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Daily Price
(as of 9/7/2010)
NAV Change ($)
10.55 -0.02
POP Change ($)
11.19 -0.02
Key Stats
(as of 9/7/2010)
Inception: 5/1/1998
Ticker: EMNAX
CUSIP: 92828R727
Fund No.: 1251
Net Assets by Fund: $90,744,093
Net Assets by Class: $17,216,871
Related Resources
Marketing
Prospectus/Financials
Goal & Strategy

The fund utilizes a unique market neutral style seeking to provide attractive performance in both up and down markets. The fund invests in undervalued companies with strong and improving business prospects while shorting companies with deteriorating business momentum and excessive valuations. The use of uncorrelated equity strategies across investing styles, market caps and industries may provide investors with more attractive risk adjusted returns, as compared with traditional equity investing. The subadviser, The Boston Company Asset Management has a unique market neutral style that is driven by the belief that business momentum and stock valuations are key drivers of performance.

Management Team
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Sean P. Fitzgibbon, CFA
Industry start date: 1992
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Robert J. Eastman, CFA
Industry start date: 1989
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Jeffrey D. McGrew, CFA
Industry start date: 1992
Fund Risks

Investments in short positions have additional risk that long positions do not. In theory, the risk of loss on a short position is unlimited.

Investing in the securities of small and mid-sized companies involves greater risks and price volatility than larger, more established companies.

Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic and market risk.

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.

Investing in Funds that use leverage, short selling, futures, options and/or derivatives may expose the fund to additional risks.

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 1% 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 1.91% and gross operating expenses are 4.24%.

Operating expenses reflect a voluntary expense reimbursement, which may be discontinued at any time.

Operating expenses do not include expenses related to dividends on short positions and prime brokerage interest expense.
Top Holdings Long (%)
(as of 6/30/2010)
PepsiCo Inc. 1.65
Apple Inc. 1.39
Informatica Corp. 1.38
Whole Foods Market Inc. 1.26
Abercrombie & Fitch Co. (Cl A) 1.22
Research In Motion Ltd. 1.21
EMC Corp. 1.17
Philip Morris International Inc. 1.10
News Corp. (Cl A) 1.06
Staples Inc. 1.06
Top Holdings Short (%)
(as of 6/30/2010)
Baldor Electric Co. 2.40
Church & Dwight Co. 1.67
Prosperity Bancshares Inc. 1.48
AstraZeneca PLC ADS 1.39
Green Mountain Coffee Roasters Inc. 1.36
Westamerica Bancorp 1.35
Urban Outfitters Inc. 1.34
General Mills Inc. 1.33
Panera Bread Co. (Cl A) 1.31
Flowers Foods Inc. 1.22
Top Sectors Long (%)
(as of 6/30/2010)
Consumer Discretionary 19.45
Information Technology 17.04
Consumer Staples 15.51
Health Care 14.77
Industrials 11.77
Top Sectors Short (%)
(as of 6/30/2010)
Consumer Discretionary 21.14
Information Technology 17.95
Consumer Staples 15.14
Health Care 14.30
Industrials 10.18
Risk Statistics3
(as of 6/30/2010)
  Fund Index
R2 0.06 1.00
Beta -2.85 1.00
Alpha -2.05 1.00
Std Dev 5.18 0.46

Index: Citigroup 90-Day Treasury Bills

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.
 
Statement on Business Continuity and Disaster Recovery

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