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Virtus Convertible Fund
mutual fund
VAADX
Payout Change
Pending
Price as of:
$34.23
+0.0
+0.0%
primary theme
Convertible Bond
share class
VAADX (Mutual Fund)
Virtus Convertible Fund
Payout Change
Pending
Price as of:
$34.23
+0.0
+0.0%
primary theme
Convertible Bond
share class
VAADX (Mutual Fund)
Virtus Convertible Fund
Payout Change
Pending
Price as of:
$34.23
+0.0
+0.0%
primary theme
Convertible Bond
share class
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
9.8%
1 yr return
19.3%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$1.3 B
Holdings in Top 10
20.0%
52 WEEK LOW AND HIGH
$34.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.75%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
VAADX - Profile
Distributions
- YTD Total Return 9.8%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio N/A
- Dividend Yield 2.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameVirtus Convertible Fund
-
Fund Family NameVirtus Funds
-
Inception DateJan 31, 2022
-
Shares OutstandingN/A
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJustin Kass
Fund Description
The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) equity securities or other securities (such as warrants or options) that provide an opportunity for equity participation. The fund may also invest a portion of its assets in contingent convertible securities (“CoCos”), which are a form of hybrid security that generally either converts into equity or has its principal written down at the election of investors and upon the occurrence of certain pre-specified triggering events.
For purposes of this policy, the fund may also gain exposure to convertible securities through derivatives or other “synthetic” means. The fund may invest in securities of any size market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. The fund may also invest up to 20% of its net assets in nonconvertible debt securities rated below investment grade or unrated and determined to be of similar quality (“high-yield securities” or “junk bonds”). The fund may also invest in securities issued by the U.S. government and its agencies and instrumentalities. The portfolio managers follow a disciplined, fundamental bottom-up research process, which facilitates the early identification of convertible securities issuers demonstrating the ability to improve their fundamental characteristics. The portfolio managers select issuers that exceed minimum fundamental metrics and exhibit the highest visibility of future expected operating performance. The fundamental research process generally includes: a breakdown of a company and its growth by division and region, including revenue model analysis; profit margin analysis; analysis of experience and quality of its management; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and macroeconomic climate analysis. Under normal market conditions, the portfolio managers seek to invest in securities that can participate in the upside of the underlying equity and provide downside protection from the bond. In addition to gaining “synthetic” exposure to convertible securities through derivatives as outlined above, the fund may utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.
VAADX - Performance
Return Ranking - Trailing
| Period | VAADX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.8% | -4.1% | 11.8% | 24.68% |
| 1 Yr | 19.3% | 3.0% | 21.7% | 20.78% |
| 3 Yr | N/A* | -18.0% | 2.2% | 1.22% |
| 5 Yr | N/A* | -7.1% | 11.6% | 1.23% |
| 10 Yr | N/A* | -1.0% | 10.6% | 2.67% |
* Annualized
Return Ranking - Calendar
| Period | VAADX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.5% | -7.7% | 13.1% | 55.13% |
| 2022 | N/A | -37.8% | -12.8% | N/A |
| 2021 | N/A | -18.9% | 2.4% | N/A |
| 2020 | N/A | 5.9% | 54.0% | N/A |
| 2019 | N/A | 9.9% | 24.4% | N/A |
Total Return Ranking - Trailing
| Period | VAADX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.8% | -4.1% | 11.8% | 24.68% |
| 1 Yr | 19.3% | 3.0% | 21.7% | 20.78% |
| 3 Yr | N/A* | -18.0% | 2.2% | 1.20% |
| 5 Yr | N/A* | -7.1% | 11.6% | 1.22% |
| 10 Yr | N/A* | -1.0% | 10.6% | 2.67% |
* Annualized
Total Return Ranking - Calendar
| Period | VAADX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.5% | -7.7% | 15.3% | 48.72% |
| 2022 | N/A | -37.8% | -10.6% | N/A |
| 2021 | N/A | -12.2% | 11.3% | N/A |
| 2020 | N/A | 8.7% | 64.4% | N/A |
| 2019 | N/A | 12.2% | 28.7% | N/A |
NAV & Total Return History
VAADX - Holdings
Concentration Analysis
| VAADX | Category Low | Category High | VAADX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.3 B | 14.8 M | 3.69 B | 24.36% |
| Number of Holdings | 113 | 42 | 381 | 44.87% |
| Net Assets in Top 10 | 257 M | 3.92 M | 584 M | 15.38% |
| Weighting of Top 10 | 19.98% | 9.5% | 49.4% | 64.10% |
Top 10 Holdings
- Wells Fargo Co 3.01%
- Welltower OP LLC 2.10%
- PGE Corp 1.99%
- Royal Caribbean Cruises Ltd 1.96%
- Affirm Holdings Inc 1.90%
- Southern Co/The 1.87%
- Coinbase Global Inc 1.86%
- Uber Technologies Inc 1.81%
- Palo Alto Networks Inc 1.78%
- Western Digital Corp 1.69%
Asset Allocation
| Weighting | Return Low | Return High | VAADX % Rank | |
|---|---|---|---|---|
| Bonds | 90.33% | 0.00% | 98.77% | 26.92% |
| Convertible Bonds | 81.04% | 37.15% | 99.72% | 44.87% |
| Preferred Stocks | 6.44% | 0.00% | 22.50% | 78.21% |
| Cash | 3.23% | -78.94% | 7.59% | 39.74% |
| Stocks | 0.00% | 0.00% | 23.09% | 78.21% |
| Other | 0.00% | -17.11% | 5.40% | 60.26% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | VAADX % Rank | |
|---|---|---|---|---|
| Corporate | 93.75% | 91.11% | 100.00% | 82.05% |
| Derivative | 0.00% | 0.00% | 0.49% | 57.69% |
| Cash & Equivalents | 0.00% | 0.00% | 7.86% | 89.74% |
| Securitized | 0.00% | 0.00% | 0.00% | 47.44% |
| Municipal | 0.00% | 0.00% | 0.00% | 47.44% |
| Government | 0.00% | 0.00% | 2.94% | 52.56% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | VAADX % Rank | |
|---|---|---|---|---|
| US | 90.33% | 0.00% | 98.77% | 23.08% |
| Non US | 0.00% | 0.00% | 17.05% | 55.13% |
VAADX - Expenses
Operational Fees
| VAADX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.75% | 0.20% | 2.87% | 83.33% |
| Management Fee | 0.57% | 0.20% | 1.00% | 29.49% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
| VAADX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| VAADX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| VAADX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 30.00% | 154.00% | N/A |
VAADX - Distributions
Dividend Yield Analysis
| VAADX | Category Low | Category High | VAADX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.04% | 0.00% | 4.30% | 23.08% |
Dividend Distribution Analysis
| VAADX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Quarterly | Monthly | Quarterly |
Net Income Ratio Analysis
| VAADX | Category Low | Category High | VAADX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -3.72% | 3.69% | N/A |
Capital Gain Distribution Analysis
| VAADX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 19, 2024 | $0.175 | OrdinaryDividend |
| Mar 21, 2024 | $0.126 | OrdinaryDividend |
| Dec 21, 2023 | $0.474 | OrdinaryDividend |
| Sep 21, 2023 | $0.151 | OrdinaryDividend |
| Jun 22, 2023 | $0.121 | OrdinaryDividend |
| Mar 16, 2023 | $0.124 | OrdinaryDividend |
| Dec 22, 2022 | $0.281 | OrdinaryDividend |
| Sep 22, 2022 | $0.098 | OrdinaryDividend |
| Jun 16, 2022 | $0.069 | OrdinaryDividend |
| Mar 17, 2022 | $0.077 | OrdinaryDividend |
VAADX - Fund Manager Analysis
Managers
Justin Kass
Start Date
Tenure
Tenure Rank
Dec 31, 2003
18.43
18.4%
Mr. Kass is a portfolio manager, a managing director, CIO and co-head US Income and Growth Strategies with Allianz Global Investors, which he joined in 2000. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. In 2003, Mr. Kass was promoted to portfolio management and began handling day-to-day portfolio manager responsibilities for the firm’s US Convertible strategy in 2005. He is also a lead portfolio manager for the firm’s Income & Growth strategy since its inception in 2007. In addition to management responsibility for institutional clients, Mr. Kass is responsible for managing multiple closed-end and open-end mutual funds. Previous to joining the firm, Mr. Kass interned on the Income and Growth Strategies team, adding significant depth to its proprietary Upgrade Alert Model. He has 24 years of investment industry experience. Mr. Kass has a B.S. from the University of California, Davis, and an M.B.A. from the UCLA Anderson School of Management. He is a CFA charterholder.
David Oberto
Start Date
Tenure
Tenure Rank
Mar 01, 2022
0.25
0.3%
Mr. Oberto is a portfolio manager and a director with Allianz Global Investors, which he joined in 2007. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. He has been a portfolio manager for the firm’s US High Yield Bond strategy since 2017. In addition to management responsibility for institutional clients, Mr. Oberto is responsible for managing multiple closed-end and open-end mutual funds. He has 17 years of investment industry experience. Mr. Oberto was previously a portfolio administrator, a credit default swaps (CDS) account manager and a trade-closer for Bain Capital. He began his career as an intern at Gabelli Asset Management. Mr. Oberto has a B.S.B.A. with a concentration in finance and a minor in economics from Fordham University and an M.S. in finance from the D’Amore-McKim School of Business at Northeastern University.
Michael Yee
Start Date
Tenure
Tenure Rank
Mar 01, 2022
0.25
0.3%
Mr. Yee is a portfolio manager and a managing director with Allianz Global Investors, which he joined in 1995. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. He is also a lead portfolio manager for the firm’s Income and Growth strategy since its inception in 2007. Mr. Yee is responsible for managing multiple closed-end and open-end mutual funds. He was previously an analyst for the Global and Systematic team with responsibilities focused on US large cap equity strategies. In addition, he also worked in global portfolio administration and in client service. Mr. Yee was previously a financial consultant for Priority One Financial/Liberty Foundation. He has a B.S. from the University of California, San Diego, and an M.B.A. from San Diego State University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 36.97 | 10.27 | 7.42 |
