Investment objective & strategy
As of Jan. 22, 2026 · prospectusObjective. The fund has an investment objective of long-term capital appreciation, with dividend income a secondary consideration.
Strategy. The fund pursues long-term capital appreciation in the small and medium market capitalization sectors while seeking to incur less risk than the small- and mid-cap markets. The fund invests in a select group of small and mid-market capitalization companies believed by the subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and depositary receipts. Under normal circumstances, the fund invests at least 80% of its assets in common stocks of small and medium market capitalization companies. … The fund pursues long-term capital appreciation in the small and medium market capitalization sectors while seeking to incur less risk than the small- and mid-cap markets. The fund invests in a select group of small and mid-market capitalization companies believed by the subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and depositary receipts. Under normal circumstances, the fund invests at least 80% of its assets in common stocks of small and medium market capitalization companies. As of the date of this Prospectus, the funds subadviser considers small and medium market capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations within the range of companies included in the Russell 2500 TM Index on a rolling three-year basis. On this basis, as of September 30, 2025, the total market capitalization range of companies included in the Russell 2500 TM Index over the past three years was $43,500 to $58.5 billion. Generally, the fund invests in approximately 25 to 35 securities at any given time.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| INTERACTIVE BROKERS GROUP INC | — | $94.85M | 6.62% |
| WR BERKLEY CORP | — | $70.41M | 4.91% |
| TELEDYNE TECHNOLOGIES INC | — | $67.82M | 4.73% |
| ZURN ELKAY WATER SOLUTIONS CORP | — | $66.38M | 4.63% |
| UL SOLUTIONS INC CL A | — | $63.44M | 4.43% |
| ALLEGION PLC | — | $62.62M | 4.37% |
| NORDSON CORP | — | $61.11M | 4.27% |
| ROLLINS INC | — | $57.29M | 4.00% |
| LPL FINL HLDGS INC | — | $51.33M | 3.58% |
| SAIA INC | — | $49.20M | 3.43% |
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 Mid-Cap Core Fund · VMACX, VMCCX, VIMCX, VRMCX | 36% | 0.87% |
| Virtus KAR Mid-Cap ETF · KMID | 35% | 0.80% |
| Virtus KAR Small-Mid Cap Value Fund · VKSGX, VKSDX, VKSEX, VKSFX | 28% | 0.82% |
Footnotes
- Expense ratio as of January 22, 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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