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Products & Performance | AlphaSector™ Allocation (PSWAX)
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Daily Price
(as of 9/1/2010)
NAV Change ($)
10.01 0.21
POP Change ($)
10.62 0.22
Key Stats
(as of 9/1/2010)
Inception: 8/1/2003
Ticker: PSWAX
CUSIP: 92828R461
Fund No.: 1427
Net Assets by Fund: $38,057,482
Net Assets by Class: $19,665,802
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Prospectus/Financials
Goal & Strategy

The Virtus AlphaSector™ Allocation Fund was designed to meet the real needs of individual investors by seeking to provide risk controls in down markets and enhanced alpha in up markets. The Fund has an investment objective of long-term capital appreciation and current income. The Fund allocates approximately 75% of its assets in a strategy that seeks to track the AlphaSector™ Rotation Index (ASRX), a public index published by NASDAQ, and approximately 25% of assets in the Virtus Bond Fund. ASRX is comprised of the nine Select Sector SPDR exchange traded funds (ETFs), which represent the primary sectors of the S&P 500 Index, plus an ETF that represents short-term Treasuries. The Index has the flexibility to invest in any combination of the nine sector ETFs, a combination of sector ETFs and short-term Treasuries, or 100% in short-term Treasuries. ASRX seeks to outperform the S&P 500® Index with lower volatility, low beta, and low correlation. The Virtus Bond Fund seeks high total return by investing in a diversified portfolio of intermediate, high quality bonds including corporate, mortgage and asset-backed securities. The Fund employs a value oriented approach seeking to capitalize on individual issues and sectors, interest rate and trading opportunities that appear to offer the best value. The subadviser, F-Squared Investments, is a quantitatively based boutique investment firm located in Wellesley, MA. Effective September 29, 2009 this fund changed its strategy and its name from the Virtus Wealth Guardian Fund.

Management Team
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Howard Present
Industry start date: 1988
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Amy Robinson
Industry start date: 1980
Fund Risks

Lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. Sector ETFs are subject to sector risks and non-diversification risks, which may result in greater price fluctuations than the overall market. Because the fund invests in ETFs, it indirectly bears its proportionate share of the operating expenses of the underlying funds. Indirectly, the fund is subject to all risks associated with the underlying ETFs.

The guarantee on U.S. government securities applies only to the underlying securities of the Fund's portfolio, and not to the value of the Fund's shares.

The Fund may invest in high yield bonds, which may be subject to greater credit and market risks.

The principal on mortgage- or asset-backed securities may normally be prepaid at any time, which will reduce the yield and market value of these securities.

Because the Fund holds a limited number of securities, it will be impacted by each security's performance more than a Fund with a larger number of holdings.

As interest rates rise, existing bond prices fall and can cause the value of an investment in the Fund to decline. Changes in interest rates will affect the value of longer-term fixed income securities more than shorter-term securities.

Sales Charge and Expense

POP (Public Offering Price) performance reflects the deduction of the maximum sales charge of 5.75%. A contingent deferred sales charge of 0.50% may apply on certain redemptions made within 18 months following purchases on which a finder's fee has been paid.

Fund class operating expenses are 1.36% and gross operating expenses are 1.45%.

Operating expenses reflect a voluntary expense waiver, which may be discontinued at any time.
Risk Statistics3
(as of 6/30/2010)
  Fund Index
R2 0.95 1.00
Beta 1.03 1.00
Alpha -1.63 1.00
Std Dev 14.05 13.32

Index: AlphaSector™ Allocation Linked Benchmark

This material must be preceded or accompanied by a prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus contains this and other information about the fund. Please click on the prospectus link on this page for a current prospectus. You should read the prospectus carefully before you invest or send money.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.

Returns for periods of less than one year are cumulative total returns.

1Yields/Distributions: Distribution Yield (at NAV) is calculated by annualizing the latest month's distribution and dividing by the NAV on the last business day of the period. It does not include long- or short-term capital gain distributions. SEC Yield represents the net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. SEC Yield (gross) represents the SEC Yield had the fund not had expense reimbursements or partial waivers of fees.

2 Distribution History:  Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

3 Risk Statistics:  R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index.  Beta is a quantitative measure of the volatility of a given portfolio to the overall market.  Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken.  Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.

4 Characteristics: For Equity Funds:Trailing P/E: Per-share stock price divided by the latest12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance. 
4 Characteristics: For Fixed Income Funds:  Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's duration is five years, a 1% increase in interest rates would result in a 5% decline in the fund's price. Similarly, a 1% decline in interest rates would result in a 5% gain in the fund's price.

Mutual funds distributed by VP Distributors, Inc., member FINRA and subsidiary of Virtus Investment Partners, Inc.
 
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