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Virtus Investment Partners, Inc. (Nasdaq: VRTS) is a premier investment management firm dedicated to providing high-quality investment products and services to both individuals and institutions. Known for its integrity, quality, and strength, the company operates on a multi-manager model that encompasses several affiliated managers, each with distinct investment styles and autonomous processes. This structure allows Virtus to offer a wide array of investment options, including open-end mutual funds, closed-end funds, exchange-traded funds (ETFs), and variable insurance funds.
The company's core business revolves around generating revenue through investment management fees, distribution and service fees, and administration and shareholder service fees. Headquartered in the United States, Virtus serves clients nationwide, building lasting partnerships and ensuring their success as investors. The firm places a strong emphasis on client responsibility and is committed to delivering exceptional value.
Recent Achievements and Current Projects:
- Virtus has expanded its suite of investment products to include more ESG (Environmental, Social, and Governance) focused funds, reflecting a growing investor demand for responsible and sustainable investing options.
- The firm has also undertaken significant digital transformation projects aimed at enhancing the client experience through cutting-edge technology and user-friendly platforms.
Financial Condition:
Virtus Investment Partners has shown robust financial performance, evidenced by consistent growth in assets under management (AUM) and a strong balance sheet. The company’s revenue streams are well-diversified, providing a stable financial foundation and resilience against market fluctuations.
Partnerships:
The company collaborates with a variety of financial institutions and advisory firms to broaden its reach and improve service offerings. These partnerships enable Virtus to deliver specialized investment solutions and maintain a competitive edge in the asset management industry.
Virtus Investment Partners continues to adapt to market trends and economic conditions, ensuring that they remain a trusted partner for investors seeking comprehensive investment strategies and superior portfolio management.
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Virtus Investment Partners (NYSE: VRTS) reported preliminary assets under management (AUM) of $180.5 billion and other fee-earning assets of $2.6 billion, totaling $183.1 billion in client assets as of August 31, 2024. The increase from July 31, 2024, was primarily due to market performance and positive net flows in retail separate accounts, partially offset by net outflows in institutional accounts and open-end funds. The preliminary average AUM for the month was $175.6 billion.
By product type, open-end funds led with $57.2 billion, followed by institutional accounts at $63.8 billion. In terms of asset class, equity dominated with $104.8 billion, while fixed income stood at $38.1 billion. Multi-asset and alternatives categories accounted for $21.3 billion and $16.3 billion, respectively.
Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG) has announced its monthly distribution of $0.07 per share, payable on September 10, 2024, to shareholders of record on August 30, 2024. The fund operates under a Managed Distribution Plan, aiming to distribute all available investment income to shareholders. For the August 2024 distribution, 100% of the $0.07 per share amount is categorized as Return of Capital.
Year-to-date, the fund has distributed $0.770 per share, with 98.2% classified as Return of Capital and only 1.8% as Net Investment Income. As of July 31, 2024, DPG's average annual total return on NAV for the past 5 years was 3.46%, and its annualized current distribution rate as a percentage of NAV was 7.06%. The fund's cumulative total return on NAV for the fiscal year stood at 27.54%.
Virtus Convertible & Income 2024 Target Term Fund (NYSE: CBH) has completed its termination and liquidation on August 30, 2024. The Fund's final net asset value (NAV) was $9.2342 per common share, with liquidation proceeds paid to shareholders on September 4, 2024. Launched on June 29, 2017, the Fund paid total distributions of $4.2152 per share, representing an average annual distribution rate of 6.36% on the final NAV. The annualized total return for initial investors was 5.34% based on NAV and 5.26% based on market price. Shareholders may recognize gains or losses for tax purposes and are advised to consult tax advisors regarding potential tax liabilities from the liquidation proceeds.
Virtus Convertible & Income Fund II (NYSE: NCZ) has declared a $0.34375 per share cash distribution for its Series A cumulative preferred shareholders. The distribution is payable on September 30, 2024, to shareholders of record on September 13, 2024. The Series A Cumulative Preferred Shares, trading under the symbol NCZ PR A, are rated "A" by Fitch Ratings and offer an annual dividend rate of $1.375 per share. These shares were initially issued on September 11, 2018, at $25.00 per share and pay quarterly distributions. The current distribution covers the accrual period from July 1, 2024, through September 30, 2024. Notably, the Series A Cumulative Preferred Shares are now callable at any time at the liquidation value of $25.00 per share plus accrued dividends.
Virtus Convertible & Income Fund (NYSE: NCV) has declared a $0.3515625 per share cash distribution for its Series A cumulative preferred shareholders. The distribution is payable on September 30, 2024, to shareholders of record on September 13, 2024. The Series A Cumulative Preferred Shares, trading under the symbol NCV PR A, are rated "A" by Fitch Ratings and have an annual dividend rate of $1.40625 per share. These shares were initially issued on September 20, 2018, at $25.00 per share and pay distributions quarterly. The current distribution covers the accrual period from July 1, 2024, through September 30, 2024. Notably, the Series A Cumulative Preferred Shares are now callable at any time at the liquidation value of $25.00 per share plus accrued dividends.
Virtus Artificial Intelligence & Technology Opportunities Fund (NYSE: AIO) has announced monthly distributions of $0.15 per share for September, October, and November 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. For the August 2024 distribution, 94.7% came from net realized long-term capital gains, while 5.3% was from net realized short-term capital gains.
The fund's performance metrics as of July 31, 2024, show an average annual total return on NAV of 12.95% for the 5-year period and an annualized current distribution rate of 8.36%. The fiscal YTD cumulative total return on NAV stands at 8.84%, with a cumulative distribution rate of 4.18%. Shareholders are reminded that a portion of the distribution may represent a return of capital.
Virtus Dividend, Interest & Premium Strategy Fund (NYSE: NFJ) announced a 9% increase in its quarterly distribution from $0.280 to $0.305 per share, effective September 2024. This follows a previous increase in March 2024, resulting in a cumulative 23% increase this year. The new distribution represents an annual rate of approximately 9.5% based on market price and 8.3% based on NAV. The Fund aims to maintain consistent distributions through its Managed Distribution Plan, sourced from net investment income, realized capital gains, or a combination thereof. For September 2024, the distribution sources are estimated as 20.1% from net investment income, 43.1% from net realized long-term capital gains, and 36.8% from return of capital.
Virtus Total Return Fund Inc. (NYSE: ZTR) has announced monthly distributions of $0.05 per share for September, October, and November 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. However, the current distribution appears to be primarily a return of capital, with 95.1% of the fiscal year-to-date distribution classified as such.
Key performance metrics as of July 31, 2024 include:
- 5-year Average Annual Total Return on NAV: 3.58%
- Annualized Current Distribution Rate: 9.13%
- Fiscal YTD Cumulative Total Return on NAV: 12.84%
- Fiscal YTD Cumulative Distribution Rate: 6.09%
Virtus Global Multi-Sector Income Fund (NYSE: VGI) has announced its upcoming monthly distributions for September, October, and November 2024. The fund will distribute $0.08 per share for each month. The ex-dates and record dates are set for September 13, October 11, and November 12, 2024, respectively. The corresponding payable dates are September 26, October 30, and November 27, 2024.
It's important to note that these distribution amounts are estimates and not provided for tax reporting purposes. The actual amounts and sources of distributions for tax purposes will depend on the Fund's investment performance during the remainder of its fiscal year. Shareholders will receive a Form 1099-DIV for the calendar year, which will provide the necessary information for federal income tax reporting.
Virtus Equity & Convertible Income Fund (NYSE: NIE) has announced a quarterly distribution of $0.50 per share, payable on September 26, 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. For the current distribution, 55.1% comes from net realized short-term capital gains, and 44.9% from net realized long-term capital gains. The fund's 5-year average annual total return on NAV is 11.30%, with an annualized current distribution rate of 7.99%. The fiscal YTD cumulative total return on NAV is 9.32%, with a cumulative distribution rate of 6.00%.
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