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 Fund also pursues an options overlay strategy that seeks to generate additional 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.
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.
Effective April 3, 2017, this Fund changed its name to Virtus Total Return Fund Inc.
Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management pursues a limited number of specialized investment strategies with exceptional depth of resources and expertise. Since their earliest beginnings, providing research and analysis of income producing securities to Depression-era investors, their attention has been set on identifying attractive opportunities and strategies, while managing the associated risks. Today, building on their distinguished legacy, Duff & Phelps has earned a reputation as a leader in investing in Global Listed Infrastructure, Global Listed Real Estate, MLPs & Energy, and International Equity. Quality. Reliability. Specialization. Since 1932.Visit the Duff & Phelps Investment Management Co. website
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
Rampart Investment Management Company, LLC
Rampart Investment Management, an investment management affiliate of Virtus Investment Partners, is one of the leading asset managers specializing in option strategies. A registered investment adviser since 1983, Rampart manages client positions and portfolios using domestic and international index and equity options.Visit the Rampart Investment Management Company, LLC website
Connie Luecke, CFA
Senior Portfolio Manager and Senior Analyst
Industry start date: 1983
Start date with fund: 2011
Connie Luecke serves as portfolio manager of the Virtus Duff & Phelps Global Infrastructure Fund and co-portfolio manager of the Virtus Total Return Fund Inc. (NYSE: ZF), as well as senior telecommunications analyst of the DNP Select Income Fund, Inc. (NYSE: DNP).
Ms. Luecke concentrates her research on the global telecommunications and transportation infrastructure industries.
Prior to joining Duff & Phelps in 1992, Ms. Luecke served as a financial valuation consultant for Coopers & Lybrand and as a research analyst for 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 Society of Chicago, and a past president of the Utility and Telecommunications Securities Club of Chicago. She has been working in the investment industry since 1983.
David L. Albrycht, CFA
President and Chief Investment Officer
Industry start date: 1985
Start date with fund: 2011
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) Duration Bond Fund and Virtus GF Multi-Sector Income Fundand 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 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.
Chief Investment Officer
Industry start date: 1993
Start date with fund: 2014
Warun Kumar is chief investment officer of Rampart Investment Management, a Virtus affiliate specializing in option strategies.
Prior to joining Virtus in 2014, Mr. Kumar was a managing partner at Varick Asset Management, an alternative investment firm, where he developed derivative-based active and passive investment strategies. Prior to forming Varick in 2010, he was the head of the Americas division of Barclays Capital Fund Solutions, which managed derivative-based strategies for institutional clients and third-party funds. Mr. Kumar’s role at Barclays evolved from his previous role at Lehman Brothers (which was acquired by Barclays), where he led the structured investments team that designed and built derivative-based products for individual and institutional investors.
Mr. Kumar began managing derivative investment portfolios in 2001 at Volaris Advisors, a derivative advisory firm, where, as a partner and head of the investment team, he developed and managed option trading strategies. From 2002 to 2007, he was a managing partner at Sigma Advisors, an investment consulting firm he founded, which was focused on portfolio construction and asset allocation strategies for institutional clients.
Mr. Kumar began his career in the capital markets, working for J.P. Morgan’s equity derivatives business (1993-1999) where he focused on concentrated stock hedging and monetization transactions, before moving to Robertson Stephens (1999-2001) where he was head of equity derivatives marketing.
Mr. Kumar earned a B.S. in mechanical engineering from Columbia University. He began his career in the investment industry in 1993.
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
The Fund's historical performance prior to 4/3/2017 reflects the performance of the Virtus Total Return Fund (DCA). This change is due to the fact that DCA was the accounting survivor when the Fund and DCA merged on 4/3/2017. 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 10/2/1986.
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.
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.
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
Section 19a Notices
|October 15, 2018 - Rampart Investment Management Added as Subadviser on Three Virtus Closed-End Funds|
|May 25, 2018 - Virtus Closed-End Funds Announce Results of Joint Annual Meeting of Shareholders|
|April 17, 2018 - Proxy Statement|
|June 29, 2017 - Virtus Total Return Fund Inc Announces Final Results of Tender Offer|
|June 26, 2017 - Virtus Total Return Fund Inc Announces Preliminary Results of Tender Offer|
|May 26, 2017 - Virtus Global Dividend & Income Fund Inc and Virtus Total Return Fund Inc Commence Tender Offers|
|May 26, 2017 - Virtus Total Return Fund Inc Offer to Purchase|
|May 22, 2017 - Virtus Total Return Fund Inc Announces Retirement of Co-Portfolio Manager|
|April 3, 2017 - Merger of Zweig Fund and Virtus Total Return Fund Completed Share Conversion Price Announced|
|March 20, 2017 - Zweig Fund Announces Conditions Met For Third Tender Offer|
|March 7, 2017 - Shareholders Approve Merger of Virtus Total Return Fund and Zweig Fund|
|February 16, 2017 - Special Meeting Proxy Reminder Letter|
|February 6, 2017 - Virtus Total Return Fund and Zweig Fund Announce Proposed Merger|
|February 2, 2017 - Special Meeting Proxy Statement|
|January 31, 2017 - Results of Special Meetings of Shareholders|
|January 9, 2017 - Special Meeting Proxy Reminder Letter|
|January 3, 2017 - Zweig Fund Announces Final Results of Tender Offer|
|December 27, 2016 - Zweig Fund Announces Preliminary Results of Tender Offer|
|December 6, 2016 - Special Meeting Proxy Statement|
|November 25, 2016 - Virtus Global Dividend & Income Fund Inc and Zweig Fund Commence Tender Offers|
|November 25, 2016 - Zweig Fund Inc Tender Offer to Purchase|
|September 27, 2016 - Zweig Fund Announces Proposed Merger Deferred|
|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 3, 2016 - Zweig Fund Announces Final Results of Tender Offer|
|May 27, 2016 - Zweig Fund Announces Preliminary Results of Tender Offer|
|April 29, 2016 - Zweig Fund and Zweig Total Return Fund Announce Commencement of Tender Offers|
|April 29, 2016 - Zweig Fund Inc Tender Offer to Purchase|
|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|