Investment objective & strategy
As of Oct. 22, 2025 · prospectusObjective. The fund seeks long-term growth of capital and income.
Strategy. The fund seeks to achieve its investment objective by normally investing 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 fund 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. As of June 30, 2025, the market capitalization of the largest company in the Russell 2000 Index was $15.72 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the smaller market capitalization threshold, including in situations where such securities continue … The fund seeks to achieve its investment objective by normally investing 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 fund 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. As of June 30, 2025, the market capitalization of the largest company in the Russell 2000 Index was $15.72 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the smaller market capitalization threshold, including in situations where such securities continue to trade at valuations the portfolio managers consider attractive. Because of this, the fund may have less than 80% of its net assets in smaller market capitalization stocks at any given time. The fund normally invests significantly in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers use initial parameters and quantitative tools to narrow the funds selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest a substantial portion of its assets in real estate investment trusts (REITs). The fund may also invest a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| HF SINCLAIR CORP | — | $6.41M | 2.64% |
| LITTELFUSE INC | — | $6.07M | 2.51% |
| HELMERICH & PAYN | — | $6.03M | 2.49% |
| KAISER ALUMINUM | — | $5.85M | 2.41% |
| INDEPENDENT BANK CORP MASS | — | $5.24M | 2.16% |
| EXELIXIS INC | — | $5.21M | 2.15% |
| BANK OF HAWAII | — | $5.04M | 2.08% |
| GLACIER BANCORP INC | — | $4.93M | 2.03% |
| TOWNE BANK | — | $4.84M | 2.00% |
| TERRENO REALTY CORP | — | $4.66M | 1.92% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Virtus NFJ Mid-Cap Value Fund · PQNAX, PQNCX, PRNIX, ANPRX | 31% | 0.60% |
| Virtus NFJ Dividend Value Fund · PNEAX, PNECX, NFJEX, ANDVX | 18% | 0.65% |
| State Street(R) SPDR(R) S&P(R) Bank ETF · KBE | 16% | 0.35% |
Advisers
| Firm | Role |
|---|---|
| Virtus Investment Advisers, LLC | Adviser |
| NFJ Investment Group, LLC | Sub-adviser |
Footnotes
- Expense ratio as of October 22, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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