Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
10.3%
1 yr return
25.9%
3 Yr Avg Return
24.4%
5 Yr Avg Return
10.5%
Net Assets
$30.8 M
Holdings in Top 10
63.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.46%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 49.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$100
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
VLPCX - Profile
Distributions
- YTD Total Return 10.3%
- 3 Yr Annualized Total Return 24.4%
- 5 Yr Annualized Total Return 10.5%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.83%
- Dividend Yield 2.4%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameVirtus Duff & Phelps Select MLP and Energy Fund
-
Fund Family NameVirtus Funds
-
Inception DateSep 09, 2015
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Grumhaus
Fund Description
Under normal circumstances, the fund invests at least 80% of its assets in securities of master limited partnerships (“MLPs”) and/or other equity securities in energy and energy-related industries. The fund invests in securities of C-corporations, MLPs, general partners of MLPs (“GPs”), and MLP-related securities with a primary focus on midstream energy infrastructure. The companies in which the fund invests engage in the transportation, storage, gathering, processing, treatment, refining, marketing, or distribution of natural gas, natural gas liquids, crude oil, chemicals, electricity and refined products, and/or the generation of electricity from coal, natural gas, nuclear, solar, water, wind, wood and other renewable sources.
MLP-related securities include MLP shares, limited liability companies (“LLCs”) that bear the economic characteristics of MLPs, midstream energy shipping companies structured similarly to MLPs, other companies focused on midstream energy infrastructure including energy-related yieldcos, and exchange-traded notes (“ETNs”) that derive their returns from a master limited partnership index. In determining whether a security is considered by the fund to be energy or energy-related, the subadviser primarily relies upon the issuer’s Global Industry Classification Standard (“GICS”) sector classification; those issuers classified by GICS as being in the energy sector (including renewable energy) and those issuers classified as being in the utility sector that also have substantial exposure to either midstream or renewable energy will be considered to be energy or energy-related. Although the fund’s 80% test does not require it, certain securities, such as LLCs that bear the economic characteristics of MLPs, may be considered by the fund to be both MLPs and energy or energy-related for the purposes of the 80% test.
The subadviser will utilize a deep fundamental, bottom-up approach to capture attractive total return potential and distribution growth opportunities across the energy infrastructure spectrum. The fund is not limited by market capitalizations or country exposure, and may invest in emerging markets issuers, although the subadviser expects that a vast majority of the portfolio will be invested in U.S. equities due to the nature of MLP and midstream energy investing.
As part of its total return strategy, the fund will generate both income and capital appreciation. The fund intends to be taxed as a registered investment company (“RIC”), and comply with all RIC-related restrictions including limiting its investments in qualified publicly-traded MLPs to 25%, thereby avoiding taxation as a C-corporation under the Internal Revenue Code. Qualification as a RIC also requires that at least 50% of the fund’s portfolio consist of positions that are less than 5% of the fund’s assets. There is no limit to investing in MLPs structured as C-corporations for tax purposes. The fund’s allocation to ETNs and/or structured notes will vary over time, has generally been in the 0-3% range, and will not exceed 10% of assets.
The fund is non-diversified under federal securities laws and will concentrate its investments in companies in energy and energy-related industries as defined above.
VLPCX - Performance
Return Ranking - Trailing
Period | VLPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.3% | 2.5% | 16.0% | 63.81% |
1 Yr | 25.9% | 7.1% | 49.6% | 70.48% |
3 Yr | 24.4%* | 5.7% | 35.7% | 42.57% |
5 Yr | 10.5%* | -7.8% | 33.2% | 28.89% |
10 Yr | N/A* | -6.0% | 11.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | VLPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.4% | -14.9% | 18.2% | 46.73% |
2022 | 26.6% | -7.0% | 29.9% | 6.80% |
2021 | 39.4% | 4.2% | 55.3% | 13.59% |
2020 | -23.6% | -57.4% | 155.1% | 25.49% |
2019 | 5.4% | -8.9% | 20.8% | 47.83% |
Total Return Ranking - Trailing
Period | VLPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.3% | 2.5% | 16.0% | 63.81% |
1 Yr | 25.9% | 7.1% | 49.6% | 70.48% |
3 Yr | 24.4%* | 5.7% | 35.7% | 42.57% |
5 Yr | 10.5%* | -7.8% | 33.2% | 28.89% |
10 Yr | N/A* | -6.0% | 11.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | VLPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.9% | -9.3% | 25.5% | 81.31% |
2022 | 29.5% | -1.2% | 38.8% | 18.45% |
2021 | 43.4% | 11.1% | 56.2% | 21.36% |
2020 | -19.6% | -53.9% | 155.1% | 26.47% |
2019 | 6.2% | -3.4% | 34.1% | 82.61% |
NAV & Total Return History
VLPCX - Holdings
Concentration Analysis
VLPCX | Category Low | Category High | VLPCX % Rank | |
---|---|---|---|---|
Net Assets | 30.8 M | 22 M | 53.1 B | 98.25% |
Number of Holdings | 25 | 16 | 85 | 64.81% |
Net Assets in Top 10 | 19.6 M | 18.8 M | 3.1 B | 100.00% |
Weighting of Top 10 | 63.13% | 40.8% | 111.7% | 72.22% |
Top 10 Holdings
- Cheniere Energy Inc 11.65%
- Targa Resources Corp 10.56%
- ONEOK Inc 6.47%
- Williams Cos Inc/The 6.47%
- MPLX LP 5.88%
- Energy Transfer LP 4.86%
- Enterprise Products Partners LP 4.81%
- Plains GP Holdings LP 4.71%
- Sempra 3.91%
- EnLink Midstream LLC 3.82%
Asset Allocation
Weighting | Return Low | Return High | VLPCX % Rank | |
---|---|---|---|---|
Stocks | 96.79% | 53.33% | 133.88% | 79.63% |
Cash | 3.21% | 0.00% | 13.09% | 14.81% |
Preferred Stocks | 0.00% | 0.00% | 2.34% | 88.89% |
Other | 0.00% | -36.30% | 5.12% | 79.63% |
Convertible Bonds | 0.00% | 0.00% | 5.29% | 87.04% |
Bonds | 0.00% | 0.00% | 40.73% | 87.96% |
Stock Sector Breakdown
Weighting | Return Low | Return High | VLPCX % Rank | |
---|---|---|---|---|
Energy | 89.38% | 53.73% | 100.00% | 78.70% |
Utilities | 5.50% | 0.00% | 41.78% | 29.63% |
Basic Materials | 3.10% | 0.00% | 6.40% | 8.33% |
Technology | 2.02% | 0.00% | 2.43% | 3.70% |
Real Estate | 0.00% | 0.00% | 0.26% | 87.04% |
Industrials | 0.00% | 0.00% | 4.54% | 92.59% |
Healthcare | 0.00% | 0.00% | 0.00% | 87.04% |
Financial Services | 0.00% | 0.00% | 0.66% | 87.04% |
Communication Services | 0.00% | 0.00% | 0.00% | 87.04% |
Consumer Defense | 0.00% | 0.00% | 0.82% | 87.04% |
Consumer Cyclical | 0.00% | 0.00% | 1.07% | 87.04% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | VLPCX % Rank | |
---|---|---|---|---|
US | 92.58% | 48.92% | 132.40% | 62.96% |
Non US | 4.21% | 0.00% | 26.09% | 43.52% |
VLPCX - Expenses
Operational Fees
VLPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.46% | 0.35% | 8.56% | 32.71% |
Management Fee | 0.90% | 0.35% | 1.38% | 30.70% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 98.28% |
Administrative Fee | 0.10% | 0.04% | 0.15% | 90.91% |
Sales Fees
VLPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.50% | 5.75% | N/A |
Deferred Load | 1.00% | 1.00% | 1.00% | 94.12% |
Trading Fees
VLPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
VLPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 49.00% | 6.00% | 166.00% | 69.61% |
VLPCX - Distributions
Dividend Yield Analysis
VLPCX | Category Low | Category High | VLPCX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.42% | 0.00% | 19.43% | 86.84% |
Dividend Distribution Analysis
VLPCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | SemiAnnual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
VLPCX | Category Low | Category High | VLPCX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.83% | -6.38% | 9.57% | 75.70% |
Capital Gain Distribution Analysis
VLPCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 30, 2023 | $0.160 | OrdinaryDividend |
Apr 27, 2023 | $0.090 | OrdinaryDividend |
Apr 28, 2022 | $0.093 | OrdinaryDividend |
Oct 28, 2021 | $0.042 | OrdinaryDividend |
Apr 29, 2021 | $0.023 | OrdinaryDividend |
Apr 29, 2020 | $0.086 | OrdinaryDividend |
Oct 30, 2019 | $0.194 | OrdinaryDividend |
Jun 27, 2019 | $0.058 | OrdinaryDividend |
Dec 27, 2018 | $0.210 | OrdinaryDividend |
Jun 28, 2018 | $0.015 | OrdinaryDividend |
Dec 28, 2017 | $0.144 | OrdinaryDividend |
Jun 29, 2017 | $0.033 | OrdinaryDividend |
Dec 29, 2016 | $0.089 | OrdinaryDividend |
Jun 29, 2016 | $0.090 | OrdinaryDividend |
Dec 30, 2015 | $0.046 | OrdinaryDividend |
VLPCX - Fund Manager Analysis
Managers
David Grumhaus
Start Date
Tenure
Tenure Rank
Sep 09, 2015
6.73
6.7%
David Grumhaus is President and Chief Investment Officer of Duff & Phelps Investment Management Co. Mr. Grumhaus oversees all of the firm’s investment strategies, chairs the firm’s investment meetings, leads the executive committee and directs strategic initiatives and resource planning. Mr. Grumhaus is also a Senior Portfolio Manager for the firm’s Energy Infrastructure strategies. Mr. Grumhaus has over two decades of experience working in the investment management industry. Prior to joining Duff & Phelps in 2014, Mr. Grumhaus served as a Portfolio Manager and Director of Research for Copia Capital, an Energy and Utility focused hedge fund. He previously worked as an investment banker for Goldman, Sachs & Co. and William Blair & Company, LLC. Mr. Grumhaus holds a BA in History, cum laude, from Princeton University and an MBA from Harvard Graduate School of Business Administration, where he was a George F. Baker scholar. In addition, he is a member of the Investment Committee at the Ann and Robert H. Lurie Children's Hospital of Chicago and serves as Board President of the Beyond Sports Foundation. Mr. Grumhaus served as an Alderman and finance chair for City of Lake Forest, IL from 2005 - 2011. Significant roles and professional affiliations • Member of the Investment Committee at Ann and Robert H. Lurie Children's Hospital of Chicago • Former Alderman and finance chair for City of Lake Forest, IL (2005 - 2011)
Rodney Clayton
Start Date
Tenure
Tenure Rank
Feb 01, 2020
2.33
2.3%
Rodney Clayton, Managing Director, serves as Portfolio Manager and Senior Research Analyst for MLPs and Energy Infrastructure at Duff & Phelps Investment Management Co. Mr. Clayton concentrates his research on North American midstream energy companies. Prior to joining Duff & Phelps in April 2016, Mr. Clayton was a senior manager due diligence analyst at UBS Financial Services, focusing on MLP, large cap value, and equity income strategies; and an equity research analyst at J.P. Morgan Securities covering the Exploration & Production, Engineering & Construction, and Environmental Services industries. Mr. Clayton completed his undergraduate studies and holds a MBA from Florida A&M University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 15.78 | 7.81 | 12.18 |