Fund Evaluator:

Virtus Ceredex Mid-Cap Value Equity I Overview

Virtus Ceredex Mid-Cap Value Equity I (SMVTX) is an actively managed U.S. Equity Mid-Cap Blend fund. Virtus launched the fund in 2001.

The investment seeks to provide capital appreciation; current income is a secondary objective. Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of mid-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts ("ADRs"). The subadviser considers mid-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell Midcap® Index.

About Virtus Ceredex Mid-Cap Value Equity I (SMVTX)

There are 2 members of the management team with an average tenure of 14.07 years: Cody Smith (2023), Donald Wordell (2001). 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 Ceredex Mid-Cap Value Equity I has 62 securities in its portfolio. The top 10 holdings constitute 18.1% 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 Ceredex Mid-Cap Value Equity I is part of the Equity global asset class and is within the U.S. Equity fund group. Virtus Ceredex Mid-Cap Value Equity I has 8.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.1%. There is 8.2% 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 Ceredex Mid-Cap Value Equity I has 4.7% of the portfolio in cash.

Assets Under Management

The fund has $685 million in total assets, which is below the $1 billion average for the Mid-Cap Blend 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.

SMVTX 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 Ceredex Mid-Cap Value Equity I expense ratio is high compared to funds in the Mid-Cap Blend category. Virtus Ceredex Mid-Cap Value Equity I has an expense ratio of 0.99%, which is 1% higher 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 Ceredex Mid-Cap Value Equity I has a portfolio turnover rate of 192%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.

Recently, in the month of July 2026, Virtus Ceredex Mid-Cap Value Equity I returned -6.0%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of -1.8%. 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 Ceredex Mid-Cap Value Equity I has a trailing yield of 0.67%, which is above the 0.48% category average. The fund normally distributes its income semi-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 Ceredex Mid-Cap Value Equity I Grades

Year to date, the fund has returned 16.8%, 3.8 percentage points better than the category, which translates into a grade of B. The fund has returned 28.0% over the past year (grade of A), 16.3% over the past three years (grade of A) and 9.2% per year over the past five years (grade of B) and 10.7% per year over the past 10 years (grade of B).

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