Fund Evaluator:
Virtus Duff & Phelps Sel MLP & Engy I (VLPIX)
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Fund Details
Virtus Duff & Phelps Sel MLP & Engy I Overview
Virtus Duff & Phelps Sel MLP & Engy I (VLPIX) is an actively managed Sector Equity Energy Limited Partnership fund. Virtus launched the fund in 2015.
The investment seeks total return with a secondary objective of income. Under normal circumstances, the fund invests at least 80% of its assets in securities of master limited partnerships ("MLPs") and/or other equity securities in energy and energy-related industries. Its allocation to ETNs and/or structured notes will vary over time, has generally been in the 0-3% range, and will not exceed 10% of assets. The fund is non-diversified.
About Virtus Duff & Phelps Sel MLP & Engy I (VLPIX)
There are 2 members of the management team with an average tenure of 8.70 years: DAVID Grumhaus (2015), Rodney Clayton (2020). 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 Alerian Midstream Energy TR USD index with a weighting of 100%. Virtus Duff & Phelps Sel MLP & Engy I has 31 securities in its portfolio. The top 10 holdings constitute 61.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Virtus Duff & Phelps Sel MLP & Engy I is part of the Equity global asset class and is within the Sector Equity fund group. Virtus Duff & Phelps Sel MLP & Engy I has 18.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 80.8%. There is 18.9% 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 Duff & Phelps Sel MLP & Engy I has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $21 million in total assets, which is below the $288 million average for the Energy Limited Partnership 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.
VLPIX 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 Duff & Phelps Sel MLP & Engy I expense ratio is high compared to funds in the Energy Limited Partnership category. Virtus Duff & Phelps Sel MLP & Engy I has an expense ratio of 1.15%, which is 33% 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 Duff & Phelps Sel MLP & Engy I has a portfolio turnover rate of 61%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Energy Limited Partnership category.
Recently, in the month of July 2026, Virtus Duff & Phelps Sel MLP & Engy I returned 1.0%, which earned it a grade of F, as the Energy Limited Partnership category had an average return of 3.5%. 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 Duff & Phelps Sel MLP & Engy I has a trailing yield of 1.82%, which is below the 5.20% category average. The fund normally distributes its income 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 Duff & Phelps Sel MLP & Engy I Grades
Year to date, the fund has returned 25.2%, 0.9 percentage points worse than the category, which translates into a grade of C. The fund has returned 29.0% over the past year (grade of B), 24.3% over the past three years (grade of B) and 23.6% per year over the past five years (grade of B) and 12.1% per year over the past 10 years (grade of A).
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VLPIX 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 |
|
| VLPIX Return (NAV) | 1.0% | -0.3% | 29.0% | 24.3% | 23.6% | 12.1% |
| VLPIX Grade | F | F | B | B | B | A |
| +/- Category | -2.4% | -1.8% | 3.0% | 0.8% | 1.4% | 2.5% |
| Energy Limited Partnership Avg | 3.5% | 1.5% | 26.1% | 23.6% | 22.3% | 9.6% |
| VLPIX Tax Cost Ratio | na | na | 2.5% | 1.7% | 1.5% | 1.5% |
VLPIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VLPIX Return (NAV) | 25.2% | 3.5% | 41.4% | 12.0% | 30.8% | 44.7% | -18.8% | 9.6% | -17.2% | -1.2% | 31.5% |
| VLPIX Grade | C | D | B | F | A | A | B | D | D | A | B |
| +/- Category | -0.9% | -1.0% | 5.1% | -4.9% | 5.9% | 5.3% | 7.5% | -2.3% | -1.2% | 5.5% | 3.0% |
| Energy Limited Partnership Avg | 26.0% | 4.5% | 36.3% | 16.9% | 24.8% | 39.4% | -26.3% | 11.9% | -15.9% | -6.6% | 28.5% |
| Risk Measures | |
| Standard Deviation: | 14.3% |
| Total Risk Index: | 1.17 - Above Average |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.28 |
| R-Squared: | 6% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | |
| Total Assets: | $52 Mil |
| Fund Total Assets: | $ 22 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 61% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.9 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Grumhaus DAVID (2015), Clayton Rodney (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 61.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 18.9% |
Portfolio Allocation |
|
| Domestic Stock: | 80.8% |
| Foreign Stock: | 18.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: |
| Status: | Open |
| Inception Date: | September 9, 2015 |
| Min. Initial Purchase: | $100,000 |
| 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 (%): | 1.15% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.72% |
| Share Class: | Virtus Duff & Phelps Sel MLP & Engy I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
