Virtus Seix US Mortgage I
Name
As of 12/16/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-14.2%
1 yr return
-15.5%
3 Yr Avg Return
-6.0%
5 Yr Avg Return
-3.3%
Net Assets
$5.58 M
Holdings in Top 10
44.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.70%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 87.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/16/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SLMTX - Profile
Distributions
- YTD Total Return -14.2%
- 3 Yr Annualized Total Return -6.0%
- 5 Yr Annualized Total Return -3.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.12%
- Dividend Yield 2.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameVirtus Seix U.S. Mortgage Fund
-
Fund Family NameVirtus
-
Inception DateJun 06, 1994
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerPerry Troisi
Fund Description
Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. government agency mortgage-backed securities, such as the Federal National Mortgage Association (“FNMA”), Government National Mortgage Association (“GNMA”) and collateralized mortgage obligations. The fund may invest a portion of its assets in securities that are restricted as to resale. There are no limits on the fund’s average-weighted maturity or on the remaining maturities of individual securities in which the fund may invest. As a result of its investment strategy, the fund’s portfolio turnover rate may be 100% or more.
Buy and sell decisions are based on a wide number of factors that determine the risk-reward profile of each security within the context of the broader portfolio. In selecting investments for purchase and sale the subadviser attempts to identify mortgage securities that it expects to perform well in rising and falling markets, such as those which have stable prepayments, call protection, below par prices, and refinancing barriers. The subadviser also attempts to reduce the risk that the underlying mortgages are prepaid by focusing on securities that it believes are less prone to this risk. For example, FNMA or GNMA securities that were issued years ago may be less prone to prepayment risk because there have been many opportunities for refinancing.
The subadviser anticipates that the fund’s modified-adjusted duration will mirror that of the Bloomberg U.S. Mortgage-Backed Securities Index, plus or minus 20%. For example, if the duration of the Bloomberg U.S. Mortgage-Backed Securities Index is 5 years, the fund’s duration may be 4 to 6 years. As of December 31, 2021, the duration of the Bloomberg U.S. Mortgage-Backed Securities Index was 4.76 years. Duration measures a bond or fund’s sensitivity to interest rate or other changes (such as changes to a bond’s yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of 5 years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility.
In addition, to implement its investment strategy, the fund may buy or sell, to a limited extent, derivative instruments (such as credit linked notes, futures, options, inverse floaters, swaps and warrants) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk and credit risk. Further, the fund may utilize exchange traded futures to manage interest rate exposure.
SLMTX - Performance
Return Ranking - Trailing
Period | SLMTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -14.2% | -24.0% | -1.4% | 90.15% |
1 Yr | -15.5% | -19.2% | 3.0% | 97.44% |
3 Yr | -6.0%* | -8.0% | 5.2% | 97.34% |
5 Yr | -3.3%* | -5.5% | 3.1% | 94.00% |
10 Yr | N/A* | -7.1% | 3.8% | 43.35% |
* Annualized
Return Ranking - Calendar
Period | SLMTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -4.6% | -28.0% | 16.6% | 79.34% |
2022 | 0.8% | -19.3% | 6.9% | 70.34% |
2021 | 1.2% | -48.1% | 2.8% | 26.54% |
2020 | -0.5% | -20.9% | 0.6% | 49.60% |
2019 | N/A | -21.9% | 0.5% | N/A |
Total Return Ranking - Trailing
Period | SLMTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -14.2% | -24.0% | -1.4% | 90.15% |
1 Yr | -15.5% | -19.2% | 1.7% | 97.44% |
3 Yr | -6.0%* | -8.0% | 4.2% | 97.34% |
5 Yr | -3.3%* | -5.5% | 2.4% | 94.00% |
10 Yr | N/A* | -7.1% | 3.7% | 40.53% |
* Annualized
Total Return Ranking - Calendar
Period | SLMTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -4.6% | -28.0% | 16.6% | 79.34% |
2022 | 0.8% | -19.3% | 6.9% | 70.34% |
2021 | 1.2% | -48.1% | 2.8% | 28.85% |
2020 | -0.5% | -20.9% | 0.6% | 56.40% |
2019 | N/A | -21.9% | 0.9% | N/A |
NAV & Total Return History
SLMTX - Holdings
Concentration Analysis
SLMTX | Category Low | Category High | SLMTX % Rank | |
---|---|---|---|---|
Net Assets | 5.58 M | 5.58 M | 21.7 B | 100.00% |
Number of Holdings | 41 | 2 | 14187 | 95.92% |
Net Assets in Top 10 | 2.47 M | -37.3 M | 9.54 B | 98.78% |
Weighting of Top 10 | 44.22% | 5.9% | 100.0% | 47.90% |
Top 10 Holdings
- Fnma Pass-Thru I 3.5% 8.10%
- Fnma Pass-Thru I 2.5% 7.25%
- United States Treasury Notes 1.62% 6.73%
- United States Treasury Notes 1.875% 6.15%
- United States Treasury Notes 1.375% 5.73%
- United States Treasury Notes 1.12% 5.56%
- United States Treasury Notes 2.875% 5.38%
- Federal Home Loan Mortgage Corporation 2.5% 5.18%
- Fnma Pass-Thru I 2.5% 4.69%
- Federal National Mortgage Association 2.5% 4.42%
Asset Allocation
Weighting | Return Low | Return High | SLMTX % Rank | |
---|---|---|---|---|
Bonds | 95.55% | 0.00% | 134.21% | 58.78% |
Cash | 4.45% | -34.21% | 38.56% | 33.47% |
Stocks | 0.00% | 0.00% | 100.00% | 84.49% |
Preferred Stocks | 0.00% | 0.00% | 0.33% | 82.45% |
Other | 0.00% | -2.77% | 29.56% | 81.22% |
Convertible Bonds | 0.00% | 0.00% | 3.29% | 82.45% |
Bond Sector Breakdown
Weighting | Return Low | Return High | SLMTX % Rank | |
---|---|---|---|---|
Securitized | 90.12% | 0.00% | 100.00% | 15.57% |
Government | 5.38% | 0.00% | 100.00% | 68.44% |
Cash & Equivalents | 4.51% | 0.00% | 35.24% | 67.21% |
Derivative | 0.00% | 0.00% | 16.13% | 80.74% |
Corporate | 0.00% | 0.00% | 57.23% | 88.93% |
Municipal | 0.00% | 0.00% | 5.24% | 84.02% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | SLMTX % Rank | |
---|---|---|---|---|
US | 95.55% | 0.00% | 134.21% | 56.33% |
Non US | 0.00% | 0.00% | 100.00% | 84.90% |
SLMTX - Expenses
Operational Fees
SLMTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.70% | 0.03% | 1.82% | 38.19% |
Management Fee | 0.40% | 0.00% | 0.85% | 65.42% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.10% | 0.01% | 0.45% | 74.56% |
Sales Fees
SLMTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 4.50% | N/A |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
SLMTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
SLMTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 87.00% | 3.35% | 498.00% | 37.25% |
SLMTX - Distributions
Dividend Yield Analysis
SLMTX | Category Low | Category High | SLMTX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.83% | 0.00% | 12.72% | 53.07% |
Dividend Distribution Analysis
SLMTX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
SLMTX | Category Low | Category High | SLMTX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.12% | -0.84% | 2.96% | 82.77% |
Capital Gain Distribution Analysis
SLMTX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Monthly | Monthly | Monthly |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 30, 2022 | $0.022 | DailyAccrualFund |
Oct 31, 2022 | $0.018 | DailyAccrualFund |
Sep 30, 2022 | $0.018 | DailyAccrualFund |
Aug 31, 2022 | $0.017 | DailyAccrualFund |
Jul 29, 2022 | $0.015 | DailyAccrualFund |
Jun 30, 2022 | $0.014 | DailyAccrualFund |
May 31, 2022 | $0.014 | DailyAccrualFund |
Apr 29, 2022 | $0.012 | DailyAccrualFund |
Mar 31, 2022 | $0.010 | DailyAccrualFund |
Feb 28, 2022 | $0.010 | DailyAccrualFund |
Jan 31, 2022 | $0.009 | DailyAccrualFund |
Dec 31, 2021 | $0.010 | DailyAccrualFund |
Nov 30, 2021 | $0.009 | DailyAccrualFund |
Oct 29, 2021 | $0.009 | DailyAccrualFund |
Sep 30, 2021 | $0.009 | DailyAccrualFund |
Aug 31, 2021 | $0.009 | DailyAccrualFund |
Jul 30, 2021 | $0.009 | DailyAccrualFund |
Jun 30, 2021 | $0.009 | DailyAccrualFund |
May 28, 2021 | $0.009 | DailyAccrualFund |
Apr 30, 2021 | $0.009 | DailyAccrualFund |
Mar 31, 2021 | $0.009 | DailyAccrualFund |
Feb 26, 2021 | $0.008 | DailyAccrualFund |
Jan 29, 2021 | $0.008 | DailyAccrualFund |
Dec 31, 2020 | $0.010 | DailyAccrualFund |
Nov 30, 2020 | $0.009 | DailyAccrualFund |
Oct 30, 2020 | $0.010 | DailyAccrualFund |
Sep 30, 2020 | $0.010 | DailyAccrualFund |
Aug 31, 2020 | $0.009 | DailyAccrualFund |
Jul 31, 2020 | $0.010 | DailyAccrualFund |
Jun 30, 2020 | $0.009 | DailyAccrualFund |
May 29, 2020 | $0.010 | DailyAccrualFund |
Apr 30, 2020 | $0.015 | DailyAccrualFund |
Mar 31, 2020 | $0.014 | DailyAccrualFund |
Feb 28, 2020 | $0.015 | DailyAccrualFund |
Jan 31, 2020 | $0.017 | DailyAccrualFund |
Dec 31, 2019 | $0.011 | DailyAccrualFund |
Nov 29, 2019 | $0.014 | DailyAccrualFund |
Oct 31, 2019 | $0.015 | DailyAccrualFund |
Sep 30, 2019 | $0.015 | DailyAccrualFund |
Aug 30, 2019 | $0.019 | DailyAccrualFund |
Jul 31, 2019 | $0.020 | DailyAccrualFund |
Jun 28, 2019 | $0.022 | OrdinaryDividend |
May 31, 2019 | $0.031 | DailyAccrualFund |
Apr 30, 2019 | $0.029 | DailyAccrualFund |
Mar 29, 2019 | $0.024 | DailyAccrualFund |
Feb 28, 2019 | $0.024 | DailyAccrualFund |
Jan 31, 2019 | $0.025 | DailyAccrualFund |
Dec 31, 2018 | $0.024 | DailyAccrualFund |
Nov 30, 2018 | $0.026 | DailyAccrualFund |
Oct 31, 2018 | $0.026 | DailyAccrualFund |
Aug 31, 2018 | $0.024 | DailyAccrualFund |
Jul 31, 2018 | $0.021 | DailyAccrualFund |
Jun 29, 2018 | $0.023 | DailyAccrualFund |
May 31, 2018 | $0.022 | DailyAccrualFund |
Apr 30, 2018 | $0.023 | DailyAccrualFund |
Mar 29, 2018 | $0.023 | DailyAccrualFund |
Feb 28, 2018 | $0.022 | DailyAccrualFund |
Jan 31, 2018 | $0.019 | DailyAccrualFund |
Dec 29, 2017 | $0.021 | DailyAccrualFund |
Nov 30, 2017 | $0.020 | DailyAccrualFund |
Oct 31, 2017 | $0.021 | DailyAccrualFund |
Oct 02, 2017 | $0.021 | DailyAccrualFund |
Sep 01, 2017 | $0.021 | DailyAccrualFund |
Aug 01, 2017 | $0.020 | DailyAccrualFund |
SLMTX - Fund Manager Analysis
Managers
Perry Troisi
Start Date
Tenure
Tenure Rank
Feb 07, 2007
15.32
15.3%
Perry is a managing director and head of investment grade, where he focuses on corporate, government-related and securitized (residential mortgage-backed, commercial mortgage-backed, and asset-backed securities) asset classes. Perry is responsible for strategic oversight of the firm’s investment grade bond portfolio management activities and is the senior portfolio manager of all investment grade (taxable) portfolios. He is a member of the Seix Investment Policy Group. Before joining Seix in 1999, Perry was a portfolio manager at GRE Insurance Group, where he was responsible for all North American fixed income assets within the group. Prior to that, he was a portfolio manager and analyst at Home Insurance Company, focused primarily on mortgage-backed securities. Perry began his career as an account analyst at Goldman, Sachs & Company. He received a B.S. degree in Economics and Computer Coordinate w/Economics from Trinity College and an M.B.A. degree in Finance from New York University.
Michael Rieger
Start Date
Tenure
Tenure Rank
Aug 01, 2007
14.84
14.8%
Michael is a seasoned senior portfolio manager focused on the securitized sector. He is a member of the Seix Investment Policy Group. Before joining Seix, Michael was a portfolio manager at AIG Global Investment, where he managed an ABS portfolio covering the full rating spectrum in addition to non-agency senior residential MBS, adjustable rate senior mortgage portfolio and international AAA residential MBS portfolios. Michael began his investment management career at Aetna Life and Casualty's Portfolio Hedging Group as an analyst. Michael received an A.B. degree (Cum Laude) in Mathematics from Dartmouth College.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.11 | 31.64 | 8.55 | 7.35 |