{"entity_type":"fund","name":"THE ARBITRAGE FUND","identifiers":{"lei":"5ID2Z4T6QF54X8TFRS62","cik":"1105076","fund_id":"S000006440","fundkey":"the-arbitrage-fund"},"dates":{"reporting_period_start":"2025-11-30","reporting_period_end":"2026-05-31","filing_date":"2026-01-05"},"summary":{"total_positions":102,"total_value_usd":994630519.26,"asset_categories":["DFE","EC","DE","STIV","DBT"],"by_asset_category":{"EC":{"positions":79,"total_value_usd":833813503.7},"DE":{"positions":15,"total_value_usd":8678106.43},"DBT":{"positions":5,"total_value_usd":44862055.77},"STIV":{"positions":2,"total_value_usd":106915050.05},"DFE":{"positions":1,"total_value_usd":361803.31}}},"holdings":[{"issuer_name":"Morgan Stanley & Co. LLC","title":"Morgan Stanley Institutional Liquidity Funds - Government Portfolio","isin":"US61747C7074","value_usd":53457525.05,"pct_val":7.173383702448,"balance":53457525.05,"units":"NS","currency":"USD","asset_cat":"STIV","issuer_cat":"RF","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"State Street Global Advisors","title":"State Street Institutional U.S. Government Money Market Fund","isin":"US8574927062","value_usd":53457525,"pct_val":7.173383695739,"balance":53457525,"units":"NS","currency":"USD","asset_cat":"STIV","issuer_cat":"RF","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Water Island Event Driven Fund","title":"Water Island Event Driven Fund","isin":"US03875R4039","value_usd":33600186.64,"pct_val":4.508757766416,"balance":2618876.59,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"RF","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"CyberArk Software Ltd","title":"CyberArk Software Ltd","isin":"IL0011334468","value_usd":31795879.06,"pct_val":4.266640485894,"balance":69334,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"IL","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Endeavor Group Holdings Inc","title":"Endeavor Group Holdings Inc","isin":"US29260Y1091","value_usd":31634079.75,"pct_val":4.244928883414,"balance":1081507,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"3","payoff_profile":"Long"},{"issuer_name":"Norfolk Southern Corp","title":"Norfolk Southern Corp","isin":"US6558441084","value_usd":29518323.31,"pct_val":3.961018755685,"balance":101059,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Chart Industries Inc","title":"Chart Industries Inc","isin":"US16115Q3083","value_usd":28136330.15,"pct_val":3.775571202668,"balance":137957,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"TXNM Energy Inc","title":"TXNM Energy Inc","isin":"US69349H1077","value_usd":26410983.2,"pct_val":3.54404952858,"balance":451856,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Electronic Arts Inc","title":"Electronic Arts Inc","isin":"US2855121099","value_usd":26012978.74,"pct_val":3.490641917506,"balance":128758,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Veritex Holdings Inc","title":"Veritex Holdings Inc","isin":"US9234511080","value_usd":24527342.7,"pct_val":3.32771676048,"balance":714042,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Comerica Inc","title":"Comerica Inc","isin":"US2003401070","value_usd":23225077.58,"pct_val":3.116537715591,"balance":288941,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Verona Pharma PLC","title":"Verona Pharma PLC","isin":"US9250501064","value_usd":23156903.77,"pct_val":3.141784160591,"balance":218647,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"GB","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Hologic Inc","title":"Hologic Inc","isin":"US4364401012","value_usd":22350656.16,"pct_val":2.999200439736,"balance":298128,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Informatica Inc","title":"Informatica Inc","isin":"US45674M1018","value_usd":22334413.05,"pct_val":3.030193753601,"balance":895885,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"TEGNA Inc","title":"TEGNA Inc","isin":"US87901J1051","value_usd":20596976.96,"pct_val":2.763876904259,"balance":1055173,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Avadel Pharmaceuticals PLC","title":"Avadel Pharmaceuticals PLC","isin":"IE00BDGMC594","value_usd":20575321.13,"pct_val":2.760970941481,"balance":957437,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"IE","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"AvidXchange Holdings Inc","title":"AvidXchange Holdings Inc","isin":"US05368X1028","value_usd":20225504.46,"pct_val":2.744070199692,"balance":2034759,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"GMS Inc","title":"GMS Inc","isin":"US36251C1036","value_usd":19081319.61,"pct_val":2.588834341124,"balance":173577,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Synovus Financial Corp","title":"Synovus Financial Corp","isin":"US87161C5013","value_usd":18860660,"pct_val":2.530883181271,"balance":391300,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Aspen Insurance Holdings Ltd","title":"Aspen Insurance Holdings Ltd","isin":"BMG053845019","value_usd":18676867.95,"pct_val":2.506220406575,"balance":504099,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"BM","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Foot Locker Inc","title":"Foot Locker Inc","isin":"US3448491049","value_usd":18465326.31,"pct_val":2.505260215144,"balance":742922,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"2","payoff_profile":"Long"},{"issuer_name":"WNS Holdings Ltd","title":"WNS Holdings Ltd","isin":"JE00BQC4YW14","value_usd":18354419.7,"pct_val":2.490213098567,"balance":243266,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"JE","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Sealed Air Corp","title":"Sealed Air Corp","isin":"US81211K1007","value_usd":17417341.7,"pct_val":2.337206501309,"balance":405526,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"FRONTIER COMMUNICATIONS","title":"Frontier Communications Holdings LLC","isin":"US35908MAD20","value_usd":16889196.29,"pct_val":2.266335474768,"balance":16155000,"units":"PA","currency":"USD","asset_cat":"DBT","issuer_cat":"CORP","inv_country":"US","fair_val_level":"2","payoff_profile":"Long"},{"issuer_name":"COMMSCOPE LLC","title":"CommScope LLC","isin":"US20338MAA09","value_usd":16000063.12,"pct_val":2.147024051633,"balance":15772000,"units":"PA","currency":"USD","asset_cat":"DBT","issuer_cat":"CORP","inv_country":"US","fair_val_level":"2","payoff_profile":"Long"},{"issuer_name":"Exact Sciences Corp","title":"Exact Sciences Corp","isin":"US30063P1057","value_usd":14905836.4,"pct_val":2.000191438027,"balance":147160,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Cidara Therapeutics Inc","title":"Cidara Therapeutics Inc","isin":"US1717572069","value_usd":14841240.36,"pct_val":1.991523394002,"balance":67497,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Sapiens International Corp NV","title":"Sapiens International Corp NV","isin":"KYG7T16G1039","value_usd":14766008.4,"pct_val":2.003359851863,"balance":344196,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"KY","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Meridianlink Inc","title":"Meridianlink Inc","isin":"US58985J1051","value_usd":14713647.39,"pct_val":1.996255836858,"balance":739751,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Air Lease Corp","title":"Air Lease Corp","isin":"US00912X3026","value_usd":14694310.5,"pct_val":1.971807100325,"balance":229850,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Couchbase Inc","title":"Couchbase Inc","isin":"US22207T1016","value_usd":14693170.14,"pct_val":1.993477611395,"balance":602426,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Olo Inc","title":"Olo Inc","isin":"US68134L1098","value_usd":14655849.75,"pct_val":1.988414213829,"balance":1429839,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Merus NV","title":"Merus NV","isin":"NL0011606264","value_usd":13882616,"pct_val":1.862887054135,"balance":144400,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"NL","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"STAAR Surgical Co","title":"STAAR Surgical Co","isin":"US8523123052","value_usd":12896409.6,"pct_val":1.749704356515,"balance":471360,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Just Eat Takeaway.com NV","title":"Just Eat Takeaway.com NV","isin":"NL0012015705","value_usd":11689079.92,"pct_val":1.585901401556,"balance":495120,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"NL","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Spirent Communications PLC","title":"Spirent Communications PLC","isin":"GB0004726096","value_usd":11410334.87,"pct_val":1.548083013069,"balance":4316000,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"GB","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Verint Systems Inc","title":"Verint Systems Inc","isin":"US92343X1000","value_usd":11154634.96,"pct_val":1.513391245331,"balance":547064,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Teck Resources Ltd","title":"Teck Resources Ltd","isin":"CA8787422044","value_usd":11112799,"pct_val":1.491209538051,"balance":259100,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"CA","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"JDE Peet's NV","title":"JDE Peet's NV","isin":"NL0014332678","value_usd":11102133.17,"pct_val":1.489778306601,"balance":302682,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"NL","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"WK Kellogg Co","title":"WK Kellogg Co","isin":"US92942W1071","value_usd":10932817.08,"pct_val":1.483296379936,"balance":476999,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Akero Therapeutics Inc","title":"Akero Therapeutics Inc","isin":"US00973Y1082","value_usd":10710170.28,"pct_val":1.437181404585,"balance":197023,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Anywhere Real Estate Inc","title":"Anywhere Real Estate Inc","isin":"US75605Y1064","value_usd":9886650,"pct_val":1.326674475024,"balance":693800,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Kenvue Inc","title":"Kenvue Inc","isin":"US49177J1025","value_usd":9846315.85,"pct_val":1.321262096991,"balance":567511,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Just Group PLC","title":"Just Group PLC","isin":"GB00BCRX1J15","value_usd":9611279.18,"pct_val":1.289722884944,"balance":3383000,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"GB","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Avidity Biosciences Inc","title":"Avidity Biosciences Inc","isin":"US05370A1088","value_usd":9373914.6,"pct_val":1.257871294207,"balance":130738,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Integral Ad Science Holding Corp","title":"Integral Ad Science Holding Corp","isin":"US45828L1089","value_usd":9338095,"pct_val":1.253064716749,"balance":908375,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"CSG Systems International Inc","title":"CSG Systems International Inc","isin":"US1263491094","value_usd":9179540.72,"pct_val":1.231788559893,"balance":116536,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Hanesbrands Inc","title":"Hanesbrands Inc","isin":"US4103451021","value_usd":8912016.84,"pct_val":1.209126816993,"balance":1412364,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"McGrath RentCorp","title":"McGrath RentCorp","isin":"US5805891091","value_usd":8751285.84,"pct_val":1.174321691126,"balance":84898,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"SpartanNash Co","title":"SpartanNash Co","isin":"US8472151005","value_usd":8470595.6,"pct_val":1.149237538454,"balance":316067,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Pacific Premier Bancorp Inc","title":"Pacific Premier Bancorp Inc","isin":"US69478X1054","value_usd":8400070,"pct_val":1.139669065259,"balance":343000,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Plymouth Industrial REIT Inc","title":"Plymouth Industrial REIT Inc","isin":"US7296401026","value_usd":8196608.48,"pct_val":1.099890382706,"balance":373592,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":null,"inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Cadence Bank","title":"Cadence Bank","isin":"US12740C1036","value_usd":7682665.92,"pct_val":1.030925214931,"balance":192838,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Qorvo Inc","title":"Qorvo Inc","isin":"US74736K1016","value_usd":7598001.18,"pct_val":1.019564182681,"balance":88462,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"WideOpenWest Inc","title":"WideOpenWest Inc","isin":"US96758W1018","value_usd":7500640,"pct_val":1.006499434525,"balance":1448000,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Dayforce Inc","title":"Dayforce Inc","isin":"US15677J1088","value_usd":7476692.74,"pct_val":1.014391002245,"balance":107162,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Forge Global Holdings Inc","title":"Forge Global Holdings Inc","isin":"US34629L2025","value_usd":7460243,"pct_val":1.001078622746,"balance":168175,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Hillenbrand Inc","title":"Hillenbrand Inc","isin":"US4315711089","value_usd":7457915.04,"pct_val":1.000766237347,"balance":234231,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Jamf Holding Corp","title":"Jamf Holding Corp","isin":"US47074L1052","value_usd":7396722.87,"pct_val":0.992554953443,"balance":572059,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Andlauer Healthcare Group Inc","title":"Andlauer Healthcare Group Inc","isin":"CA0342231077","value_usd":7305024.64,"pct_val":0.991100145971,"balance":188189,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"CA","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Cantaloupe Inc","title":"Cantaloupe Inc","isin":"US1381031061","value_usd":7170678.12,"pct_val":0.972872848714,"balance":659676,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Axalta Coating Systems Ltd","title":"Axalta Coating Systems Ltd","isin":"BMG0750C1082","value_usd":5875350,"pct_val":0.788404249855,"balance":195000,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"BM","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"MEG Energy Corp","title":"MEG Energy Corp","isin":"CA5527041084","value_usd":5089052.32,"pct_val":0.690450853456,"balance":247400,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"CA","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"LUMEN TECHNOLOGIES INC","title":"Lumen Technologies Inc","isin":"US550241AK90","value_usd":5036750,"pct_val":0.675873795681,"balance":5000000,"units":"PA","currency":"USD","asset_cat":"DBT","issuer_cat":"CORP","inv_country":"US","fair_val_level":"2","payoff_profile":"Long"},{"issuer_name":"CHART INDUSTRIES INC","title":"Chart Industries Inc","isin":"US16115QAF72","value_usd":4455331.16,"pct_val":0.597854088872,"balance":4276000,"units":"PA","currency":"USD","asset_cat":"DBT","issuer_cat":"CORP","inv_country":"US","fair_val_level":"2","payoff_profile":"Long"},{"issuer_name":"Skechers USA Inc","title":"Skechers USA Inc","isin":"US8305661055","value_usd":4259351.25,"pct_val":0.571555843843,"balance":259875,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"3","payoff_profile":"Long"},{"issuer_name":"Astria Therapeutics Inc","title":"Astria Therapeutics Inc","isin":"US04635X1028","value_usd":3923372.2,"pct_val":0.526471327877,"balance":310148,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"SEMrush Holdings Inc","title":"SEMrush Holdings Inc","isin":"US81686C1045","value_usd":3726450,"pct_val":0.500046638391,"balance":315000,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Paramount Group Inc","title":"Paramount Group Inc","isin":"US69924R1086","value_usd":3703995.17,"pct_val":0.497033459023,"balance":562063,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":null,"inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"CureVac NV","title":"CureVac NV","isin":"NL0015436031","value_usd":3517350,"pct_val":0.477212093076,"balance":655000,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"NL","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"BOOST NEWCO BORROWER LLC","title":"Boost Newco Borrower LLC","isin":"US36268NAA81","value_usd":2480715.2,"pct_val":0.332883386753,"balance":2336000,"units":"PA","currency":"USD","asset_cat":"DBT","issuer_cat":"CORP","inv_country":"US","fair_val_level":"2","payoff_profile":"Long"},{"issuer_name":"TreeHouse Foods Inc","title":"TreeHouse Foods Inc","isin":"US89469A1043","value_usd":1930622.57,"pct_val":0.259067296255,"balance":80813,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"Core Scientific Inc","title":"Core Scientific Inc","isin":"US21874A1060","value_usd":1685622,"pct_val":0.226191043674,"balance":99800,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Long"},{"issuer_name":"CONTRA CINCOR PHARMA I","title":"CONTRA CINCOR PHARMA I","isin":null,"value_usd":1321292.86,"pct_val":0.179264767875,"balance":339795,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA RESOLUTE FOREST","title":"CONTRA RESOLUTE FOREST","isin":"US761CVR0427","value_usd":1284481.99,"pct_val":0.17236267793,"balance":803806,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA ALBIREO PHARMA","title":"CONTRA ALBIREO PHARMA","isin":null,"value_usd":873639.19,"pct_val":0.117232309604,"balance":313065,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA METSERA INC","title":"CONTRA METSERA INC","isin":null,"value_usd":809712.78,"pct_val":0.108654122207,"balance":164636,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA FLEXION THERAPE","title":"CONTRA FLEXION THERAPE","isin":"US339CVR0115","value_usd":802435.7,"pct_val":0.107677621948,"balance":1411000,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA CONCERT PHARMAC","title":"CONTRA CONCERT PHARMAC","isin":null,"value_usd":801115.31,"pct_val":0.107500440829,"balance":1669338,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA REGULUS THERAPE","title":"CONTRA REGULUS THERAPE","isin":null,"value_usd":604000,"pct_val":0.081049838207,"balance":500000,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"Bristol-Myers Squibb Co","title":"Bristol-Myers Squibb Co","isin":"US1101221570","value_usd":536019.38,"pct_val":0.071927622558,"balance":857631,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA VERVE THERAPEUT","title":"CONTRA VERVE THERAPEUT","isin":"US925CVR0115","value_usd":429913.92,"pct_val":0.057689492813,"balance":660593,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA VERVE THERAPEUT","title":"CONTRA VERVE THERAPEUT","isin":null,"value_usd":419938.97,"pct_val":0.056974698235,"balance":660593,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"Morgan Stanley & Co. LLC","title":"PURCHASED USD / SOLD EUR","isin":null,"value_usd":361803.31,"pct_val":0.048549834004,"balance":1,"units":"NC","currency":null,"asset_cat":"DFE","issuer_cat":null,"inv_country":"US","fair_val_level":"2","payoff_profile":"N/A"},{"issuer_name":"CONTRA ICOSAVAX INC","title":"CONTRA ICOSAVAX INC","isin":null,"value_usd":294515.3,"pct_val":0.039520558633,"balance":802494,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA ABIOMED INC","title":"CONTRA ABIOMED INC","isin":"US003CVR0169","value_usd":261840,"pct_val":0.035135909993,"balance":163650,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA WALGREENS BOOTS","title":"CONTRA WALGREENS BOOTS","isin":"US931CVR0133","value_usd":111253.5,"pct_val":0.014928937375,"balance":205000,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA ADAMAS PHARMACE","title":"CONTRA ADAMAS PHARMACE","isin":null,"value_usd":101142.31,"pct_val":0.01357213222,"balance":1150652,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"CONTRA BLUEPRINT MEDIC","title":"CONTRA BLUEPRINT MEDIC","isin":"US096CVR0480","value_usd":26805.22,"pct_val":0.003596951563,"balance":56349,"units":"NS","currency":"USD","asset_cat":"DE","issuer_cat":null,"inv_country":"US","fair_val_level":"3","payoff_profile":"N/A"},{"issuer_name":"ESC GCI LIBERTY INC SR","title":"ESC GCI LIBERTY INC SR","isin":"US361ESC0496","value_usd":0,"pct_val":0,"balance":660966,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"3","payoff_profile":"Long"},{"issuer_name":"Aspen Technology Inc","title":"Aspen Technology Inc","isin":"US29109X1063","value_usd":0,"pct_val":0,"balance":53275,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"3","payoff_profile":"Long"},{"issuer_name":"ESC PIVOTAL SOFTWARE I","title":"ESC PIVOTAL SOFTWARE I","isin":null,"value_usd":0,"pct_val":0,"balance":319502,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"3","payoff_profile":"Long"},{"issuer_name":"BioNTech SE","title":"BioNTech SE","isin":"US09075V1026","value_usd":-655000,"pct_val":-0.08886631155,"balance":-6550,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"DE","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Kellanova","title":"Kellanova","isin":"US4878361082","value_usd":-836400,"pct_val":-0.11223523953,"balance":-10000,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"BioCryst Pharmaceuticals Inc","title":"BioCryst Pharmaceuticals Inc","isin":"US09058V1035","value_usd":-1313846.66,"pct_val":-0.17630307818,"balance":-182987,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Cenovus Energy Inc","title":"Cenovus Energy Inc","isin":"CA15135U1093","value_usd":-1363731.02,"pct_val":-0.18502251253,"balance":-82000,"units":"NS","currency":null,"asset_cat":"EC","issuer_cat":"CORP","inv_country":"CA","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Skyworks Solutions Inc","title":"Skyworks Solutions Inc","isin":"US83088M1027","value_usd":-1401767.25,"pct_val":-0.18810100797,"balance":-21255,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Pinnacle Financial Partners Inc","title":"Pinnacle Financial Partners Inc","isin":"US72346Q1040","value_usd":-1548566.88,"pct_val":-0.20779982628,"balance":-16891,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Kimberly-Clark Corp","title":"Kimberly-Clark Corp","isin":"US4943681035","value_usd":-2687516.48,"pct_val":-0.3606337349,"balance":-24629,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Huntington Bancshares Inc/OH","title":"Huntington Bancshares Inc/OH","isin":"US4461501045","value_usd":-7779566.2,"pct_val":-1.04392811562,"balance":-477274,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Fifth Third Bancorp","title":"Fifth Third Bancorp","isin":"US3167731005","value_usd":-23435848.46,"pct_val":-3.14482073831,"balance":-539251,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"},{"issuer_name":"Palo Alto Networks Inc","title":"Palo Alto Networks Inc","isin":"US6974351057","value_usd":-29008324.23,"pct_val":-3.89258275747,"balance":-152571,"units":"NS","currency":"USD","asset_cat":"EC","issuer_cat":"CORP","inv_country":"US","fair_val_level":"1","payoff_profile":"Short"}],"source_documents":[{"label":"SEC NPORT-P Filings","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1105076&type=NPORT&dateb=&owner=exclude&count=40"}],"dataset":{"json":"https://dealcharts.org/llm/facts/fund/the-arbitrage-fund.json","page":"https://dealcharts.org/capitalmarkets/funds/the-arbitrage-fund/"},"provenance":{"curator":"CMD+RVL","curator_url":"https://cmdrvl.com","platform":"Dealcharts","platform_url":"https://dealcharts.org/","source":"SEC NPORT-P Public Filings","license":"CC-BY 4.0","license_url":"https://creativecommons.org/licenses/by/4.0/","attribution":"Data curated by CMD+RVL from SEC NPORT-P public filings"},"citation":"Fund: THE ARBITRAGE FUND | LEI: 5ID2Z4T6QF54X8TFRS62 | 102 positions totaling $994,630,519 across DFE, EC, DE, STIV, DBT | Filing: Sun Jan 04 2026 19:00:00 GMT-0500 (Eastern Standard Time) | Source: SEC NPORT-P via Dealcharts.org","updated_at":"2026-01-05"}