Fund Evaluator:
Virtus AlphaSimplex Mgd Futs Strat R6 (AMFNX)
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Best Performing in Systematic Trend Over the Last Year
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Fund Details
Virtus AlphaSimplex Mgd Futs Strat R6 Overview
Virtus AlphaSimplex Mgd Futs Strat R6 (AMFNX) is an actively managed Alternative Systematic Trend fund. Virtus launched the fund in 2017.
The investment seeks to provide capital appreciation. The Adviser typically will make extensive use of a variety of derivative instruments, including futures and forward contracts, to capture the exposures suggested by its absolute return strategy while also seeking to add value through volatility management. The Adviser uses proprietary quantitative models to identify price trends in equity, fixed-income, currency and commodity instruments across time periods of various lengths.
About Virtus AlphaSimplex Mgd Futs Strat R6 (AMFNX)
There are 4 members of the management team with an average tenure of 8.49 years: Philippe Lüdi (2014), Alexander Healy (2014), Kathryn Kaminski (2018), Tansu Demirbilek (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: FT Wilshire 5000 TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Virtus AlphaSimplex Mgd Futs Strat R6 has 131 securities in its portfolio. The top 10 holdings constitute 39.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Virtus AlphaSimplex Mgd Futs Strat R6 is part of the Alternative Strategies global asset class and is within the Alternative fund group. Virtus AlphaSimplex Mgd Futs Strat R6 has -0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.7%. There is -0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -0.6% (-0.4% domestic bond, -0.2% foreign bond and 0.0% convertible bond). Virtus AlphaSimplex Mgd Futs Strat R6 has 93.9% of the portfolio in cash.
Assets Under Management
The fund has $194 million in total assets, which is below the $260 million average for the Systematic Trend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AMFNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Virtus AlphaSimplex Mgd Futs Strat R6 expense ratio is high compared to funds in the Systematic Trend category. Virtus AlphaSimplex Mgd Futs Strat R6 has an expense ratio of 1.33%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Virtus AlphaSimplex Mgd Futs Strat R6. By way of comparison, the average portfolio turnover is 216% for the Systematic Trend category.
Recently, in the month of July 2026, Virtus AlphaSimplex Mgd Futs Strat R6 returned 1.1%, which earned it a grade of B, as the Systematic Trend category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Virtus AlphaSimplex Mgd Futs Strat R6 has a trailing yield of 2.42%, which is below the 2.63% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Virtus AlphaSimplex Mgd Futs Strat R6 Grades
Year to date, the fund has returned 10.5%, 3.3 percentage points better than the category, which translates into a grade of B. The fund has returned 21.6% over the past year (grade of B), -3.0% over the past three years (grade of F) and 2.5% per year over the past five years (grade of D) and 2.2% per year over the past 10 years (grade of F).
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AMFNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AMFNX Return (NAV) | 1.1% | -2.3% | 21.6% | -3.0% | 2.5% | 2.2% |
| AMFNX Grade | B | D | B | F | D | F |
| +/- Category | 1.1% | -1.5% | 3.5% | -5.8% | -2.8% | -0.9% |
| Systematic Trend Avg | -0.0% | -0.8% | 18.0% | 2.8% | 5.3% | 3.1% |
| AMFNX Tax Cost Ratio | na | na | 1.1% | 0.7% | 2.6% | na |
AMFNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AMFNX Return (NAV) | 10.5% | -9.5% | -3.1% | -10.3% | 35.9% | 3.6% | 13.8% | 8.4% | -12.3% | 6.5% | -5.5% |
| AMFNX Grade | B | F | D | F | A | C | A | B | D | B | D |
| +/- Category | 3.3% | -12.6% | -3.6% | -6.5% | 14.4% | -1.2% | 8.7% | 3.1% | -6.9% | 2.1% | -2.0% |
| Systematic Trend Avg | 7.2% | 3.1% | 0.4% | -3.8% | 21.5% | 4.9% | 5.1% | 5.3% | -5.4% | 4.5% | -3.4% |
| Risk Measures | |
| Standard Deviation: | 12.0% |
| Total Risk Index: | 0.98 - Average |
| Category Risk Index: | 1.22 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 0.14 |
| R-Squared: | 2% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $897 Mil |
| Fund Total Assets: | $ 194 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 12.4 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Lüdi Philippe (2014), Healy Alexander (2014), Kaminski Kathryn (2018), Demirbilek Tansu (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 131 |
| % in Top 10 Holdings: | 39.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.7% |
| Foreign Stock: | -0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -0.4% |
| Foreign Bond: | -0.2% |
| Convertible Bond: | 0.0% |
| Other: | 6.0% |
| Cash: | 93.9% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: |
| Status: | Open |
| Inception Date: | May 1, 2017 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.33% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.02% |
| Share Class: | Virtus AlphaSimplex Mgd Futs Strat I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
