Virtus AllianzGI Convertible & Income 2024 Target Term Fund
Virtus AllianzGI Convertible & Income 2024 Target Term Fund
Investment Overview
The Fund employs a multi-asset strategy that seeks to generate high current income by dynamically allocating assets to the following three segments of a company's capital structure:
-- Convertible securities, which offer current income, downside protection, and potential capital appreciation.
-- High yield securities, which offer high income potential and have a potentially favorable risk/reward profile, relative to other fixed income asset classes.
-- Senior secured loans which offer a diversified return due to their unique floating-rate feature, seniority in the capital structure, and historically low correlation to core fixed income.
The Fund seeks to return the original net asset value (NAV) (defined as NAV per share before the deduction of the estimated offering cost of $0.02 per share) or more at the end of a seven-year investment term ending in 2024.
Interest rate risk management -- the Fund's underlying asset classes have historically performed well in past rising rate environments and have exhibited low historical correlation to core fixed income.
Contact Us
Contact your financial representative for more information.
Email or call for service at
1-800-254-5197
Investment Partner
Allianz Global Investors U.S. LLC
At Allianz Global Investors, active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.
Active is: Allianz Global Investors
Learn more about Allianz Global Investors U.S. LLC
Investment Professionals
Justin M. Kass, CFA
Managing Director, Portfolio Manager, CIO and Co-head US Income and Growth Strategies
Industry start date: 1998
Start date as fund Portfolio Manager: 2017
David J. Oberto
Director, Portfolio Manager
Industry start date: 2003
Start date as fund Portfolio Manager: 2017
William (Brit) L. Stickney
Managing Director, Portfolio Manager, Co-head US Income and Growth Strategies
Industry start date: 1989
Start date as fund Portfolio Manager: 2017
Performance
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.
Performance reflects the deduction of fund operating expenses. Performance does not reflect the incurrence of brokerage expenses, which typically apply to exchange traded products. Total return net of brokerage expenses would be lower than the total returns on
Expenses
Portfolio Breakdown (% Fund)
| Convertible Securities | |
| High Yield Bonds | |
| Senior Secured Loans | |
| Cash and Equivalents |
Allocations are subject to change daily.
Credit Quality (% Invested Assets)
| AAA | |
| AA | |
| A | |
| BBB | |
| BB | |
| B | |
| CCC and Below | |
| Not Rated |
Credit ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are measured using a scale that ranges from AAA (highest) to NR (not rated). Not rated securities do not necessarily indicate low quality. The security's credit rating does not eliminate risk and credit ratings are subject to change. Credit Quality reflects the higher of the ratings of Standard & Poor's Corporation and Moody's Investors Service, Inc. Only one rating will be utilized if only one is available. Ratings are then adjusted to the Standard & Poor's rating tiers shown. Ratings are subject to change.
Sector Allocation (% Invested Assets)
| Consumer Discretionary | |
| Communication Services | |
| Information Technology | |
| Health Care | |
| Financials | |
| Industrials | |
| Energy | |
| Materials | |
| Real Estate | |
| Consumer Staples |
Allocations are subject to change daily.
Top Holdings (% Fund)
| Security | |
|---|---|
| NIO Inc | |
| I3 Verticals Llc 1.0% 15-feb-2025 | |
| Liberty Broadband Corp. 2.75% 30-sep-2050 | |
| Ionis Pharmaceuticals, Inc. 0.125% 15-dec-2024 | |
| Dish Network Corporation 2.375% 15-mar-2024 | |
| Alteryx, Inc. 0.5% 01-aug-2024 | |
| Pinduoduo, Inc. 0.0% 01-DEC-2025 | |
| Insmed Incorporated 1.75% 15-jan-2025 | |
| Blackstone Mortgage Trust, Inc. 4.75% 15-mar-2023 | |
| Redwood Trust, Inc. 5.625% 15-jul-2024 |
Holdings are subject to change.
Assets (in millions)
(as of 04/29/2022)| Total Net Assets | $173.03 |
| Total Preferred Assets | $0.00 |
| Total Borrowed Debt | $69.70 |
| Total Managed Assets | $242.73 |
Effective Leverage
(as of 04/29/2022)| Preferred Assets | 0.00% |
| Borrowed Debt | 28.71% |
| Total Effective Leverage | 28.71% |
Borrowed Debt Leverage Statistics
(as of 04/29/2022)| Short Term Notes | $0.00 |
| Short Term Loan | $69.70 |
Assets (in Millions):
Total Net Assets: includes net assets applicable to Common Shareholders
Total Preferred Assets: consists of the value of: Auction Rate Preferred Shares, and/or Series A Cumulative Preferred Shares, and/or Mandatory Redeemable Preferred Shares
Total Managed Assets: Total Net Assets + Total Preferred Assets + Total Borrowed Debt
Effective Leverage:
Preferred Assets: % consists of Total Preferred Assets divided by Total Managed Assets
Borrowed Debt: % is short term debt + long term debt divided by Total Managed Assets
Total Effective Leverage (%) consists of Total Preferred Assets + Total Borrowed Debt, as applicable, divided by Total Managed Assets
Distributions are not guaranteed and are subject to change.
Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.
Year-to-Date Distribution History
| Month | Ex-Date | Payable Date | Distribution |
|---|---|---|---|
| May | 05/11/2022 | 06/01/2022 | $0.046000 |
| April | 04/08/2022 | 05/02/2022 | $0.046000 |
| March | 03/10/2022 | 04/01/2022 | $0.046000 |
| February | 02/10/2022 | 03/01/2022 | $0.046000 |
| January | 01/12/2022 | 02/01/2022 | $0.046000 |
You should not draw any conclusions about the Fund’s investment performance from its distributions. Please view the Fund’s Section 19a notices below, if applicable, which set forth information regarding the estimated composition of the distributions, including any portion that may constitute a return of capital.
The distribution table above is for informational purposes only and should not be used for tax reporting purposes. A Form 1099 DIV (or substitute Form 1099 DIV) will be sent to shareholders at the beginning of each year that will state the federal tax status of distributions received during the previous calendar year. Please consult a tax professional regarding specific tax matters.
Form 8937 Organizational Actions
Automatic Reinvestment Plan
This plan offers shareholders a convenient way to acquire additional shares of the fund. Registered holders will be automatically placed in the Plan. If shares are held at a brokerage firm, contact your broker about participation.
Net Asset Value vs. Market Price
Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price. The difference between the market price and the NAV (Premium/Discount) is expressed as a percentage of NAV.
Disclosures
There can be no assurance that the
This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.
Contact your financial representative for more information, or email or call for service at 1-800-254-5197.
Risk Considerations
Distributions
| March 7, 2022 | |
| December 17, 2021 | |
| December 15, 2021 | |
| December 1, 2021 | |
| November 1, 2021 | |
| October 1, 2021 | |
| September 1, 2021 | |
| August 3, 2021 | |
| July 1, 2021 | |
| June 1, 2021 | |
| May 3, 2021 | |
| March 1, 2021 | |
| February 1, 2021 |
Holdings
News Releases/Communications
| May 18, 2022 - Virtus AllianzGI Closed-End Funds Announce Future Change in Subadviser | |
| July 16, 2021 - Certain Virtus AllianzGI Closed-End Funds Announce Future Change In Portfolio Management Team | |
| June 8, 2021 - Virtus AllianzGI Closed-End Funds Joint Annual Meeting of Shareholders Proxy Statement | |
| January 27, 2021 - AllianzGI Closed-End Funds Provide Additional Information on Fund Name Change | |
| AllianzGI Monthly Dividend Press Release For ACV AIO NCV NCZ CBH August 2020 | |
| AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release March 2020 | |
| AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release February 2020 | |
| AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ October 2019 | |
| AllianzGI Monthly Dividend Press Release NCZ NCV ACV CBH AIO For January 2021 | |
| NCV NCZ ACV CBH Press Release March 2019 | |
| Allianz CEF Adjournment of Special Meeting - Press Release | |
| AllianzGI Convertible Income 2024 Target Term Fund Press Release February 2020 | |
| AllianzGI Convertible Income 2024 Target Term Fund Press Release Results May 2020 | |
| AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release July 2020 | |
| AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release May 2020 | |
| AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ August 2019 | |
| AllianzGI Monthly Dividend Press Release For AIO NCV NCZ CBH ACV December 2020 | |
| AllianzGI Monthly Dividend Press Release For AIO CBH ACV April 2020 Revised | |
| NCV NCZ ACV CBH Press Release September 2019 | |
| AllianzGI Convertible Income 2024 Target Term Fund CBH Press Release Form 8K | |
| AllianzGI Convertible Income 2024 Target Term Fund Press Release June 2020 | |
| AllianzGI Convertible Income 2024 Target Term Fund Press Release May 31 2019 | |
| AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release June 2020 | |
| AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ January 2020 | |
| AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ December 2019 | |
| AllianzGI Monthly Dividend Press Release For AIO NCV NCZ CBH ACV October 2020 | |
| CBH Press Release 8.31.19 | |
| ACV, AIO, CBH, NCV, NCZ - Press Release | |
| Allianzgi Convertible Income 2024 Target Term Fund Press Release August 2020 | |
| AllianzGI Convertible Income 2024 Target Term Fund Press Release November 2019 |
Governance
| Governance & Nominating Committee Charter (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ) | |
| Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ) | |
| Audit Oversight Committee Charter (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ) |