Virtus Duff & Phelps Real Estate Securities Series
Virtus Duff & Phelps Real Estate Securities Series
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.
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.
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
Geoffrey Dybas is an executive managing director and senior portfolio manager at Duff & Phelps Investment Management, an investment management affiliate of Virtus Investment Partners. He heads the Global Real Estate Securities team. In addition, Mr. Dybas is co-founder of all dedicated REIT strategies managed by Duff & Phelps.
Prior to joining Duff & Phelps in 1995, Mr. Dybas was a corporate banker for Bank One and began his investment career in 1989.
Mr. Dybas earned a B.S., cum laude, from Marquette University and an M.B.A. from the Kellogg School of Management at Northwestern University. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Dybas is a member of the CFA Institute, the CFA Society of Chicago, the National Association of Real Estate Investment Trusts (NAREIT), and the European Public Real Estate Association (EPRA).
Frank J. Haggerty, Jr., CFA
Senior Managing Director, Senior Portfolio Manager
Industry start date: 1996
Start date as fund Portfolio Manager: 2007
Frank Haggerty is a senior managing director and senior portfolio manager at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. He serves as portfolio manager for all dedicated REIT strategies managed by Duff & Phelps.
Prior to joining Duff & Phelps in 2005, Mr. Haggerty served as a REIT portfolio manager and senior analyst at ABN AMRO Asset Management.
Mr. Haggerty earned a B.S. from Illinois State University and an M.B.A. with distinction from DePaul University Kellstadt Graduate School of Business. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Haggerty is a member of the CFA Institute, the CFA Society of Chicago, National Association of Real Estate Investment Trusts (NAREIT), the European Public Real Estate Association (EPRA), and the FTSE EPRA/NAREIT Global Real Estate Series Americas Committee. He began his investment career in 1996.
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
Characteristics4(as of 03/31/2023)
|Average Weighted Market Cap (billions)||$39.64|
|Median Market Cap (billions)||$17.44|
|Trailing P/E Ex-Negative Earnings||31.80|
|3-Year Earnings Growth Rate||7.19|
Top Holdings (% Series)
|Sun Communities Inc||
|VICI Properties Inc||
|Realty Income Corp||
|Rexford Industrial Realty Inc||
Holdings are subject to change.
Sector Allocation (% Series)
|Retail: Shopping Centers||
|Residential: Manufactured Homes||
|Retail: Free Standing||
|Non-NAREIT Equity Index Positions||
|Residential: Single Family Homes||
|Retail: Regional Malls||
|Cash & Equivalents||
Performance & Risk
Growth of $10,000 InvestmentFrom to
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
|Virtus Duff & Phelps Real Estate Securities Class A Series Summary Prospectus|
|Virtus Duff & Phelps Real Estate Securities Class I Series Summary Prospectus|
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.
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
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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.