KELLNER
MERGER
FUND
GAKIX-Institutional Class
 
NAV
$10.72
Change $
$0.00
As of 12/13/2017
 
CUSIP00768D335
Inception Date6/29/2012
Fund Assets$ 151,532,505
Gross Expense Ratio2.06%

KELLNER
MERGER
FUND
GAKAX-Investor Class
 
NAV
$10.51
Change $
$0.00
As of 12/13/2017
 
CUSIP00768D343
Inception Date6/29/2012
Fund Assets$ 151,532,505
Gross Expense Ratio2.31%

Merger arbitrage is an active trading strategy that seeks to generate positive absolute returns by profiting from the deal-spread of publicly announced merger and acquisition situations. Merger Arbitrage has historically shown low correlation and significantly less downside volatility than the broader equity markets.

The Kellner Merger Fund invests in a global portfolio of 25-50 publicly announced merger situations. The Fund’s portfolio is governed by strict risk management parameters designed to maximize risk-adjusted returns and minimize downside volatility. Position sizing based on deal’s risk/reward profile

George Kellner • CEO & Chief Investment Officer

Mr. Kellner has been in the hedge fund business for over 30 years and founded Kellner DiLeo & Co., LP (the predecessor entity to Kellner Capital) in 1981. Prior to Kellner Capital, Mr. Kellner was a Senior Vice President and founded the arbitrage department of Donaldson, Lufkin & Jenrette. Before commencing his arbitrage career, Mr. Kellner was a Vice President and House Counsel of the Madison Fund where he had broad responsibilities as a financial analyst and portfolio manager. Mr. Kellner began his professional career as a securities lawyer at the Wall Street law firm of Carter, Ledyard and Milburn and holds a B.A. from Trinity College, a J.D. from Columbia Law School and an M.B.A. from New York University’s Leonard Stern Graduate School of Business. He is a Chartered Financial Analyst and a former Adjunct Assistant Professor of Finance at New York University. Mr. Kellner is a member of the Firm's multi-strategy fund investment committee.

Christopher Pultz • Portfolio Manager, Merger Arbitrage

Mr. Pultz joined Kellner Capital in 1999 and leads the Firm’s merger arbitrage investing activities. In addition, Mr. Pultz is a member of the firm’s management committee where he provides broad input on strategic matters. Mr. Pultz began his career at Neuberger Berman LLC where he was a government bond trader and also provided allocation recommendations to the Firm’s internal investment management teams. Mr. Pultz holds a B.S. in finance from Fairfield University and an M.B.A from Fordham University Graduate School of Business. Mr. Pultz is a member of the Firm's multi-strategy fund investment committee.

Scott Kim • Director of Research, Merger Arbitrage

Mr. Kim joined Kellner Capital as a senior analyst in 2009. He has over eight years of experience in merger arbitrage on the buy-side and sell-side and over fifteen years in the finance industry. Prior to Kellner Capital, he was a junior portfolio manager at Hadron Capital, a $500 million multi-strategy hedge fund. Previously, Mr. Kim helped develop the event-driven equity desks at MF Global and Cargill Investor Services. He began his career at Wasserstein Perella & Co. as an analyst in the M&A Retail Group and worked in Merrill Lynch’s consumer and industrials investment banking group. Mr. Kim holds a B.S. in Management Science from Massachusetts Institute of Technology, an M.B.A. from the Leonard N. Stern School of Business at New York University, and received his CFA designation in 2005.

Monthly Performance — Period Ending 11/30/2017

Fund NameMonthYTD1 YR3 YR5 YRSince InceptionInception Date
GAKAX Investor Class -1.31% 2.94% 3.12% 1.92% 2.77% 2.69% 6/29/2012
GAKIX Institutional Class -1.38% 3.08% 3.36% 2.15% 3.12% 3.03% 6/29/2012

Quarterly Performance — Period Ending 09/30/2017

Fund NameQuarterYTD1 YR3 YR5 YRSince InceptionInception Date
GAKAX Investor Class 0.47% 4.01% 4.71% 2.41% 3.01% 2.98% 6/29/2012
GAKIX Institutional Class 0.46% 4.13% 4.92% 2.63% 3.38% 3.33% 6/29/2012
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