The Merger Fund seeks absolute returns and is not correlated to the stock market so it will fare well in a rising rate environment, said the arbitrage-based fund's portfolio manager Roy Behren. Behren added that while an investor's bonds will go down in value when rates rise, an investment in a liquid alternative fund like the Merger Fund will be expected to increase, diversifying or hedging the fixed income investments in a portfolio. As for specific deals, he said Comcast’s attempt to buy Time Warner Cable made sense, but even after divesting millions of subscribers it was not enough to overcome FCC worries about the increase in broadband market share.