Virtus Duff & Phelps Real Estate Securities Fund

Home / Mutual Fund / Virtus Duff & Phelps Real Estate Securities Fund
Mutual Fund Alternative Real Estate

Virtus Duff & Phelps Real Estate Securities Fund

Image specific to each asset class and market style grouping.
Ticker
PHRAX
CUSIP
92828R586
POP
$ (as of )
Inception
03/01/1995
Total Assets by Class
$96,652,907.17 (as of 03/18/2024)
Total Assets by Fund
$366,088,753.45 (as of 03/18/2024)
Morningstar Category
Real Estate

Portfolio Overview

Investment Overview

The Fund seeks attractive long-term returns by providing U.S. real estate securities exposure, emphasizing companies with revenues driven by recurring rental income. The highly experienced portfolio team applies a disciplined, bottom-up investment process, utilizing both qualitative and quantitative factors, focusing on high-quality commercial real estate owner/operators.

Management Team

Investment Partner

Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management pursues specialized investment strategies with exceptional depth of resources and expertise. Since its earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, the firm's attention has been set on identifying attractive opportunities through active management and fundamental research, while managing the associated risks. Today, building on a distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, Clean Energy, and Diversified Real Assets.

Quality. Reliability. Specialization. Since 1932.


Learn more about Duff & Phelps Investment Management Co.

Investment Professionals

Geoffrey Dybas

Geoffrey P. Dybas, CFA

Executive Managing Director, Senior Portfolio Manager and Head of Real Estate

Industry start date: 1989
Start date as fund Portfolio Manager: 1998

Show More
Frank Haggerty

Frank J. Haggerty, Jr., CFA

Senior Managing Director, Senior Portfolio Manager

Industry start date: 1996
Start date as fund Portfolio Manager: 2007

Show More

Key Features

Attractive Income and Growth Potential

Pursues the stable cash flows offered by contractual rental revenues, emphasizing REITs with strong management teams focused on long-term value creation

Broadens Portfolio Diversification

Provides exposure to the lower correlations the U.S. real estate market has historically exhibited to traditional stocks and bonds

Lower Volatility Approach

High-conviction, lower-turnover portfolio of 25-45 securities, strives to benefit from valuations inefficiencies and the historically higher long-term risk-adjusted returns of rental property companies over non-rental companies

Portfolio Characteristics

Characteristics4

(as of 12/29/2023)
Average Weighted Market Cap (billions) $42.05
Median Market Cap (billions) $16.16
Trailing P/E Ex-Negative Earnings 31.94
Price-to-Cash Flow 17.34
Price-to-Book Value 2.06
3-Year Earnings Growth Rate 7.79

Top Holdings (% Fund)

(as of 12/29/2023)
Security
Prologis Inc
11.67
 11.67%
Equinix Inc
7.07
 7.07%
Digital Realty Trust Inc
5.27
 5.27%
Public Storage
4.94
 4.94%
Realty Income Corp
4.91
 4.91%
Ventas Inc
4.70
 4.70%
Welltower Inc
4.54
 4.54%
Sun Communities Inc
4.46
 4.46%
VICI Properties Inc
4.44
 4.44%
Simon Property Group Inc
4.26
 4.26%

Holdings are subject to change.

Sector Allocation (% Fund)

(as of 12/29/2023)
Industrial
16.36
 16.36%
Data Centers
12.33
 12.33%
Health Care
11.71
 11.71%
Residential: Apartments
9.95
 9.95%
Self Storage
8.53
 8.53%
Retail: Shopping Centers
6.30
 6.30%
Residential: Single Family Homes
5.95
 5.95%
Retail: Free Standing
4.91
 4.91%
Non-NAREIT Equity Index Positions
4.50
 4.50%
Residential: Manufactured Homes
4.45
 4.45%
Gaming REITs
4.44
 4.44%
Retail: Regional Malls
4.26
 4.26%
Office
2.93
 2.93%
Lodging/Resorts
2.32
 2.32%
Cash & Equivalents
1.06
 1.06%

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

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

Yields / Distributions1

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

Risk Statistics3

(as of )
Fund Index
R2
Beta
Alpha
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.
Real Estate: The portfolio may be negatively affected by factors specific to the real estate market, including interest rates, leverage, property, and management.
Industry/Sector Concentration: A portfolio 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 portfolio.
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.

Commentary

z - Cover Image: Virtus Duff & Phelps Real Estate Securities Fund Commentary
Virtus Duff & Phelps Real Estate Securities 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 Duff & Phelps Real Estate Securities Fund Fact Sheet
Virtus Duff & Phelps Real Estate Securities Fund Commentary
Inflation, Rising Rates, Recession, Oh My!
Analysis of a Study of REIT Outperformance Versus Private Real Estate Funds
Virtus Alternative Funds Menu
Duff & Phelps 2024 Outlook: Listed Real Assets

Financial Materials

Virtus Opportunities Trust Statutory Prospectus
Virtus Duff & Phelps Real Estate Securities Summary Prospectus
Virtus Opportunities Trust SAI
Virtus Opportunities Trust Annual Report
Virtus Opportunities Trust Semiannual Report - Equity Funds

Holdings

Virtus Duff & Phelps Real Estate Securities Fund Quarterly Holdings
Virtus Duff & Phelps Real Estate Securities Fund Top Holdings
Virtus Duff & Phelps Real Estate Securities Fund Holdings Fiscal Q1
Virtus Duff & Phelps Real Estate Securities Fund Holdings Fiscal Q3

Section 19(a) Notices

Section 19(a) Notice for Ex-Date December 21, 2023
Section 19(a) Notice for Ex-Date December 22, 2022
Section 19(a) Notice for Ex-Date September 22, 2022
Section 19(a) Notice for Ex-Date June 16, 2022
Virtus Duff & Phelps Real Estate Securities Fund 19(a) Notice - March 2021 through March 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 by 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.