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Home / Mutual Fund / Newfleet Low Duration Income
Fixed Income
(Taxable)

Newfleet Low Duration Income

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Ticker
HIMZX
CUSIP
92828W346
POP
$
(as of )
Inception
07/21/1999
Total Assets by Class
$80,484,251.01
(as of 07/19/2017)
Total Assets by Fund
$363,432,506.50
(as of 07/19/2017)
Morningstar Category
Short-Term Bond
Product Overview

The Fund focuses on primarily higher-quality, more liquid securities across 14 fixed income sectors with an active sector rotation approach, extensive credit research, and disciplined risk management to capitalize on opportunities across undervalued areas of the fixed income markets in a short duration portfolio.

Effective May 8, 2017 this fund changed its name from the Virtus Low Duration Income Fund.

Management Team

Investment Partners

Newfleet Asset Management, LLC

Newfleet 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.

Visit the Newfleet Asset Management, LLC website
Portfolio Managers
David Albrycht
David L. Albrycht, CFA

President and Chief Investment Officer

Industry start date: 1985

Start date with fund: 2012

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Benjamin Caron
Benjamin Caron, CFA

Senior Managing Director and Portfolio Manager

Industry start date: 1997

Start date with fund: 2012

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Lisa Baribault
Lisa M. Baribault

Director and Portfolio Manager

Industry start date: 2003

Start date with fund: 2017

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Investment Process Highlights
Step
1

Analyze the relative attractiveness of 14 sectors of the global bond market, taking into account sector fundamentals, yields, spreads, and supply/demand dynamics.

Step
2

Employ a rigorous bottom-up process to evaluate the quality of individual bonds, including credit risk, valuation, company management, issue structure, and technical elements.

Step
3

The resulting portfolio is highly diversified, duration neutral, and maintains strict issuer and sector concentration limits. A maximum of 20% can be allocated to below-investment-grade bonds, and no more than 35% invested in non-U.S. issuers.

Portfolio Characteristics

Top Holdings (% Fund)
(as of 06/30/2017)
Security
U.S. Treasury Note, 0.75% 12/31/2017
7.09
FNMA, 2.5%
1.63
FNMA, 3%
1.32
1.32
Fannie Mae Pool, 3.50%
0.76
0.76
UAL Pass-Through-Trust, 6.64% 07/02/2022
0.76
0.76
Comm 2014-277p Mortgage Trust, 3.61%
0.75
0.75
Jp Morgan Mortgage Trust, 2.60%
0.73
0.73
FNMA, 3.5%
0.68
0.68
Hca Inc 03/17/2023
0.61
0.61

Holdings are subject to change.

Characteristics4
(as of 06/30/2017)
Duration (years) 2.34
Sector Allocation (% Fund)
(as of 06/30/2017)

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
Quarterly
As of
Monthly
As of
YTD 3 Month 1 Year 3 Years 5 Years 10 Years Since Inception

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 )
Distribution Yield (at NAV)
SEC Yield
SEC Yield (gross)
Distributions Current Month
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 securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.
Foreign Investing: Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.
High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials

Virtus Newfleet Low Duration Income Fact Sheet
Newfleet Monthly Sector Review
Low Duration Income Commentary
Prepare For (But Don't Predict) Interest Rate Hikes
Braving the New World of Bonds
Building Your New Core Bond Portfolio
Newfleet Fixed Income Fund Capabilities
Pivot with Purpose - 4 Pager
Building Your New Core Bond Portfolio
Financial Materials
Virtus Opportunities Trust - Statutory Prospectus
Virtus Newfleet Low Duration Income - Summary Prospectus
Virtus Opportunities Trust Prospectus XBRL 485B 04 10 2017
Virtus Opportunities Trust - SAI
Virtus Opportunities Trust - Annual Report
Virtus Opportunities Trust - Semiannual Report
Mutual Fund Distributions
Holdings
Low Duration Income Quarterly Holdings
Low Duration Top Holdings

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 or visit www.virtus.com 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: Distribution Yield (at NAV) is calculated by (a) annualizing the latest distribution for fixed income funds or funds less than 1 year old (b) summing all distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period. SEC Yield represents the net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's public offering share price at the end of the 30-day period.  Gross SEC Yield represents the yield if there were no expense reimbursements.

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: Trailing P/E: Per-share stock price divided by the latest12-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:  Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's 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 RatingTM 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.

© 2017 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.