Fund Evaluator:
Virtus Convertible C (ANZCX)
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Best Performing in Convertibles Over the Last Year
| 24.2% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 24.1% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 24.0% | Fidelity Convertible Securities (FCVSX) |
| 23.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 21.1% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Virtus Convertible C Overview
Virtus Convertible C (ANZCX) is an actively managed Allocation Convertibles fund. Virtus launched the fund in 2010.
The investment seeks maximum total return, consisting of capital appreciation and current income. 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.
About Virtus Convertible C (ANZCX)
There are 5 members of the management team with an average tenure of 7.16 years: K. Mathew Axline (2025), David Oberto (2022), Ethan Turner (2023), Justin Kass (2003), Michael Yee (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA All US Convertible TR USD index with a weighting of 100%. Virtus Convertible C has 105 securities in its portfolio. The top 10 holdings constitute 23.9% 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 Convertible C is part of the Hybrid Securities global asset class and is within the Allocation fund group. Virtus Convertible C has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.4%. There is 0.0% allocated to foreign stock, and 13.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 78.7% convertible bond). Virtus Convertible C has 4.6% of the portfolio in cash.
Assets Under Management
The fund has $62 million in total assets, which is below the $212 million average for the Convertibles 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.
ANZCX 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 Convertible C expense ratio is high compared to funds in the Convertibles category. Virtus Convertible C has an expense ratio of 1.73%, which is 56% higher than its category average, making the fund expense ratio grade a F. 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. Virtus Convertible C has a portfolio turnover rate of 159%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of July 2026, Virtus Convertible C returned -5.8%, which earned it a grade of C, as the Convertibles category had an average return of -4.5%. 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 Convertible C has a trailing yield of 0.23%, which is below the 1.71% category average. The fund normally distributes its income quarterly and its capital gains 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 Convertible C Grades
Year to date, the fund has returned 12.9%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 25.8% over the past year (grade of B), 15.6% over the past three years (grade of B) and 6.0% per year over the past five years (grade of C) and 12.2% per year over the past 10 years (grade of B).
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ANZCX 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 |
|
| ANZCX Return (NAV) | -5.8% | -0.3% | 25.8% | 15.6% | 6.0% | 12.2% |
| ANZCX Grade | C | D | B | B | C | B |
| +/- Category | -1.3% | -1.3% | 4.9% | 1.8% | 0.4% | 1.5% |
| Convertibles Avg | -4.5% | 1.1% | 20.9% | 13.8% | 5.6% | 10.7% |
| ANZCX Tax Cost Ratio | na | na | 2.7% | 1.3% | 1.9% | 2.3% |
ANZCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ANZCX Return (NAV) | 12.9% | 21.1% | 13.0% | 7.3% | -19.4% | 4.2% | 54.2% | 25.2% | 2.0% | 14.1% | 4.7% |
| ANZCX Grade | C | B | B | D | D | C | B | B | A | D | F |
| +/- Category | -0.1% | 5.0% | 1.8% | -1.5% | -1.6% | -0.7% | 11.8% | 2.3% | 3.5% | 0.3% | -3.4% |
| Convertibles Avg | 13.0% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 13.5% |
| Total Risk Index: | 1.10 - Above Average |
| Category Risk Index: | 1.16 - High |
| Category Risk Grade: | F (87% Rank) |
| Beta: | 1.20 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1610 Mil |
| Fund Total Assets: | $ 62 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 159% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 22.6 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Kass Justin (2003), Yee Michael (2022), Oberto David (2022), Turner Ethan (2023), Axline K. Mathew (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 105 |
| % in Top 10 Holdings: | 23.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 3.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 13.4% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 78.7% |
| Other: | 0.0% |
| Cash: | 4.6% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: | www.allianzgi.com |
| Status: | Closed |
| Inception Date: | April 12, 2010 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.73% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Virtus Convertible Inst |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
