Welcome to our dedicated page for Virtus Diversified Income & Convertible Fund news (Ticker: ACV), a resource for investors and traders seeking the latest updates and insights on Virtus Diversified Income & Convertible Fund stock.
Virtus Diversified Income & Convertible Fund (NYSE: ACV) is a diversified, closed-end management investment company. The Fund's investment objective is to provide total return through a combination of current income and capital appreciation while seeking to offer downside protection against capital loss.
To achieve its investment objectives, ACV dynamically allocates assets across convertible securities, debt, income-producing instruments, and equity securities. Typically, the Fund invests at least 50% of its total managed assets in convertible securities and may write covered call options on its equity holdings. This strategic mix aims to balance income generation and growth potential, offering a diversified approach to asset management.
The Fund has a limited term and is set to terminate on the first business day following the 15th anniversary of the effective date of its registration statement, May 22, 2030. However, the Fund’s Board of Trustees may extend the Fund's term by up to 12 months if needed.
Virtus Investment Advisers, Inc. acts as the investment adviser, and Voya Investment Management serves as the subadviser. Through this collaboration, the Fund leverages the expertise and resources of both firms to manage its diversified portfolio effectively.
Recent Developments and Financial Performance
The Fund has consistently maintained a monthly distribution of $0.18 per share under its Managed Distribution Plan. This plan aims to provide a stable distribution level, which may include net investment income, realized capital gains, or a return of capital. For instance, in the fiscal year that started on February 1, 2023, the Fund has occasionally distributed more than its income and capital gains, leading to a return of capital distribution. It is important to note that such distributions do not necessarily reflect the Fund’s investment performance and should not be confused with yield or income.
As of the most recent performance data:
- Average Annual Total Return on NAV for the 5-year period: 11.81%
- Annualized Current Distribution Rate: 10.36%
- Fiscal YTD Cumulative Total Return on NAV: 9.26%
- Fiscal YTD Cumulative Distribution Rate: 10.36%
For more information on the Fund’s performance, distribution rates, and risks, shareholders can access detailed reports and documentation on the Virtus website or contact shareholder services.
For shareholder services, please contact (866) 270-7788 or email closedendfunds@virtus.com. More information is also available in the Closed-End Funds section of virtus.com.
Fund Risks
An investment in the Fund carries various risks, including the potential loss of principal. Shares of closed-end funds may trade at a premium or discount to their NAV. Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. Detailed information is available in the Fund's annual report, which can be obtained free of charge by contacting shareholder services.
On June 7, 2022, Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced monthly distributions of $0.18, payable on specified dates in August and September. Under its Managed Distribution Plan, these payments may include net investment income and realized capital gains. If total income and gains are insufficient, distributions will affect shareholders' capital. The Fund reported a 5-year annual total return on NAV of 13.43% and a year-to-date cumulative total return of -12.57%.
On May 16, 2022, Virtus AllianzGI Diversified Income & Convertible Fund (ACV) announced a monthly distribution of $0.18 per share, with an ex-date of May 11, 2022 and payable date of June 1, 2022. The fund aims to maintain a steady distribution level that may draw from net investment income and realized capital gains, posing a risk of capital return if income is insufficient. Performance metrics reveal a 14.21% average annual total return on NAV over five years, but a -9.84% cumulative total return year-to-date.
Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced a monthly distribution of $0.18, with an ex-date of April 8, 2022, record date of April 11, 2022, and payable date of May 2, 2022. Under its Managed Distribution Plan, the fund aims to maintain consistent distribution levels funded by net investment income and realized capital gains. However, if earnings fall short, it will draw from assets, impacting shareholder capital. For April 2022, 100% of the distribution comes from net realized short-term capital gains.
On March 16, 2022, Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced a monthly distribution of $0.18 per share, with an ex-date of March 10 and a payable date of April 1. The Fund's Managed Distribution Plan aims for consistent distribution levels, which may include net investment income and realized capital gains. Notably, if the Fund's income falls short, distributions may come from shareholder capital. The estimated sources of March 2022 distributions indicate zero net investment income, highlighting reliance on capital gains.
Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced its monthly distributions of $0.18 for April, May, and June 2022. Under its Managed Distribution Plan, the fund aims to maintain a consistent distribution level, partially sourced from net investment income. Shareholders should be aware that distributions exceeding net income and capital gains will be drawn from the fund's assets, potentially affecting capital. The current fiscal year's annualized distribution rate stands at 8.12%, with a cumulative total return on NAV of -1.71% year-to-date.
Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced a monthly distribution of $0.18 per share, payable on March 1, 2022. The ex-date is February 10, 2022, and the record date is February 11, 2022. This distribution is part of the Fund's Managed Distribution Plan, with $0.005 from net investment income and $0.175 from net realized short-term capital gains. The estimated fiscal year-to-date annualized distribution rate is 7.93%, while the cumulative total return on NAV is -2.32%.
On January 18, 2022, the Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced a managed distribution plan, increasing its monthly distribution rate to $0.18 per share, effective from the upcoming monthly distribution. The ex-date for this distribution is January 12, 2022 and the payable date is February 1, 2022. The fund aims to maintain a consistent distribution level, which may be partially sourced from shareholder capital if net investment income and realized gains are insufficient. Key distribution estimates for January indicate that net realized short-term capital gains account for the full distribution amount.
Virtus AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) announced a new managed distribution plan effective February 1, 2022, increasing its monthly distribution rate to $0.18 per share, up 8% from the previous $0.167. This change reflects an annualized distribution rate of 6.3% based on a market price of $34.21. The aim is to enhance shareholder value and reduce the current discount to net asset value. Distributions may come from net investment income, realized capital gains, or Fund assets, potentially impacting shareholder capital.
AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) reported its fiscal results for the quarter and nine months ending October 31, 2020. The Fund's net assets increased to $297.6 million from $240.5 million in 2019, with common shares outstanding at 10,353,920. The net asset value (NAV) reached $28.75, marking a significant rise from $23.26 the previous year. The market price stood at $25.05, reflecting a discount to NAV of 12.87%. Net investment income for the quarter was $15,972, compared to $231,877 in the same quarter last year.
AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) reported its financial results for the fiscal quarter and six months ending July 31, 2020. The Fund's net assets increased to $285.5 million, compared to $245.7 million in 2019. The Net Asset Value (NAV) is $27.58, with a market price of $25.42, reflecting a discount to NAV of (7.83)%. Income per common share was $1.2334 this quarter, up from $0.6710 last year, while Net Investment Income totaled $200,631. Overall, the results indicate a positive trend of growth despite market fluctuations.
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