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 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.
Newfleet Asset Management
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.
Newfleet Asset Management is a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an SEC registered investment adviser.
Learn more about Newfleet Asset Management
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date as fund Portfolio Manager: 2012
David Albrycht is president and chief investment officer of Newfleet Asset Management, an affiliated manager of Virtus Investment Partners. 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 the Virtus Newfleet Multi-Sector Short Term Bond Fund since 1993 and Virtus Newfleet Multi-Sector Intermediate Bond Fund since 1994. He is co-manager of the Virtus Newfleet Senior Floating Rate Fund since 2008, Virtus Tactical Allocation Fund and Virtus Newfleet High Yield Fund since 2011; Virtus Newfleet Core Plus Bond Fund, and Virtus Newfleet Low Duration Core Plus Bond since 2012. In addition, he co-manages two variable investment options and two closed-end funds, Virtus Total Return Fund Inc. (NYSE: ZTR), and Virtus Global Multi-Sector Income Fund (NYSE: VGI). He also is a manager of four exchange-traded funds, AdvisorShares Newfleet Multi-Sector Income ETF (NYSE: MINC), Virtus Newfleet Multi-Sector Bond ETF (NFLT), Virtus Newfleet High Yield Bond ETF (BLHY), and Virtus Newfleet ABS/MBS ETF (VABS), and two offshore funds, the Virtus GF Multi-Sector Short Duration Bond Fund and Virtus GF Multi-Sector Income Fund. He is also responsible for the structuring and management of Newfleet’s CLO platform.
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 2018 Lipper Fund Award for best Short-Intermediate Investment-Grade Debt Fund over ten 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.
2Lipper Fund Awards: The Lipper Fund Awards from Refinitiv, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The awards are based on the Lipper Leader for Consistent Return rating, a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. Virtus Newfleet Multi-Sector Short Term Bond Fund (I: PIMSX) had the highest Effective Return value in its Lipper classification, Short-Intermediate Investment-Grade Debt Funds, out of 32 funds, based on total return for the 10-year period as of 11/30/18. Rankings do not include the effect of a fund’s sales load, if applicable. Ranking is for Class I shares only, other classes may have different performance characteristics.
Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds.
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 as fund Portfolio Manager: 2012
Ben Caron is a senior managing director and portfolio manager at Newfleet Asset Management, an affiliated manager of Virtus Investment Partners.
Prior to joining Newfleet in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. 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 as fund Portfolio Manager: 2012
Kyle Jennings is a senior managing director and the head of credit research at Newfleet Asset Management, an
affiliated manager of Virtus Investment Partners.
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. In addition, 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 worked as 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 as fund Portfolio Manager: 2012
Daniel Senecal is a managing director and credit analyst at Newfleet Asset Management, an affiliated manager of Virtus Investment Partners. He is a sector manager within the emerging markets
analyzing both sovereign and corporate debt.
Prior to joining Newfleet in 2011, Mr. Senecal was on the fixed income team at Goodwin Capital Advisers, an investment management company that previously was a subsidiary of Virtus. 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 Chartered Financial Analyst® (CFA®) charterholder. He began his career in the investment industry in 1990.
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 market value shown in the table. 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. Returns for periods of one year or less are cumulative returns.
Credit Quality (% Fund)
|Cash & Equivalents||
The ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of a corporation's or government's debt issues. The ratings apply to the fund's holdings and not the fund. Ratings are provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Newfleet uses the higher rating. If a rating is not available, the bond is placed in the Not Rated category. Credit ratings are subject to change. Aaa, Aa, A, and Baa are investment grade ratings; Ba, B, Caa, Ca, C, and D are below-investment grade ratings.
Sector Allocation (% Fund)
|Corporate - High Quality||
|Emerging Market - High Yield||
|Corporate - High Yield||
|Asset Backed Securities||
|Yankee - High Quality||
|Non-Agency Residential MBS||
|Non-Agency Commercial MBS||
Allocations are subject to change daily.
Top Holdings (% Fund)
|United States Treasury Note/Bond, 1.2500% 05/15/2050||
|iShares JP Morgan USD Emerging Markets Bond ETF||
|United States Treasury Note/Bond, 1.3750% 11/15/2031||
|Oman Government International Bond, 7.3750% 10/28/2032||
|Ocp SA , 5.6250% 04/25/2024||
|United States Treasury Note/Bond, 0.1250% 08/31/2023||
|Petroleos Mexicanos, 6.5000% 03/13/2027||
|Indonesia Government International Bond, 2.8500% 02/14/2030||
|United States Treasury Note/Bond, 0.3750% 07/31/2027||
|Transportadora de Gas del Peru SA, 4.2500% 04/30/2028||
Holdings are subject to change.
Assets (in millions)(as of 07/29/2022)
|Total Net Assets||$108.07|
|Total Borrowed Debt||$48.50|
|Total Managed Assets||$156.57|
Effective Leverage(as of 07/29/2022)
Assets (in Millions):
Total Net Assets: includes net assets applicable to Common Shareholders
Total Managed Assets: Total Net Assets + Total Borrowed Debt
Borrowed Debt: % is Total Borrowed Debt divided by Total Managed Assets
Distributions are not guaranteed and are subject to change.
Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.
Year-to-Date Distribution History
|Ex-Date||Record Date||Payable Date||Total Distribution ($/Share)||Note|
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 1-866-270-7788.
Section 19a Notices
|July 5, 2022 - Virtus Closed-End Funds Update|
|May 24, 2022 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders|
|April 18, 2022 - Joint Annual Meeting of Shareholders Proxy Statement|
|November 18, 2021 - Virtus Global Multi-Sector Income Fund to Remove Managed Distribution Plan, Maintain Monthly Distribution of $0.08/Share|
|May 20, 2021 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders|
|April 15, 2021 - Joint Annual Meeting of Shareholders Proxy Statement|
|June 18, 2020 - Virtus Closed End Funds Remove Options Strategies|
|May 21, 2020 - Virtus Closed End Funds Announce Results of Joint Annual Meeting & Adjournment of Duff & Phelps Select MLP and Midstream Energy Fund|
|April 9, 2020 - Joint Annual Meeting of Shareholders Proxy Statement|
|November 4, 2019 - Virtus Closed End Funds Announce Results of Joint Special Meetings of Shareholders|
|September 3, 2019 - Special Meeting Proxy Statement|
|July 3, 2019 - Virtus Closed-End Funds Announce Joint Special Meetings of Shareholders|
|May 22, 2019 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders|
|April 16, 2019 - Proxy Statement|
|October 15, 2018 - Rampart Investment Management Added as Subadviser on Three Virtus Closed-End Funds|
|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|