KAR Long/Short Equity
The Fund seeks to generate attractive risk-adjusted returns using subadviser Kayne Anderson Rudnick's disciplined quality-driven investment process to purchase long positions in companies with durable competitive advantages and strong management teams, and sell short positions in companies with poor financial performance, flawed business models, or aggressive capital structures.
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
Chris Wright, CFA
Portfolio Manager and Senior Research Analyst
Industry start date: 2012
Start date as fund Portfolio Manager: 2018
Chris Wright is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment
Management, an investment management affiliate of Virtus Investment Partners, where he has primary research
responsibilities for the financials and real estate sectors.
Mr. Wright began working in the financial industry in 2001. Before joining Kayne Anderson Rudnick in 2012, he worked at Alvarez & Marsal as a senior associate in Turnarounds and Restructuring; and at Houlihan Lokey Howard & Zukin as an associate in the Investment Banking Financial Institutions Group.
Mr. Wright earned a B.S.E., with a concentration in finance, from the Wharton School at the University of Pennsylvania and an M.B.A. from the University of California, Los Angeles. Mr. Wright is a CFA® charterholder and a member of the CFA Society of Los Angeles.
Julie Biel, CFA
Portfolio Manager and Senior Research Analyst
Industry start date: 2004
Start date as fund Portfolio Manager: 2022
Julie Biel is a portfolio manager and a senior research analyst at Kayne Anderson Rudnick Investment Management, an investment management affiliate of Virtus Investment Partners, with primary research responsibilities for the small- and mid-capitalization technology sector.
Before joining Kayne Anderson Rudnick in 2013, Ms. Biel worked at Imperial Capital as an equity research associate. Prior to business school, Ms. Biel was an equity research associate at Merrill Lynch.
Ms. Biel earned a B.A. in economics and psychology from New York University and an M.B.A. from the University of California, Los Angeles. She is a Chartered Financial Analyst® (CFA®) charterholder. She began working in the investment industry in 2004.
Long High-Quality/Short Low-Quality Businesses
Utilizes fundamental research to identify companies with solid balance sheets, consistent growth, profitability, and market dominant business models for long positions, while seeking companies with weak balance sheets, inconsistent growth and profitability, and a flawed business model for short positions
Lower Volatility Approach
An alternative strategy that strives for equity-like returns with less downside risk over a full market cycle, relative to the broad market—without the use of leverage.
A concentrated, low-turnover approach featuring long positions in 20-30 stocks and short positions in 20-30 stocks.
Exposure (% Fund)(as of 03/31/2022)
|Total Long Exposure||99.19|
|Total Short Exposure||-17.92|
|Total Net Exposure||81.27|
Sector Weights (% Fund)(as of 03/31/2022)
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.
Sales Charge and Expenses
|Virtus KAR Long/Short Equity Fund Fact Sheet - R6|
|Virtus KAR Long/Short Equity Fund Fact Sheet - I|
|Spotlight On: Virtus KAR Long Short Equity Fund|
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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 total dollar market value of all of a company’s outstanding shares. 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.
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.
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