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Closed-End Fund Fixed Income Hybrid

Virtus AllianzGI Convertible & Income Fund II

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Ticker
CUSIP
Inception
Market Price
$
(as of )
Premium/Discount
%
Managed Assets
$ (as of )
Net Assets
$ (as of )
Average Daily Volume
(as of )
Shares Outstanding
Distribution Frequency

Portfolio Overview

Investment Overview

The Fund seeks total return through a combination of capital appreciation and high current income.

Invests in a diversified portfolio of domestic convertible securities and high-yield bonds rated below investment grade.

Seeks to invest at least 50% of its portfolio in convertibles, but determines its allocation based on changes in equity prices, changes in interest rates, and other economic and market factors. For the convertible portion, Allianz Global Investors seeks to capture the upside potential of equities with potentially less volatility than a pure stock investment.

In searching for investment opportunities, the manager looks for issuers that will successfully adapt to change, exceed minimum credit statistics, and exhibit the most promising operating performance potential.

Effective February 1, 2021, this fund's name and investment adviser have changed.

Management Team

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

Forsyth, Doug

Douglas G. Forsyth, CFA

Managing Director, Portfolio Manager, CIO US Income & Growth Strategies

Industry start date: 1991
Start date as fund Portfolio Manager: 2003

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Kass, Justin

Justin M. Kass, CFA

Managing Director, Portfolio Manager

Industry start date: 1998
Start date as fund Portfolio Manager: 2003

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Performance & Risk

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.

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 market value shown in the table.

Expenses

Portfolio

Portfolio Breakdown (% Fund)

(as of 03/31/2021)
Convertible Securities
63.75
 63.75%
High Yield Bonds
33.18
 33.18%
Cash and Equivalents
3.06
 3.06%
Other
0.00
 0.00%

Allocations are subject to change daily.

Credit Quality (% Invested Assets)

(as of 03/31/2021)
AAA
0.00
 0.00%
AA
0.00
 0.00%
A
1.29
 1.29%
BBB
5.72
 5.72%
BB
21.33
 21.33%
B
14.52
 14.52%
CCC and Below
1.71
 1.71%
Not Rated
55.42
 55.42%

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)

(as of 03/31/2021)
Consumer Discretionary
22.48
 22.48%
Information Technology
19.92
 19.92%
Communication Services
13.20
 13.20%
Health Care
11.03
 11.03%
Industrials
8.91
 8.91%
Energy
8.57
 8.57%
Financials
7.70
 7.70%
Materials
3.63
 3.63%
Utilities
2.69
 2.69%
Consumer Staples
0.96
 0.96%
Real Estate
0.90
 0.90%

Allocations are subject to change daily.

Top Holdings (% Fund)

(as of 03/31/2021)
Security
Wells Fargo & Company 7.5 % Non Cumul. Perp. Conv. Pfd Registered Shares A Series L
4.30
 4.30%
Broadcom Inc. 8.00 % Cumul. Conv. Pfd Registered Shares 2019-30.09.22 Series A
4.27
 4.27%
Cheniere Energy, Inc. 4.25% 15-Mar-2045
3.61
 3.61%
Bank of America Corp. 7.25 % Non-Cumul. Perp. Conv. Pfd Registered Shares Series L
3.02
 3.02%
Tesla, Inc. 2.0% 15-May-2024
2.64
 2.64%
Danaher Corporation Cumul. Conv. Red. Pfd Registered Shares Series A
2.38
 2.38%
NextEra Energy, Inc. Corporate Units Cons of Debenture 01.09.25 + 1 PC 01.09.23
2.25
 2.25%
EQT Corporation 1.75% 01-May-2026
1.88
 1.88%
Snap, Inc. 0.75% 01-Aug-2026
1.84
 1.84%
Patrick Industries, Inc. 1.0% 01-Feb-2023
1.84
 1.84%

Holdings are subject to change.

Leverage

Assets (in millions)

(as of 05/28/2021)
Total Net Assets $422.49
Total Preferred Assets $271.53
 Auction Rate Preferred Shares $162.53
 Series A Cumulative Preferred Shares $109.00
Total Borrowed Debt $0.00
Total Managed Assets $694.02

Effective Leverage

(as of 05/28/2021)
Preferred Shares 39.12%
Borrowed Debt 0.00%
Total Effective Leverage 39.12%

Borrowed Debt Leverage Statistics

(as of 05/28/2021)
Short Term Notes $0.00
Short Term Loan $0.00
Assets (in Millions):

Total Net Assets: includes Net Assets Applicable to Common Shareholders
Total Preferred Assets: consist 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 + 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 Total Managed Assets
Total Effective Leverage (%) consists of Preferred Assets + Borrowed Debt, as applicable, divided by Total Managed Assets

Distributions

Ex. Dividend Date
Record Date
Payable Date
Frequency
Latest($/Share)
YTD($/Share)
Market Price Distribution Rate
(as of )

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
June 06/10/2021 07/01/2021 $0.037500
May 05/12/2021 06/01/2021 $0.037500
April 04/09/2021 05/03/2021 $0.037500
March 03/10/2021 04/01/2021 $0.037500
February 02/10/2021 03/01/2021 $0.037500
January 01/13/2021 02/01/2021 $0.037500

Ex-Date Record Date Payable Date Total Distribution ($/Share)



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 fund will achieve its investment objectives.

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  or call for service at 1-800-254-5197.

Risk Considerations

Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.
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.
Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.
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.
Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.
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.
Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.

Related Literature

Fact Sheet

Virtus AllianzGI Convertible & Income Fund II Fact Sheet

Distributions

June 18, 2021 - NCV and NCZ Action Rate Preferred Securities: Max Rate
June 1, 2021
June 1, 2021 - Preferred Shares
May 3, 2021
April 1, 2021
March 1, 2021
March 1, 2021 - Preferred Shares
February 1, 2021

Section 19a Notices

News Releases/Communications

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 Convertible Income Fund II Press Release Declares Monthly Dividend
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ January 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 December 2019
AllianzGI Monthly Dividend Press Release For AIO NCV NCZ CBH ACV October 2020
NCV NCZ ACV CBH Press Release March 2019
AllianzGI CEF Second Adjournment of Special Meeting - Press Release - 12.24.20
AllianzGI Convertible Income Fund II Press Release August 2020
AllianzGI Convertible Income Fund II Press Release May 31 2019
AllianzGI Convertible Income Fund II Press Release Results May 2020
AllianzGI Monthly Dividend Press Release For AIO ACV CBH NCV NCZ Press Release March 2020
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 June 2020
AllianzGI Monthly Dividend Press Release For ACV CBH NCV NCZ August 2019
AllianzGI Monthly Dividend Press Release NCZ NCV ACV CBH AIO For January 2021
NCV NCZ ACV CBH Press Release September 2019
ACV, AIO, CBH, NCV, NCZ - Press Release
AllianzGI Convertible Income II Press Release February 2020
AllianzGI Convertible Income Fund II Press Release April 14 2020 Payment For March Dividend
AllianzGI Convertible Income Fund II Press Release April 2020 Postpone Payment Revised
AllianzGI Convertible Income Fund II Press Release June 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 October 2019
AllianzGI Monthly Dividend Press Release For AIO NCV NCZ CBH ACV December 2020
AllianzGI NCV NCZ Press Release Tender Offer Commencement 6.27.18
Allianz CEF Adjournment of Special Meeting - Press Release
AllianzGI Convertible Income II Press Release November 2019
AllianzGI Convertible Income Fund II NCZ Press Release Form 8K
AllianzGI Convertible Income Fund II Press Release December 2020
NCZ Preferred Shares Dividend Notice Press Release June 2020
NCZ Preferred Shares Dividend Notice Press Release December 2019
NCZ Preferred Shares Dividend Notice Press Release March 2020
NCZ Preferred Shares Dividend Notice Press Release September 2020
NCZ Press Release 8.31.19
NCZ Preferred Shares Dividend Notice Press Release March 2019
NCZ Preferred Shares Dividend Notice Press Release September 2019
NCV And NCZ Announce CPS Repurchase Plan Press Release
January 22, 2021 - AllianzGI Closed-End Funds Announce Fund Name Changes

Governance

Governance & Nominating Committee Charter (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ)
Audit Oversight 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)
Dividend Reinvestment Plan (AIO/CBH/NCV/NCZ/ACV/NIE/NFJ)

Financial Materials

AIO CBH NCV NCZ Annual Report
AIO CBH NCV NCZ Semi-Annual Report
2020 NCZ Tax Information