Fund Evaluator:
Virtus Global Allocation Instl (PALLX)
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Best Performing in Global Moderate Allocation Over the Last Year
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Fund Details
Virtus Global Allocation Instl Overview
Virtus Global Allocation Instl (PALLX) is an actively managed Allocation Global Moderate Allocation fund. Virtus launched the fund in 1999.
The investment seeks after-inflation capital appreciation and current income. The fund seeks to achieve its investment objective by primarily investing across global equity securities and U.S. fixed income instruments, with the majority of those assets indirectly invested in those asset classes through mutual funds and/or exchange-traded funds (“ETFs”), including those managed by the fund’s subadvisers and/or their affiliates.
About Virtus Global Allocation Instl (PALLX)
There are 4 members of the management team with an average tenure of 8.57 years: Kunal Ghosh (2022), Paul Pietranico (2009), Heather Bergman (2017), Michael Rothstein (2023). 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 MSCI ACWI NR USD index with a weighting of 100%. Virtus Global Allocation Instl has 335 securities in its portfolio. The top 10 holdings constitute 73.3% 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 Global Allocation Instl is part of the Allocation global asset class and is within the Allocation fund group. Virtus Global Allocation Instl has 27.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 32.8%. There is 24.3% allocated to foreign stock, and 1.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 29.5% (26.0% domestic bond, 3.5% foreign bond and 3.5% convertible bond). Virtus Global Allocation Instl has 8.1% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $947 million average for the Global Moderate Allocation 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.
PALLX 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 Global Allocation Instl expense ratio is average compared to funds in the Global Moderate Allocation category. Virtus Global Allocation Instl has an expense ratio of 0.54%, which is 48% 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. Virtus Global Allocation Instl has a portfolio turnover rate of 115%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, Virtus Global Allocation Instl returned -0.3%, which earned it a grade of C, as the Global Moderate Allocation 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 Global Allocation Instl has a trailing yield of 5.09%, which is above the 2.61% category average. The fund normally distributes its income monthly and its capital gains semi-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 Global Allocation Instl Grades
Year to date, the fund has returned 8.6%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 17.7% over the past year (grade of B), 11.3% over the past three years (grade of D) and 5.8% per year over the past five years (grade of C) and 7.5% per year over the past 10 years (grade of C).
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PALLX 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 |
|
| PALLX Return (NAV) | -0.3% | 2.5% | 17.7% | 11.3% | 5.8% | 7.5% |
| PALLX Grade | C | B | B | D | C | C |
| +/- Category | -0.5% | 0.4% | 1.7% | -0.6% | -0.4% | 0.2% |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| PALLX Tax Cost Ratio | na | na | 3.4% | 1.9% | 2.0% | 2.1% |
PALLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PALLX Return (NAV) | 8.6% | 17.9% | 6.7% | 11.9% | -15.4% | 11.1% | 14.2% | 18.3% | -8.5% | 16.9% | 3.7% |
| PALLX Grade | B | B | D | D | C | C | B | C | D | A | F |
| +/- Category | 0.5% | 1.8% | -1.7% | -0.3% | -2.0% | -0.5% | 4.4% | 0.7% | -1.4% | 2.9% | -2.9% |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 10.2% |
| Total Risk Index: | 0.83 - Average |
| Category Risk Index: | 1.12 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 1.07 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 5.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $151 Mil |
| Fund Total Assets: | $ 9 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 115% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 17.3 years | |||
| Average Tenure: 8.6 years | |||
| Managers (Year): Pietranico Paul (2009), Bergman Heather (2017), Ghosh Kunal (2022), Rothstein Michael (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 335 |
| % in Top 10 Holdings: | 73.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 27.8% |
Portfolio Allocation |
|
| Domestic Stock: | 32.8% |
| Foreign Stock: | 24.3% |
| Preferred Stock: | 1.9% |
| Domestic Bond: | 26.0% |
| Foreign Bond: | 3.5% |
| Convertible Bond: | 3.5% |
| Other: | 0.0% |
| Cash: | 8.1% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: | www.allianzgi.com |
| Status: | Open |
| Inception Date: | February 26, 1999 |
| Min. Initial Purchase: | $1,000,000 |
| 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 (%): | 0.54% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Virtus Global Allocation A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
