Virtus Global Multi-Sector Income Fund
The Fund's investment objective is to maximize current income while preserving capital. The fund seeks to generate high current income and total return by applying extensive credit research to capitalize on opportunities across undervalued sectors of the global bond markets. The Fund also pursues an options overlay strategy that seeks to generate additional income.
The portfolio seeks global diversification among 14 sectors in order to potentially increase return and manage risk.
A team of investment professionals provides significant research depth across all sectors of the global bond markets.
The Fund's options overlay strategy is being implemented through the use of index based, out-of-the-money put and call spreads. This strategy is driven by implied volatility, as measured by the CBOE® Volatility Index (or 'VIX®' as it's also called), and seeks to exploit pricing inefficiencies in options on the S&P 500® Index.
Newfleet Asset Management, LLC
Newfleet Asset Management 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.Visit the Newfleet Asset Management, LLC website
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date with fund: 2012
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 Bond ETF (NFLT) and Virtus Newfleet Dynamic Credit ETF (BLHY).
In Barron’s “Best Fund Families of 2016” annual rankings published in 2017, Virtus Investment Partners was ranked the #2 Taxable Bond Fund Family, and held the #1 position in 2012 and 2010, due in large part to the expert management of the firm’s multi-sector fixed income funds by Mr. Albrycht and the Newfleet team.1 The Virtus Newfleet Multi-Sector Short Term Bond Fund, managed by Mr. Albrycht, received the 2017 Lipper Fund Award for best Short-Intermediate Investment-Grade Debt Fund over five years.2 Recognized in the industry as a leading multi-sector fixed income strategist, Mr. Albrycht has appeared on CNBC and Bloomberg Television, and been quoted or featured in Barron’s, The Wall Street Journal, Business Week, Dow Jones, and InvestmentNews.
While at Goodwin Capital, Mr. Albrycht also served as 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 is a Chartered Financial Analyst® (CFA®) charterholder. He began his career in the investment industry in 1985.
1Barron's Best Mutual Fund Families Annual Rankings: Within the taxable bond category for 2016 (published February 11, 2017), 2012 (published February 11, 2013), and 2010 (published February 7, 2011), Virtus Investment Partners ranked 2 out of 61, 1 out of 62, and 1 out of 57 qualifying fund families for the 1-year period ended 12/31/16, 12/31/12, and 12/31/10, respectively. Barron’s annual fund family rankings are based on asset-weighted returns (excluding 12b-1 fees and sales charges) in five fund categories: U.S. equity, world equity, mixed asset, taxable bond, and tax-exempt bond, as calculated by Lipper. Each fund’s performance is measured against all other funds in its Lipper category, resulting in a percentile ranking which is weighted by asset size relative to the fund family’s other assets in its general classification.
Barron’s is a registered trademark of Dow Jones & Company; all rights reserved.
Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds. From Thomson Reuters Lipper Awards, © 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this content without express written permission is prohibited.
Past performance is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Performance for some funds may be negative.
Virtus Newfleet ETFs: Please consider the Fund’s objectives, risks, charges, and expenses before investing. Contact us at 1-800-243-4361 or visit Newfleet.com for a prospectus, which contains this and other information about the Fund. Read the prospectus carefully before investing.
Virtus Newfleet ETFs distributed by ETF Distributors LLC, an affiliate of Virtus ETF Advisers LLC.
Benjamin Caron, CFA
Senior Managing Director and Portfolio Manager
Industry start date: 1997
Start date with fund: 2012
Ben Caron is a senior managing director and portfolio manager at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners.
Mr. Caron is co-portfolio manager of the Virtus Newfleet Low Duration Income Fund and the closed-end Virtus Global Multi-Sector Income Fund (NYSE: VGI). He also assists in the management of the Virtus Newfleet Multi-Sector Short Term Bond Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund, Virtus Tactical Allocation Fund, two variable investment options, and the closed-end Virtus Total Return Fund Inc. (NYSE: ZF).
Prior to joining Newfleet in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers, an investment management company that was previously a subsidiary of Virtus. He joined Goodwin Capital in 2002 as a client service associate for the institutional markets group focusing on institutional fixed income clients. Earlier in his career, he was with Fidelity Investments, where he was responsible for client management and sales in the managed account group.
Mr. Caron earned a B.A. from Syracuse University and an M.B.A. from Suffolk University. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Caron began his career in the investment industry in 1997.
Kyle A. Jennings, CFA
Senior Managing Director and Head of Credit Research
Industry start date: 1992
Start date with fund: 2012
Kyle Jennings is a senior managing director and the head of credit research at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Jennings also serves as co-portfolio manager of the Virtus Newfleet Senior Floating Rate Fund, Virtus Newfleet High Yield Fund, and closed-end Virtus Global Multi-Sector Income Fund (NYSE: VGI).
Mr. Jennings has been a member of Newfleet's corporate credit research team since 1998 and currently covers the gaming, healthcare, and pharmaceutical industries. He is also a member of the team that formulates the leveraged finance strategy for the multi-sector fixed income strategies. Additionally, Mr. Jennings is responsible for the structuring and management of Newfleet’s CLO platform.
Prior to joining Newfleet in 2011, Mr. Jennings was on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. Before that, he was a credit research analyst in the banking industry for Shawmut Bank, Ironwood Capital, and Citizens Bank.
Mr. Jennings earned a B.S. in finance from the University of Connecticut and is a Chartered Financial Analyst® (CFA®) charterholder. He began his career in the investment industry in 1992.
Daniel P. Senecal, CFA
Managing Director and Credit Analyst
Industry start date: 1990
Start date with fund: 2012
Daniel Senecal is a managing director and co-head of emerging markets at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Senecal is also head of the emerging markets team, and is responsible for sovereign and corporate research in the Latin America region, including Mexico and Central America. In addition, he is co-portfolio manager of the Virtus Global Multi-Sector Income Fund (NYSE: VGI), a closed-end fund.
Prior to joining Newfleet in 2011, Mr. Senecal was on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. He began at Goodwin Capital in 1997 as a corporate credit research analyst, followed by several roles, including sector manager for investment grade corporate credit and sovereign credit. He was also lead portfolio manager of the Phoenix High Yield Fund from 2003 until 2005 and Phoenix Emerging Market Fund from 2004 to 2005.
Earlier in his career, Mr. Senecal completed a formal credit training program at Shawmut National Bank where he was a credit research analyst and lender. He also worked at BankBoston as a corporate bond analyst.
Mr. Senecal earned a B.A. in economics and English from Assumption College and an M.B.A. in finance from the University of Connecticut. He is a CFA® (Chartered Financial Analyst®) charterholder. He began his career in the investment industry in 1990.
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
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
|June 7, 2018|
|May 23, 2018|
|May 2, 2018|
|April 3, 2018|
|March 1, 2018|
|February 28, 2018|
|February 1, 2018|
|January 2, 2018|
|December 1, 2017|
|November 15, 2017|
|November 1, 2017|
|October 2, 2017|
|September 13, 2017|
|September 1, 2017|
|August 1, 2017|
|July 3, 2017|
|June 7, 2017|
|June 1, 2017|
Section 19a Notices
|May 25, 2018 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders|
|April 17, 2018 - Proxy Statement|
|September 16, 2016 - Results of Special Meeting of Shareholders|
|August 8, 2016 - Special Proxy Statement|
|August 2, 2016 - Five Closed-End Funds Announce Changes to Board Membership|
|May 22, 2014 - VGI Announces Results of Annual Meeting and Adoption of Options Strategy|