Virtus Investment Partners, Inc. reports developments for a multi-boutique asset management business serving individual and institutional clients. News commonly covers assets under management, sales and net flows across open-end funds, closed-end funds, retail separate accounts and institutional accounts, as well as asset-class trends in equity, fixed income, multi-asset and alternatives strategies.
The company also announces product activity through Virtus ETF Solutions, including actively managed exchange-traded funds managed by affiliated or selected investment managers such as Silvant Capital Management and Duff & Phelps Investment Management. Related updates include earnings releases, non-GAAP performance measures, closed-end fund distribution notices, and investment strategies offered through Virtus-affiliated advisers and subadvisers.
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'.
Virtus Investment Partners (NYSE: VRTS) will release its Q2 2024 financial results on Friday, July 26, 2024, before the market opens. CEO George R. Aylward and CFO Michael A. Angerthal will host a conference call and webcast at 10:00 a.m. Eastern to discuss the results. The presentation will be accessible on their website, and a replay of the call will be available in the Investor Relations section for at least one year.
Virtus Investment Partners (NYSE: VRTS) reported preliminary assets under management (AUM) of $173.6 billion and other fee-earning assets of $2.6 billion, totaling $176.2 billion as of June 30, 2024.
This represents a decrease from the $179.3 billion reported on March 31, 2024, primarily due to market performance and net outflows from institutional accounts and open-end funds, partially mitigated by positive net flows in retail separate accounts.
Preliminary average AUM for the quarter was $175.2 billion. The AUM for different product types includes $55.9 billion in open-end funds, $9.9 billion in closed-end funds, $45.7 billion in retail separate accounts, and $62.1 billion in institutional accounts.
By asset class, the AUM consists of $99.2 billion in equity, $37.0 billion in fixed income, $21.1 billion in multi-asset, and $16.3 billion in alternatives.