Virtus Total Return Fund Inc.
The Fund's investment objective is capital appreciation, with current income as a secondary objective. The Fund has a current target allocation of investing approximately 60% of its total assets in equity securities and 40% in fixed income.
The equity portion of the Fund invests globally in owners/operators of infrastructure in the communications, utility, energy, and transportation industries.
The fixed income portion of the Fund is designed to generate high current income and total return through the application of active sector rotation, extensive credit research, and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets.
Effective November 18, 2019, this Fund changed its name from Virtus Global Dividend & Income Fund Inc.
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, and MLPs & Energy. Quality. Reliability. Specialization. Since 1932.
Learn more about Duff & Phelps Investment Management Co.
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.
Learn more about Newfleet Asset Management, LLC
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 investment management affiliate 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 Dynamic Credit 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.
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.
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.
Equity Allocation (% Equity)
Allocations are subject to change daily.
Fixed Allocation (% Fixed Income)
|Corporate - High Yield||
|Corporate - High Quality||
|Non-Agency Residential MBS||
|Asset Backed Securities||
|Emerging Market - High Yield||
|Yankee - High Quality||
|Non-Agency Commercial MBS||
Allocations are subject to change daily.
Top Holdings (% Fund)
|NextEra Energy Inc||
|American Tower Corp||
|Union Pacific Corp||
|Crown Castle International Corp||
|Dominion Energy Inc||
|Aena SME SA||
Holdings are subject to change.
Assets (in millions)(as of 02/26/2021)
|Total Net Assets||$419.96|
|Total Borrowed Debt||$159.75|
|Total Managed Assets||$579.71|
|Total Preferred Assets||$0|
Effective Leverage(as of 02/26/2021)
Assets (in Millions):
Total Net Assets: includes Net Assets Applicable to Common Shareholders
Preferred Assets: consist of the value of: Auction Rate Preferred Shares, and/or Series A Cumulative Preferred Shares, and/or Mandatory Redeemable Preferred Shares.
Total Managed Assets: Total Net Assets + Preferred Assets + Borrowed Debt
Preferred Assets: % consists of Total Preferred assets divided by Total Managed Assets.
Borrowed Debt: % is short term debt + long term debt divided Total Managed Assets
Total Effective Leverage (%) consists of Preferred Assets + Borrowed Debt, as applicable, divided by Total Managed Assets
Distributions are not guaranteed and are subject to change.
Distributions may be comprised of net investment income, capital gains and/or return of capital. Please refer to Section 19a notices below, if applicable for estimates on the composition of the distribution.
Year-to-Date Distribution History
|Ex-Date||Record Date||Payable Date||Total Distribution ($/Share)|
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. 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.
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.
|March 4, 2021|
|February 2, 2021|
|January 4, 2021|
|December 2, 2020|
|November 19, 2020|
|November 4, 2020|
|October 5, 2020|
|September 8, 2020|
|August 28, 2020|
|August 6, 2020|
|July 6, 2020|
|June 5, 2020|
|May 26, 2020|
|May 4, 2020|
|April 2, 2020|
|March 5, 2020|
|March 4, 2020|
|February 4, 2020|
|December 6, 2019|
|December 2, 2019|
|October 2, 2019 - ZF|
Section 19a Notices
|October 2019 - ZF|
|July 2019 - ZF|
|April 2019 - ZF|
|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 Offer to Purchas - ZTR|
|May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers - 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 Tender Offer To Purchase - ZTR|
|November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers- 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 Total Return Fund Inc Tender Offer to Purchase- ZTR|
|April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers- ZTR|
|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- ZTR|