Fund Evaluator:
Virtus Duff & Phelps Water A (AWTAX)
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Best Performing in Natural Resources Over the Last Year
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Fund Details
Virtus Duff & Phelps Water A Overview
Virtus Duff & Phelps Water A (AWTAX) is an actively managed Sector Equity Natural Resources fund. Virtus launched the fund in 2008.
The investment seeks long-term capital appreciation. The fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that are represented in one or more of the S&P Global Water Index, the NASDAQ OMX U.S. Water or Global Water Indices or the S-Network Global Water Index (Composite), or that are substantially engaged in water-related activities. The fund is non-diversified.
About Virtus Duff & Phelps Water A (AWTAX)
There are 2 members of the management team with an average tenure of 3.66 years: DAVID Grumhaus (2022), Nicholas Holmes (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and S&P Global Water TR index with a weighting of 100%. Virtus Duff & Phelps Water A has 44 securities in its portfolio. The top 10 holdings constitute 51.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Virtus Duff & Phelps Water A is part of the Equity global asset class and is within the Sector Equity fund group. Virtus Duff & Phelps Water A has 30.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 69.0%. There is 30.3% allocated to foreign stock, and 0.0% 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 0.0% convertible bond). Virtus Duff & Phelps Water A has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $184 million in total assets, which is below the $233 million average for the Natural Resources 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.
AWTAX 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 Duff & Phelps Water A expense ratio is high compared to funds in the Natural Resources category. Virtus Duff & Phelps Water A has an expense ratio of 1.22%, which is 6% higher than its category average, making the fund expense ratio grade a D. 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 Duff & Phelps Water A has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 61% for the Natural Resources category.
Recently, in the month of July 2026, Virtus Duff & Phelps Water A returned -1.1%, which earned it a grade of D, as the Natural Resources category had an average return of 1.9%. 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 Duff & Phelps Water A has a trailing yield of 0.84%, which is below the 2.18% category average. The fund normally distributes its income annually 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 Duff & Phelps Water A Grades
Year to date, the fund has returned 0.3%, 13.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.2% over the past year (grade of F), 6.3% over the past three years (grade of D) and 1.8% per year over the past five years (grade of F) and 7.4% per year over the past 10 years (grade of D).
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AWTAX 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 |
|
| AWTAX Return (NAV) | -1.1% | -1.8% | 1.2% | 6.3% | 1.8% | 7.4% |
| AWTAX Grade | D | A | F | D | F | D |
| +/- Category | -3.0% | 3.2% | -32.4% | -5.2% | -9.8% | -2.1% |
| Natural Resources Avg | 1.9% | -5.0% | 33.6% | 11.4% | 11.6% | 9.5% |
| AWTAX Tax Cost Ratio | na | na | 2.7% | 1.8% | 1.5% | 1.1% |
AWTAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AWTAX Return (NAV) | 0.3% | 12.0% | 5.5% | 12.0% | -21.0% | 25.4% | 16.7% | 32.8% | -12.5% | 22.3% | 4.9% |
| AWTAX Grade | F | F | A | A | F | D | C | A | A | B | F |
| +/- Category | -13.4% | -16.6% | 6.0% | 8.7% | -29.0% | -5.4% | 7.1% | 17.9% | 8.0% | 9.2% | -23.7% |
| Natural Resources Avg | 13.7% | 28.6% | -0.5% | 3.4% | 8.0% | 30.8% | 9.6% | 14.8% | -20.5% | 13.1% | 28.6% |
| Risk Measures | |
| Standard Deviation: | 15.0% |
| Total Risk Index: | 1.22 - Above Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 0.81 |
| R-Squared: | 46% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $492 Mil |
| Fund Total Assets: | $ 184 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.0 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Grumhaus DAVID (2022), Holmes Nicholas (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 51.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 30.3% |
Portfolio Allocation |
|
| Domestic Stock: | 69.0% |
| Foreign Stock: | 30.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: | www.allianzgi.com |
| Status: | Open |
| Inception Date: | March 31, 2008 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 5.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.22% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Virtus Duff & Phelps Water A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
