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Mutual Fund Fixed Income Leveraged Finance

Virtus Seix Floating Rate High Income Fund

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$ (as of )
Total Assets by Class
$42,190,221.37 (as of 06/21/2024)
Total Assets by Fund
$1,450,526,195.24 (as of 06/21/2024)
Morningstar Category
Bank Loan

Portfolio Overview

Investment Overview

The Fund invests in floating rate leveraged loans and seeks to generate an attractive spread above LIBOR. A sound, transparent, and repeatable investment process leverages competitive advantages and aims to capture upside potential while limiting downside risk through rigorous fundamental analysis and a strict sell discipline.

Management Team

Investment Partner

Seix Investment Advisors

Seix Investment Advisors is a specialty fixed income manager providing investment grade and leveraged finance capabilities that can serve as the core of a fixed income allocation or as a dynamic complement to an existing portfolio. Seix seeks to generate competitive absolute and relative risk-adjusted returns over the full market cycle through a bottom-up focused, top-down aware process. Seix employs multi-dimensional approaches based on strict portfolio construction methodology, sell disciplines and trading strategies with prudent risk management as a cornerstone.

Seix Investment Advisors is a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an SEC registered investment adviser.

Learn more about Seix Investment Advisors

Investment Professionals

George Goudelias

George Goudelias

Managing Director, Head of Leveraged Finance, Senior Portfolio Manager

Industry start date: 1987
Start date as fund Portfolio Manager: 2006

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Vincent Flanagan

Vincent Flanagan

Portfolio Manager, Senior Leveraged Finance Research Analyst

Industry start date: 1997
Start date as fund Portfolio Manager: 2011

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Eric Guevara

Eric Guevara

Head of Leveraged Loan Trading and Portfolio Manager

Industry start date: 2000
Start date as fund Portfolio Manager: 2019

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Key Features


Provides exposure to floating rate debt, which offers low correlations to other fixed income asset classes and has the potential to provide relatively high income

A Potential Hedge Against Rising Rates

Periodic coupon resets may help floating rate debt protect against interest rate risk and principal value fluctuations in rising interest rate periods

Higher Quality Loans

Emphasizes BB- and B-rated loans; seeks to invest in what are believed to be the healthiest and most undervalued credits in the non-investment grade space, identified through extensive bottom-up fundamental credit research

Portfolio Characteristics

Top Holdings (% Fund)

(as of 03/28/2024)
Numericable U.S. LLC (Usd) B14 Term Loan, 08/15/2028
Cloud Software Group Inc Term A Loan, 09/29/2028
Altice Financing SA 2022 Dollar Loan, 10/31/2027
American Airlines Inc Initial Term Loan, 04/20/2028
Zacapa Sarl Initial Term Loans 2022, 03/22/2029
Asurion LLC New B11 Term Loan, 08/21/2028
Ultra Clean Holdings Inc, Second Amendment Term B Loan, 08/27/2025
Peraton Corp First Lien Term B Loan, 02/01/2028
Organon & Co Senior Secured Dollar Term Loan, 06/02/2028
Mileage Plus Holdings, LLC Initial Term Loan, 06/21/2027

Holdings are subject to change.


(as of 03/28/2024)
Effective Duration (years) 0.19

Sector Allocation (% Fund)

(as of 03/28/2024)
Information Technology
Telecom Ex Wireless
Housing/Building Materials
Diversified Media
Manufacturing/Capital Goods
Forest Products/Containers
Cash & Equivalents
Consumer Products/Textiles

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.


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

The Index shown represents the Fund's performance index, which may differ from the Fund's regulatory index included in the Fund's Prospectus.

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 )
Reinvest NAV

Risk Statistics3

(as of )
Fund Index
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.
Bank Loans: Bank loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.
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.
Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war or military conflict, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio's manager(s) to invest its assets as intended.
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 non-repayment of underlying collateral, including losses to the portfolio.
U.S. Government Securities: U.S. government securities may be subject to price fluctuations. An agency may default on an obligation not backed by the United States. Any guarantee on U.S. government securities does not apply to the value of the portfolio's shares.
Prospectus: For additional information on risks, please see the fund's prospectus.


z - Cover Image: Virtus Seix Floating Rate High Income Fund Commentary
Virtus Seix Floating Rate High Income Fund Commentary
The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Related Literature

Marketing Materials

Virtus Seix Floating Rate High Income Fund Fact Sheet
Virtus Seix Floating Rate High Income Fund Enhanced Fact Sheet
Virtus Seix Floating Rate High Income Fund Commentary
Spotlight On: Seix Floating Rate High Income Fund
Morningstar - Quarterly Ratings
High Yield Spread Widening: Waiting for Godot
Bank Loans, 2023 Prognostications, and Chicken Little: The Sky Did Not Fall
Inside ESG Investing at Seix
Seix Market Review - Leveraged Finance

Financial Materials

Virtus Asset Trust Statutory Prospectus
Virtus Seix Floating Rate High Income Fund Summary Prospectus
Virtus Asset Trust SAI
Virtus Asset Trust Annual Report - Fixed Income
Virtus Asset Trust Semi-Annual Report - Fixed Income


Virtus Seix Floating Rate High Income Fund Monthly Holdings
Virtus Seix Floating Rate High Income Fund Top Holdings
Virtus Seix Floating Rate High Income Fund Holdings Fiscal Q1
Virtus Seix Floating Rate High Income 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 sum of each security's weight within the fund (or index) multiplied by the security's market capitalization; 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.

© year 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.