Newfleet Multi-Sector Intermediate Bond Series
The portfolio seeks to generate high current income and total return by applying extensive credit research and a time-tested approach to capitalize on opportunities across undervalued sectors of the bond market. The portfolio seeks diversification among 14 sectors in order to potentially increase return and manage risk.
Effective April 28, 2017 this Series changed its name from the Virtus Multi-Sector Fixed Income Series.
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, avoiding interest rate bets and remaining duration neutral to each strategy's stated benchmark.Visit the Newfleet Asset Management, LLC website
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date with fund: 1991
David Albrycht is president and chief investment officer of Newfleet Asset Management. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.
Mr. Albrycht is portfolio manager of Virtus Newfleet Multi-Sector Short Term Bond Fund since 1993 and Virtus Newfleet Multi-Sector Intermediate Bond Fund since 1994; and co-manager of Virtus Newfleet Senior Floating Rate Fund since 2008, Virtus Tactical Allocation Fund and Virtus Newfleet High Yield Fund since 2011; Virtus Newfleet Bond Fund, Virtus Strategic Allocation Fund, and Virtus Newfleet Low Duration Income Fund since 2012; and Virtus Newfleet Credit Opportunities Fund since 2015. He also manages several variable investment options and is co-manager of three closed-end funds, Virtus Total Return Fund Inc. (NYSE: ZF), Virtus Global Multi-Sector Income Fund (NYSE: VGI), and Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR), and two exchange-traded funds, Virtus Newfleet Multi-Sector Unconstrained Bond ETF (NFLT) and Virtus Newfleet Dynamic Credit ETF (BLHY).
In February 2013, Virtus Investment Partners was named Barron’s “Best Taxable Bond Fund Family” for 2012, an honor also received in 2010, due in large part both years to the expert management of the firm’s multi-sector fixed income strategies by Mr. Albrycht and the Newfleet team.1 Mr. Albrycht has been a recipient of several Lipper analytical certificates and recognized by industry groups as a leading multi-sector fixed income strategist. He has appeared on CNBC and Bloomberg Television and been quoted or featured in numerous publications, including Barron’s, The Wall Street Journal, Business Week, Dow Jones, and InvestmentNews.
Mr. Albrycht previously was Goodwin’s director of credit research. In addition, he managed the Phoenix MISTIC CDO, a $1 billion multi-sector collateralized debt obligation, where he was responsible for credit analysis and deal structure.
Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He holds the Chartered Financial Analyst designation. He has been working in the investment industry since 1985.
1Best Taxable Bond Fund Family ranked 1 of 62 Fund Families, on a one-year basis, in the 2012 Barron’s/Lipper 2012 Fund Survey, published in the February 11, 2013 issue of Barron’s. Ranked 42 of 58 in 2011 and 1 of 57 in 2010.
Barron’s explanation of how it ranks fund families: To qualify for the Barron’s/Lipper fund survey, a group must have at least three funds in Lipper’s general U.S.-stock category, as well as one in world equity, which combines global and international funds. Also required is at least one mixed-asset (or balanced) fund, which holds stocks and bonds. Fund shops also must have at least two taxable-bond funds and one tax-exempt offering.
For the first time this year, the performance of emerging-market funds was included in the world equity category. Each fund’s returns are adjusted for 12b-1 fees, which are used for marketing and distribution expenses. The funds usually add these fees back into returns. The aim is to measure the manager’s skill. Fund loads, or sales charges, aren’t included in the calculation of returns, either. Each fund’s return is measured against those of all funds in its Lipper category. That leads to a percentile ranking, with 100 the highest and 1 the lowest, which is then weighted by asset size relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking. Poor performance in a big fund can have a big effect on the ranking.
Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. 2012 category weightings for one-year results: general equity, 34.9%; world equity, 16.3%; mixed-asset, 17.3%; taxable bonds, 27.2%; and tax-exempt bonds, 4.3%. 2010 category weightings for one-year results: general equity, 40.52%; world equity, 14.32%; mixed equity, 16.46%; taxable bonds, 24.52%; tax-exempt bonds, 4.18%.
The scoring: Say a company has a fund in the general U.S. equity category that has $50 million in assets and that it accounts for half of the company’s assets in that category. Its ranking is the 75th percentile. The first calculation would be 75 times 0.50, which comes to 37.5. That score is then multiplied by 38.04, general equity’s overall weighting in Lipper’s universe. So it would be 37.5 times 0.3804, which totals 14.265. Similar calculations are done for each fund in our study. Then, all the numbers are added up for a total score. The fund shop with the highest score wins, both for every category and overall.
Strong ratings may not be indicative of positive fund performance. Performance for some funds may be negative.
Barron’s is a registered trademark of Dow Jones & Company; all rights reserved.
Past performance is no guarantee of future results.
Top Holdings (% Series)
|Virtus Newfleet Credit Opportunities Fund R6||
|United States Treasury Note/bond, 2.00% 12/31/2021||
|Republic of Turkey, 4.88% 10/09/2026||
|Towd Point Mortgage Trust, 3.25%||
|General Electric Co. Series D, 5.000%, 5% 12/29/2049||
|Petroleos Mexicanos, 6.88% 08/04/2026||
|JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities Trust, 6.08%||
|UAL Pass-Through-Trust, 6.64% 07/02/2022||
Sector Allocation (% Series)
Performance & Risk
Growth of $10,000 Investment
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.
|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.
Returns for periods of less than one year are cumulative total returns.
Sales Charge and Expenses
Documents & Resources
|Virtus Newfleet Multi-Sector Intermediate Bond Series Class A Summary Propsectus|
|Virtus Newfleet Multi-Sector Intermediate Bond Series Class I Summary Propsectus|
The investments for the Series 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 Series. You should be aware that the Series is likely to differ from the other mutual funds in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Series can be expected to vary from those of the other mutual funds.
Shares of the separate Series of Virtus Variable Insurance Trust are sold only through the currently effective prospectuses and are not available to the general public. Shares of the VIT Series 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 Series 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 Series before investing. For this and other information about any Virtus Variable Insurance Trust Series, 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 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
© 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.
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: 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.
Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.