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Virtus Equity & Convertible Income Fund (NIE) is a diversified, closed-end management investment company. Its primary objective is to seek a total return that includes capital appreciation, current income, and gains. The fund achieves this by investing in a diversified portfolio of equity securities and income-producing convertible securities. Such a strategy allows it to provide investors with both growth and income opportunities.
As part of the Virtus Investment Partners family, NIE benefits from a multi-manager asset management business model. This structure comprises several individual affiliated managers, each operating with a distinct investment style, autonomous investment process, and unique brand. This diversified approach ensures a balanced and robust portfolio, mitigating risks while maximizing potential returns.
The fund's portfolio spans various sectors, including aerospace and defense, banks, IT services, software, and more. This sector diversification helps in stabilizing returns and minimizes the impact of sector-specific downturns. By tapping into multiple industries, the fund can leverage growth opportunities across different economic cycles.
Virtus Investment Partners, known for its integrity, quality, and strength, emphasizes its commitment to client success. The firm provides investment management products and services to both individuals and institutions, understanding the significant responsibility of managing their clients' investments.
Recent achievements of the Virtus Equity & Convertible Income Fund include strong financial performance and strategic partnerships that have bolstered its investment capabilities. The fund continually updates its portfolio to align with market trends and capitalize on emerging opportunities, ensuring that it remains a valuable investment vehicle for its stakeholders.
Overall, the Virtus Equity & Convertible Income Fund stands out for its balanced approach to growth and income, diverse sector investments, and commitment to client success. It remains a reliable option for investors looking to achieve a well-rounded investment portfolio.
Virtus Equity & Convertible Income Fund (NIE) announced a quarterly distribution of $0.50 on December 9, 2022, with a payable date of December 23, 2022. The distribution is part of its Managed Distribution Plan, aiming at maintaining a consistent distribution level funded by net investment income and realized capital gains. Notably, the Fund reported that the distribution will be sourced predominantly from net realized short-term capital gains, with total estimated distributions for the fiscal year-to-date standing at 8.04%.
On September 8, 2022, the Virtus Equity & Convertible Income Fund (NYSE: NIE) announced a quarterly distribution of $0.50, with an ex-date of December 9, 2022. The record date is December 12, 2022, and the payable date is December 23, 2022. The Fund operates under a Managed Distribution Plan, indicating that if net investment income and net realized capital gains are insufficient, the difference will be sourced from the Fund's assets, constituting a return of capital. The Fund's average annual total return on NAV over the last five years is 10.33%.
Virtus AllianzGI Equity & Convertible Income Fund (NYSE: NIE) announced a quarterly distribution of $0.50, payable on September 23, 2022. The ex-date is set for September 9, 2022, and the record date is September 12, 2022. Under the Managed Distribution Plan, the Fund aims to maintain consistent distribution levels, which may involve returns of shareholder capital if net investment income and realized capital gains are insufficient. As of May 31, 2022, the Fund reported a YTD Cumulative Total Return on NAV of -11.22%.
Virtus AllianzGI Equity & Convertible Income Fund (NIE) announced a quarterly distribution of $0.50 with an ex-date of June 10, 2022 and a payable date of June 24, 2022. This distribution may originate from net investment income and realized capital gains but could involve a return of capital if investment income is insufficient. For March 2022, the distribution sources estimate reveals 98.2% from net realized short-term capital gains and 1.8% from net investment income. The fund's current fiscal year-to-date annualized distribution rate is 6.79%.
Virtus AllianzGI Equity & Convertible Income Fund (NIE) announced a new managed distribution plan effective March 25, 2022, along with a 32% increase in its quarterly distribution to $0.50 per share, up from $0.38. This increase represents a 6.6% annualized rate based on the December 16, 2021 closing price of $30.44. The Fund aims to enhance shareholder value and reduce the current discount to net asset value. However, distributions may come from net investment income, realized capital gains, or fund assets, which could affect shareholder capital.
Virtus Dividend, Interest & Premium Strategy Fund (NFJ) and Virtus AllianzGI Equity & Convertible Income Fund (NIE) have announced quarterly distributions of $0.225 and $0.380 per common share, respectively. These distributions will be payable on January 7, 2022, for shareholders of record as of December 20, 2021, with an ex-dividend date of December 17, 2021. The amounts stated are estimates and may vary based on the funds' investment experiences and taxation regulations throughout the fiscal year.
Virtus Dividend, Interest & Premium Strategy Fund (NFJ) and Virtus AllianzGI Equity & Convertible Income Fund (NIE) announced quarterly distributions. NFJ will distribute $0.225 per share, while NIE will distribute $0.380 per share. Payments will be made on September 24, 2021, to shareholders recorded by September 13, 2021, with an ex-dividend date of September 10, 2021. The distribution amounts are estimates and subject to change based on the funds' investment performance and tax regulations.
On June 4, 2021, Virtus Dividend, Interest & Premium Strategy Fund (NYSE: NFJ) and Virtus AllianzGI Equity & Convertible Income Fund (NYSE: NIE) announced quarterly distribution declarations. The Virtus Dividend Fund will distribute $0.225 per share, and the AllianzGI Fund will distribute $0.380 per share. Distributions are payable on June 25, 2021, to shareholders of record on June 14, 2021, with an ex-dividend date of June 11, 2021. These amounts are estimates and may change based on the funds' investment experiences.
Virtus Dividend, Interest & Premium Strategy Fund (NFJ) and Virtus AllianzGI Equity & Convertible Income Fund (NIE) announced quarterly distributions of $0.225 and $0.380 per share, respectively. The distributions will be paid on March 26, 2021, to shareholders of record on March 15, with an ex-dividend date of March 12, 2021. It’s important to note that these amounts are estimates and may change based on the funds’ investment experiences and tax regulations. Virtus Investment Advisers became the investment adviser for both funds effective February 1, 2021.
AllianzGI Equity & Convertible Income Fund (NYSE: NIE) reported its financial results for the quarter and nine months ending October 31, 2020. The Fund's net assets increased to $757 million from $653 million in 2019. The net asset value (NAV) reached $27.32 per share, up from $23.60 last year. However, net investment income for the quarter was $44,437 compared to $1.1 million in 2019. The Fund's market price was $24.12, reflecting an 11.71% discount to NAV.
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