Virtus KAR Equity Income Series
The Series seeks to generate attractive risk-adjusted long-term returns, consisting of both capital appreciation and current income, by investing in a diversified stock portfolio of high-quality, mature businesses with a history of consistent, robust dividend yields. A disciplined investment process is employed to identify businesses that are differentiated by above-average returns on capital and trading at attractive valuations.
Kayne Anderson Rudnick Investment Management, LLC
Kayne Anderson Rudnick believes that superior risk-adjusted returns may be achieved through investment in high-quality companies with market dominance, excellent management, financial strength, and consistent growth, purchased at reasonable prices.
Learn more about Kayne Anderson Rudnick Investment Management, LLC
Richard Sherry, CFA
Portfolio Manager and Senior Research Analyst
Industry start date: 1991
Start date as fund Portfolio Manager: 2020
Richard Sherry is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment Management, an investment management affiliate of Virtus Investment Partners. He has primary research responsibilities for the mid- and large-cap consumer services, energy, financials, real estate, and utilities sectors.
Mr. Sherry joined Kayne Anderson Rudnick in 1995 as a marketing analyst before becoming a research analyst. Prior to joining Kayne Anderson Rudnick, he was an operations/marketing supervisor at Pilgrim Asset Management.
Mr. Sherry earned a B.A. in economics from the University of California, Los Angeles, and an M.B.A. from the University of Southern California. He is a CFA® charterholder and a member of the CFA Society of Los Angeles. Mr. Sherry began working in the investment industry in 1991.
Searches for quality dividend-paying companies with solid balance sheets, consistent growth, profitability, and market dominant business models
Extensive fundamental research favors companies with less business risk, as defined by lower earnings variability, consistent and profitable growth, high returns on capital, strong free cash flow, and a low organic need for external financing, all of which can help to protect profits in difficult markets
Focused on the portfolio team's 25-50 strongest investment opportunities, with a long-term, low-turnover approach to realize full stock value potential
Top Holdings (% Series)
|International Business Machines Corp||
|MSC Industrial Direct Co Inc||
|Zurich Insurance Group AG||
|BAE Systems PLC||
|Verizon Communications Inc||
Holdings are subject to change.
Characteristics4(as of 06/30/2023)
|Average Weighted Market Cap (billions)||$92.44|
|Median Market Cap (billions)||$48.84|
|Trailing P/E Ex-Negative Earnings||15.48|
|3-Year Earnings Growth Rate||8.18|
Sector Allocation (% Equity)
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
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.