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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.
$10.56-0.02 (-0.19%)1.75%0.38%
Quote data as of close 02/04/2026As of 01/31/2026

Regional Holdingsas of 09/30/2025

  0%
•
83.9%
North America
•
16.1%
Europe
•
0.0%
Latin America
•
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 Holdings33
Total Holdings (Long)25
Total Holdings (Short)8
Portfolio Turnover293%
VARBX has a Diversified Portfolio

Holdings Details

•
41.3% Category Average
•
100.6% Top Ten Holdings
Top 10 Holdings as of 09/30/2025
Symbol
Description
% of Net Assets
MVRXXMorgan Stanley Instl Lqudty Go...
  • 26.56%
  •  
--WNS (Holdings) Ltd
  • 11.02%
  •  
--Verona Pharma PLC ADR
  • 10.21%
  •  
HBANHuntington Bancshares Inc
Financials
  •  
  • -9.15%
--Veritex Holdings Inc
  • 9.11%
  •  
RKTRocket Companies Inc Ordinary ...
Financials
  •  
  • -7.80%
--Mr. Cooper Group Inc
  • 7.71%
  •  
--Umb Money Market Ii Special
  • 7.15%
  •  
CYBR:XNGSCyberArk Software Ltd
  • 6.14%
  •  
PANWPalo Alto Networks Inc
Information Technology
  •  
  • -5.70%
% of portfolio in top 10 holdings: 100.57%
Country Breakdown as of 09/30/2025
Country
% of Assets
United States
83.94% 
 
United Kingdom
12.95% 
 
Netherlands
3.11% 
 
% of portfolio in top 3 countries: 100.00%
Country Breakdown is calculated only using the long position holdings of the portfolio.
Portfolio Breakdown as of 09/30/2025
Asset Breakdown Chart
 %Long%Short%Net
•
Domestic Stock
66.1926.1940.01
•
Foreign Stock
12.670.0012.67
•
Cash
33.710.0033.71
•
Other
13.610.0013.61
Non-U.S. assets may include holdings that do not include a country identifier.
Market Capitalization
Pie Graph
•
Micro Cap
46.5%
•
Mid Cap
37.4%
•
Small Cap
16.1%

Avg. Market Cap: $4,304.66M
Market Capitalization is calculated only using the long position holdings of the portfolio.
Sector Weightings – Stocks
Pie Graph
•
Financials
25.6%
•
Health Care
24.5%
•
Industrials
14.0%
•
Information Tech
12.9%
•
Comm Services
9.7%
•
Energy
6.1%
•
Consumer Staples
5.1%
•
Consumer Disc
2.1%

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)