# Portfolio overlap — AGEAX vs ARBFX Comparing **Water Island Event-Driven Fund** (2026-02-28) and **THE ARBITRAGE FUND** (2026-02-28). - Shared positions: 56 - Water Island Event-Driven Fund covered by THE ARBITRAGE FUND: 0.7113729432095209638201735831 - THE ARBITRAGE FUND covered by Water Island Event-Driven Fund: 0.7113729432095209638201735832 ## Water Island Event-Driven Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | FYBR 8.75 05/15/30 144A | 0.056161 | ✓ | | JANUS HENDERSON GROUP PLC | 0.047714 | ✓ | | ELECTRONIC ARTS INC | 0.043494 | ✓ | | HOLOGIC INC | 0.042316 | ✓ | | EXACT SCIENCES CORP | 0.041204 | ✓ | | ENDEAVOR GROUP HOLDINGS INC | 0.040026 | ✓ | | WARNER BROS DISCOVERY INC | 0.038804 | ✓ | | SATS 6.75 11/30/30 | 0.037840 | | | PENUMBRA INC | 0.033124 | ✓ | | CHART INDUSTRIES INC | 0.030028 | ✓ | | NORFOLK SOUTHERN CORP | 0.029678 | ✓ | | CONFLUENT INC-A | 0.027763 | ✓ | | TXNM ENERGY INC | 0.026435 | ✓ | | TEGNA INC | 0.025458 | ✓ | | MASIMO CORP | 0.025094 | ✓ | | DIGITALBRIDGE GROUP INC | 0.020456 | ✓ | | GREAT LAKES DREDGE and DOCK CORP | 0.020116 | ✓ | | TRI POINTE HOMES INC | 0.020028 | ✓ | | AIR LEASE CORP CL A | 0.017700 | | | SCHRODERS PLC | 0.017616 | ✓ | | ARCELLX INC | 0.017546 | ✓ | | BLCOCN 8 3/8 10/01/28 | 0.016445 | | | SEALED AIR CORP | 0.016270 | ✓ | | Calpine Corp. | 0.015944 | | | KENNEDY-WILSON INC SR UNSEC 5.0% 03-01-31 | 0.015656 | | | KENVUE INC | 0.015398 | ✓ | | AMICUS THERAPEUTICS INC | 0.013794 | ✓ | | MORGAN STANLEY PRIME BROKER US | 0.013294 | ✓ | | ENHABIT INC | 0.013146 | ✓ | | RPD 1.25 03/15/29 | 0.013133 | | | SKECHERS USA INC CL A | 0.012908 | ✓ | | TGNA 5 09/15/29 | 0.012664 | | | CINEPLEX INC COMMON STOCK | 0.012524 | | | MSILF-GOVT-INS | 0.011038 | ✓ | | State Street Navigator Securities Lending Portfolio II | 0.011038 | ✓ | | JDE PEET'S NV | 0.010902 | ✓ | | GTLS 7.5 01/01/30 144A | 0.010142 | ✓ | | ZIM INTEGRATED SHIPPING SERVICES LTD | 0.010086 | ✓ | | VERIS RESIDENTIAL INC | 0.010069 | ✓ | | WEBSTER FINL | 0.010040 | ✓ | | SILICON LABS | 0.009885 | ✓ | | Gladstone Capital Corp | 0.009796 | | | Bayer Aktiengesellschaft | 0.009473 | | | CAESARS ENTERTAINMENT INC | 0.006240 | | | CLEARWATER ANALYTICS HOLDINGS INC | 0.006203 | ✓ | | PENN ENTERTAINMENT INC | 0.006042 | | | ECHOSTAR CORP CL A | 0.005802 | | | EMRLD Borrower LP Term Loan B | 0.005731 | | | VIKING THERAPEUTICS INC | 0.005479 | | | PACIFIC BIOSCIENES OF CALI INC | 0.005231 | | ## THE ARBITRAGE FUND — top positions | Security | Weight | Shared | |----------|--------|--------| | MSILF-GOVT-INS | 0.080227 | ✓ | | State Street Navigator Securities Lending Portfolio II | 0.080227 | ✓ | | JANUS HENDERSON GROUP PLC | 0.045232 | ✓ | | ELECTRONIC ARTS INC | 0.039352 | ✓ | | ENDEAVOR GROUP HOLDINGS INC | 0.039228 | ✓ | | NORFOLK SOUTHERN CORP | 0.038520 | ✓ | | WARNER BROS DISCOVERY INC | 0.038224 | ✓ | | TXNM ENERGY INC | 0.037597 | ✓ | | CHART INDUSTRIES INC | 0.036969 | ✓ | | HOLOGIC INC | 0.036055 | ✓ | | PENUMBRA INC | 0.034971 | ✓ | | EXACT SCIENCES CORP | 0.033448 | ✓ | | Water Island Event Driven Fund | 0.032709 | | | TEGNA INC | 0.030078 | ✓ | | CONFLUENT INC-A | 0.027181 | ✓ | | MORGAN STANLEY PRIME BROKER US | 0.023337 | ✓ | | MASIMO CORP | 0.022014 | ✓ | | SCHRODERS PLC | 0.021885 | ✓ | | TRI POINTE HOMES INC | 0.021871 | ✓ | | FYBR 8.75 05/15/30 144A | 0.020169 | ✓ | | GREAT LAKES DREDGE and DOCK CORP | 0.019449 | ✓ | | ARCELLX INC | 0.017110 | ✓ | | WEBSTER FINL | 0.017009 | ✓ | | DIGITALBRIDGE GROUP INC | 0.016699 | ✓ | | SEALED AIR CORP | 0.016050 | ✓ | | JDE PEET'S NV | 0.013730 | ✓ | | STELLAR BANCORP INC | 0.013516 | ✓ | | KENVUE INC | 0.013141 | ✓ | | AMICUS THERAPEUTICS INC | 0.013064 | ✓ | | PEAKSTONE REALTY | 0.012134 | | | ENHABIT INC | 0.009788 | ✓ | | VERIS RESIDENTIAL INC | 0.009764 | ✓ | | KENNEDY-WILSON HOLDINGS INC | 0.009733 | | | VENTYX BIOSCIENCES INC | 0.009728 | ✓ | | ZIM INTEGRATED SHIPPING SERVICES LTD | 0.009725 | ✓ | | SILICON LABS | 0.009685 | ✓ | | GTLS 7.5 01/01/30 144A | 0.009518 | ✓ | | AXALTA COATING SYSTEMS LTD | 0.007921 | | | RAPT THERAPEUTICS INC | 0.007071 | ✓ | | SKECHERS USA INC CL A | 0.005158 | ✓ | | CLEARWATER ANALYTICS HOLDINGS INC | 0.004921 | ✓ | | ALEXANDER & BALD | 0.004502 | ✓ | | RESOLUTE FST CVR | 0.001448 | ✓ | | Bristol-Myers Squibb Company | 0.001168 | ✓ | | CONTRA ALBIREO PHARMA | 0.001083 | ✓ | | PFIZER INC CVR | 0.001004 | ✓ | | FLEXION THERAPEUTICS INC - CVR CONTINGENT VALUE RIGHT | 0.000995 | | | CONTRA CONCRT PHRMC | 0.000993 | ✓ | | Regulus Therapeutics, Inc., CVR | 0.000749 | | | AVADEL PHARMACEUTICALS PLC | 0.000745 | ✓ | ## Sources - N-PORT (fund A) — accession `0001410368-26-040979` (as of 2026-02-28) - N-PORT (fund B) — accession `0001410368-26-040981` (as of 2026-02-28) --- _Informational only — not investment advice. 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