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Name

As of 11/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Virtus Convertible Fund

ANNPX | Fund

$36.32

$1.29 B

1.85%

$0.67

0.86%

Vitals

YTD Return

16.2%

1 yr return

23.6%

3 Yr Avg Return

0.1%

5 Yr Avg Return

11.7%

Net Assets

$1.29 B

Holdings in Top 10

20.0%

52 WEEK LOW AND HIGH

$36.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Virtus Convertible Fund

ANNPX | Fund

$36.32

$1.29 B

1.85%

$0.67

0.86%

ANNPX - Profile

Distributions

  • YTD Total Return 16.2%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 11.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.51%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Virtus Convertible Fund
  • Fund Family Name
    Allianz Funds
  • Inception Date
    Jan 31, 2022
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Justin Kass

Fund Description

The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) equity securities or other securities (such as warrants or options) that provide an opportunity for equity participation. The fund may also invest a portion of its assets in contingent convertible securities (“CoCos”), which are a form of hybrid security that generally either converts into equity or has its principal written down at the election of investors and upon the occurrence of certain pre-specified triggering events.

For purposes of this policy, the fund may also gain exposure to convertible securities through derivatives or other “synthetic” means. The fund may invest in securities of any size market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. The fund may also invest up to 20% of its net assets in nonconvertible debt securities rated below investment grade or unrated and determined to be of similar quality (“high-yield securities” or “junk bonds”). The fund may also invest in securities issued by the U.S. government and its agencies and instrumentalities. The portfolio managers follow a disciplined, fundamental bottom-up research process, which facilitates the early identification of convertible securities issuers demonstrating the ability to improve their fundamental characteristics. The portfolio managers select issuers that exceed minimum fundamental metrics and exhibit the highest visibility of future expected operating performance. The fundamental research process generally includes: a breakdown of a company and its growth by division and region, including revenue model analysis; profit margin analysis; analysis of experience and quality of its management; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and macroeconomic climate analysis. Under normal market conditions, the portfolio managers seek to invest in securities that can participate in the upside of the underlying equity and provide downside protection from the bond. In addition to gaining “synthetic” exposure to convertible securities through derivatives as outlined above, the fund may utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

Read More

ANNPX - Performance

Return Ranking - Trailing

Period ANNPX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.2% -3.1% 16.4% 27.27%
1 Yr 23.6% 5.3% 24.5% 22.08%
3 Yr 0.1%* -16.2% 2.9% 50.00%
5 Yr 11.7%* -6.6% 12.3% 12.50%
10 Yr 10.1%* -0.8% 11.0% 5.17%

* Annualized

Return Ranking - Calendar

Period ANNPX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% -7.7% 13.1% 53.85%
2022 -19.9% -37.8% -12.8% 46.75%
2021 -13.3% -18.9% 2.4% 59.74%
2020 45.4% 5.9% 54.0% 8.22%
2019 20.2% 9.9% 24.4% 21.92%

Total Return Ranking - Trailing

Period ANNPX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.2% -3.1% 16.4% 27.27%
1 Yr 23.6% 5.3% 24.5% 22.08%
3 Yr 0.1%* -16.2% 2.9% 50.00%
5 Yr 11.7%* -6.6% 12.3% 12.50%
10 Yr 10.1%* -0.8% 11.0% 5.17%

* Annualized

Total Return Ranking - Calendar

Period ANNPX Return Category Return Low Category Return High Rank in Category (%)
2023 8.4% -7.7% 15.3% 50.00%
2022 -18.6% -37.8% -10.6% 45.45%
2021 5.3% -12.2% 11.3% 29.87%
2020 55.8% 8.7% 64.4% 17.81%
2019 26.4% 12.2% 28.7% 16.44%

NAV & Total Return History

ANNPX - Holdings

Concentration Analysis

ANNPX Category Low Category High ANNPX % Rank
Net Assets 1.29 B 13.4 M 3.69 B 26.92%
Number of Holdings 113 42 381 47.44%
Net Assets in Top 10 257 M 3.92 M 584 M 17.95%
Weighting of Top 10 19.98% 9.5% 49.4% 66.67%

Top 10 Holdings

  1. Wells Fargo Co 3.01%
  2. Welltower OP LLC 2.10%
  3. PGE Corp 1.99%
  4. Royal Caribbean Cruises Ltd 1.96%
  5. Affirm Holdings Inc 1.90%
  6. Southern Co/The 1.87%
  7. Coinbase Global Inc 1.86%
  8. Uber Technologies Inc 1.81%
  9. Palo Alto Networks Inc 1.78%
  10. Western Digital Corp 1.69%

Asset Allocation

Weighting Return Low Return High ANNPX % Rank
Bonds 		90.33% 0.00% 98.77% 29.49%
Convertible Bonds 		81.04% 37.15% 99.72% 47.44%
Preferred Stocks 		6.44% 0.00% 22.50% 80.77%
Cash 		3.23% -78.94% 7.59% 42.31%
Stocks 		0.00% 0.00% 23.09% 97.44%
Other 		0.00% -17.11% 5.40% 91.03%

Bond Sector Breakdown

Weighting Return Low Return High ANNPX % Rank
Corporate 		93.75% 91.11% 100.00% 84.62%
Derivative 		0.00% 0.00% 0.49% 88.46%
Cash & Equivalents 		0.00% 0.00% 7.86% 97.44%
Securitized 		0.00% 0.00% 0.00% 88.46%
Municipal 		0.00% 0.00% 0.00% 88.46%
Government 		0.00% 0.00% 2.94% 89.74%

Bond Geographic Breakdown

Weighting Return Low Return High ANNPX % Rank
US 		90.33% 0.00% 98.77% 25.64%
Non US 		0.00% 0.00% 17.05% 91.03%

ANNPX - Expenses

Operational Fees

ANNPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.86% 0.20% 2.87% 76.92%
Management Fee 0.57% 0.20% 1.00% 32.05%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% 72.00%

Sales Fees

ANNPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ANNPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ANNPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 30.00% 154.00% 97.65%

ANNPX - Distributions

Dividend Yield Analysis

ANNPX Category Low Category High ANNPX % Rank
Dividend Yield 1.85% 0.00% 4.30% 29.49%

Dividend Distribution Analysis

ANNPX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

ANNPX Category Low Category High ANNPX % Rank
Net Income Ratio 0.51% -3.72% 3.69% 46.75%

Capital Gain Distribution Analysis

ANNPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

ANNPX - Fund Manager Analysis

Managers

Justin Kass

Start Date

Tenure

Tenure Rank

Dec 31, 2003

18.43

18.4%

Mr. Kass is a portfolio manager, a managing director, CIO and co-head US Income and Growth Strategies with Allianz Global Investors, which he joined in 2000. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. In 2003, Mr. Kass was promoted to portfolio management and began handling day-to-day portfolio manager responsibilities for the firm’s US Convertible strategy in 2005. He is also a lead portfolio manager for the firm’s Income & Growth strategy since its inception in 2007. In addition to management responsibility for institutional clients, Mr. Kass is responsible for managing multiple closed-end and open-end mutual funds. Previous to joining the firm, Mr. Kass interned on the Income and Growth Strategies team, adding significant depth to its proprietary Upgrade Alert Model. He has 24 years of investment industry experience. Mr. Kass has a B.S. from the University of California, Davis, and an M.B.A. from the UCLA Anderson School of Management. He is a CFA charterholder.

David Oberto

Start Date

Tenure

Tenure Rank

Mar 01, 2022

0.25

0.3%

Mr. Oberto is a portfolio manager and a director with Allianz Global Investors, which he joined in 2007. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. He has been a portfolio manager for the firm’s US High Yield Bond strategy since 2017. In addition to management responsibility for institutional clients, Mr. Oberto is responsible for managing multiple closed-end and open-end mutual funds. He has 17 years of investment industry experience. Mr. Oberto was previously a portfolio administrator, a credit default swaps (CDS) account manager and a trade-closer for Bain Capital. He began his career as an intern at Gabelli Asset Management. Mr. Oberto has a B.S.B.A. with a concentration in finance and a minor in economics from Fordham University and an M.S. in finance from the D’Amore-McKim School of Business at Northeastern University.

Michael Yee

Start Date

Tenure

Tenure Rank

Mar 01, 2022

0.25

0.3%

Mr. Yee is a portfolio manager and a managing director with Allianz Global Investors, which he joined in 1995. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. He is also a lead portfolio manager for the firm’s Income and Growth strategy since its inception in 2007. Mr. Yee is responsible for managing multiple closed-end and open-end mutual funds. He was previously an analyst for the Global and Systematic team with responsibilities focused on US large cap equity strategies. In addition, he also worked in global portfolio administration and in client service. Mr. Yee was previously a financial consultant for Priority One Financial/Liberty Foundation. He has a B.S. from the University of California, San Diego, and an M.B.A. from San Diego State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.27 7.42

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