# THE ARBITRAGE FUND

THE ARBITRAGE FUND is a registered fund series of ARBITRAGE FUNDS (series S000006440). Net assets $845.0M as of 2026-05-31.

## Profile

- Series ID: S000006440
- Registrant: ARBITRAGE FUNDS
- LEI: 5ID2Z4T6QF54X8TFRS62
- Net assets: $845.0M
- Total assets: $907.3M
- As of: 2026-05-31

## Advisers

- [Water Island Capital, LLC (Advisor)](https://search.stillhousedata.com/firm/113358)

## Top holdings (95 reported)

_Showing 15 of 95 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [State Street Global Advisors](https://search.stillhousedata.com/security/857492706) | — | $66.9M | 792.00% |
| [Morgan Stanley & Co. LLC](https://search.stillhousedata.com/security/61747C707) | — | $66.9M | 792.00% |
| MORGAN STANLEY PRIME BROKER US | — | $57.2M | 676.91% |
| Janus Henderson Group PLC | — | $39.9M | 471.81% |
| [Electronic Arts Inc](https://search.stillhousedata.com/security/285512109) | — | $39.5M | 467.73% |
| [Norfolk Southern Corp](https://search.stillhousedata.com/security/655844108) | — | $36.3M | 429.25% |
| [TXNM Energy Inc](https://search.stillhousedata.com/security/69349H107) | — | $35.3M | 417.25% |
| [Chart Industries Inc](https://search.stillhousedata.com/security/16115Q308) | — | $34.8M | 411.33% |
| [Warner Bros Discovery Inc](https://search.stillhousedata.com/security/934423104) | — | $33.2M | 392.65% |
| [Endeavor Group Holdings Inc](https://search.stillhousedata.com/security/29260Y109) | — | $33.1M | 391.68% |
| [Penumbra Inc](https://search.stillhousedata.com/security/70975L107) | — | $30.3M | 358.22% |
| Schroders PLC | — | $28.6M | 338.38% |
| [Water Island Event Driven Fund](https://search.stillhousedata.com/security/03875R403) | — | $27.3M | 322.58% |
| [Masimo Corp](https://search.stillhousedata.com/security/574795100) | — | $27.0M | 319.85% |
| [Webster Financial Corp](https://search.stillhousedata.com/security/947890109) | — | $26.7M | 315.75% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-05-31 | $845.0M |
| 2026-02-28 | $810.9M |
| 2025-11-30 | $745.2M |
| 2025-08-31 | $737.1M |
| 2025-05-31 | $718.8M |
| 2025-02-28 | $941.3M |
| 2024-11-30 | $929.9M |
| 2024-08-31 | $940.2M |

## More

- [Registrant: ARBITRAGE FUNDS](https://search.stillhousedata.com/registrant/1105076)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000006440.md)
- [Search all SEC filings, advisers and people on Adviser Search](https://search.stillhousedata.com/)

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Source: public SEC filing data via Adviser Search (https://search.stillhousedata.com).
Agents: this data is also queryable via MCP tools and read-only SQL — see https://search.stillhousedata.com/llms.txt.