Fund Evaluator:
Virtus KAR Small-Cap Growth A (PSGAX)
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Fund Details
Virtus KAR Small-Cap Growth A Overview
Virtus KAR Small-Cap Growth A (PSGAX) is an actively managed U.S. Equity Small Growth fund. Virtus launched the fund in 2006.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets in common stocks of small market capitalization companies. It pursues long-term capital appreciation in the small capitalization market while seeking to incur less risk than the small capitalization growth market. The fund invests in a select group of small market capitalization companies believed by the fund's subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive.
About Virtus KAR Small-Cap Growth A (PSGAX)
There are 3 members of the management team with an average tenure of 12.02 years: Todd Beiley (2008), Jon Christensen (2009), Adam Xiao (2026). 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 2000 Growth TR USD index with a weighting of 100%. Virtus KAR Small-Cap Growth A has 28 securities in its portfolio. The top 10 holdings constitute 53.6% 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 KAR Small-Cap Growth A is part of the Equity global asset class and is within the U.S. Equity fund group. Virtus KAR Small-Cap Growth A has 2.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.7%. There is 2.4% 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 KAR Small-Cap Growth A has 4.9% of the portfolio in cash.
Assets Under Management
The fund has $157 million in total assets, which is below the $454 million average for the Small Growth 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.
PSGAX 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 KAR Small-Cap Growth A expense ratio is high compared to funds in the Small Growth category. Virtus KAR Small-Cap Growth A has an expense ratio of 1.39%, which is 18% 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 KAR Small-Cap Growth A has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 76% for the Small Growth category.
Recently, in the month of June 2026, Virtus KAR Small-Cap Growth A returned 6.2%, which earned it a grade of C, as the Small Growth category had an average return of 6.5%. 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 KAR Small-Cap Growth A has a trailing yield of 0.00%, which is below the 0.07% category average. The fund normally distributes its income semi-annually 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 KAR Small-Cap Growth A Grades
Year to date, the fund has returned -3.0%, 25.1 percentage points worse than the category, which translates into a grade of F. The fund has returned -19.2% over the past year (grade of F), -4.6% over the past three years (grade of F) and -7.0% per year over the past five years (grade of F) and 9.1% per year over the past 10 years (grade of F).
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PSGAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PSGAX Return (NAV) | 6.2% | 7.8% | -19.2% | -4.6% | -7.0% | 9.1% |
| PSGAX Grade | C | F | F | F | F | F |
| +/- Category | -0.3% | -16.9% | -52.9% | -20.9% | -11.6% | -3.4% |
| Small Growth Avg | 6.5% | 24.7% | 33.7% | 16.4% | 4.6% | 12.5% |
| PSGAX Tax Cost Ratio | na | na | 8.2% | 4.0% | 3.7% | 2.2% |
PSGAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PSGAX Return (NAV) | -3.0% | -22.9% | 9.4% | 20.0% | -30.4% | 4.1% | 42.9% | 39.9% | 8.8% | 36.6% | 24.0% |
| PSGAX Grade | F | F | F | B | D | D | C | A | A | A | A |
| +/- Category | -25.1% | -30.9% | -6.1% | 3.3% | -2.5% | -6.4% | 1.1% | 10.0% | 12.9% | 12.5% | 13.8% |
| Small Growth Avg | 22.1% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 19.0% |
| Total Risk Index: | 1.57 - High |
| Category Risk Index: | 0.95 - Average |
| Category Risk Grade: | C (40% Rank) |
| Beta: | 0.92 |
| R-Squared: | 40% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $617 Mil |
| Fund Total Assets: | $ 158 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 18.2 years | |||
| Average Tenure: 12.0 years | |||
| Managers (Year): Beiley Todd (2008), Christensen Jon (2009), Xiao Adam (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 28 |
| % in Top 10 Holdings: | 53.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.4% |
Portfolio Allocation |
|
| Domestic Stock: | 92.7% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.9% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: | www.virtusinvestmentpartners.com |
| Status: | Open |
| Inception Date: | June 28, 2006 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 100 |
| 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 (%): | 1.39% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | Virtus KAR Small-Cap Growth I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
