Investment objective & strategy
As of Jan. 23, 2026 · prospectusObjective. The fund has an investment objective of capital appreciation.
Strategy. Under normal circumstances, the fund invests at least 80% of its assets in equity securities of non-U.S. small- and mid-capitalization companies. As of the date of this Prospectus, the funds subadviser considers small- and mid-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations within the range of companies included in the MSCI All Country World ex U.S. SMID Cap Index on a rolling three-year basis. As of September 30, 2025, the total market capitalization range of companies included in the MSCI All Country World ex U.S. SMID Cap Index over the past three years was $0 to $29.1 billion. The fund intends to diversify its investments among countries and normally to have represented … Under normal circumstances, the fund invests at least 80% of its assets in equity securities of non-U.S. small- and mid-capitalization companies. As of the date of this Prospectus, the funds subadviser considers small- and mid-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations within the range of companies included in the MSCI All Country World ex U.S. SMID Cap Index on a rolling three-year basis. As of September 30, 2025, the total market capitalization range of companies included in the MSCI All Country World ex U.S. SMID Cap Index over the past three years was $0 to $29.1 billion. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining whether an issuer is economically tied to a non-U.S. country, the subadviser primarily considers: (i) whether at least 50% of the issuers revenues or profits are attributable to goods produced or sold, investments made, or services performed in, a non-U.S. country; (ii) whether the issuer has at least 50% of its assets in a non-U.S. country; and (iii) whether the principal exchange listing for the issuers securities or the issuers headquarters is in a non-U.S. country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| HAW PAR CORP LTD | — | $51.78M | 6.54% |
| Corporacion Moctezuma S.A.B. de C.V. | CMOCTEZ* | $47.49M | 6.00% |
| FINECOBANK SPA | — | $43.10M | 5.44% |
| CAIXA SEGURIDADE | — | $42.53M | 5.37% |
| EPIROC AB-B | — | $42.19M | 5.33% |
| AJ BELL PLC | — | $37.69M | 4.76% |
| AS ONE CORP | — | $28.99M | 3.66% |
| SPIRAX GROUP PLC COMMON STOCK | SPX | $28.77M | 3.63% |
| MTU AERO ENGINES | — | $27.63M | 3.49% |
| HOWDEN JOINERY G | — | $27.63M | 3.49% |
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 KAR Global Small-Cap Fund · RGSAX, RGSCX, DGSCX | 40% | 1.28% |
| Virtus KAR Emerging Markets Small-Cap Fund · VAESX, VCESX, VIESX, VRESX | 37% | 1.30% |
| Virtus KAR Developing Markets Fund · VDMCX, VIDMX, VDMRX, VDMAX | 28% | 1.03% |
Footnotes
- Expense ratio as of January 23, 2026, 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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