Home / Mutual Fund / Newfleet High Yield
Mutual Fund Fixed Income Leveraged Finance

Newfleet High Yield

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Ticker
PHCHX
CUSIP
92828R784
POP
$ (as of )
Inception
07/28/1980
Total Assets by Class
$47,455,880.94 (as of 09/24/2021)
Total Assets by Fund
$59,563,966.35 (as of 09/24/2021)
Morningstar Category
High Yield Bond

Portfolio Overview

Investment Overview

The Fund seeks to generate both high current income and capital growth by investing in high-yield fixed income securities, selected according to a series of issue-specific, sector, and opportunistic factors. A disciplined, time-tested investment process, coupled with opportunistic trading, strives to take advantage of mispricings, market dislocations, and other special situations.

Management Team

Investment Partner

Newfleet Asset Management, LLC

Newfleet Asset Management leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction.


Learn more about Newfleet Asset Management, LLC

Investment Professionals

David Albrycht, CFA

David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985
Start date as fund Portfolio Manager: 2011

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Kyle Jennings

Kyle A. Jennings, CFA

Senior Managing Director and Head of Credit Research

Industry start date: 1992
Start date as fund Portfolio Manager: 2011

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Francesco Ossino

Francesco Ossino

Senior Managing Director, Senior Portfolio Manager, and Bank Loan Sector Head

Industry start date: 1996
Start date as fund Portfolio Manager: 2012

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Eric Hess

Eric Hess, CFA

Managing Director, Portfolio Manager, and High Yield Sector Head

Industry start date: 2006
Start date as fund Portfolio Manager: 2019

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William Eastwood

William Eastwood, CFA

Senior Managing Director, Portfolio Manager, and Head of Trading

Industry start date: 1995
Start date as fund Portfolio Manager: 2019

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Key Features

Diversification

Exposure to the expanded diversification and potential investment rewards of high-yield fixed income securities

Active Management

Emphasizes sectors and industries with well-valued companies whose business profiles are viewed to be improving

Extensive Fundamental Research

Security selection driven by bottom-up analysis of individual bond quality, credit risk, business viability, financial strength, and loan structure

Portfolio Characteristics

Top Holdings (% Fund)

(as of 06/30/2021)
Security
American Airlines Inc, 11.7500% 07/15/2025
1.10
 1.10%
ARD Finance SA, 6.5000% 06/30/2027
1.03
 1.03%
CSC Holdings LLC, 5.7500% 01/15/2030
1.03
 1.03%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.6250% 01/15/2027
1.01
 1.01%
Cheplapharm Arzneimittel GmbH, 5.5000% 01/15/2028
0.99
 0.99%
UPC Broadband Finco BV, 4.8750% 07/15/2031
0.99
 0.99%
Telesat Canada / Telesat LLC, 6.5000% 10/15/2027
0.91
 0.91%
Wynn Macau Ltd, 5.6250% 08/26/2028
0.86
 0.86%
Prospect Capital Corp, 3.7060% 01/22/2026
0.77
 0.77%
Science Applications International Corp, 4.8750% 04/01/2028
0.76
 0.76%

Holdings are subject to change.

Characteristics4

(as of 06/30/2021)
Effective Duration (years) 3.43

Sector Allocation (% Fund)

(as of 06/30/2021)
Consumer Cyclical
20.63
 20.63%
Consumer Non-Cyclical
15.92
 15.92%
Communications
13.17
 13.17%
Energy
12.86
 12.86%
Financial Institutions
9.03
 9.03%
Capital Goods
7.32
 7.32%
Technology
7.19
 7.19%
Basic Industry
5.44
 5.44%
Transportation
3.20
 3.20%
Cash
1.72
 1.72%
Other Industrial
1.60
 1.60%
Utility
1.26
 1.26%
Agency
0.61
 0.61%
RMBS
0.06
 0.06%

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

Yields / Distributions1

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

Distribution History2

(as of )
Ex-Date
Income
STCG
LTCG
Reinvest NAV

Risk Statistics3

(as of )
Fund Index
R2
Beta
Alpha
Std Dev

Risk Considerations

Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
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.
Foreign Investing: Investing in foreign securities subjects the portfolio to additional risks such as increased volatility, currency fluctuations, less liquidity, and political, regulatory, economic, and market risk.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Prospectus: For additional information on risks, please see the fund's prospectus.

Related Literature

Marketing Materials

Virtus Newfleet High Yield Fund Fact Sheet - R6
Virtus Newfleet High Yield Fund Fact Sheet - I
Newfleet Monthly Sector Review
Newfleet Capabilities Brochure
Hedging Inflation With Leveraged Loans and High Yield Bonds
Newfleet Market Review & Outlook
Newfleet 2021 Fixed Income Market Outlook

Distributions

Mutual Fund Distributions

Financial Materials

Virtus Opportunities Trust Statutory Prospectus
Virtus Newfleet High Yield Summary Prospectus
Virtus Opportunities Trust SAI
Virtus Opportunities Trust Annual Report
Virtus Opportunities Trust Semiannual Report
Virtus Opportunities Trust Prospectus XBRL 485B 02 01 2021

Holdings

Virtus Newfleet High Yield Quarterly Holdings
Virtus Newfleet High Yield Top Holdings
Virtus Newfleet High Yield Fund Holdings Fiscal Q1
Virtus Newfleet High Yield Fund Holdings Fiscal Q3

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 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.

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.

© 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.