Fund Evaluator:

Virtus NFJ Mid-Cap Value C Overview

Virtus NFJ Mid-Cap Value C (PQNCX) is an actively managed U.S. Equity Mid-Cap Value fund. Virtus launched the fund in 1988.

The investment seeks long-term growth of capital and income. The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with medium market capitalizations. It normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength.

About Virtus NFJ Mid-Cap Value C (PQNCX)

There are 5 members of the management team with an average tenure of 10.59 years: Kris Marca (2023), John Mowrey (2014), Jeff Reed (2011), J. Garth Reilly (2020), Paul Magnuson (2009). 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 Russell Mid Cap Value TR USD index with a weighting of 100%. Virtus NFJ Mid-Cap Value C has 79 securities in its portfolio. The top 10 holdings constitute 20.7% 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 NFJ Mid-Cap Value C is part of the Equity global asset class and is within the U.S. Equity fund group. Virtus NFJ Mid-Cap Value C has 6.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.1%. There is 6.9% 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 NFJ Mid-Cap Value C has 2.0% of the portfolio in cash.

Assets Under Management

The fund has $3 million in total assets, which is below the $650 million average for the Mid-Cap Value 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.

PQNCX 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 NFJ Mid-Cap Value C expense ratio is high compared to funds in the Mid-Cap Value category. Virtus NFJ Mid-Cap Value C has an expense ratio of 1.75%, which is 69% 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 NFJ Mid-Cap Value C has a portfolio turnover rate of 57%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.

Recently, in the month of August 2026, Virtus NFJ Mid-Cap Value C returned 1.2%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 1.1%. 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 NFJ Mid-Cap Value C has a trailing yield of 1.04%, which is above the 0.85% 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 NFJ Mid-Cap Value C Grades

Year to date, the fund has returned 17.2%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 16.6% over the past year (grade of C), 9.6% over the past three years (grade of F) and 5.6% per year over the past five years (grade of F) and 8.5% per year over the past 10 years (grade of F).

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