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Investment Opportunity

The fund seeks to offer access to U.S. exchange-listed companies that are managed or influenced by wealthy individuals who have accumulated a substantial amount of their personal wealth through the companies that they manage. In the opinion of the subadviser, companies managed or influenced by individuals who have created significant wealth in their companies will outperform because those managers tend to prioritize creation of long-term shareholder value over the shorter-term considerations that are typical of other corporate management teams.

Fund Risks

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Prospectus: For additional information on risks, please see the fund's prospectus.

Key Stats (as of 12/2/2016)

Inception: 9/5/2012
Ticker: VWMAX
CUSIP: 92828W817
Fund No: 1968
Net Assets by Fund: $77,814,049
Net Assets by Class: $33,133,814

Management Team

Murray Stahl
Murray Stahl Horizon Asset Management

Industry start date: 1978

Start date with Fund: 2012

Matthew Houk
Matthew Houk Horizon Asset Management

Industry start date: 2005

Start date with Fund: 2012

Horizon Asset Management

Horizon Asset Management, a subsidiary of Horizon Kinetics, LLC believes that companies managed or influenced by individuals who have significant personal wealth invested in their firms will outperform the broad equity market.

Morningstar Ratings

Overall Rating Non Load-Waived

As of 10/31/2016 the Fund was rated 2 stars out of 655 funds within the Mid-Cap Growth category for the 3-year period.

Overall Rating Load-Waived

As of 10/31/2016 the Fund was rated 3 stars out of 655 funds within the Mid-Cap Growth category for the 3-year period.

Strong ratings are not indicative of positive fund performance.

Average Annual Total Returns

Monthly Performance (%) (as of 11/30/2016)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 6.02 15.00 9.70 4.72 NA NA 12.06
POP -0.08 8.39 3.39 2.68 NA NA 10.50
Quarterly Performance (%) (as of 9/30/2016)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 8.79 9.53 12.44 5.09 NA NA 11.24
POP 2.54 3.23 5.98 3.03 NA NA 9.63
Index 3.85 7.84 15.43 11.16 16.37 7.24 NA

Index: S&P 500® Index
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

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 be imposed on certain redemptions within 18 months on purchases on which a finder’s fee has been paid.

Fund class operating expenses are 1.45% and gross operating expenses are 1.46%.

Operating expenses reflect a contractual expense reimbursement in effect through 01/31/2017.

Risk Statistics3 (as of 9/30/2016)

  Fund Index
R2 0.81 1.00
Beta 1.15 1.00
Alpha -6.92 0.00
Std Dev 13.59 10.67
Index: S&P 500® Index

Daily Price (as of 12/2/2016)

NAV Change ($)
15.24 -0.05
POP Change ($)
16.17 -0.05

Top Holdings (% Fund)
(as of 9/30/2016)

Transocean Ltd. 0.61
TimkenSteel Corp 0.60
Hess Corporation 0.60
Archrock Inc. 0.58
Exterran Corp. 0.58
Discovery Communications, Inc. Class C 0.58
W&T Offshore, Inc. 0.58
Continental Resources, Inc. 0.57
Cabela's Incorporated 0.57
CBS Corporation Class B 0.57

Top Sectors (% Equity)
(as of 9/30/2016)

Consumer Discretionary 33.69
Financials 13.29
Industrials 11.79
Information Technology 11.72
Real Estate 7.94

(as of 9/30/2016)

Avg Weighted Market Cap (bn) $20.74
Median Market Cap (bn) $4.10
Trailing P/E 19.79x
Price-to-Cash Flow 13.83
Price-to-Book Value 2.97
3-Year EPS Growth Rate 7.82

Morningstar Ratings

Overall Rating Non Load-Waived

As of 10/31/2016 the Fund was rated 2 stars out of 655 funds within the Mid-Cap Growth category for the 3-year period.

Overall Rating Load-Waived

As of 10/31/2016 the Fund was rated 3 stars out of 655 funds within the Mid-Cap Growth category for the 3-year period.

Strong ratings are not indicative of positive fund performance.

Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800- 243-4361 or visit www.virtus.com to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary 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.

1 Yields/Distributions: Distribution Yield (at NAV) is calculated by (a) annualizing the latest distribution for fixed income funds or funds less than 1 year old (b) summing all distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period. 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 public offering share price at the end of the 30-day period.  Gross SEC Yield represents the yield if there were no expense reimbursements.

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.

Morningstar Disclosures: 
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for a variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in an investment category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Ratings are for the A Shares as shown only; other share classes bear different fees and expenses, which affect performance.

Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

© 2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.