Virtus Market Reviews & Outlooks

Virtus investment partners share their economic and market insights through timely written commentary, providing investors a variety of ways to access the our portfolio managers’ current perspectives.

Market Reviews

Virtus portfolio managers provide timely commentary regarding the prior quarter’s economic environment and market events, with a view to how these impact their market sector. Market Reviews include discussion of the portfolio managers’ outlook for the quarter and year ahead.

Q4 Market Review & Outlook
Good News, Bad News

Q4 Market Review & Outlook - Multi-Sector
Value has been restored to fixed income

Logo - Seix

Q4 Investment Grade Taxable and Tax-Exempt Fixed Income
Navigating Higher Rates, Persistent Inflation, Volatility, and Liquidity Challenges

Q4 Leveraged Finance
Continued Focus on Higher Quality

Q4 Market Review & Outlook
The Market Environment Is Improving Gradually

Q4 Market Review & Outlook - Emerging Markets Debt
Emerging Markets Debt Benefitted from Reversal of Earlier Trends

Q4 Market Review & Outlook - Multi-Sector
Renewed Hopes for a Soft Landing Drove the Rally for the Fourth Quarter

Q4 Market Review & Outlook
Selectivity is Key, with a Focus on Quality

Voya Investment Management Logo

Q4 Market Review & Outlook
Tail Risks Could Recede, Although Recession Fears May Continue

Q4 Market Review & Outlook
Reports of M&A’s Demise Were Greatly Exaggerated

Quarterly Commentaries

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Product	Asset Class	Investment Partner	Symbol	Current Commentary
The Merger Fund®	Alternative \| Event Driven	Westchester Capital Management, LLC	MERFX 589509108MERIX 589509207
Virtus Ceredex Large-Cap Value Equity Fund	Equity \| Domestic Equity	Ceredex Value Advisors LLC	SVIIX 92837F524SVIFX 92837F516STVTX 92837F490STVZX 92837F482
Virtus Ceredex Mid-Cap Value Equity Fund	Equity \| Domestic Equity	Ceredex Value Advisors LLC	SAMVX 92837F474SMVFX 92837F466SMVTX 92837F458SMVZX 92837F441
Virtus Ceredex Small-Cap Value Equity Fund	Equity \| Domestic Equity	Ceredex Value Advisors LLC	SASVX 92837F433STCEX 92837F425SCETX 92837F417VVERX 92837X665
Virtus Convertible Fund	Fixed Income \| Hybrid	Voya Investment Management	ANNPX 92838V833ANZAX 92838V791ANNAX 92838V841ANZCX 92838V817ANCMX 92838V106VAADX 92838V353
Virtus Duff & Phelps Global Real Estate Securities Fund	Alternative \| Real Estate	Duff & Phelps Investment Management Co.	VGSAX 92828R412VGSCX 92828R396VGISX 92828R388VRGEX 92828W239
Virtus Duff & Phelps Real Estate Securities Fund	Alternative \| Real Estate	Duff & Phelps Investment Management Co.	PHRAX 92828R586PHRCX 92828R560PHRIX 92828R552VRREX 92828W528
Virtus Duff & Phelps Water Fund	Specialty	Duff & Phelps Investment Management Co.	AWTAX 92838V494AWTCX 92838V486AWTPX 92838V478AWTIX 92838V460
Virtus Income & Growth Fund	Multi-Asset	Voya Investment Management	AZNAX 92837N584AZNCX 92837N576AZNIX 92837N535AIGPX 92837N543
Virtus KAR Emerging Markets Small-Cap Fund	Equity \| International Equity	Kayne Anderson Rudnick Investment Management, LLC	VAESX 92828W627VCESX 92828W619VIESX 92828W593VRESX 92828W189
Virtus KAR Global Quality Dividend Fund	Equity \| Global Equity	Kayne Anderson Rudnick Investment Management, LLC	PPTAX 92828N460PPTCX 92828N452PIPTX 92828N445VGQRX 92836N874
Virtus KAR International Small-Mid Cap Fund	Equity \| International Equity	Kayne Anderson Rudnick Investment Management, LLC	VISAX 92828W841VCISX 92828W833VIISX 92828W825VRISX 92828W551
Virtus KAR Mid-Cap Core Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	VMACX 92828N114VMCCX 92828N122VIMCX 92828N130VRMCX 92828N262
Virtus KAR Mid-Cap Growth Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	PHSKX 92828N767PSKCX 92828N742PICMX 92828N734VRMGX 92828N254
Virtus KAR Small-Cap Core Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	PKSFX 92828N528PKSAX 92828N551PKSCX 92828N536VSCRX 92828N429
Virtus KAR Small-Cap Growth Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	PSGAX 92828N627PSGCX 92828N619PXSGX 92828N593VRSGX 92828N247
Virtus KAR Small-Cap Value Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	PQSAX 92828N684PQSCX 92828N676PXQSX 92828N668VQSRX 92828N411
Virtus KAR Small-Mid Cap Core Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	VKSAX 92828N221VKSCX 92828N213VKSIX 92828N197VKSRX 92828N189
Virtus KAR Small-Mid Cap Growth Fund	Equity \| Domestic Equity	Kayne Anderson Rudnick Investment Management, LLC	VAKSX 92836N817VCKSX 92836N791VIKSX 92836N783VRKSX 92836N775
Virtus Newfleet Low Duration Core Plus Bond Fund	Fixed Income \| Multi-Sector	Newfleet Asset Management	HIMZX 92828W346PCMZX 92828W338HIBIX 92828W320VLDRX 92828W197
Virtus Newfleet Multi-Sector Short Term Bond Fund	Fixed Income \| Multi-Sector	Newfleet Asset Management	NARAX 92828R644PSTCX 92828R628PMSTX 92828R594PIMSX 92828R610VMSSX 92828W247
Virtus Newfleet Senior Floating Rate Fund	Fixed Income \| Leveraged Finance	Newfleet Asset Management	PSFRX 92828R545PFSRX 92828R537PSFIX 92828R529VRSFX 92828W254
Virtus Newfleet Short Duration High Income Fund	Fixed Income \| Leveraged Finance	Newfleet Asset Management	ASHAX 92838V544ASHCX 92838V536ASHIX 92838V510ASHPX 92838V528ASHSX 92838V643
Virtus NFJ Emerging Markets Value Fund	Equity \| International Equity	NFJ Investment Group, LLC	AZMAX 92838V395AZMCX 92838V387AZMIX 92838V361AZMPX 92838V379
Virtus NFJ Mid-Cap Value Fund	Equity \| Domestic Equity	NFJ Investment Group, LLC	PQNCX 92837N261PQNAX 92837N279PRAAX 92837N212PRNIX 92837N220ANRPX 92837N238ANPRX 92837N246
Virtus Seix Floating Rate High Income Fund	Fixed Income \| Leveraged Finance	Seix Investment Advisors	SFRAX 92837F789SFRCX 92837F771SAMBX 92837F763SFRZX 92837F755
Virtus Seix High Income Fund	Fixed Income \| Leveraged Finance	Seix Investment Advisors	SAHIX 92837F748STHTX 92837F722STHZX 92837F714
Virtus Seix High Yield Fund	Fixed Income \| Leveraged Finance	Seix Investment Advisors	HYPSX 92837F698SAMHX 92837F672HYIZX 92837F664
Virtus Seix High Yield Income Fund	Fixed Income \| Leveraged Finance	Seix Investment Advisors	AYBIX 92838V700AYBAX 92838V858AYBCX 92838V866AYBVX 92838V809AYBPX 92838V882
Virtus Seix Total Return Bond Fund	Fixed Income \| Multi-Sector	Seix Investment Advisors	CBPSX 92837F805SAMFX 92837F870SAMZX 92837F862
Virtus Seix U.S. Government Securities Ultra-Short Bond Fund	Fixed Income \| Investment Grade	Seix Investment Advisors	SIGVX 92837F821SIGZX 92837F813SSAGX 92837X681
Virtus SGA Global Growth Fund	Equity \| Global Equity	Sustainable Growth Advisers, LP	SGAAX 92836N106SGACX 92836N205SGAPX 92836N304SGARX 92836N403
Virtus Vontobel Emerging Markets Opportunities Fund	Equity \| International Equity	Vontobel Asset Management, Inc.	HEMZX 92828W387PICEX 92828W379HIEMX 92828W361VREMX 92828W353
Virtus Vontobel Foreign Opportunities Fund	Equity \| International Equity	Vontobel Asset Management, Inc.	JVIAX 92828R859JVICX 92828R842JVXIX 92828R834VFOPX 92828W569
Virtus Vontobel Global Opportunities Fund	Equity \| Global Equity	Vontobel Asset Management, Inc.	NWWOX 92828R446WWOCX 92828R420WWOIX 92828W775VRGOX 92828W213
Virtus Westchester Credit Event Fund	Alternative \| Event Driven	Westchester Capital Management, LLC	WCFRX 95737C707WCFIX 95737C806
Virtus Westchester Event-Driven Fund	Alternative \| Event Driven	Westchester Capital Management, LLC	WCERX 95737C509WCEIX 95737C608
Virtus Zevenbergen Innovative Growth Stock Fund	Specialty	Zevenbergen Capital Investments LLC	SAGAX 92837F318SCATX 92837F292VZGRX 92837X640
Name	Asset Class	Investment Partner	CUSIP	Current Commentary