Virtus AllianzGI Convertible & Income Fund II
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.
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
Douglas G. Forsyth, CFA
Managing Director, Portfolio Manager, CIO US Income & Growth Strategies
Industry start date: 1991
Start date as fund Portfolio Manager: 2003
Douglas Forsyth is a portfolio manager, a managing director, and CIO US Income & Growth Strategies with Allianz Global Investors. He is the head of the firm’s Income and Growth Strategies team and a member of the US Executive Committee. Mr. Forsyth has portfolio management, trading, and research responsibilities, and oversees all aspects of the Income & Growth platform’s business, including product development and implementation. He has been the lead portfolio manager for the firm’s US High Yield Bond strategy since its inception in 1994 and assumed lead portfolio management responsibility for the US Convertible strategy in 1998.
Mr. Forsyth has been managing CLO portfolios since 2006 and has been the lead portfolio manager on the Income & Growth strategy since its inception in 2007. In addition to management responsibility for institutional clients worldwide, Mr. Forsyth supervises multiple open-end and closed-end mutual funds and provides oversight for the US Short Duration High Income strategy.
Prior to joining Allianz Global Investors in 1994, Mr. Forsyth was an analyst at AEGON USA.
Mr. Forsyth earned a B.B.A. from The University of Iowa. He is a chartered Financial Analyst® (CFA®). He began his career in the investment industry in 1991.
Justin M. Kass, CFA
Managing Director, Portfolio Manager
Industry start date: 1998
Start date as fund Portfolio Manager: 2003
Justin Kass is a portfolio manager and managing director with Allianz Global Investors. He has portfolio management, research, and trading responsibilities for the Income and Growth Strategies team.
In 2003, Mr. Kass was promoted to portfolio management and began handling day-to-day portfolio manager responsibilities for the firm’s US Convertible strategy in 2005. He is also a lead portfolio manager for the firm’s Income and Growth strategy since its inception in 2007. In addition to management responsibility for institutional clients, Mr. Kass is responsible for managing multiple closed-end and open-end mutual funds.
Prior to joining Allianz Global Investors in 2000, Mr. Kass interned on the Income and Growth Strategies team, adding significant depth to its proprietary Upgrade Alert Model.
Mr. Kass earned a B.S. from the University of California, Davis, and an M.B.A. from the UCLA Anderson School of Management. He is a chartered Financial Analyst® (CFA®). He began his career in the investment industry in 1998.
Performance & Risk
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
Portfolio Breakdown (% Fund)
|High Yield Bonds||
|Cash and Equivalents||
Allocations are subject to change daily.
Credit Quality (% Invested Assets)
|CCC and Below||
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)
Allocations are subject to change daily.
Top Holdings (% Fund)
|Wells Fargo & Company 7.5 % Non Cumul. Perp. Conv. Pfd Registered Shares A Series L||
|Broadcom Inc. 8.00 % Cumul. Conv. Pfd Registered Shares 2019-30.09.22 Series A||
|Cheniere Energy, Inc. 4.25% 15-Mar-2045||
|Bank of America Corp. 7.25 % Non-Cumul. Perp. Conv. Pfd Registered Shares Series L||
|Tesla, Inc. 2.0% 15-May-2024||
|Danaher Corporation Cumul. Conv. Red. Pfd Registered Shares Series A||
|NextEra Energy, Inc. Corporate Units Cons of Debenture 01.09.25 + 1 PC 01.09.23||
|EQT Corporation 1.75% 01-May-2026||
|Snap, Inc. 0.75% 01-Aug-2026||
|Patrick Industries, Inc. 1.0% 01-Feb-2023||
Holdings are subject to change.
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)
|Total Effective Leverage||39.12%|
Borrowed Debt Leverage Statistics(as of 05/28/2021)
|Short Term Notes||$0.00|
|Short Term Loan||$0.00|
Assets (in Millions):
Total Net Assets: includes Net Assets Applicable to Common Shareholders
Total Preferred Assets: consist of the value of: Auction Rate Preferred Shares, and/or Series A Cumulative Preferred Shares, and/or Mandatory Redeemable Preferred Shares.
Total Managed Assets: Total Net Assets + Total Preferred Assets + Borrowed Debt
Preferred Assets: % consists of Total Preferred assets divided by Total Managed Assets.
Borrowed Debt: % is short term debt + long term debt divided Total Managed Assets
Total Effective Leverage (%) consists of Preferred Assets + Borrowed Debt, as applicable, divided by Total Managed Assets
Distributions are not guaranteed and are subject to change.
Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.
Year-to-Date Distribution History
|Ex-Date||Record Date||Payable Date||Total Distribution ($/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.
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.
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.
|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
|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|
|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)|