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First Trust Merger Arbitrage Fund Class I VARBX

NAVChangeNet Expense RatioYTD Return
YTD Return is adjusted for possible sales charges, and assumes reinvestment of dividends and capital gains.
$11.150 (0.00%)1.84%5.50%
Quote data as of close 11/26/2025As of 10/31/2025

Regional Holdingsas of 06/30/2025

  0%
•
100.0%
North America
•
0.0%
Latin America
•
0.0%
Europe
•
0.0%
Asia
•
0.0%
Africa
•
0.0%
South Pacific
Regional Holdings is calculated only using the long position holdings of the portfolio.
Portfolio Overview
Total Assets$1.6B
Total Holdings35
Total Holdings (Long)23
Total Holdings (Short)12
Portfolio Turnover403%
VARBX has a Diversified Portfolio

Holdings Details

•
40.7% Category Average
•
96.2% Top Ten Holdings
Top 10 Holdings as of 06/30/2025
Symbol
Description
% of Net Assets
MVRXXMorgan Stanley Instl Lqudty Go...
  • 24.21%
  •  
--Dun & Bradstreet Holdings Inc ...
  • 11.22%
  •  
--SpringWorks Therapeutics Inc O...
  • 10.46%
  •  
--Skechers USA Inc Class A
  • 10.33%
  •  
KKellanova
Consumer Staples
  • 8.40%
  •  
--Enstar Group Ltd
  • 7.40%
  •  
--Umb Money Market Ii Special
  • 6.99%
  •  
--Blueprint Medicines Corp
  • 6.78%
  •  
--The AZEK Co Inc Class A
  • 6.33%
  •  
--AvidXchange Holdings Inc
  • 4.03%
  •  
% of portfolio in top 10 holdings: 96.15%
Country Breakdown as of 06/30/2025
Country
% of Assets
United States
100.00% 
 
% of portfolio country: 100.00%
Country Breakdown is calculated only using the long position holdings of the portfolio.
Portfolio Breakdown as of 06/30/2025
Asset Breakdown Chart
 %Long%Short%Net
•
Domestic Stock
72.177.2664.91
•
Cash
31.200.0031.19
•
Other
3.900.003.90
Non-U.S. assets may include holdings that do not include a country identifier.
Market Capitalization
Pie Graph
•
Small Cap
76.3%
•
Micro Cap
12.1%
•
Mid Cap
11.7%

Avg. Market Cap: $5,813.26M
Market Capitalization is calculated only using the long position holdings of the portfolio.
Sector Weightings – Stocks
Pie Graph
•
Industrials
24.4%
•
Health Care
23.9%
•
Consumer Disc
17.1%
•
Financials
16.4%
•
Consumer Staples
12.2%
•
Energy
3.1%
•
Real Estate
1.9%
•
Information Tech
1.1%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
Sector Weightings – Fixed Income
Pie Graph
•
Cash & Equivalents
100.0%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
 
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  • Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can view, download, and print a prospectus by selecting the "View Prospectus" link at the top of the page. If there are remaining questions, please call 1-800-435-4000. Please read the prospectus carefully before investing.
  • Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. (Each share class is counted as a fraction of 1 fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
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  • Market data for Daily Fund (NAVs) and charts facilitated by Fincentric™.
(1024-43GF)