Welcome to our dedicated page for Virtus Investmen news (Ticker: VRTS), a resource for investors and traders seeking the latest updates and insights on Virtus Investmen stock.
Virtus Investment Partners, Inc. (NYSE: VRTS) operates a multi-manager asset management business and regularly issues news and updates related to its investment platform, affiliated managers, and funds. This news page aggregates company announcements, fund notices, and regulatory disclosures that are relevant to investors following VRTS.
Virtus frequently reports on its preliminary assets under management and other fee-earning assets, broken down by product type and asset class. These updates describe trends across open-end funds, closed-end funds, retail separate accounts, institutional accounts, and exchange-traded funds, as well as allocations to equity, fixed income, multi-asset, and alternatives strategies.
News items also cover developments at affiliated and advised closed-end funds, including Duff & Phelps Utility and Infrastructure Fund Inc., DNP Select Income Fund Inc., DTF Tax-Free Income 2028 Term Fund Inc., Virtus Total Return Fund Inc., Virtus Equity & Convertible Income Fund, Virtus Artificial Intelligence & Technology Opportunities Fund, and Virtus Diversified Income & Convertible Fund. These releases often include information on managed distribution plans, special year-end distributions, regular dividends, and Section 19(a) notices that explain the estimated sources of distributions among net investment income, realized capital gains, and return of capital.
Corporate announcements from Virtus may highlight strategic transactions, such as the acquisition of a minority interest in Crescent Cove Advisors, LP, which adds a private markets capability focused on lending to high-growth technology companies. Other disclosures include material definitive agreements, such as the Equity Purchase Agreement to acquire a majority interest in Keystone National Group, LLC, and credit agreements that provide term loans and revolving credit facilities.
By reviewing the news associated with VRTS, investors can monitor updates on assets under management, fund distribution policies, strategic investments in alternative and private markets, and financial and regulatory developments affecting Virtus’ multi-manager asset management platform.
Virtus Total Return Fund Inc. (NYSE: ZTR) has announced its monthly distribution of $0.05 per share, payable on August 29, 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. However, the current distribution is estimated to be 100% return of capital, as the fund has distributed more than its income and capital gains. This means shareholders are receiving back part of their investment rather than earnings.
The fund's performance metrics show an average annual total return on NAV of 3.58% for the 5-year period and a fiscal YTD cumulative total return on NAV of 12.84%. The annualized current distribution rate stands at 9.13%. Investors should note that return of capital distributions do not necessarily reflect the fund's investment performance and should not be confused with yield or income.
Virtus Artificial Intelligence & Technology Opportunities Fund (NYSE: AIO) has announced its monthly distribution of $0.15 per share, payable on August 29, 2024. The fund estimates that 94.7% of the distribution comes from net realized long-term capital gains, 5.3% from net realized short-term capital gains, and 0% from return of capital. The fund's 5-year average annual total return on NAV is 12.95%, with an annualized current distribution rate of 8.36%. The fiscal YTD cumulative total return on NAV is 8.84%, with a cumulative distribution rate of 4.18%. Shareholders are reminded that the distribution may include a return of capital, which should not be confused with yield or income.
Virtus Investment Partners (NYSE: VRTS) has increased its quarterly common stock dividend by 18% to $2.25 per share, marking its seventh consecutive annual dividend increase. The company's president and CEO, George R. Aylward, emphasized the strength and stability of Virtus' financial position and confidence in free cash flow generation. This increase reflects the company's balanced approach to capital management, supported by a strong balance sheet. The third quarter 2024 dividend will be paid on November 13, 2024 to shareholders of record as of October 31, 2024.
Virtus Stone Harbor Emerging Markets Income Fund (NYSE: EDF) announced a change in its portfolio management team. Peter Wilby, CFA, and Kumaran Damodaran, Ph.D., will step down as portfolio managers effective September 30, 2024. The fund, managed by Stone Harbor Investment Partners, will continue to be overseen by a team of experienced portfolio managers, including Jim Craige, CFA, co-chief investment officer and head of emerging markets, Darin Batchman, Richard Lange, David Oliver, CFA, and Stuart Sclater-Booth. This transition in management may impact the fund's investment strategy and performance in the future.
Virtus Investment Partners (NYSE: VRTS) reported preliminary assets under management (AUM) of $178.1 billion and other fee-earning assets of $2.5 billion, totaling $180.6 billion in client assets as of July 31, 2024. The increase from June 30, 2024, was primarily due to market performance and positive net flows in retail separate accounts, partially offset by net outflows in institutional accounts and open-end funds. Preliminary average AUM for the month was $174.8 billion.
The AUM breakdown by product type shows: Open-End Funds at $56.8 billion, Closed-End Funds at $10.2 billion, Retail Separate Accounts at $48.0 billion, and Institutional Accounts at $63.1 billion. By asset class, Equity leads with $102.9 billion, followed by Fixed Income at $37.4 billion, Multi-Asset at $21.4 billion, and Alternatives at $16.5 billion.
Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG) has announced its monthly distribution of $0.07 per share, payable on August 12, 2024, to shareholders of record on July 31, 2024. The fund operates under a Managed Distribution Plan, aiming to distribute all available investment income to shareholders. For July 2024, the entire distribution ($0.070 per share) is classified as return of capital.
Year-to-date, 98% of distributions have been return of capital, with only 2% from net investment income. The fund's average annual total return on NAV for the past 5 years is 1.62%, with an annualized current distribution rate of 7.59% of NAV. The cumulative total return on NAV for the fiscal year stands at 18.05%.
Virtus Investment Partners (NYSE: VRTS) reported financial results for Q2 2024. Key highlights include:
- Earnings per share (diluted) of $2.43, adjusted EPS of $6.53
- Total sales of $6.1B, net flows of ($2.6B)
- Assets under management of $173.6B, down 3% from Q1
- Revenues increased 5% year-over-year to $224.4M
- Operating income up 13% year-over-year to $44.2M
- Operating margin improved to 19.7% from 18.3% in Q2 2023
The company saw decreased sales and net outflows in U.S. retail funds and institutional accounts, partially offset by positive flows in retail separate accounts, ETFs, and global funds. Virtus maintained a strong balance sheet with $183M in cash and reduced debt levels.
Virtus Diversified Income & Convertible Fund (NYSE: ACV) has announced a monthly distribution of $0.18 per share, payable on July 30, 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. However, the current distribution is estimated to be 100% return of capital, as the fund has distributed more than its income and capital gains.
Key performance metrics for ACV include:
- 5-year Average Annual Total Return on NAV: 11.31%
- Annualized Current Distribution Rate: 9.97%
- Fiscal YTD Cumulative Total Return on NAV: 8.32%
- Fiscal YTD Cumulative Distribution Rate: 4.16%
Virtus Artificial Intelligence & Technology Opportunities Fund (NYSE: AIO) has announced its monthly distribution of $0.15 per share, payable on July 30, 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. For July 2024, the distribution sources are estimated as 52.6% from net realized short-term capital gains and 47.4% from net realized long-term capital gains.
The fund's fiscal year-to-date distribution includes 0.3% from net investment income, 56.9% from short-term gains, 26.5% from long-term gains, and 16.3% return of capital. AIO's 5-year average annual total return on NAV is 13.60%, with a current annualized distribution rate of 8.18%. The fiscal YTD cumulative total return on NAV is 10.57%, with a cumulative distribution rate of 3.41%.
Virtus Total Return Fund Inc. (NYSE: ZTR) has announced a monthly distribution of $0.05 per share, payable on July 30, 2024. The fund operates under a Managed Distribution Plan, aiming to maintain consistent distribution levels. However, the current distribution is estimated to be 100% return of capital, as the fund has distributed more than its income and capital gains.
Key financial metrics include:
- Average Annual Total Return on NAV (5-year): 2.04%
- Annualized Current Distribution Rate: 9.71%
- Fiscal YTD Cumulative Total Return on NAV: 5.26%
- Fiscal YTD Cumulative Distribution Rate: 5.66%
Shareholders are cautioned that the distribution may not reflect the fund's investment performance and should not be confused with 'yield' or 'income'.