Virtus Duff & Phelps Real Estate Securities Series

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Virtus Duff & Phelps Real Estate Securities Series

Image specific to each asset class and market style grouping.
CUSIP
Inception
Morningstar Category
Total Assets by Fund
$
Total Assets by Class
$

Portfolio Overview

Investment Overview

The Series 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

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Frank Haggerty

Frank J. Haggerty, Jr., CFA

Senior Managing Director, Senior Portfolio Manager

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

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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) $41.85
Median Market Cap (billions) $16.16
Trailing P/E Ex-Negative Earnings 32.41
Price-to-Cash Flow 17.44
Price-to-Book Value 2.05
3-Year Earnings Growth Rate 6.01

Top Holdings (% Series)

(as of 12/29/2023)
Security
Prologis Inc
11.62
 11.62%
Equinix Inc
7.00
 7.00%
Digital Realty Trust Inc
5.28
 5.28%
Public Storage
4.93
 4.93%
Realty Income Corp
4.79
 4.79%
Ventas Inc
4.69
 4.69%
Sun Communities Inc
4.31
 4.31%
Welltower Inc
4.30
 4.30%
VICI Properties Inc
4.29
 4.29%
Simon Property Group Inc
4.04
 4.04%

Holdings are subject to change.

Sector Allocation (% Series)

(as of 12/29/2023)
Industrial
16.61
 16.61%
Data Centers
12.26
 12.26%
Health Care
11.65
 11.65%
Residential: Apartments
9.62
 9.62%
Self Storage
8.30
 8.30%
Retail: Shopping Centers
6.13
 6.13%
Residential: Single Family Homes
5.93
 5.93%
Retail: Free Standing
4.79
 4.79%
Residential: Manufactured Homes
4.31
 4.31%
Gaming REITs
4.29
 4.29%
Non-NAREIT Equity Index Positions
4.28
 4.28%
Retail: Regional Malls
4.03
 4.03%
Office
3.38
 3.38%
Lodging/Resorts
2.29
 2.29%
Cash & Equivalents
2.15
 2.15%

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.

Returns for periods of less than one year are cumulative total returns.

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
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.

Related Literature

Marketing Materials

Virtus Duff & Phelps Real Estate Securities Series Fact Sheet

Holdings

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

Financial Materials

Virtus Duff & Phelps Real Estate Securities Series Prospectus
Virtus Duff & Phelps Real Estate Securities Class A Series Summary Prospectus
Virtus Duff & Phelps Real Estate Securities Class I Series Summary Prospectus
Virtus Variable Insurance Trust SAI
Virtus Variable Insurance Trust Annual Report
Virtus Variable Insurance Trust Semiannual Report

Section 19a Notices

Section 19(a) Notice for Ex-Date December 7, 2023


The investments for the Virtus Variable Insurance Funds (the “Funds”) are managed by the same portfolio manager(s) who manage one or more other funds that have similar names, investment objectives, and investment styles as the Funds. You should be aware that the Funds are likely to differ from the other mutual funds in size, cash flow pattern, and tax matters. Accordingly, the holdings and performance of the Funds can be expected to vary from those of the other mutual funds.

Shares of the Funds are sold only through the currently effective prospectuses and are not available to the general public. Shares of the Funds may be purchased only by life insurance companies to be used with their separate accounts which fund variable annuity and variable life insurance policies or qualified retirement plans and are also available as an underlying investment fund for certain qualified retirement plans. The performance information for the Funds does not reflect fees and expenses of the insurance companies. If such fees and expenses were deducted, performance would be lower.

Please carefully consider the investment objectives, risks, charges, and expenses of the Virtus Variable Insurance Funds before investing. For this and other information about any Virtus Variable Insurance Fund, call 1-800-367-5877 or visit Virtus.com for a prospectus and/or summary prospectus. Read it carefully before you invest or send money.


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.

© 2023 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.

1 Yields/Distributions: Distribution Yield (at NAV) is calculated by annualizing the latest month's distribution and dividing by the NAV on the last business day of the period. SEC Yield represents the net investment income earned by a fund over a 30-day period (7-day period for Money Market Funds), expressed as an annual percentage rate based on the fund's public offering share price at the end of the 30-day period (7-day period for Money Market Funds).

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-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.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.