Virtus Global Dividend & Income Fund Inc.
The Fund is a diversified fund that has a current target allocation of its assets being invested in 60% equity securities and 40% fixed income. The Fund seeks to generate total return, consisting of capital appreciation and income. The equity allocation invests exclusively in what the managers believe are 'high-quality' companies within the high yielding global equity universe. Businesses and management teams that return the free cash flow generated by the business to shareholders via dividends are the focus. The fixed income portion of the fund is designed to generate high total return from both current income and capital appreciation by investing primarily in intermediate-term debt securities across 14 fixed income sectors. The fund employs a time-tested approach of active sector rotation, extensive credit research, and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets. A team of investment professionals provides significant research depth across all bond market sectors. The Fund also pursues an options income strategy whereby it purchases and sells out-of-the money puts and calls, creating an options spread. Effective September 7, 2016, Virtus Investment Advisers became the Investment adviser to the Fund and two subadvisers were appointed to manage the Fund. Performance and characteristics prior to that date were attained by the previous Adviser using a different investment strategy.
Prior to September 27, 2016, the fund was named The Zweig Total Return Fund, Inc.
Kayne Anderson Rudnick Investment Management, LLC
The equity portion of the Fund is managed by Kayne Anderson Rudnick. The firm emphasizes companies with a competitive advantage, strong management, and low financial risk that are able to grow over market cycles, despite their discounted valuations.Visit the Kayne Anderson Rudnick Investment Management, LLC website
Newfleet Asset Management, LLC
The fixed income portion of the fund is managed by the Newfleet Asset Management which 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
Richard Sherry, CFA
Portfolio Manager and Senior Research Analyst
Industry start date: 1991
Start date with fund: 2016
Richard Sherry is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment Management with primary responsibilities for the large-capitalization energy, financials, and utilities sectors.
Mr. Sherry joined Kayne Anderson Rudnick in 1995 as a marketing analyst before becoming a research analyst. Prior to joining Kayne Anderson Rudnick, Mr. Sherry worked as operations/marketing supervisor at Pilgrim Asset Management.
He earned a B.A. in economics from the University of California, Los Angeles, and an M.B.A. from the University of Southern California. Mr. Sherry is a CFA (Chartered Financial Analyst) charter holder and a member of the CFA Society of Los Angeles. He began working in the investment industry in 1991.
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date with fund: 2016
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.
Performance & Risk
|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.
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
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. 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.
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.
Fund Distributions and Managed Distribution Plan
Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund.
The amounts and sources of distributions reported in Section 19(a) Notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. Please note that the characterization of Fund distributions for federal income tax purposes is different from book accounting generally accepted account principles (“GAAP”). 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.
You should not necessarily draw any conclusions about the Fund’s investment performance from the amount of this distribution. Contact your financial representative for more information, or email or call Virtus Closed-End Funds for service at 1-866-270-7788.
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 email or call for service at 1-866-270-7788.
Documents & Resources
|July 3, 2017|
|June 7, 2017|
|June 1, 2017|
|May 1, 2017|
|April 3, 2017|
|March 1, 2017|
|February 1, 2017|
|January 3, 2017|
|December 19, 2016|
|December 2, 2016|
|September 21, 2016|
|September 1, 2016|
|August 1, 2016|
|July 1, 2016|
Section 19a Notices
|June 29, 2017 - Virtus Global Dividend & Income Fund Inc Announces Results of Tender Offer|
|June 26, 2017 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer|
|June 7, 2017 - Results of Joint Annual Meeting of Shareholders|
|May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers|
|May 26, 2017 - Virtus Global Dividend & Income Fund Inc Offer to Purchase|
|April 28, 2017 - Proxy Statement|
|March 20, 2017 - Virtus Global Dividend & Income Fund Inc Announces Conditions Met For Third Tender Offer|
|January 3, 2017 - Virtus Global Dividend & Income Fund Inc Announces Final Results of Tender Offer|
|December 27, 2016 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer|
|November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers|
|November 25, 2016 - Virtus Global Dividend & Income Fund Inc Tender Offer To Purchase|
|November 21, 2016 - Results of Special Meetings of Shareholders|
|November 1, 2016 - Special Meeting Proxy Reminder Letter|
|October 17, 2016 - Special Meeting Proxy Statement|
|September 23, 2016 - Zweig Total Return Fund Changes Name to Virtus Global Dividend & Income Fund|
|September 7, 2016 - Virtus and Zweig Closed-End Funds Announce Actions|
|August 22, 2016 - Zweig Fund and Zweig Total Return Fund Announce Conditions Met for Second Tender Offers|
|August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership|
|June 13, 2016 - Results of Joint Annual Meeting of Shareholders|
|June 3, 2016 - Zweig Total Return Fund Announces Final Results of Tender Offer|
|May 27, 2016 - Zweig Total Return Fund Announces Preliminary Results of Tender Offer|
|April 29, 2016 - Zweig Total Return Fund Inc Tender Offer to Purchase|
|April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers|
|April 5, 2016 - Zweig Fund and Zweig Total Return Fund Announce Tender Offer Programs|
|April 1, 2016 - Zweig Fund and Zweig Total Return Fund Announce Increases to Distribution Rates|