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Mutual Fund Fixed Income Hybrid

AllianzGI Convertible

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Ticker
ANZAX
CUSIP
92838V791
POP
$ (as of )
Inception
04/12/2010
Total Assets by Class
$415,135,630.77 (as of 05/07/2021)
Total Assets by Fund
$2,943,896,650.22 (as of 05/07/2021)
Morningstar Category
Convertibles

Portfolio Overview

Investment Overview

The Fund seeks to capture the upside potential of equities with the reduced volatility of fixed income securities by investing in the most compelling U.S. dollar-denominated convertibles.

Effective February 1, 2021, this fund's name and investment adviser have changed. The fund's distributor is now VP Distributors, LLC.

Effective May 21, 2021, Class R shares of the Fund will no longer be offered, and existing Class R shares of the Fund will be converted to Class A shares. No purchases may be made into Class R shares of the Fund after the close of business on May 17, 2021.

Management Team

Investment Partner

Allianz Global Investors U.S. LLC

At Allianz Global Investors, active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors


Learn more about Allianz Global Investors U.S. LLC

Investment Professionals

Forsyth, Doug

Douglas G. Forsyth, CFA

Managing Director, Portfolio Manager, CIO US Income & Growth Strategies

Industry start date: 1991
Start date as fund Portfolio Manager: 1994

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Kass, Justin

Justin M. Kass, CFA

Managing Director, Portfolio Manager

Industry start date: 1998
Start date as fund Portfolio Manager: 2003

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Key Features

Favorable Asymmetric Risk/Reward

Seeks to identify and invest in convertible securities with an asymmetric risk/reward profile. Convertible bonds with this structure, also known as total return convertibles, are expected to participate in the upside of the underlying equity and provide downside protection from the bond floor

Disciplined, Fundamental, Bottom-Up Research Process

Facilitates the early identification of issuers demonstrating an ability to improve their fundamental characteristics, exceed minimum credit statistics, and exhibit the highest visibility of future expected operating performance

Attractive Risk/Reward Profile

Since inception, the Fund has provided equity-like returns with less volatility

Portfolio Characteristics

Top Holdings (% Fund)

(as of 03/31/2021)
Security
Broadcom Inc. 8.00 % Cumul. Conv. Pfd Registered Shares 2019-30.09.22 Series A
2.04
 2.04%
Tesla, Inc. 2.0% 15-May-2024
1.85
 1.85%
Microchip Technology Incorporated 0.125% 15-Nov-2024
1.52
 1.52%
Snap, Inc. 0.75% 01-Aug-2026
1.36
 1.36%
Zillow Group, Inc. 2.75% 15-May-2025
1.36
 1.36%
Chegg, Inc. 0.0% 01-sep-2026
1.25
 1.25%
Match Group Financeco 2, Inc. 0.875% 15-Jun-2026
1.23
 1.23%
Pioneer Natural Resources Company 0.25% 15-May-2025
1.21
 1.21%
Southwest Airlines Co. 1.25% 01-May-2025
1.20
 1.20%
Ford Motor Company 0.0% 15-Mar-2026
1.19
 1.19%

Holdings are subject to change.

Sector Allocation (% Fund)

(as of 03/31/2021)
Technology
27.89
 27.89%
Consumer Discretionary
20.63
 20.63%
Healthcare
18.42
 18.42%
Media
9.17
 9.17%
Financials
6.86
 6.86%

Performance & Risk

Growth of $10,000 Investment

From to

This chart assumes an initial investment of $10,000 made on for Class ddd shares including any applicable sales charges. Performance assumes reinvestment of dividends and capital gain distributions.

Performance

As of
As of

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.

Sales Charge and Expenses

Yields / Distributions1

(as of )
30-day SEC Yield
30-day SEC Yield (unsubsidized)
Distribution Rate (at NAV)
Income Distributions Current Month
Income Distributions YTD

Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19-a notices below, if applicable for estimates on the composition of the distribution.

Risk Statistics3

(as of )
Fund Index
R2
Beta
Alpha
Std Dev

Risk Considerations

Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Issuer Risk: The portfolio will be affected by factors specific to the issuers of securities and other instruments in which the portfolio invests, including actual or perceived changes in the financial condition or business prospects of such issuers.
Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.
Interest Rate: The values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced for securities with longer maturities.
Counterparties: There is risk that a party upon whom the portfolio relies to complete a transaction will default.
Credit Risk: If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.
Prepayments/Calls: If issuers prepay or call fixed rate obligations when interest rates fall, it may force the portfolio to reinvest at lower interest rates.
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.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
Prospectus: For additional information on risks, please see the fund's prospectus.

Related Literature

Marketing Materials

Virtus AllianzGI Convertible Fund Fact Sheet - INST
Virtus AllianzGI Convertible Fund Commentary
Virtus AllianzGI Convertible Fund Presentation
Destocking Your Portfolio

Distributions

Mutual Fund Distributions

Financial Materials

Virtus Strategy Trust Statutory Prospectus
Virtus AllianzGI Convertible Fund Summary Prospectus
Virtus Strategy Trust SAI
Multi-Strategy Funds Trust Annual Report
Multi-Strategy Funds Trust Semiannual Report
Virtus Strategy Trust Prospectus Supplement XBRL 497E 04 15 2021
Virtus Strategy Trust Prospectus Supplement XBRL 497E 02 05 2021
Virtus Strategy Trust Prospectus XBRL 485B 02 01 2021

Holdings

AllianzGI Convertible Holdings Monthly
Virtus AllianzGI Convertible Fund Top Holdings

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 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: 30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change.  30-day SEC Yield (unsubsidized) is the 30-day SEC Yield without the effect of applicable expense waivers.  Distribution Rate is calculated by (a) annualizing the latest income distribution for fixed income funds or funds less than 1 year old, or (b) summing all income distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period, unless otherwise indicated.

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: Avg. Weighted Market Cap (bn): The total dollar market value of all of a company’s outstanding shares. Trailing P/E Ex-Negative Earnings: Per-share stock price divided by the latest 12-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: Effective Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's effective 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:
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.

© 2021 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.