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Virtus Ceredex Mid-Cap Value Equity Fund

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$ (as of )
Total Assets by Class
$165,677,914.32 (as of 04/19/2024)
Total Assets by Fund
$2,053,660,043.54 (as of 04/19/2024)
Morningstar Category
Mid-Cap Value

Portfolio Overview

Investment Overview

The Fund seeks total return by investing in stocks of dividend-paying U.S. mid-cap companies that appear undervalued. Securities are in the market capitalization range of the Russell Midcap® Value Index and selected through a disciplined investment process focused on dividend policy, attractive valuations, and improving company fundamentals.

Management Team

Investment Partner

Ceredex Value Advisors LLC

Ceredex Value Advisors is a value equity boutique that has managed money for institutions, endowments, foundations and high-net-worth investors since 1995. Portfolio managers and analysts collaborate to execute on bottom-up, company-by-company research, seeking to identify catalysts in undervalued, dividend-paying stocks when constructing value-oriented portfolios.

Learn more about Ceredex Value Advisors LLC

Investment Professionals

Don Wordell

Don Wordell, CFA

Managing Director, Portfolio Manager

Industry start date: 1996
Start date as fund Portfolio Manager: 2001

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Cody Smith

Cody P. Smith, CFA

Managing Director, Portfolio Manager, Senior Research Analyst

Industry start date: 2004
Start date as fund Portfolio Manager: 2023

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Key Features

Low Valuation Levels

Searches for mid-cap stocks trading at the lower end of historical valuation ranges relative to peers, industry, market, and company history

The Power of Dividends

Dividend-paying stocks offer insights into company earnings potential and provide an added total return source that can help lower overall volatility

Extensive Fundamental Research

Bottom-up analysis strives to identify catalysts that could drive meaningful price gains, such as new management, restructurings, or product innovations

Portfolio Characteristics

Top Holdings (% Fund)

(as of 03/28/2024)
Humana Inc
First Citizens BancShares Inc/NC
Marvell Technology Inc
Capital One Financial Corp
Chesapeake Energy Corp
Global Payments Inc
Revvity Inc
Microchip Technology Inc
Ovintiv Inc
Target Corp

Holdings are subject to change.


(as of 03/28/2024)
Average Weighted Market Cap (billions) $32.38
Median Market Cap (billions) $26.80
Trailing P/E Ex-Negative Earnings 15.36
Price-to-Cash Flow 16.42
Price-to-Book Value 3.48
3-Year Earnings Growth Rate 15.72

Sector Allocation (% Equity)

(as of 03/28/2024)
Information Technology
Real Estate
Health Care
Consumer Discretionary
Consumer Staples

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.


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

The Index shown represents the Fund's performance index, which may differ from the Fund's regulatory index included in the Fund's Prospectus.

Risk Statistics3

(as of )
Fund Index
Std Dev

Risk Considerations

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, medium, or large-sized companies may enhance that risk.
Value Stocks: Value stocks are subject to the risk that the broad market may not recognize their intrinsic value.
Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war or military conflict, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio's manager(s) to invest its assets as intended.
Prospectus: For additional information on risks, please see the fund's prospectus.


z - Cover Image: Virtus Ceredex Mid-Cap Value Equity Fund Commentary
Virtus Ceredex Mid-Cap Value Equity Fund Commentary
The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Related Literature

Marketing Materials

Virtus Ceredex Mid-Cap Value Equity Fund Fact Sheet
Virtus Ceredex Mid-Cap Value Equity Fund Enhanced Fact Sheet
Virtus Ceredex Mid-Cap Value Equity Fund Commentary
Ceredex Value Equity Funds Presentation
Virtus Mid-Cap Equity Funds
Morningstar - Quarterly Ratings
As Value Stages a Comeback, Emphasize Quality

Financial Materials

Virtus Asset Trust Statutory Prospectus
Virtus Ceredex Mid-Cap Value Equity Fund Summary Prospectus
Virtus Asset Trust SAI
Virtus Asset Trust Annual Report - Equity
Virtus Asset Trust Semi-Annual Report - Equity


Virtus Ceredex Mid-Cap Value Equity Fund Monthly Holdings
Virtus Ceredex Mid-Cap Value Equity Fund Top Holdings
Virtus Ceredex Mid-Cap Value Equity Fund Holdings Fiscal Q1
Virtus Ceredex Mid-Cap Value Equity Fund Holdings Fiscal Q3

Section 19(a) Notices

Section 19(a) Notice for Ex-Date June 22, 2022

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. The Distribution Rate may be comprised of ordinary income, net realized capital gains and returns of capital.

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 sum of each security's weight within the fund (or index) multiplied by the security's market capitalization; 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 Rating 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.

© year 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.