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Virtus Convertible & Income Fund (NCV) is a diversified, closed-end management investment company. The fund's core objective is to deliver a total return through a mix of capital appreciation and high current income. To meet this aim, NCV invests in a diverse portfolio of domestic convertible securities and non-convertible income-producing securities.
One of the unique aspects of NCV's investment strategy is its focus on a broad spectrum of sectors. Its portfolio includes investments in Software, the Internet, and the Commercial Services sector through Convertible Bonds and Notes. Additionally, it holds investments in the Media, Oil, Gas & Consumable Fuels, and Entertainment sectors via Corporate Bonds and Notes.
Virtus Convertible & Income Fund is managed by Virtus Investment Partners, which is renowned for its integrity, quality, and strength. Virtus operates a multi-manager asset management business comprising several individual affiliated managers, each with a distinct investment style, autonomous investment process, and individual brand. This ensures a robust and diversified approach to managing the fund, aligning with the company's commitment to client success.
Recent achievements and ongoing projects further solidify NCV's position as a reliable investment option. While the fund continues to adapt and innovate within its investment strategies, its consistent performance underscores its stability and growth potential in the financial market.
By understanding the intrinsic value of each investment and maintaining a balance between risk and reward, Virtus Convertible & Income Fund remains committed to delivering on its promise of high current income and capital appreciation. Investors seeking a diversified and expertly managed investment option will find NCV to be a compelling choice.
Virtus Convertible & Income Fund (NYSE: NCV) and Virtus Convertible & Income Fund II (NYSE: NCZ) announced a 20% decrease in their monthly distributions, effective from the April distribution payable on May 1, 2023. For NCV, the new distribution will be $0.034 per share, down from $0.0425. Similarly, NCZ's distribution will drop to $0.03 from $0.0375. The adjustment reflects increased costs of leverage and current earnings in the prevailing market environment. Additionally, the reported distribution amounts are estimates and subject to tax regulations, with final amounts determined by the funds' investment performance.
Virtus Convertible & Income Fund (NYSE: NCV) has declared a cash distribution of $0.3515625 per share for Series A cumulative preferred shareholders, payable on March 31, 2023. Shareholders of record as of March 13, 2023 will receive this distribution, which pertains to the period from January 1, 2023 to March 31, 2023. The Series A shares, rated “A” by Fitch, have an annual dividend rate of $1.40625 and were issued at $25.00 per share on September 20, 2018. These shares will be callable after September 20, 2023, at their liquidation value plus accrued dividends.
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) will redeem their remaining auction rate preferred shares (ARPS) from January 23 to January 27, 2023. This follows a prior tender offer where 99.7% of ARPS for NCV and 99.2% for NCZ were successfully tendered. The funds will redeem 29 shares for NCV at $725,000 and 49 shares for NCZ at $1,225,000, each at $25,000 per share plus unpaid dividends. The decision comes due to limited leverage benefits and ongoing costs associated with maintaining ARPS.
Virtus Convertible & Income Fund (NYSE: NCV) has declared a cash distribution of $0.3515625 per share for its Series A cumulative preferred shareholders. The distribution is payable on December 30, 2022, to shareholders of record by December 12, 2022. These preferred shares, rated 'A' by Fitch, have an annual dividend rate of $1.40625 and were issued at $25.00 per share. The shares will be callable after the non-call period ends on September 20, 2023.
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) announced the conclusion of their voluntary tender offers for auction rate preferred shares, with nearly all shares tendered: 99.7% for NCV and 99.2% for NCZ. Payment for the tendered shares will occur on November 2, 2022. The funds have now met the asset coverage ratio necessary for dividend payments, leading to the rescheduled monthly distribution of $0.0375 per common share for NCZ, originally set for October 3, 2022, to be paid on November 4, 2022.
On October 3, 2022, Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) announced voluntary tender offers for up to 100% of their outstanding auction rate preferred shares (ARPS). The tender price is set at 97.95% of the ARPS liquidation preference of $25,000 per share, totaling $24,487.50 per share, plus any unpaid dividends. The offer commenced at 12:01 a.m. Eastern Time and will expire on November 1, 2022. The funds will file a tender offer statement with the SEC, and more details will be made available to ARPS holders.
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