Basic Stats
Portfolio Value $ 282,811,862
Current Positions 119
Latest Holdings, Performance, AUM (from 13F, 13D)

ARCFX - WATER ISLAND CREDIT OPPORTUNITIES FUND Class R has disclosed 119 total holdings in their latest SEC filings. Most recent portfolio value is calculated to be $ 282,811,862 USD. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed). ARCFX - WATER ISLAND CREDIT OPPORTUNITIES FUND Class R’s top holdings are Spotify USA Inc (US:US84921RAB69) , FRONTIER COMMUNICATIONS HOLDINGS (US:US35908MAD20) , GTCR W-2 Merger Sub LLC (US:US36268NAA81) , CONVERTIBLE ZERO (US:US90353TAJ97) , and Spirit AeroSystems Inc (US:US85205TAR14) . ARCFX - WATER ISLAND CREDIT OPPORTUNITIES FUND Class R’s new positions include Spotify USA Inc (US:US84921RAB69) , FRONTIER COMMUNICATIONS HOLDINGS (US:US35908MAD20) , GTCR W-2 Merger Sub LLC (US:US36268NAA81) , CONVERTIBLE ZERO (US:US90353TAJ97) , and Spirit AeroSystems Inc (US:US85205TAR14) .

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Top Increases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
33.86 33.86 20.4166 20.4166
33.86 33.86 20.4166 20.4166
33.86 33.86 20.4166 20.4166
7.64 4.6087 4.6087
7.64 4.6087 4.6087
7.64 4.6087 4.6087
6.11 3.6817 3.6817
5.21 3.1397 3.1397
5.21 3.1397 3.1397
5.21 3.1397 3.1397
Top Decreases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
-7.03 -4.2384 -4.2384
-7.03 -4.2384 -4.2384
-7.03 -4.2384 -4.2384
3.75 3.75 2.2583 -2.7798
3.75 3.75 2.2583 -2.7798
2.27 1.3671 -1.9470
-0.05 -3.06 -1.8458 -1.8458
-2.52 -1.5200 -1.5200
2.94 1.7757 -1.0138
-0.01 -5.19 -3.1282 -0.8249
13F and Fund Filings

This form was filed on 2025-07-08 for the reporting period 2025-05-31. Click the link icon to see the full transaction history.

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2022-07-28: Important Note - We have changed the treatment of the Δ Portfolio % column in this table. Previously, we were reporting it as the percent change in the portfolio allocation. We are now reporting it as the raw change in the portfolio allocation (still reported as a percent). In formula terms, we were previously reporting it as 100 * (current allocation - prior allocation ) / prior allocation. We are now reporting it as (current allocation - prior allocation).
Security Type Avg Share Price Shares
(MM)		 ΔShares
(%)		 ΔShares
(%)		 Value
($MM)		 Portfolio
(%)		 ΔPortfolio
(%)
MORGAN STANLEY PRIME BROKER US / (000000000) 33.86 33.86 20.4166 20.4166
MORGAN STANLEY PRIME BROKER US / (000000000) 33.86 33.86 20.4166 20.4166
MORGAN STANLEY PRIME BROKER US / (000000000) 33.86 33.86 20.4166 20.4166
H1PE34 / Hewlett Packard Enterprise Company - Depositary Receipt (Common Stock) 7.64 4.6087 4.6087
H1PE34 / Hewlett Packard Enterprise Company - Depositary Receipt (Common Stock) 7.64 4.6087 4.6087
H1PE34 / Hewlett Packard Enterprise Company - Depositary Receipt (Common Stock) 7.64 4.6087 4.6087
US84921RAB69 / Spotify USA Inc 6.77 53.19 4.0793 0.8617
US35908MAD20 / FRONTIER COMMUNICATIONS HOLDINGS 6.73 37.18 4.0599 0.4840
US36268NAA81 / GTCR W-2 Merger Sub LLC 6.11 3.6817 3.6817
US90353TAJ97 / CONVERTIBLE ZERO 5.64 4.15 3.4022 -0.5446
US85205TAR14 / Spirit AeroSystems Inc 5.42 68.31 3.2698 0.9220
BA.PRA / The Boeing Company - Preferred Security 0.08 0.00 5.39 12.42 3.2473 -0.2426
Landsea Homes Corp / DBT (US51509PAA12) 5.21 3.1397 3.1397
Landsea Homes Corp / DBT (US51509PAA12) 5.21 3.1397 3.1397
Landsea Homes Corp / DBT (US51509PAA12) 5.21 3.1397 3.1397
US45784PAK75 / CONV. NOTE 5.15 13.46 3.1058 -0.2011
US538034AV10 / Live Nation Entertainment Inc 5.06 3.0505 3.0505
US222070AE41 / Coty Inc 4.98 3.0048 3.0048
XAC0787FAB85 / Bausch + Lomb Corp 4.95 -0.26 2.9863 -0.6310
US76029LAA89 / Repay Holdings Corp 4.80 1.16 2.8942 -0.5627
US08265TAD19 / CONV. NOTE 4.62 1.16 2.7887 -0.5425
US00971TAL52 / CONV. NOTE 4.33 2.6089 2.6089
US896818AU56 / Triumph Group Inc 4.26 2.5699 2.5699
US63861CAC38 / Nationstar Mortgage Holdings Inc 4.15 2.5016 2.5016
US75737FAE88 / Redfin Corp 4.00 2.4116 2.4116
TXNM / TXNM Energy, Inc. 3.88 2.3380 2.3380
TXNM / TXNM Energy, Inc. 3.88 2.3380 2.3380
TXNM / TXNM Energy, Inc. 3.88 2.3380 2.3380
GVMXX / State Street Institutional Investment Trust - State Street Institutional US Govt Money Market Fnd Premier Cls 3.75 -45.84 3.75 -45.84 2.2583 -2.7798
US61747C7074 / Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class 3.75 -45.84 3.75 -45.84 2.2583 -2.7798
US26826YAB83 / E2open (10/20) T/L 3.42 2.0605 2.0605
BLCO / Bausch + Lomb Corporation 3.41 -0.84 2.0546 -0.4486
US235825AG15 / Dana Inc 3.40 27.86 2.0481 0.1132
US131347CN48 / Calpine Corp 3.27 0.65 1.9742 -0.3962
D1EX34 / DexCom, Inc. - Depositary Receipt (Common Stock) 3.24 -0.12 1.9561 -0.4101
D1EX34 / DexCom, Inc. - Depositary Receipt (Common Stock) 3.24 -0.12 1.9561 -0.4101
D1EX34 / DexCom, Inc. - Depositary Receipt (Common Stock) 3.24 -0.12 1.9561 -0.4101
US30034TAA16 / Everi Holdings Inc. 3.22 0.34 1.9410 -0.3963
US40637HAD17 / CONV. NOTE 3.05 -1.26 1.8401 -0.4110
US98421MAA45 / Xerox Holdings Corp 2.94 -23.09 1.7757 -1.0138
US09239BAD10 / Blackline, Inc., Conv. 2.94 1.59 1.7730 -0.3356
L1MN34 / Lumen Technologies, Inc. - Depositary Receipt (Common Stock) 2.94 1.7707 1.7707
L1MN34 / Lumen Technologies, Inc. - Depositary Receipt (Common Stock) 2.94 1.7707 1.7707
L1MN34 / Lumen Technologies, Inc. - Depositary Receipt (Common Stock) 2.94 1.7707 1.7707
US92343XAC48 / Verint Systems, Inc. 2.86 0.56 1.7220 -0.3466
WT / WisdomTree, Inc. 2.59 3.10 1.5632 -0.2683
WT / WisdomTree, Inc. 2.59 3.10 1.5632 -0.2683
WT / WisdomTree, Inc. 2.59 3.10 1.5632 -0.2683
US374276AJ21 / Getty Images, Inc. 2.45 -2.12 1.4790 -0.3467
US912909AU28 / United States Steel Corp 2.32 -0.39 1.3989 -0.2981
US753422AF15 / Rapid7 Inc 2.30 0.39 1.3849 -0.2816
US404030AJ72 / H+E EQUIPMENT SERVICES COMPANY GUAR 144A 12/28 3.875 2.27 -50.16 1.3671 -1.9470
US92537VAA89 / Vertical Holdco GmbH 2.14 1.2897 1.2897
Surgery Center Holdings Inc / DBT (US86881WAF95) 2.00 -0.20 1.2036 -0.2539
Surgery Center Holdings Inc / DBT (US86881WAF95) 2.00 -0.20 1.2036 -0.2539
Surgery Center Holdings Inc / DBT (US86881WAF95) 2.00 -0.20 1.2036 -0.2539
US84857HAY62 / Spirit AeroSystems Inc 1.98 -0.60 1.1937 -0.2574
US344849AA21 / FOOT LOCKER INC 1.90 1.1457 1.1457
DNB / Dun & Bradstreet Holdings, Inc. 0.20 -8,578.26 1.76 -3,683.67 1.0594 1.1058
US97717PAD69 / WisdomTree Investments, Inc. 1.54 -0.06 0.9316 -0.1951
SWAP MORGAN STANLEY COC / (000000000) 1.44 1.44 0.8683 0.8683
SWAP MORGAN STANLEY COC / (000000000) 1.44 1.44 0.8683 0.8683
SWAP MORGAN STANLEY COC / (000000000) 1.44 1.44 0.8683 0.8683
US82453AAA51 / Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 1.25 0.7522 0.7522
US04624VAB53 / AssuredPartners Inc 1.12 -1.15 0.6730 -0.1498
US004498AB73 / ACI Worldwide Inc 1.06 -0.09 0.6411 -0.1341
US35953DAB01 / fuboTV Inc 0.79 0.89 0.4782 -0.0948
JNPR / Juniper Networks, Inc. 0.02 0.72 0.4333 0.4333
RKT / Rocket Companies, Inc. 0.05 0.59 0.3565 0.3565
Long: WTMSS TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: WTMSS TRS USD P E WTMSS PAY EQUITY / DE (000000000) 0.16 0.0972 0.0972
Long: WTMSS TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: WTMSS TRS USD P E WTMSS PAY EQUITY / DE (000000000) 0.16 0.0972 0.0972
Long: WTMSS TRS USD R V 01MFEDL FEDL01/-40 BPS / Short: WTMSS TRS USD P E WTMSS PAY EQUITY / DE (000000000) 0.16 0.0972 0.0972
SPDR S+P 500 ETF TRUST / DE (000000000) 0.05 0.0300 0.0300
SPDR S+P 500 ETF TRUST / DE (000000000) 0.05 0.0300 0.0300
SPDR S+P 500 ETF TRUST / DE (000000000) 0.05 0.0300 0.0300
HALOZYME THERAPEUTICS INC / DE (000000000) 0.03 0.0151 0.0151
HALOZYME THERAPEUTICS INC / DE (000000000) 0.03 0.0151 0.0151
HALOZYME THERAPEUTICS INC / DE (000000000) 0.03 0.0151 0.0151
LIVE NATION ENTERTAINMENT INC / DE (000000000) 0.01 0.0082 0.0082
LIVE NATION ENTERTAINMENT INC / DE (000000000) 0.01 0.0082 0.0082
LIVE NATION ENTERTAINMENT INC / DE (000000000) 0.01 0.0082 0.0082
FOOT LOCKER INC / DE (000000000) 0.01 0.0038 0.0038
FOOT LOCKER INC / DE (000000000) 0.01 0.0038 0.0038
FOOT LOCKER INC / DE (000000000) 0.01 0.0038 0.0038
ISHARES IBOXX HIGH YIELD COR / DE (000000000) 0.00 0.0012 0.0012
ISHARES IBOXX HIGH YIELD COR / DE (000000000) 0.00 0.0012 0.0012
ISHARES IBOXX HIGH YIELD COR / DE (000000000) 0.00 0.0012 0.0012
ISHARES IBOXX HIGH YIELD COR / DE (000000000) 0.00 0.0006 0.0006
ISHARES IBOXX HIGH YIELD COR / DE (000000000) 0.00 0.0006 0.0006
ISHARES IBOXX HIGH YIELD COR / DE (000000000) 0.00 0.0006 0.0006
RNG / RingCentral, Inc. 0.00 -100.00 0.00 -100.00 0.0062
BLCO / Bausch + Lomb Corporation 0.00 -100.00 0.00 -100.00 0.0231
SURGERY PARTNERS INC / DE (000000000) 0.00 0.0000 0.0000
SURGERY PARTNERS INC / DE (000000000) 0.00 0.0000 0.0000
DANA INC / DE (000000000) 0.00 0.0000 0.0000
SURGERY PARTNERS INC / DE (000000000) 0.00 0.0000 0.0000
DANA INC / DE (000000000) 0.00 0.0000 0.0000
DANA INC / DE (000000000) 0.00 0.0000 0.0000
ATSG / Air Transport Services Group, Inc. 0.00 -100.00 0.00 -100.00 0.7630
ZEVYW / Lightning eMotors, Inc. - Equity Warrant 0.00 -100.00 0.00 0.0000
XRX / Xerox Holdings Corporation Short -0.00 -20.00 -0.01 -43.75 -0.0059 0.0062
SGRY / Surgery Partners, Inc. Short -0.00 -40.00 -0.04 -41.67 -0.0214 0.0225
VRNT / Verint Systems Inc. Short -0.00 -29.41 -0.04 -44.74 -0.0254 0.0305
RPD / Rapid7, Inc. Short -0.00 -40.00 -0.06 -52.59 -0.0332 0.0516
BOEING CO/THE / DE (000000000) -0.06 -0.0343 -0.0343
BOEING CO/THE / DE (000000000) -0.06 -0.0343 -0.0343
BL / BlackLine, Inc. Short -0.00 -0.00 -0.06 15.09 -0.0371 0.0016
Long: JNKMSS TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS TRS USD P E JNK US SWAP/US78468R6229 / DE (000000000) -0.08 -0.0491 -0.0491
Long: JNKMSS TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS TRS USD P E JNK US SWAP/US78468R6229 / DE (000000000) -0.08 -0.0491 -0.0491
Long: JNKMSS TRS USD R V 01MFEDL FEDL 01M/-40.BPS / Short: JNKMSS TRS USD P E JNK US SWAP/US78468R6229 / DE (000000000) -0.08 -0.0491 -0.0491
Long: HYGMSS TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS TRS USD P E HYG US SWAP / DE (000000000) -0.14 -0.0815 -0.0815
Long: HYGMSS TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS TRS USD P E HYG US SWAP / DE (000000000) -0.14 -0.0815 -0.0815
Long: HYGMSS TRS USD R V 01MFEDL HYGMSS TRS USD R V 01MFEDL / Short: HYGMSS TRS USD P E HYG US SWAP / DE (000000000) -0.14 -0.0815 -0.0815
WT / WisdomTree, Inc. Short -0.03 -33.67 -0.31 -31.29 -0.1895 0.1440
LYV / Live Nation Entertainment, Inc. Short -0.00 -0.43 -0.2564 -0.2564
HALO / Halozyme Therapeutics, Inc. Short -0.01 -41.62 -0.57 -44.67 -0.3415 0.4040
BSY / Bentley Systems, Incorporated Short -0.01 -13.04 -0.57 -5.45 -0.3453 0.0960
DXCM / DexCom, Inc. Short -0.01 -17.07 -0.58 -19.48 -0.3518 0.1761
RDFN / Redfin Corporation Short -0.06 -0.58 -0.3524 -0.3524
AKAM / Akamai Technologies, Inc. Short -0.01 -1.00 -0.6043 -0.6043
US26483EAL48 / Dun & Bradstreet Corp/The -2.52 -1.5200 -1.5200
TXNM / TXNM Energy, Inc. Short -0.05 -3.06 -1.8458 -1.8458
UBER / Uber Technologies, Inc. Short -0.04 26.54 -3.29 40.12 -1.9841 -0.2730
PODD / Insulet Corporation Short -0.01 10.00 -4.29 31.31 -2.5869 -0.2067
BA / The Boeing Company Short -0.02 30.30 -4.46 54.70 -2.6876 -0.5884
SPOT / Spotify Technology S.A. Short -0.01 50.00 -5.19 64.13 -3.1282 -0.8249
U.S. Treasury Notes / DBT (US91282CMM00) -7.03 -4.2384 -4.2384
U.S. Treasury Notes / DBT (US91282CMM00) -7.03 -4.2384 -4.2384
U.S. Treasury Notes / DBT (US91282CMM00) -7.03 -4.2384 -4.2384