value": "85353.96",
        "weight": "0.00006198",
        "shared": false
      },
      {
        "name": "Treasury Repurchase Agreement",
        "value": "55901.00",
        "weight": "0.00004059",
        "shared": false
      },
      {
        "name": "EQV Ventures Acquisition Corp Warrant",
        "value": "15502.50",
        "weight": "0.00001126",
        "shared": false
      }
    ]
  },
  "error": null,
  "sources": [
    {
      "label": "N-PORT (fund A)",
      "accession_no": "0001193125-26-236010",
      "as_of": "2026-03-31",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1587982/000119312526236010/0001193125-26-236010-index.htm"
    },
    {
      "label": "N-PORT (fund B)",
      "accession_no": "0002048251-26-004762",
      "as_of": "2026-03-31",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1354917/000204825126004762/0002048251-26-004762-index.htm"
    }
  ]
}