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Trending ETFs

Name

As of 12/16/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.39

$5.58 M

2.83%

$0.27

0.70%

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

$9.4
$8.92
$11.11

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 12/16/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.39

$5.58 M

2.83%

$0.27

0.70%

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%
DIVIDENDS
  • Dividend Yield 2.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Virtus Seix U.S. Mortgage Fund
  • Fund Family Name
    Virtus
  • Inception Date
    Jun 06, 1994
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Perry 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.

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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

  1. Fnma Pass-Thru I 3.5% 8.10%
  2. Fnma Pass-Thru I 2.5% 7.25%
  3. United States Treasury Notes 1.62% 6.73%
  4. United States Treasury Notes 1.875% 6.15%
  5. United States Treasury Notes 1.375% 5.73%
  6. United States Treasury Notes 1.12% 5.56%
  7. United States Treasury Notes 2.875% 5.38%
  8. Federal Home Loan Mortgage Corporation 2.5% 5.18%
  9. Fnma Pass-Thru I 2.5% 4.69%
  10. 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

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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