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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$7.92

$2.71 B

6.71%

$0.53

1.52%

Vitals

YTD Return

2.2%

1 yr return

-3.8%

3 Yr Avg Return

-1.9%

5 Yr Avg Return

-2.0%

Net Assets

$2.71 B

Holdings in Top 10

10.5%

52 WEEK LOW AND HIGH

$7.9
$7.65
$8.23

Expenses

OPERATING FEES

Expense Ratio 1.52%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 72.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$100


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$7.92

$2.71 B

6.71%

$0.53

1.52%

SFRCX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return -1.9%
  • 5 Yr Annualized Total Return -2.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.74%
DIVIDENDS
  • Dividend Yield 6.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Virtus Seix Floating Rate High Income Fund
  • Fund Family Name
    Virtus
  • Inception Date
    Aug 02, 2007
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    George Goudelias

Fund Description

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a combination of first- and second-lien senior floating rate loans and other floating rate debt instruments, including both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. These loans are loans made by banks and other large financial institutions to various companies and are senior in the borrowing companies’ capital structure. Coupon rates are generally floating, not fixed, and are tied to a benchmark lending rate, the most popular of which is the London Interbank Offered Rate (“LIBOR”) or are set at a specified floor, whichever is higher.

The fund invests all or substantially all of its assets in first- and second-lien senior floating rate loans, or debt instruments that are rated below investment grade by Moody’s and Standard & Poor’s (sometimes referred to as “junk bonds”) or in comparable unrated instruments. The fund may also invest up to 20% of its net assets in any combination of junior debt instruments or instruments with a lien on collateral lower than a senior claim on collateral, high yield fixed-rate bonds, investment grade fixed income debt obligations, asset-backed securities (such as special purpose trusts investing in bank loans), and short-term investments, including money market securities and repurchase agreements. The fund may invest a portion of its assets in instruments that are restricted as to resale.

In selecting investments for purchase and sale, the subadviser will emphasize loans and instruments which are within the segment of the high yield market it has targeted, which are loans and instruments rated below investment grade or unrated loans and instruments that the subadviser believes are of comparable quality. The fund may invest up to 20% of its total assets in senior loans made to non-U.S. borrowers provided that no more than 5% of the portfolio’s loans are non-U.S. dollar denominated. 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 also engage in certain hedging transactions.

In order to meet short-term liquidity needs, the fund employs a variety of techniques, such as investing in highly-liquid fixed income instruments and holding a portion of its assets in cash. Although not a principal investment strategy, the fund may, under certain market conditions, borrow an amount up to 33 1/3% of its total assets (including the amount borrowed) for investment purposes, to meet redemption requests and for temporary, extraordinary or emergency purposes.

Some types of senior loans in which the fund may invest require that an open loan for a specific amount be continually offered to a borrower. These types of senior loans are commonly referred to as revolvers. Because revolvers contractually obligate the lender (and therefore those with an interest in the loan) to fund the revolving portion of the loan at the borrower’s discretion, the fund must have funds sufficient to cover its contractual obligation. Therefore, the fund will maintain, on a daily basis, high-quality, liquid assets in an amount at least equal in value to its contractual obligation to fulfill the revolving senior loan. The fund will not encumber any assets that are otherwise encumbered.

In addition, to implement its investment strategy, the fund may buy or sell derivative instruments (such as swaps, including credit default swaps, futures, credit linked notes, options 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 floating rate loan or high yield bond characteristics towards its policy to invest, under normal circumstances, at least 80% of its net assets in a combination of first- and second-lien senior floating rate loans and other floating rate debt instruments.

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SFRCX - Performance

Return Ranking - Trailing

Period SFRCX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -6.9% 6.5% 57.05%
1 Yr -3.8% -18.8% 23.8% 24.50%
3 Yr -1.9%* -9.6% 55.4% 35.13%
5 Yr -2.0%* -8.0% 29.6% 50.00%
10 Yr N/A* -5.1% 13.9% 87.98%

* Annualized

Return Ranking - Calendar

Period SFRCX Return Category Return Low Category Return High Rank in Category (%)
2022 -5.9% -22.9% 5.5% 25.60%
2021 0.9% -6.3% 5.5% 23.26%
2020 -1.2% -7.9% 57.4% 74.36%
2019 0.3% -2.1% 5.5% 81.72%
2018 -0.9% -4.2% 12.9% 46.25%

Total Return Ranking - Trailing

Period SFRCX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -6.9% 6.5% 60.74%
1 Yr -3.8% -18.8% 24.7% 27.04%
3 Yr -1.9%* -9.6% 55.4% 37.15%
5 Yr -2.0%* -8.0% 29.6% 57.30%
10 Yr N/A* -5.1% 13.9% 84.21%

* Annualized

Total Return Ranking - Calendar

Period SFRCX Return Category Return Low Category Return High Rank in Category (%)
2022 -5.9% -22.9% 5.5% 23.21%
2021 0.9% -6.3% 5.5% 23.26%
2020 -1.2% -7.9% 57.4% 74.36%
2019 0.3% -2.1% 5.5% 81.72%
2018 -0.9% -4.2% 12.9% 53.75%

NAV & Total Return History


SFRCX - Holdings

Concentration Analysis

SFRCX Category Low Category High SFRCX % Rank
Net Assets 2.71 B 25 M 13.1 B 26.91%
Number of Holdings 588 12 1447 23.93%
Net Assets in Top 10 285 M -191 M 2.54 B 34.43%
Weighting of Top 10 10.50% 4.6% 91.9% 71.10%

Top 10 Holdings

  1. Dreyfus Government Cash Mgmt Instl 4.50%
  2. Asurion Llc Term Loan B4 1.73%
  3. Asurion Llc Term Loan B4 1.73%
  4. Asurion Llc Term Loan B4 1.73%
  5. Asurion Llc Term Loan B4 1.73%
  6. Asurion Llc Term Loan B4 1.73%
  7. Asurion Llc Term Loan B4 1.73%
  8. Asurion Llc Term Loan B4 1.73%
  9. Asurion Llc Term Loan B4 1.73%
  10. Asurion Llc Term Loan B4 1.73%

Asset Allocation

Weighting Return Low Return High SFRCX % Rank
Bonds
97.68% 28.71% 161.82% 19.67%
Cash
0.87% -61.90% 58.61% 85.57%
Other
0.68% -54.21% 26.58% 17.70%
Stocks
0.47% 0.00% 51.23% 30.16%
Convertible Bonds
0.28% 0.00% 5.51% 15.41%
Preferred Stocks
0.01% -3.99% 1.54% 35.08%

Stock Sector Breakdown

Weighting Return Low Return High SFRCX % Rank
Utilities
0.00% 0.00% 100.00% 97.88%
Technology
0.00% 0.00% 100.00% 98.41%
Real Estate
0.00% 0.00% 48.61% 97.88%
Industrials
0.00% 0.00% 100.00% 98.41%
Healthcare
0.00% 0.00% 100.00% 97.88%
Financial Services
0.00% 0.00% 91.98% 97.88%
Energy
0.00% 0.00% 100.00% 11.64%
Communication Services
0.00% 0.00% 100.00% 100.00%
Consumer Defense
0.00% 0.00% 100.00% 97.88%
Consumer Cyclical
0.00% 0.00% 97.66% 42.86%
Basic Materials
0.00% 0.00% 6.25% 97.88%

Stock Geographic Breakdown

Weighting Return Low Return High SFRCX % Rank
US
0.47% -0.01% 45.12% 26.56%
Non US
0.00% 0.00% 6.11% 73.11%

Bond Sector Breakdown

Weighting Return Low Return High SFRCX % Rank
Corporate
95.61% 0.00% 99.80% 22.04%
Cash & Equivalents
4.39% 0.00% 58.41% 68.09%
Derivative
0.00% 0.00% 7.03% 66.78%
Securitized
0.00% 0.00% 96.93% 80.92%
Municipal
0.00% 0.00% 0.47% 61.18%
Government
0.00% 0.00% 5.93% 70.07%

Bond Geographic Breakdown

Weighting Return Low Return High SFRCX % Rank
US
73.23% 14.05% 128.54% 58.69%
Non US
24.45% 0.00% 84.20% 25.57%

SFRCX - Expenses

Operational Fees

SFRCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.52% 0.03% 7.31% 35.24%
Management Fee 0.42% 0.00% 1.89% 4.26%
12b-1 Fee 1.00% 0.00% 1.00% 88.28%
Administrative Fee 0.10% 0.02% 0.27% 49.46%

Sales Fees

SFRCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load 1.00% 1.00% 3.00% 65.38%

Trading Fees

SFRCX 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.

SFRCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 72.00% 3.00% 215.00% 57.30%

SFRCX - Distributions

Dividend Yield Analysis

SFRCX Category Low Category High SFRCX % Rank
Dividend Yield 6.71% 0.00% 9.41% 76.03%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SFRCX Category Low Category High SFRCX % Rank
Net Income Ratio 2.74% 1.56% 10.22% 86.99%

Capital Gain Distribution Analysis

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

Distributions History

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SFRCX - Fund Manager Analysis

Managers

George Goudelias


Start Date

Tenure

Tenure Rank

Mar 01, 2006

16.26

16.3%

George is the head of the firm’s leveraged finance platform. In this capacity, he provides strategic oversight of high yield bond portfolio management activities as well as serving as senior portfolio manager for all leveraged loan portfolios. George joined Seix in 2001 as head of leveraged finance research, and subsequently launched the Leveraged Loan Strategy in 2005. Since inception of this strategy, this has expanded to include all leveraged loan portfolios and CLOs. Prior to joining Seix he was a senior high yield research analyst at J.P. Morgan Securities. George received both a Bachelor of Science degree in Finance and Accounting and a Master of Business Administration degree in Finance from New York University.

Vincent Flanagan, CFA


Start Date

Tenure

Tenure Rank

Aug 01, 2011

10.84

10.8%

Vince is an experienced leveraged finance research analyst focused on the media and technology industries and became a portfolio manager on the Leveraged Loan Strategy in October of 2011. Before joining Seix he was the director of research for Assurant, Inc., covering the telecommunications, cable/media, utility and broadcasting industries. Vince began his career at TD Securities advancing to a senior high yield research analyst, where he focused on US and Canadian wireless carriers. Vince received a B.S. degree in Finance from New York University and is a CFA Charterholder.

Eric Guevara


Start Date

Tenure

Tenure Rank

Aug 30, 2019

2.75

2.8%

Eric is the senior leveraged loan trader on the leveraged finance team. Eric joined Seix as a trade flow administrator in 2000 and gained experience as a junior trader in the investment grade group from 2001 to 2006 before moving into his current position in the high yield leveraged loan group. Eric received a B.S. degree in Computer Operations from Seton Hall University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 23.43 6.03 3.25