VIRTUS ALLIANZGI TECHNOLOGY FUND* - December 31, 2021 *Effective February 1, 2021, this Fund's name and investment adviser have changed. The ...
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VIRTUS ALLIANZGI TECHNOLOGY FUND* December 31, 2021 *Effective February 1, 2021, this Fund’s name and investment adviser have changed. The Fund’s distributor is now VP Distributors, LLC.
IMPORTANT RISK CONSIDERATIONS
Market Volatility Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public
health issues, recessions, or other events could have a significant impact on the portfolio and its investments,
including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
Issuer Risk The portfolio will be affected by factors specific to the issuers of securities and other instruments in which the
portfolio invests, including actual or perceived changes in the financial condition or business prospects of such
issuers.
Equity Securities The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific
events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Focused To the extent the portfolio focuses its investments on a limited number of issuers, sectors, industries or
Investments geographic regions, it may be subject to increased risk and volatility.
Foreign Investing Investing in foreign securities subjects the portfolio to additional risks such as increased volatility, currency
fluctuations, less liquidity, and political, regulatory, economic, and market risk.
Derivatives Investments in derivatives such as futures, options, forwards, and swaps may increase volatility or cause a
loss greater than the principal investment.
Prospectus For additional information on risks, please see the fund's prospectus.
2VIRTUS INVESTMENT PARTNERS
MULTI-BOUTIQUE, MULTI-STRATEGY MODEL
KEY FACTS AFFILIATES
$187.2
Billion in
AUM
40 2
Funds Rated
4 or 5 Stars1
SUBADVISERS
3
Past performance is not indicative of future results.
As of 12/31/21. 1Based on institutional-class shares, except for funds without I shares, for which A shares were used, or if A share rating is higher than I shares. Please see page 25 for
additional Morningstar disclosure. Strong ratings are not indicative of positive fund performance. 2Stone Harbor Investment Partners became a Virtus affiliate as of January 1, 2022.
3Virtus has a minority ownership position in Zevenbergen Capital Investments.
3ALLIANZ GLOBAL INVESTORS
At a Glance
Founded in 1998
A wholly owned subsidiary of Allianz SE
AUM of $749 billion*
705 investment professionals across the globe
Established expertise in equities, fixed-income, multi-asset and alternative investments.
*AUM as of 9/30/21
Source: Allianz Global Investors US LLC
4THE CASE FOR INVESTING IN TECHNOLOGY
TECH’S IMPACT ON THE ECONOMY IS ON THE RISE
Technology is broadening its reach TECHNOLOGY’S SHARE OF THE S&P 500® INDEX INCREASED
MORE THAN FIVEFOLD FROM 5% IN 1991 TO 29% IN 2021
into more and more industries
35
Technology sector weight in the S&P 500® Index (%)
Tech’s command of value creation 30
has increased steadily over time
25
Enterprise is fundamentally shifting 20
from legacy to next generation
15
technologies
10
As of December 31, 2021, the
5
technology sector weight was
0
29.2% of the S&P 500® Index
12/31/1991
12/29/1995
12/31/1999
12/31/2003
12/31/2007
12/30/2011
12/31/2015
12/31/2019
Source: Bank of America. Data as of 12/31/21. Chart shows technology sector percentage of S&P 500® Index market capitalization. Sector weighting is subject to change.
5THE CASE FOR INVESTING IN TECHNOLOGY
TECH SECTOR VALUATIONS REMAIN ATTRACTIVE
Trailing Price-to-Earnings Ratio
Information Technology Sector S&P 500 Index
70
During the tech bubble, tech valuations
60 were not rational and were not
supported by earnings and cash flows
50
Today, tech valuations are far more
reasonable considering companies are now
40 producing tangible earnings and cash flows
P/E Ratio
30
20
10
0
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Past performance is not indicative of future results.
Source: Factset, Bloomberg, Allianz Global Investors US LLC. As of 12/31/21.
6THE CASE FOR INVESTING IN TECHNOLOGY
TECH’S IMPACT ON THE ECONOMY IS ON THE RISE
Today, technology is more about productivity enhancement; new technologies are providing more
efficient and productive methods of doing things
Corporations and governments are accelerating to next generation solutions, i.e., cloud, security,
artificial intelligence/machine learning, storage, networking
Impact of the proliferation of mobile devices and the Internet on our daily lives
Technology companies have abundant free cash and are generating excellent free cash flow – tech
managers are returning more of this cash to investors
Investors may consider including a technology fund in the growth bucket of a well-diversified portfolio in
order to participate in this wave of innovation
Source: Allianz Global Investors US LLC
The commentary is the opinion of Allianz Global Investors US LLC. This material has been prepared using sources of information generally believed to be reliable; however, its
accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.
7VIRTUS ALLIANZGI TECHNOLOGY FUND
INVESTMENT PHILOSOPHY & KEY FACTS
PHILOSOPHY: Tickers A: RAGTX
Admin: DGTAX
We believe investing in C: RCGTX
technology investments Institutional: DRGTX
P: ARTPX
is more of a “winner’s
Benchmarks S&P North American Technology Sector Index
game” than a “loser’s NASDAQ® Composite Index
game.” We believe that Fund Inception December 27, 1995
there are opportunities
Morningstar Category Technology
to create whole new
sub-industries within Portfolio Managers Walter C. Price, Jr., CFA since inception
Huachen Chen, CFA since inception
technology. Michael A. Seidenberg since 2018
Investment Style Actively managed, diversified exposure, long-only equity
Focus Diversified exposure by security industry, market cap, and
valuation
Geographic Ranges North America 45-75%, Europe 20-45%, Rest of World 0-20%
Number of stocks 80
Fund AUM $2,363.6M
Source: Allianz Global Investors US LLC as of December 31, 2021.
8ALLIANZGI GLOBAL TECHNOLOGY TEAM
SEASONED TECHNOLOGY SPECIALISTS
Inputs AllianzGI Global Technology Portfolio Management Team
Global Policy Council Walter Price, CFA Huachen Chen, CFA
Senior Portfolio Manager Senior Portfolio Manager
Grassroots® Research
60+ Grassroots Reporters Mike Seidenberg Danny Su
300+ Field Investigators Portfolio Manager/Analyst Assistant Portfolio Manager/Analyst
50K Industry Contacts
Rich Gorman
Senior Research Analyst
Collaboration with Artificial Intelligence Team
Sebastian Thomas, CFA James Chen Stephen Jue Stephen McDonald, CFA Catherine McCarthy
Senior PM / Analyst Senior PM / Analyst PM / Analyst Research Analyst Research Analyst
Software & Internet Analyst Software & Internet Hardware & Comms IT Services U.S. Media & Telecom
Collaboration with Global Investment Platform
Gunnar Miller, CFA Head of Global Research
Source: Allianz Global Investors US LLC
9ALLIANZ GLOBAL INVESTORS
INVESTMENT APPROACH
AllianzGI strives to achieve competitive long-term returns relative to competing technology
strategies. The team-oriented investment process is driven by:
Sustained earnings growth
Market leadership
Industry conferences
Barriers to entry
Speaking with IT managers Invest in
attractive High-quality management
Seek discontinuities offering companies
Identify Strong balance sheet
order-of-magnitude with
major
improvements attractive Reasonable valuation,
growth
trends business relative to growth rates
models and industry peers
Market capitalization
Valuation Manage risk Build intimate
through knowledge of Regular meetings with
Industry weights and portfolio our portfolio management teams
global exposure diversification companies
Understand competitive
advantages
Understand sustainability
of growth drivers
Source: Allianz Global Investors US LLC
10ALLIANZ GLOBAL INVESTORS
INVESTMENT PROCESS
AllianzGI seeks to build a portfolio of our best ideas within the technology sector
Diversified exposure by security industry, market cap, and valuation
Idea Generation Stock Selection Portfolio Construction Portfolio Risk Management
Approximately 1,500 Culled down to about 100 Portfolio of 40-70 stocks >0.5% Portfolio Management team
companies candidates risk management:
Team managed
Emerging technology trends Stocks must meet rigorous – Monitor stock level volatility
Minimum initial position: 0.25% and actively manage the
identified from industry growth, quality, and
conferences and consultants valuation criteria Maximum position: up to 15% portfolio to optimize
for large benchmark positions risk/reward
Sources Identify key investment drivers
– Closely track the investment Alpha
– Team research Weightings driven by team case for each security and
Fundamental Research: Potential
conviction based on robust act quickly if necessary
– Global Research Platform – EPS growth expectations, research and risk/reward
– Grassroots® Research FCF generation, sustainable analysis Independent risk management:
– Company meetings competitive advantages,
– Risk team monitors and
beneficiaries of major
provides regular risk reports
secular shifts
to management team, global
CIO, and independent chief
risk officer
Source: Allianz Global Investors US LLC
The number of securities referenced above represents the typical number of stocks researched at each stage of the investment process. During any given stage of the investment
process, the selection criteria may vary from those shown above. The diagrams and statements above reflect the typical investment process applied to this Fund. At any given time,
other criteria may affect the investment process.
11VIRTUS ALLIANZGI TECHNOLOGY FUND
FUND HIGHLIGHTS
The two founding portfolio managers have worked together for over 30 years
The other investment team members each have 15-20 years of professional
Strong portfolio management team investment experience, mostly with the current team
Consistent investment philosophy/process since inception of product
Exposure to multiple major growth themes
Diversified across industries and market capitalization
Diverse product offering
Global product—up to 50% outside U.S.
The strategy usually emphasizes mid-cap holdings
Identify secular winners that benefit from long-term growth tailwinds
Stock selection is the main driver Driven by deep fundamental research
of return and risk High-conviction portfolio
Robust performance track record over multiple decades
Easy access to the headquarters of many of the world’s major technology companies
Located in San Francisco Access to private companies to gain insight on next generation technologies and
companies
Robust performance track record over multiple decades
12TECH PROVIDES POTENTIAL IN DIVERSE MARKETS
Balanced risk-adjusted performance
Different groups emphasized with different market environments
Types of Technology Companies Characteristics of Group
High growth, innovators Secular growth
Emerging/transformative areas within technology
Current and projected sales growth >20%
The Technology Lifecycle
Long-term price targets based on sustained growth over investment horizon
The Technology Lifecycle
indicate healthy upside
Reasonable valuation relative Secular growth
to growth (GARP) Established markets but still huge expansion potential
Current and projected sales/earnings growth >15%
Valued on price multiple-to-growth basis
Price appreciation as earnings/cash flow growth more-than-compensates for
multiple contraction
Attractively valued with Total return
optionality Technology incumbents who can emerge again as growth companies
Consolidators with cost and pricing discipline
Mid to mega capitalization
Aggressive capital return companies
Companies responding to activist pressures for better stock performance
Source: Allianz Global Investors US LLC
13THEMES POWERING TECH-SECTOR GROWTH
TOO BIG TO IGNORE
Cloud Computing Enterprise IT spend is expected to grow to $1.7T by 2030
Artificial Intelligence Big data powering the way we view and solve problems
Cyber Security As more data are stored in the cloud and connected devices, the
need for security will increase over time
Auto Technology Many areas of innovation and disruption as the industry moves to
electrification and autonomous
Digital Media With increasing user engagement in mobile applications, current
mobile ad spend estimates may prove to be too conservative
Source: Allianz Global Investors US LLC
14THEMES POWERING TECH-SECTOR GROWTH
CLOUD COMPUTING
Multi-year journey and still in the early innings of adoption
Transformational Shift from Client-Server to Cloud
Mainframe Client-Server Cloud Era
In addition to reduced costs, cloud customers have reported the following benefits:
Better security Improved decision making ability from faster analytics
Upgrades to solutions are more frequent Improved performance and productivity
Opportunity to open up new revenue streams Faster innovation and time to market
Lower downtime, resulting in better user satisfaction Lower risk of getting locked into one vendor
Source: Allianz Global Investors US LLC using IDC data.
15THEMES POWERING TECH-SECTOR GROWTH
ARTIFICIAL INTELLIGENCE
Analyzing data more efficiently drives deeper insight, which makes business processes and
consumer processes more efficient and effective.
The need to extract insight from Big Data necessitates the use of machine learning…
Opportunity Mechanism Enabler
Proliferation
Moore’s law
of Sensors
Digitalization
Big Machine Big Public Cloud /
of Business
Data Learning Computer Global Capacity
Processes
Mobile Horizontal
Computing Scaling
Insight and Value
…the availability of inexpensive computing and storage enables these machine learning apps.
Source: Allianz Global Investors US LLC using Morgan Stanley Research.
16THEMES POWERING TECH-SECTOR GROWTH
CYBER SECURITY
A variety of conditions have created many avenues for cyber criminals… and opportunities for
investing
Speed of innovation
Increasing geo-political driving vulnerabilities
tensions and lack of everywhere
governance and law Mobile, social, cloud,
enforcement models satellite, loT, industrial,
physical, and consumer
The Perfect
Cyber Storm Expansive vulnerabilities
Increasing significance enable exponential
of internet anonymity and growth in attacker
Opportunity For groups and types
Investing
Levels of danger
Legacy security
expand from hacktivism
providers are unable
to crime to espionage to
to detect / prevent
terrorism to warfare
Source: Allianz Global Investors US LLC using Momentum Cyber data.
17THEMES POWERING TECH-SECTOR GROWTH
AUTO TECHNOLOGY
Semiconductors are driving the automotive future
Infotainment Body Electronics Advanced Driver Assistance Systems
Multimedia systems and displays LED lighting systems Radar systems
Instrument clusters and heads-up displays Body control for mirrors, lighting, roof Lane departure warning
Active noise cancellation Secure electronic door locks Rear view and surround view cameras
Voice recognition and natural language Q&A Power doors and windows Parking assist systems
Adaptive cruise control
Driverless cars
Safety Connectivity Power Train and Hybrid Systems
Stability control In-vehicle Ethernet Battery management and charging systems
Night vision systems 802.11p vehicle to vehicle communications Plug-in electric vehicles
Tire pressure monitors WiFi, Bluetooth, and cellular connectivity Start-stop systems
Occupant detection, airbags, and alarm FlexRay networking Fuel efficiency and emission reduction
systems
Integrated starter alternator damper (ISAD)
Source: Allianz Global Investors US LLC using Texas Instruments, BofA Merrill Lynch Global Research.
18THEMES POWERING TECH-SECTOR GROWTH
DIGITAL MEDIA
Key statistics of the world’s mobile, internet, and social media users
Total Unique Mobile Internet Active Social
Population Phone Users Users* Media Users*
7.83 5.22 4.66 4.20
BILLION BILLION BILLION BILLION
Urbanization vs. Population vs. Population vs. Population
56.4% 66.6% 59.5% 53.6%
Sources: Allianz Global Investors US LLC using the U.N.; Local government bodies; GSMA Intelligence; ITU; GWI; Eurostat; CNNIC; APJII; Social media platforms’ self-service
advertising tools; company earnings reports; Mediascope. *Advisories: internet user numbers no longer include data sources from social media platforms, so value are not comparable
to data published in previous reports. Social media user numbers may not represent unique individuals. Comparability advisory: source and base changes.
Source: Hootsuite Media January 2021
19TOP HOLDINGS AND CHARACTERISTICS
S&P North
Virtus AllianzGI American
Technology Technology
Top Ten Holdings % Fund Equity Characteristics Fund Sector Index
Microsoft Corporation 6.5 Average Weighted
595.30 928.64
Market Cap (bn)
Alphabet Inc. Class C 5.9
Apple Inc. 4.3 Median Market Cap (bn) 54.95 6.96
Zscaler, Inc. 3.6
Trailing P/E Ex-Negative
32.86 33.83
Earnings
Seagate Technology Holdings PLC 3.6
MongoDB, Inc. Class A 3.5 Price-to-Cash Flow 47.85 40.23
ON Semiconductor Corporation 3.4
Price-to-Book Value 14.70 12.48
Micron Technology, Inc. 3.3
3-Year EPS Growth Rate 12.56 31.48
Marvell Technology, Inc. 3.0
5-Year EPS Growth Rate 22.56 22.58
NVIDIA Corporation 2.7
Total 39.8% Active Share 63.63 -
As of 12/31/21.
Source: Virtus Performance and Analytics.
Holdings and weightings are subject to change. See page 27 for definitions of characteristics
20SECTOR ALLOCATION
Virtus AllianzGI Technology Fund
S&P North American Technology Sector Index
31.2%
28.5%
24.1%
19.4%
16.4%
15.0%
11.4% 11.3%
9.7% 9.7%
9.0%
2.4%
1.8% 1.5%
0.8% 0.6%
0.0% 0.0% 0.0% 0.0%
Software Semiconductors & IT Interactive Technology Internet & Hotels Automobiles Auto Road & Rail
Semiconductor Services Media & Hardware Direct Restairants Components
Equipment Services Storage & Marketing & Leisure
Peripherals Retail
As of 12/31/21. Sector allocations are subject to change.
21VIRTUS ALLIANZGI TECHNOLOGY FUND
MARKET-CAP BREAKDOWN
Typically overweight mid-sized, higher-growth stocks
Virtus AllianzGI Technology Fund
63% S&P North American Technology Sector Index
44%
35%
25%
18%
10%
2%
0%
Mega Cap Large Cap Mid Cap Small Cap
As of 12/31/21. Mega Cap: $200B and above; Large Cap: $30B to $200B; Mid Cap: $5B to $30B; Small Cap: Below $5B; The chart above does not include cash held in the portfolio.
Weightings are subject to change.
22VIRTUS ALLIANZGI TECHNOLOGY FUND
GROWTH OF $100 INVESTMENT, SINCE INCEPTION
A strong emphasis on maintaining a diversified portfolio across the technology universe helps
provide opportunities across all market environments.
$6,000
Virtus AllianzGI Technology Fund INST Share
S&P North American Technology Sector Index
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Past performance is not indicative of future results.
As of 12/31/21. Inception: 12/27/95
23VIRTUS ALLIANZGI TECHNOLOGY FUND
PERFORMANCE AS OF 12/31/21
CUMULATIVE TOTAL RETURNS VS. S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX SINCE INCEPTION
Percentage Percentage
of Periods of Periods
Rolling 5 Years Virtus AllianzGI Average Virtus AllianzGI Average
Performance (60 mos) Outperforms (%) Outperformance (%) Underperforms (%) Underperformance (%)
vs. S&P North American
73 5.05 27 -1.69
Technology Sector Index
vs. MSCI AC World IT
94 2.84 6 -0.87
(rolling periods start Nov 2003)
vs. S&P 500® Index 85 6.48 15 -4.54
vs. Morningstar Technology
96 4.58 4 -0.27
Peer Group
Past performance is not indicative of future results.
Please see the Fund’s prospectus for additional information. Rolling 5-year returns shown since December,1995. Monthly periods compared to the MSCI ACWI Information Technology
Sector Index are only for the time periods shown above because monthly data was not available for earlier time periods. The MSCI ACWI Information Technology Sector Index includes
large and mid cap securities across Developed Markets countries and Emerging Markets countries. The performance shown for the Morningstar Technology Category is the Category
Average which is a straight average of all the investments in the category (including all share classes). A fee was paid to Morningstar for access to and use of the comparative analysis.
24VIRTUS ALLIANZGI TECHNOLOGY FUND
PERFORMANCE AS OF 12/31/21 (%)
Virtus AllianzGI Technology Fund (DRGTX)
S&P North American Technology Sector Index MORNINGSTAR RATINGSTM
Nasdaq Composite Index
37.82
Institutional Share DRGTX Technology
35.42
34.26
31.03
Time Period # of Stars # of Funds
29.99
26.40
24.97
26.40
Overall ★★★★ 214
23.54
22.81
22.18
22.18
20.96
3 Year ★★★ 214
16.23
13.26
13.26
5 Year ★★★★ 183
9.05
10 Year 155
8.45
★★★★
5.98
Morningstar ratings are based on risk-adjusted returns. Strong ratings
N/A
N/A
are not indicative of positive fund performance.
The Morningstar RatingTM for funds, or “star rating”, is calculated for
managed products (including mutual funds, variable annuity and
variable life subaccounts, exchange-traded funds, closed-end funds,
and separate accounts) with at least a three-year history. Exchange-
QTD YTD 1 Year 3 Year 5 Year 10 Year Since traded funds and open-ended mutual funds are considered a single
Inception* population for comparative purposes. It is calculated based on a
Morningstar Risk-Adjusted Return measure that accounts for variation in
*Inception: Institutional Class: 12/27/95. a managed product’s monthly excess performance, placing more
emphasis on downward variations and rewarding consistent
Performance data quoted represents past performance. Past performance does not
performance. The top 10% of products in each product category receive
guarantee future results. Investment return and principal value will fluctuate so that 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars,
shares, when redeemed, may be worth more or less than their original cost. Current the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The
performance may be lower or higher than the performance data quoted. Please visit Overall Morningstar Rating for a managed product is derived from a
virtus.com for performance data current to the most recent month end. This share weighted average of the performance figures associated with its three-,
class has no sales charges and is not available to all investors. Other share classes five-, and 10-year (if applicable) Morningstar Rating metrics. The
have sales charges. See virtus.com for details. weights are: 100% three-year rating for 36-59 months of total returns,
60% five-year rating/40% three-year rating for 60-119 months of total
Institutional Class: The fund class gross expense ratio is 1.15%. returns, and 50% 10-year rating/30% five-year rating/20% three-year
rating for 120 or more months of total returns. While the 10-year overall
Average annual total return is the annual compound return for the indicated period and reflects the star rating formula seems to give the most weight to the 10-year period,
change in share price and the reinvestment of all dividends and capital gains. Returns for periods of the most recent three-year period actually has the greatest impact
one year or less are cumulative returns. because it is included in all three rating periods. Ratings do not take into
The S&P North American Technology Sector Index is a modified capitalization-weighted index of account the effects of sales charges and loads.
selected technology and internet-related stocks. The index is calculated on a total return basis. The © 2022 Morningstar, Inc. All rights reserved. The information contained
index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not herein: (1) is proprietary to Morningstar and/or its content providers; (2)
available for direct investment. The Nasdaq Composite Index is a market capitalization-weighted may not be copied or distributed; and (3) is not warranted to be accurate,
index of all common stocks listed on the Nasdaq Stock Market. The index is calculated on a total complete, or timely. Neither Morningstar nor its content providers are
return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, responsible for any damages or losses arising from any use of this
and is not available for direct investment. information. Past performance is no guarantee of future results.
25VIRTUS ALLIANZGI TECHNOLOGY FUND
KEY FEATURES
Capitalizing on The Fund aims to identify significant growth trends ahead of the crowd, building an
technological intimate knowledge of the technology companies with optimal exposure to key trends
growth trends and investing in those that demonstrate potential to become market leaders
Diversified The Fund invests globally across a wide range of technology industries, providers,
technology market-capitalization sizes, and valuations, which may help moderate the increased
portfolio volatility associated with a more focused and concentrated portfolio
Leveraging an The Fund has benefited from the same lead portfolio managers since inception, and
information they have been managing technology assets together for over 30 years, making them
advantage among the longest-tenured technology fund managers
Source: Allianz Global Investors US LLC
The commentary is the opinion of Allianz Global Investors US LLC. This material has been prepared using sources of information generally believed to be reliable; however, its
accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.
26DISCLOSURES AND IMPORTANT INFORMATION
Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index.
EPS Growth Rate is the company's estimated future earnings for each stock held by the portfolio.
Price-to-Book is the per-share stock price divided by the latest 12-month per-share Book Value.
Price-to-Cash Flow is the per-share stock price divided by the per-share operating cash flow.
Price-to-Earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS).
Standard Deviation measures variability of returns around the average return for an investment portfolio. Higher standard deviation suggests greater risk.
27Virtus (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers,
singularly committed to the long-term success of individual and institutional investors.
We are not constrained by a single investment approach; rather, we provide access to independent,
specialized investment philosophies through our multi-discipline, multi-strategy approach.
We have the flexibility, agility, and responsiveness of a boutique asset management firm with similar product
breadth and investment talent of our larger peers.
We are committed to thoughtfully providing investment solutions, adhering to the highest standards of
product quality, operational excellence, and fiduciary responsibility.
Please consider a Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this
and other information about any Virtus Fund, contact your financial professional, call 800-243-4361, or visit
virtus.com for a prospectus or summary prospectus. Read it carefully before investing.
Not all products or marketing materials are available at all firms.
Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.
Mutual Funds distributed by VP Distributors, LLC member FINRA and subsidiary of Virtus Investment Partners, Inc.
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