ACFIX
WATER ISLAND CREDIT OPPORTUNITIES FUND
ARBITRAGE FUNDS

Portfolio concentration

As of February 28, 2026 · N-PORT
Holdings
42
Top-10 weight
41.56%
Effective holdings ?
32
Crowding ?
150.4

Holdings

As of February 28, 2026 · N-PORT
#SecurityTickerSharesValue% of fund
1 MORGAN STANLEY PRIME BROKER US 11,555,950 $11.56M 7.57%
2 Hologic, Inc. 7,500,000 $7.46M 4.89%
3 FYBR 8.75 05/15/30 144A FYBR 6,408,000 $6.61M 4.33%
4 GTLS 7.5 01/01/30 144A GTLS 6,155,000 $6.39M 4.19%
5 Exact Sciences Corporation 6,000,000 $6.23M 4.08%
6 SEE 6.125 02/01/28 144A SEE 6,000,000 $6.08M 3.98%
7 CSG SYSTEMS INTL INC CONV 3.875% 09/15/2028 CSGS 5,000,000 $6.07M 3.98%
8 State Street Navigator Securities Lending Portfolio II GVMXX 5,957,219 $5.96M 3.90%
9 MSILF-GOVT-INS MVRXX 5,957,219 $5.96M 3.90%
10 SATS 6.75 11/30/30 SATS 5,093,000 $5.16M 3.38%
11 LYV 6.5 05/15/27 144A LYV 5,000,000 $5.02M 3.29%
12 CONFLUENT INC ZERO COUPON 01/15/2027 5,000,000 $4.89M 3.20%
13 KENNEDY-WILSON INC SR UNSEC 5.0% 03-01-31 KW 4,959,000 $4.81M 3.15%
14 BSY 0.375 07/01/27 BSY 5,000,000 $4.77M 3.12%
15 NUTANIX INC SR UNSECURED 12/29 0.5 NTNX 5,000,000 $4.60M 3.01%
16 ORGANON / ORGANON 4.125% OGN 4,509,000 $4.43M 2.90%
17 REDFIN CORP SR UNSECURED 04/27 0.5 RDFN 4,500,000 $4.30M 2.81%
18 TXNM ENERGY INC JR SUBORDINA 06/54 5.75 TXNM 3,000,000 $4.03M 2.64%
19 ZSCALER INC SR UNSECURED 144A 07/28 0.0000 ZS 4,000,000 $3.66M 2.40%
20 WESCO Distribution Inc 3,500,000 $3.53M 2.31%
21 TGNA 5 09/15/29 TGNA 3,473,000 $3.47M 2.27%
22 BLCOCN 8 3/8 10/01/28 BLCOCN 3,296,000 $3.42M 2.24%
23 CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.50000000 CCO 3,302,000 $3.33M 2.18%
24 Calpine Corp. 3,303,000 $3.30M 2.16%
25 HALOZYME THERAPEUTICS INC CONV 0.25% 03/01/2027 3,000,000 $3.22M 2.11%
26 Dynavax Technologies Corp. 3,000,000 $3.14M 2.06%
27 BlackLine, Inc. 3,071,000 $3.06M 2.01%
28 TYLER TECHNOLOGIES INC SR UNSECURED 03/26 0.25 TYL 3,000,000 $2.99M 1.96%
29 EMRLD Borrower LP Term Loan B EMECLI 2,714,000 $2.71M 1.77%
30 VRNS 1 09/15/29 VRNS 3,000,000 $2.69M 1.76%
31 Itron, Inc. ITRI 2,500,000 $2.48M 1.62%
32 Rapid7, Inc. 2,500,000 $2.35M 1.54%
33 US STEEL CORP X 2,300,000 $2.30M 1.50%
34 Rand Parent LLC, Term Loan B AAWW 1,994,962 $2.00M 1.31%
35 SURGERY CENTER HOLDINGS REGD 144A P/P 7.25000000 SURCEN 2,000,000 $2.00M 1.31%
36 GTLS 9.5 01/01/31 144A GTLS 1,768,000 $1.86M 1.22%
37 RPD 1.25 03/15/29 RPD 2,125,000 $1.81M 1.18%
38 Gladstone Capital Corp 1,423,000 $1.34M 0.88%
39 KENNEDY-WILSON INC SR UNSEC 4.75% 02-01-30 KW 1,220,000 $1.18M 0.77%
40 SWAP MORGAN STANLEY COC 1,180,000 $1.18M 0.77%
41 CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.75000000 CCO 1,000,000 $1.01M 0.66%
42 PUT SPDR S&P 500 ETF 01/16/2026 P643 200 $18.20K 0.01%
43 SURGERY PARTNERS INC -500 -$7.75K -0.01%
44 RAPID7 INC -6,087 -$37.86K -0.02%
45 Long: JNKMSS TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS TRS USD P E JNK US SWAP/US78468R6229 1,251,695 -$100.08K -0.07%
46 ORGANON & CO -20,300 -$147.99K -0.10%
47 Long: HYGMSS TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS TRS USD P E HYG US SWAP 1,854,000 -$164.00K -0.11%
48 Gladstone Capital Corp GLAD -12,024 -$218.84K -0.14%
49 BENTLEY SYSTEM-B -6,000 -$219.30K -0.14%
50 VARONIS SYSTEMS INC -11,100 -$256.41K -0.17%
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