Fund Evaluator:
Virtus Seix High Yield A (HYPSX)
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Best Performing in High Yield Bond Over the Last Year
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Fund Details
Virtus Seix High Yield A Overview
Virtus Seix High Yield A (HYPSX) is an actively managed Taxable Bond High Yield Bond fund. Virtus launched the fund in 2001.
The investment seeks high income and, secondarily, capital appreciation. The fund normally invests in various types of lower-rated, higher yielding debt instruments, including corporate obligations, floating rate loans and other debt obligations. It normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield securities. The fund may invest in debt obligations of U.S. and non-U.S. issuers, including emerging market debt. It may invest up to 20% of its net assets in investment grade instruments.
About Virtus Seix High Yield A (HYPSX)
There are 2 members of the management team with an average tenure of 16.31 years: Michael Kirkpatrick (2007), James FitzPatrick (2013). 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 BB-B US HY Constnd TR USD index with a weighting of 100%. Virtus Seix High Yield A has 222 securities in its portfolio. The top 10 holdings constitute 11.9% 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 Seix High Yield A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Virtus Seix High Yield A has 12.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.9% (83.9% domestic bond, 12.0% foreign bond and 0.2% convertible bond). Virtus Seix High Yield A has 3.2% of the portfolio in cash.
Assets Under Management
The fund has $24 million in total assets, which is below the $545 million average for the High Yield Bond 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.
HYPSX 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 Seix High Yield A expense ratio is high compared to funds in the High Yield Bond category. Virtus Seix High Yield A has an expense ratio of 0.84%, which is 9% lower than its category average, making the fund expense ratio grade a C. 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 Seix High Yield A has a portfolio turnover rate of 69%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, Virtus Seix High Yield A returned -0.1%, which earned it a grade of B, as the High Yield Bond category had an average return of -0.3%. 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 Seix High Yield A has a trailing yield of 6.44%, which is above the 6.28% category average. The fund normally distributes its income monthly 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 Seix High Yield A Grades
Year to date, the fund has returned 1.2%, 0.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.7% over the past year (grade of C), 6.9% over the past three years (grade of D) and 3.3% per year over the past five years (grade of D) and 5.0% per year over the past 10 years (grade of B).
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HYPSX 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 |
|
| HYPSX Return (NAV) | -0.1% | 0.4% | 4.7% | 6.9% | 3.3% | 5.0% |
| HYPSX Grade | B | C | C | D | D | B |
| +/- Category | 0.2% | -0.0% | -0.1% | -0.6% | -0.4% | 0.2% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| HYPSX Tax Cost Ratio | na | na | 2.5% | 2.6% | 2.4% | 2.2% |
HYPSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HYPSX Return (NAV) | 1.2% | 7.1% | 6.8% | 12.7% | -10.7% | 3.7% | 9.9% | 12.6% | -2.1% | 6.8% | 13.1% |
| HYPSX Grade | D | D | D | B | C | D | A | D | B | C | D |
| +/- Category | -0.5% | -0.7% | -0.8% | 0.8% | -0.7% | -1.4% | 4.6% | -0.4% | 0.6% | 0.1% | -0.3% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 3.9% |
| Total Risk Index: | 0.31 - Low |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (23% Rank) |
| Beta: | 0.54 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $405 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 69% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 19.5 years | |||
| Average Tenure: 16.3 years | |||
| Managers (Year): Kirkpatrick Michael (2007), FitzPatrick James (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 222 |
| % in Top 10 Holdings: | 11.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.8% |
| Domestic Bond: | 83.9% |
| Foreign Bond: | 12.0% |
| Convertible Bond: | 0.2% |
| Other: | 0.0% |
| Cash: | 3.2% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: | www.virtus.com |
| Status: | Open |
| Inception Date: | December 21, 2001 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 100 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.84% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Virtus Seix High Yield I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
