Fund Evaluator:
Virtus NFJ Small-Cap Value Inst (PSVIX)
Follow This Fund
Best Performing in Small Value Over the Last Year
| 44.7% | Bridgeway Omni Small-Cap Value N (BOSVX) |
| 43.3% | PGIM Quant Solutions Small-Cap Val Z (TASVX) |
| 42.5% | Goldman Sachs Small Cp Val Insghts Inv (GTTTX) |
| 40.5% | Auer Growth (AUERX) |
| 39.9% | Heartland Value Investor (HRTVX) |
Fund Details
Virtus NFJ Small-Cap Value Inst Overview
Virtus NFJ Small-Cap Value Inst (PSVIX) is an actively managed U.S. Equity Small Value fund. Virtus launched the fund in 1991.
The investment seeks long-term growth of capital and income. The fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with smaller market capitalizations. The manager currently considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and the greater of $4 billion or the capitalization of the largest company in the Russell 2000 Index. The fund normally invests significantly in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends).
About Virtus NFJ Small-Cap Value Inst (PSVIX)
There are 5 members of the management team with an average tenure of 12.18 years: Kris Marca (2023), John Mowrey (2013), Jeff Reed (2018), J. Garth Reilly (2020), Paul Magnuson (1995). 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 Value TR USD index with a weighting of 100%. Virtus NFJ Small-Cap Value Inst has 80 securities in its portfolio. The top 10 holdings constitute 22.9% 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 NFJ Small-Cap Value Inst is part of the Equity global asset class and is within the U.S. Equity fund group. Virtus NFJ Small-Cap Value Inst has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.8%. There is 0.8% 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 Small-Cap Value Inst has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $55 million in total assets, which is below the $417 million average for the Small 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.
PSVIX 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 Small-Cap Value Inst expense ratio is high compared to funds in the Small Value category. Virtus NFJ Small-Cap Value Inst has an expense ratio of 0.82%, which is 30% 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 NFJ Small-Cap Value Inst has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 128% for the Small Value category.
Recently, in the month of July 2026, Virtus NFJ Small-Cap Value Inst returned -0.3%, which earned it a grade of C, as the Small Value category had an average return of -0.4%. 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 Small-Cap Value Inst has a trailing yield of 0.58%, which is below the 0.77% 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 Small-Cap Value Inst Grades
Year to date, the fund has returned 18.1%, 2.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 26.6% over the past year (grade of D), 9.9% over the past three years (grade of F) and 6.9% per year over the past five years (grade of F) and 7.2% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Virtus NFJ Small-Cap Value Inst, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PSVIX 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 |
|
| PSVIX Return (NAV) | -0.3% | 4.3% | 26.6% | 9.9% | 6.9% | 7.2% |
| PSVIX Grade | C | F | D | F | F | F |
| +/- Category | 0.1% | -2.0% | -4.0% | -3.5% | -2.2% | -2.8% |
| Small Value Avg | -0.4% | 6.4% | 30.6% | 13.4% | 9.1% | 9.9% |
| PSVIX Tax Cost Ratio | na | na | 0.9% | 1.5% | 2.0% | 2.4% |
PSVIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PSVIX Return (NAV) | 18.1% | 1.4% | 6.0% | 23.5% | -16.0% | 24.7% | -4.3% | 24.8% | -19.0% | 10.0% | 23.4% |
| PSVIX Grade | D | F | F | A | F | F | F | B | F | C | D |
| +/- Category | -2.0% | -5.2% | -3.7% | 7.7% | -5.7% | -5.5% | -8.4% | 1.8% | -4.3% | -0.2% | -1.3% |
| Small Value Avg | 20.1% | 6.6% | 9.7% | 15.8% | -10.3% | 30.3% | 4.1% | 23.0% | -14.7% | 10.2% | 24.7% |
| Risk Measures | |
| Standard Deviation: | 18.8% |
| Total Risk Index: | 1.53 - High |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 0.97 |
| R-Squared: | 45% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $254 Mil |
| Fund Total Assets: | $ 55 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 48% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 30.6 years | |||
| Average Tenure: 12.2 years | |||
| Managers (Year): Magnuson Paul (1995), Mowrey John (2013), Reed Jeff (2018), Reilly J. Garth (2020), Marca Kris (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 80 |
| % in Top 10 Holdings: | 22.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 96.8% |
| Foreign Stock: | 0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: | us.allianzgi.com |
| Status: | Open |
| Inception Date: | October 1, 1991 |
| 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 (%): | 0.82% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.17% |
| Share Class: | Virtus NFJ Small-Cap Value Inst |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
