Virtus Total Return Fund Inc.
The Fund's investment objective is capital appreciation, with current income as a secondary objective. The Fund seeks to meet its objectives through a combination of equity and fixed income investments.
Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management pursues specialized investment strategies with exceptional depth of resources and expertise. Since its earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, the firm's attention has been set on identifying attractive opportunities through active management and fundamental research, while managing the associated risks. Today, building on a distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, Clean Energy, and Diversified Real Assets.
Quality. Reliability. Specialization. Since 1932.
Learn more about Duff & Phelps Investment Management Co.
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
Connie Luecke, CFA
Senior Managing Director, Senior Portfolio Manager
Industry start date: 1983
Start date as fund Portfolio Manager: 2011
Connie Luecke is a senior managing director and senior portfolio manager at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. She is the senior portfolio manager for the firm’s global listed infrastructure strategies and is chief investment officer of DNP Select Income Fund Inc. (NYSE: DNP).
Prior to joining Duff & Phelps in 1992, Ms. Luecke served as a financial valuation consultant at Coopers & Lybrand, and as a research associate at Harris Associates L.P.
Ms. Luecke earned a B.S. from DePaul University and an M.B.A. from Loyola University of Chicago. She is a Chartered Financial Analyst® (CFA®) charterholder, a member of the CFA Institute, the CFA Society of Chicago, and a past president of the Utility and Telecommunications Securities Club of Chicago. She began her career in the investment industry in 1983.
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date as fund Portfolio Manager: 2011
David Albrycht is president and chief investment officer of Newfleet Asset Management, an affiliated manager of Virtus Investment Partners. Mr. Albrycht is the senior portfolio manager of several multi-sector fixed income strategies, some dating back to the early 1990s.
In his role as CIO, Mr. Albrycht drives top-down strategy for Newfleet’s investment platform, which includes multi-sector and dedicated sector strategies for high yield and bank loans. In addition to managing mutual funds and variable investment options in these strategies, Mr. Albrycht is co-manager of two closed-end funds, Virtus Total Return Fund Inc. (NYSE: ZTR) and Virtus Global Multi-Sector Income Fund (NYSE: VGI). He also is co-manager of four exchange traded funds, Virtus Newfleet Multi-Sector Bond ETF (NYSE: NFLT), Virtus Newfleet Short Duration Core Plus Bond ETF (NYSE: SDCP), Virtus Newfleet Short Duration High Yield Bond ETF (NYSE: VSHY), and Virtus Newfleet ABS/MBS ETF (NYSE: VABS), and two offshore funds, the Virtus GF Multi-Sector Short Duration Bond Fund and the Virtus GF Multi-Sector Income Fund. Additionally, Mr. Albrycht is responsible for the structuring and management of Newfleet’s CLO platform.
Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former investment management subsidiary of Newfleet’s parent, Virtus Investment Partners. Prior to that role, Mr. Albrycht was director of credit research at Goodwin’s predecessor, Phoenix Investment Counsel (PIC). In addition, he managed the Phoenix MISTIC CDO, a $1 billion multi-sector collateralized debt obligation, for which he was responsible for credit analysis and deal structure. He joined the PIC multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.
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 CFA® (Chartered Financial Analyst®) charterholder. He began his career in the investment industry in 1985.
Newfleet Asset Management is a division of Virtus Fixed Income Advisers, LLC (“VFIA”), an SEC registered investment adviser.
Please consider a Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other information about any Virtus Fund, contact your financial professional, call 800-243-4361, or visit virtus.com for a prospectus or summary prospectus. Read it carefully before investing.
Mutual Funds, Virtus Newfleet ETFs, and Virtus Global Funds distributed by VP Distributors, LLC, member FINRA and subsidiary of Virtus Investment Partners, Inc.
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.
The Fund's historical performance prior to 11/18/2019 reflects the performance of the Virtus Total Return Fund Inc. (ZF). This change is due to the fact that ZF was the accounting survivor when the Fund and ZF merged on 11/18/2019. Also, performance and characteristics prior to 12/9/2011 were attained by a different investment adviser using a different investment strategy.
Inception date shown reflects performance inception date. The Fund began operations on 9/30/1988.
Ratings Distribution (% Fixed)
|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 (% Equity)
Allocations are subject to change daily.
Sector Allocation (% Fixed Income)
|Corporate - High Quality||
|Corporate - High Yield||
|Asset Backed Securities||
|Non-Agency Residential MBS||
|Emerging Market - High Yield||
|Mortgage Backed Securities||
|Non-Agency Commercial MBS||
|Yankee - High Quality||
Allocations are subject to change daily.
Top Holdings (% Fund)
|American Tower Corp||
|NextEra Energy Inc||
|Cheniere Energy Inc||
|Aena SME SA||
|National Grid PLC||
|Crown Castle Inc||
|American Electric Power Co Inc||
Holdings are subject to change.
Assets (in millions)(as of 11/30/2023)
|Total Net Assets||$429.15|
|Total Borrowed Debt||$187.00|
|Total Managed Assets||$616.15|
Effective Leverage(as of 11/30/2023)
Assets (in Millions):
Total Net Assets: includes net assets applicable to Common Shareholders
Total Managed Assets: Total Net Assets + Total Borrowed Debt
Borrowed Debt: % is Total Borrowed Debt divided by Total Managed Assets
Distributions are not guaranteed and are subject to change.
Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.
Year-to-Date Distribution History
|Ex-Date||Record Date||Payable Date||Total Distribution ($/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.
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. Please consult a tax professional regarding specific tax matters.
Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.
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.
|November 16, 2023|
|October 11, 2023|
|September 20, 2023|
|September 13, 2023|
|August 31, 2023|
|August 9, 2023|
|July 11, 2023|
|June 5, 2023|
|May 25, 2023|
|May 3, 2023|
|April 5, 2023|
|March 6, 2023|
|March 1, 2023|
|February 3, 2023|
|January 3, 2023|
|December 6, 2022|
|December 2, 2021|
|November 18, 2021|
|October 4, 2021|
Section 19a Notices
|May 23, 2023 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders|
|April 11, 2023 - Joint Annual Meeting of Shareholders Proxy Statement|
|September 21, 2022 - Virtus Total Return Fund Inc. Announces Details of Completed Rights Offering|
|September 19, 2022 - Virtus Total Return Fund Inc. Completes Rights Offering|
|August 11, 2022 - Virtus Total Return Fund Inc. Rights Offering Prospectus|
|August 1, 2022 - Virtus Total Return Fund Inc. Rights Offering Declared Effective|
|July 28, 2022 - Virtus Total Return Fund Inc. Announces Record Date for Proposed Rights Offering|
|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|
|March 3, 2022 - Virtus Total Return Fund Inc. Authorizes Rights Offering|
|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 Annual Meeting|
|April 9, 2020 - Joint Annual Meeting of Shareholders Proxy Statement|
|November 18, 2019 - Reorganization of Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc. Completed; Share Conversion Price Announced|
|November 4, 2019 - Virtus Closed End Funds Announce Results of Joint Special Meetings of Shareholders|
|October 8, 2019 - Special Meeting Proxy Reminder Letter - ZTR|
|September 6, 2019 - Special Meeting Proxy Reminder Letter - ZTR|
|August 21, 2019 - Special Meeting Proxy Statement - ZTR|
|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 - ZTR|
|October 15, 2018 - Rampart Investment Management Added as Subadviser on Three Virtus Closed-End Funds|
|June 29, 2017 - Virtus Global Dividend & Income Fund Inc Announces Results of Tender Offer - ZTR|
|June 26, 2017 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer - ZTR|
|May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers - ZTR|
|May 26, 2017 - Virtus Global Dividend & Income Fund Inc Offer to Purchas - ZTR|
|January 3, 2017 - Virtus Global Dividend & Income Fund Inc Announces Final Results of Tender Offer- ZTR|
|December 27, 2016 - Virtus Global Dividend & Income Fund Inc Announces Preliminary Results of Tender Offer - ZTR|
|November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers- ZTR|
|November 25, 2016 - Virtus Global Dividend & Income Fund Inc Tender Offer To Purchase - ZTR|
|November 21, 2016 - Results of Special Meetings of Shareholders- ZTR|
|November 1, 2016 - Special Meeting Proxy Reminder Letter- ZTR|
|October 17, 2016 - Special Meeting Proxy Statement- ZTR|
|September 23, 2016 - Zweig Total Return Fund Changes Name to Virtus Global Dividend & Income Fund - ZTR|
|September 7, 2016 - Virtus and Zweig Closed-End Funds Announce Actions- ZTR|
|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 3, 2016 - Zweig Total Return Fund Announces Final Results of Tender Offer- ZTR|
|May 27, 2016 - Zweig Total Return Fund Announces Preliminary Results of Tender Offer- ZTR|
|April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers|
|April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers- ZTR|
|April 29, 2016 - Zweig Total Return Fund Inc Tender Offer to Purchase- ZTR|
|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- ZTR|