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Name

As of 09/22/2023

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 Seix Total Return Bond Fund

CBPSX | Fund

$9.49

$163 M

3.47%

$0.33

0.88%

Vitals

YTD Return

-0.3%

1 yr return

0.5%

3 Yr Avg Return

-5.0%

5 Yr Avg Return

0.3%

Net Assets

$163 M

Holdings in Top 10

42.8%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.88%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 131.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$100

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/22/2023

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 Seix Total Return Bond Fund

CBPSX | Fund

$9.49

$163 M

3.47%

$0.33

0.88%

CBPSX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -5.0%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.01%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Virtus Seix Total Return Bond Fund
  • Fund Family Name
    Virtus Funds
  • Inception Date
    Aug 01, 2014
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Perry Troisi

Fund Description

The fund invests in various types of income-producing debt instruments including mortgage- and asset-backed securities, government and agency obligations, corporate obligations and floating rate loans. The fund may invest in debt obligations of U.S. and non-U.S. issuers, including emerging market debt. The fund’s investment in non-U.S. issuers may at times be significant.

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. These securities will be chosen from the broad universe of available fixed income obligations rated investment grade, or unrated instruments that the subadviser believes are of comparable quality.

There are no limits on the fund’s average-weighted maturity or on the remaining maturities of individual instruments in which the fund may invest. The fund may invest up to 20% of its net assets in below investment grade, high yield debt obligations (sometimes referred to as “junk bonds”). The fund may also invest a portion of its assets in instruments that are restricted as to resale. As a result of its investment strategy, the fund’s portfolio turnover rate may be 100% or more.

The subadviser anticipates that the fund’s modified-adjusted duration will mirror that of the Bloomberg U.S. Aggregate Bond Index, plus or minus 20%. For example, if the duration of the Bloomberg U.S. Aggregate Bond Index is 5 years, the fund’s duration may be 4 to 6 years. As of December 31, 2022, the duration of the Bloomberg U.S. Aggregate Bond Index was 6.17 years. Duration measures a bond or fund’s sensitivity to interest rate or other changes (such as changes in a bond’s yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of 5 years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility.

In selecting investments for purchase and sale, the subadviser generally selects a greater weighting in corporate obligations and mortgage-backed securities relative to the fund’s comparative benchmark, and a lower relative weighting in U.S. Treasury and government agency issues.

In addition, to implement its investment strategy, the fund may buy or sell derivative instruments (such as foreign currency forward contracts, swaps, including credit default swaps, futures, credit linked notes, options, inverse floaters and warrants) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or credit risks. The fund may count the value of certain derivatives with investment grade fixed income characteristics towards its policy to invest, under normal circumstances, at least 80% of its net assets in fixed income securities.

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CBPSX - Performance

Return Ranking - Trailing

Period CBPSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -8.3% 4.4% 71.93%
1 Yr 0.5% -18.7% 4.9% 90.80%
3 Yr -5.0%* -12.6% 46.0% 70.19%
5 Yr 0.3%* -7.3% 54.7% 52.71%
10 Yr N/A* -4.1% 12.5% 76.90%

* Annualized

Return Ranking - Calendar

Period CBPSX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.2% -34.7% 7.0% 53.76%
2021 -2.5% -11.6% 15.7% 16.74%
2020 8.2% -10.1% 946.1% 8.54%
2019 4.8% -1.7% 156.4% 71.75%
2018 -2.3% -9.4% 3.3% 11.83%

Total Return Ranking - Trailing

Period CBPSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -7.4% 6.8% 71.93%
1 Yr 0.5% -14.8% 7.4% 90.80%
3 Yr -5.0%* -9.7% 50.6% 70.19%
5 Yr 0.3%* -3.5% 190.7% 52.71%
10 Yr N/A* -1.1% 73.4% 88.25%

* Annualized

Total Return Ranking - Calendar

Period CBPSX Return Category Return Low Category Return High Rank in Category (%)
2022 -13.4% -32.2% 7.0% 49.31%
2021 0.0% -5.9% 15.7% 29.03%
2020 11.0% -9.6% 978.6% 17.72%
2019 6.5% 1.1% 21668.0% 91.43%
2018 -0.5% -5.7% 6.2% 40.86%

NAV & Total Return History

CBPSX - Holdings

Concentration Analysis

CBPSX Category Low Category High CBPSX % Rank
Net Assets 163 M 234 K 299 B 83.21%
Number of Holdings 142 1 17234 91.01%
Net Assets in Top 10 83.7 M -106 M 27.6 B 73.33%
Weighting of Top 10 42.82% 3.7% 123.9% 18.00%

Top 10 Holdings

  1. United States Treasury Note/Bond 10.21%
  2. United States Treasury Note/Bond 10.00%
  3. United States Treasury Note/Bond 6.59%
  4. United States Treasury Note/Bond 4.40%
  5. United States Treasury Note/Bond 3.92%
  6. United States Treasury Note/Bond 2.31%
  7. United States Treasury Note/Bond 1.74%
  8. Freddie Mac Pool 1.54%
  9. Fannie Mae Pool 1.08%
  10. Fannie Mae Pool 1.04%

Asset Allocation

Weighting Return Low Return High CBPSX % Rank
Bonds 		94.54% 3.97% 268.18% 52.58%
Other 		4.03% -13.23% 4.55% 45.12%
Cash 		1.43% -181.13% 95.99% 68.07%
Convertible Bonds 		0.25% 0.00% 7.93% 84.22%
Stocks 		0.00% -0.55% 24.74% 71.66%
Preferred Stocks 		0.00% 0.00% 77.13% 67.59%

Bond Sector Breakdown

Weighting Return Low Return High CBPSX % Rank
Securitized 		39.79% 0.00% 98.40% 23.58%
Government 		36.21% 0.00% 86.23% 26.37%
Corporate 		15.68% 0.00% 100.00% 90.09%
Cash & Equivalents 		0.00% 0.00% 95.99% 95.22%
Municipal 		0.00% 0.00% 100.00% 87.39%
Derivative 		-0.20% 0.00% 25.16% 77.44%

Bond Geographic Breakdown

Weighting Return Low Return High CBPSX % Rank
US 		94.54% 3.63% 210.09% 45.89%
Non US 		0.00% -6.54% 58.09% 73.61%

CBPSX - Expenses

Operational Fees

CBPSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.01% 20.64% 34.17%
Management Fee 0.25% 0.00% 1.76% 15.25%
12b-1 Fee 0.25% 0.00% 1.00% 41.34%
Administrative Fee 0.10% 0.01% 0.50% 57.52%

Sales Fees

CBPSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 2.00% 5.75% 60.42%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CBPSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

CBPSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 131.00% 2.00% 493.39% 51.13%

CBPSX - Distributions

Dividend Yield Analysis

CBPSX Category Low Category High CBPSX % Rank
Dividend Yield 3.47% 0.00% 10.58% 85.85%

Dividend Distribution Analysis

CBPSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CBPSX Category Low Category High CBPSX % Rank
Net Income Ratio 1.01% -1.28% 8.97% 87.74%

Capital Gain Distribution Analysis

CBPSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

CBPSX - Fund Manager Analysis

Managers

Perry Troisi

Start Date

Tenure

Tenure Rank

Jan 25, 2002

20.36

20.4%

Perry is a managing director and head of investment grade, where he focuses on corporate, government-related and securitized (residential mortgage-backed, commercial mortgage-backed, and asset-backed securities) asset classes. Perry is responsible for strategic oversight of the firm’s investment grade bond portfolio management activities and is the senior portfolio manager of all investment grade (taxable) portfolios. He is a member of the Seix Investment Policy Group. Before joining Seix in 1999, Perry was a portfolio manager at GRE Insurance Group, where he was responsible for all North American fixed income assets within the group. Prior to that, he was a portfolio manager and analyst at Home Insurance Company, focused primarily on mortgage-backed securities. Perry began his career as an account analyst at Goldman, Sachs & Company. He received a B.S. degree in Economics and Computer Coordinate w/Economics from Trinity College and an M.B.A. degree in Finance from New York University.

Michael Rieger

Start Date

Tenure

Tenure Rank

Aug 01, 2007

14.84

14.8%

Michael is a seasoned senior portfolio manager focused on the securitized sector. He is a member of the Seix Investment Policy Group. Before joining Seix, Michael was a portfolio manager at AIG Global Investment, where he managed an ABS portfolio covering the full rating spectrum in addition to non-agency senior residential MBS, adjustable rate senior mortgage portfolio and international AAA residential MBS portfolios. Michael began his investment management career at Aetna Life and Casualty's Portfolio Hedging Group as an analyst. Michael received an A.B. degree (Cum Laude) in Mathematics from Dartmouth College.

Jonathan Yozzo

Start Date

Tenure

Tenure Rank

Aug 01, 2015

6.84

6.8%

Jon is a portfolio manager focused on credit and head of investment grade credit corporate bond trading and is a member of the Seix Investment Policy Group. Before joining the firm, he was a natural gas commodities broker at PVM Oil Associates responsible for brokerage of domestic natural gas products & foreign & domestic crude oil. Prior to that, Jon was a member of capital markets group & energy derivatives group at Prebon Yamane (U.S.A.) Inc. responsible for brokerage of short term eurodollars & forward rate agreements and sales associate at JPMorgan Securities, Inc. working primarily on the investment grade corporate sales desk. Jon received a B.S. degree in History from Syracuse University.

Carlos Catoya

Start Date

Tenure

Tenure Rank

Aug 01, 2015

6.84

6.8%

Carlos is a portfolio manager focused on credit and head of investment grade credit research. He is a member of the Seix Investment Policy Group. Before joining the firm, Carlos was a vice president of the global banking energy group at Royal Bank of Canada (RBC), and responsible for rating agency relationships. Previously, Carlos was director and group leader of Standard & Poor’s oil and gas corporate ratings team. Carlos was responsible for the ratings of independent oil and gas producers, refiner & marketers, and oilfield service companies. In addition, he led the corporate rating’s input into rating decisions for certain sovereign and selected project finance ratings. Prior to joining the rating agency, Carlos was a commercial banker having served in different analytical and lending relationship manager capacities as an officer at Credit Suisse US and First Fidelity (now Wells Fargo). Carlos received a B.S. degree (Magna Cum Laude) from Rutgers University, and received an M.B.A. degree in Finance (with concentration in International Business) & Accounting (with concentration in Financial Statement Analysis) from New York University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.83 1.16

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