David L. Albrycht, CFA
President and Chief Investment Officer
Newfleet Asset Management, LLC
David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.
Mr. Albrycht has been portfolio manager of the Virtus Multi-Sector Short Term Bond Fund since 1993, the Virtus Multi-Sector Intermediate Bond Fund since 1994, the Virtus Senior Floating Rate Fund since 2008, and co-manager of the Virtus Tactical Allocation Fund and the Virtus High Yield Fund since 2011, and the Virtus Bond Fund, the Virtus Balanced Fund, and the Virtus Low Duration Income Fund since 2012. He also manages several variable investment options and is co-manager of two closed-end funds, the Virtus Total Return Fund (NYSE: DCA) and the Virtus Global Multi-Sector Income Fund (NYSE: VGI).
In February 2013, Virtus Investment Partners was named Barron’s “Best Taxable Bond Fund Family” for 2012, an honor also received in 2010, due in large part both years to the expert management of the firm’s multi-sector fixed income strategies by Mr. Albrycht and the Newfleet team.1 Mr. Albrycht has been a recipient of several Lipper analytical certificates and recognized by industry groups as a leading multi-sector fixed income strategist. He has appeared on CNBC and Bloomberg Television and been quoted or featured in numerous publications, including Barron’s, The Wall Street Journal, Business Week, Dow Jones, and InvestmentNews.
Mr. Albrycht previously was Goodwin’s director of credit research. In addition, he managed the Phoenix MISTIC CDO, a $1 billion multi-sector collateralized debt obligation, where he was responsible for credit analysis and deal structure.
Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He holds the Chartered Financial Analyst designation. He has been working in the investment industry since 1985.
1Best Taxable Bond Fund Family ranked 1 of 62 Fund Families, on a one-year basis, in the 2012 Barron’s/Lipper 2012 Fund Survey, published in the February 11, 2013 issue of Barron’s. Ranked 42 of 58 in 2011 and 1 of 57 in 2010.
Barron’s explanation of how it ranks fund families: To qualify for the Barron’s/Lipper fund survey, a group must have at least three funds in Lipper’s general U.S.-stock category, as well as one in world equity, which combines global and international funds. Also required is at least one mixed-asset (or balanced) fund, which holds stocks and bonds. Fund shops also must have at least two taxable-bond funds and one tax-exempt offering.
For the first time this year, the performance of emerging-market funds was included in the world equity category. Each fund’s returns are adjusted for 12b-1 fees, which are used for marketing and distribution expenses. The funds usually add these fees back into returns. The aim is to measure the manager’s skill. Fund loads, or sales charges, aren’t included in the calculation of returns, either. Each fund’s return is measured against those of all funds in its Lipper category. That leads to a percentile ranking, with 100 the highest and 1 the lowest, which is then weighted by asset size relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking. Poor performance in a big fund can have a big effect on the ranking.
Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. 2012 category weightings for one-year results: general equity, 34.9%; world equity, 16.3%; mixed-asset, 17.3%; taxable bonds, 27.2%; and tax-exempt bonds, 4.3%. 2010 category weightings for one-year results: general equity, 40.52%; world equity, 14.32%; mixed equity, 16.46%; taxable bonds, 24.52%; tax-exempt bonds, 4.18%.
The scoring: Say a company has a fund in the general U.S. equity category that has $50 million in assets and that it accounts for half of the company’s assets in that category. Its ranking is the 75th percentile. The first calculation would be 75 times 0.50, which comes to 37.5. That score is then multiplied by 38.04, general equity’s overall weighting in Lipper’s universe. So it would be 37.5 times 0.3804, which totals 14.265. Similar calculations are done for each fund in our study. Then, all the numbers are added up for a total score. The fund shop with the highest score wins, both for every category and overall.
Strong ratings may not be indicative of positive fund performance. Performance for some funds may be negative.
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Past performance is no guarantee of future results.
Please carefully consider a Fund’s investment objectives, risks, charges, and expenses before investing. For this and other information about any Virtus mutual fund, call 1-800-243-4361 or visit Virtus.com for a prospectus and/or summary prospectus. Read it carefully before you invest or send money.