The Wall Street Journal's Brett Arends casts a spotlight on a little-known mutual fund called the Merger Fund, a no-load $1.5 billion fund that has trumped the market over the last 10 years.

Financial planner Leslie Beck described the fund as "the poor man's hedge fund," pointing to the $2,000 minimum investment.

"We're all merger arbitrage," said Roy Behrens, a former SEC lawyer, who co-manages the fund with Mike Shannon, a former merger specialist with JPMorgan. "That's all we do here."

Arends notes that in the 20 years since the fund was rolled out, shareholders have made about 7.5 percent a year on average. 

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