Fund Evaluator:
Virtus Newfleet Floating Rate MACS (VMAFX)
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Fund Details
Virtus Newfleet Floating Rate MACS Overview
Virtus Newfleet Floating Rate MACS (VMAFX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. Virtus launched the fund in 2025.
The investment seeks high total return from both current income and capital appreciation. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (“Senior Loans”), including both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics.
About Virtus Newfleet Floating Rate MACS (VMAFX)
There are 3 members of the management team with an average tenure of 1.48 years: Francesco Ossino (2025), Kyle Jennings (2025), David Albrycht (2025). Management tenure is more important for actively managed funds than passive index funds.
Virtus Newfleet Floating Rate MACS has 164 securities in its portfolio. The top 10 holdings constitute 18.3% 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 Newfleet Floating Rate MACS is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Virtus Newfleet Floating Rate MACS has 1.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.1% (93.6% domestic bond, 1.6% foreign bond and 0.0% convertible bond). Virtus Newfleet Floating Rate MACS has 4.9% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $734 million average for the Miscellaneous Fixed Income 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.
VMAFX 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 Newfleet Floating Rate MACS expense ratio is low compared to funds in the Miscellaneous Fixed Income category. Virtus Newfleet Floating Rate MACS has an expense ratio of 0.00%, which is 100% 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 Newfleet Floating Rate MACS has a portfolio turnover rate of 37%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 115% for the Miscellaneous Fixed Income category.
Recently, in the month of July 2026, Virtus Newfleet Floating Rate MACS returned 0.0%, which earned it a grade of B, as the Miscellaneous Fixed Income category had an average return of -0.7%. 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 Newfleet Floating Rate MACS has a trailing yield of 8.11%, which is above the 5.98% category average. The fund normally distributes its income monthly 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 Newfleet Floating Rate MACS Grades
Year to date, the fund has returned 2.2%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 4.4% over the past year (grade of D).
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VMAFX 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 |
|
| VMAFX Return (NAV) | 0.0% | 0.2% | 4.4% | na | na | na |
| VMAFX Grade | B | C | D | na | na | na |
| +/- Category | 0.7% | -0.1% | -1.3% | na | na | na |
| Miscellaneous Fixed Income Avg | -0.7% | 0.3% | 5.7% | 6.7% | 1.7% | 3.0% |
| VMAFX Tax Cost Ratio | na | na | 3.2% | na | na | na |
VMAFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VMAFX Return (NAV) | 2.2% | na | na | na | na | na | na | na | na | na | na |
| VMAFX Grade | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.6% | na | na | na | na | na | na | na | na | na | na |
| Miscellaneous Fixed Income Avg | 1.5% | 7.9% | 6.3% | 8.8% | -10.6% | 2.2% | 6.2% | 9.0% | 0.4% | 5.0% | 4.3% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 8.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $15 Mil |
| Fund Total Assets: | $ 15 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 37% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Ossino Francesco (2025), Jennings Kyle (2025), Albrycht David (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 164 |
| % in Top 10 Holdings: | 18.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.6% |
| Foreign Bond: | 1.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.9% |
Purchase Information
| Fund Family: | Virtus |
| Phone Number: | 800-243-1574 |
| Website: |
| Status: | Open |
| Inception Date: | February 5, 2025 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.29% |
| Share Class: | Virtus Newfleet Floating Rate MACS |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
