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Name

As of 06/01/2026

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

VR CNVRTBL&INCM

NCV | Fund

$19.60

$420 M

8.33%

$1.63

1.55%

Vitals

YTD Return

19.8%

1 yr return

44.6%

3 Yr Avg Return

20.7%

5 Yr Avg Return

5.9%

Net Assets

$420 M

Holdings in Top 10

34.7%

52 WEEK LOW AND HIGH

$19.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.55%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 54.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Closed-end mutual fund

Name

As of 06/01/2026

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

VR CNVRTBL&INCM

NCV | Fund

$19.60

$420 M

8.33%

$1.63

1.55%

NCV - Profile

Distributions

  • YTD Total Return 19.8%
  • 3 Yr Annualized Total Return 20.7%
  • 5 Yr Annualized Total Return 5.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.69%
DIVIDENDS
  • Dividend Yield 8.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    VR CNVRTBL&INCM
  • Fund Family Name
    Allianz Group
  • Inception Date
    May 22, 2003
  • Shares Outstanding
    90373569
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Douglas Forsyth

Fund Description

NCV - Performance

Return Ranking - Trailing

Period NCV Return Category Return Low Category Return High Rank in Category (%)
YTD 19.8% 4.1% 26.4% 61.54%
1 Yr 44.6% 9.6% 57.0% 10.26%
3 Yr 20.7%* 7.3% 24.4% 28.21%
5 Yr 5.9%* 2.1% 10.2% 76.62%
10 Yr 6.6%* 4.8% 14.4% 95.65%

* Annualized

Return Ranking - Calendar

Period NCV Return Category Return Low Category Return High Rank in Category (%)
2025 10.6% -1.4% 21.1% 38.46%
2024 -0.5% -3.6% 12.6% 96.15%
2023 1.0% -7.7% 13.1% 92.31%
2022 -37.8% -37.8% -12.8% 100.00%
2021 -1.8% -18.9% 2.4% 11.69%

Total Return Ranking - Trailing

Period NCV Return Category Return Low Category Return High Rank in Category (%)
YTD 19.8% 4.1% 26.4% 61.54%
1 Yr 44.6% 9.6% 57.0% 10.26%
3 Yr 20.7%* 7.3% 24.4% 28.21%
5 Yr 5.9%* 2.1% 10.2% 76.62%
10 Yr 6.6%* 4.8% 14.4% 95.65%

* Annualized

Total Return Ranking - Calendar

Period NCV Return Category Return Low Category Return High Rank in Category (%)
2025 22.8% 1.0% 28.4% 8.97%
2024 10.9% 4.7% 18.7% 58.97%
2023 13.3% 1.9% 15.3% 7.69%
2022 -30.2% -30.2% -10.6% 100.00%
2021 6.5% -3.4% 11.3% 29.87%

NAV & Total Return History

NCV - Holdings

Concentration Analysis

NCV Category Low Category High NCV % Rank
Net Assets 420 M 12.4 M 6.08 B 67.95%
Number of Holdings 260 34 381 14.10%
Net Assets in Top 10 142 M 3.34 M 835 M 60.26%
Weighting of Top 10 34.74% 9.5% 50.3% 14.10%

Top 10 Holdings

  1. Dreyfus Government Cash Mgmt Instl 7.24%
  2. Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs -A- Series -L- 5.27%
  3. Broadcom Inc 8% 4.12%
  4. Cheniere Energy Inc 4.25% 3.75%
  5. Bank of America Corporation 7.25% 3.73%
  6. Danaher Corporation 4.75% 3.65%
  7. NextEra Energy Inc Unit (Corporate Unit 09/01/2023) 3.06%
  8. Danaher Corp 5% PRF PERPETUAL USD 1000 - Ser B 2.51%
  9. Bill Com Holdings Inc 2.34%
  10. Euronet Worldwide, Inc. 0.75% 2.27%

Asset Allocation

Weighting Return Low Return High NCV % Rank
Convertible Bonds 		86.24% 37.15% 99.72% 26.92%
Bonds 		60.66% 0.00% 98.98% 91.03%
Preferred Stocks 		22.50% 0.00% 29.88% 6.41%
Stocks 		8.87% 0.00% 23.09% 10.26%
Other 		0.67% -17.11% 2.70% 23.08%
Cash 		-78.94% -78.94% 9.75% 100.00%

Stock Sector Breakdown

Weighting Return Low Return High NCV % Rank
Utilities 		63.17% 0.00% 100.00% 51.39%
Basic Materials 		24.08% 0.00% 24.08% 2.78%
Industrials 		6.50% 0.00% 23.08% 36.11%
Healthcare 		5.64% 0.00% 20.31% 51.39%
Financial Services 		0.62% 0.00% 20.48% 36.11%
Technology 		0.00% 0.00% 23.73% 80.56%
Real Estate 		0.00% 0.00% 27.87% 75.00%
Energy 		0.00% 0.00% 40.56% 77.78%
Communication Services 		0.00% 0.00% 100.00% 72.22%
Consumer Defense 		0.00% 0.00% 25.78% 75.00%
Consumer Cyclical 		0.00% 0.00% 24.79% 79.17%

Stock Geographic Breakdown

Weighting Return Low Return High NCV % Rank
US 		8.87% 0.00% 22.42% 10.26%
Non US 		0.00% 0.00% 1.55% 71.79%

Bond Sector Breakdown

Weighting Return Low Return High NCV % Rank
Corporate 		95.90% 91.11% 100.00% 65.38%
Cash & Equivalents 		4.10% 0.00% 9.75% 23.08%
Derivative 		0.00% -0.01% 1.06% 71.79%
Securitized 		0.00% 0.00% 0.00% 67.95%
Municipal 		0.00% 0.00% 0.00% 67.95%
Government 		0.00% 0.00% 2.94% 71.79%

Bond Geographic Breakdown

Weighting Return Low Return High NCV % Rank
US 		57.95% 0.00% 98.98% 91.03%
Non US 		2.71% 0.00% 10.09% 7.69%

NCV - Expenses

Operational Fees

NCV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.55% 0.20% 2.91% 28.21%
Management Fee 0.70% 0.20% 1.00% 56.41%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

NCV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

NCV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 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.

NCV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 54.00% 30.00% 154.00% 42.86%

NCV - Distributions

Dividend Yield Analysis

NCV Category Low Category High NCV % Rank
Dividend Yield 8.33% 0.00% 4.30% 97.44%

Dividend Distribution Analysis

NCV Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

NCV Category Low Category High NCV % Rank
Net Income Ratio 3.69% -3.72% 3.69% 2.60%

Capital Gain Distribution Analysis

NCV Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

NCV - Fund Manager Analysis

Managers

Douglas Forsyth

Start Date

Tenure

Tenure Rank

Apr 01, 2003

19.18

19.2%

Mr. Forsyth is a portfolio manager, a managing director and CIO US Income and Growth Strategies with Allianz Global Investors, which he joined in 1994. He is the head of the firm’s Income and Growth Strategies team. Mr. Forsyth has portfolio management, trading and research responsibilities, and oversees all aspects of the Income and Growth platform’s business, including product development and implementation. He has been the lead portfolio manager for the firm’s US High Yield Bond strategy since its inception in 1994 and assumed lead portfolio management responsibility for the firm’s US Convertible strategy in 1998. Mr. Forsyth has been managing CLO portfolios since 2006 and has been the lead portfolio manager on the Income and Growth strategy since its inception in 2007. In addition to management responsibility for institutional clients worldwide, Mr. Forsyth supervises multiple open-end and closed-end mutual funds and provides oversight for the US Short Duration High Income strategy. He was previously an analyst at AEGON USA. He has a B.B.A. from The University of Iowa. Mr. Forsyth is a CFA charterholder.

Justin Kass

Start Date

Tenure

Tenure Rank

Jan 31, 2007

15.34

15.3%

Mr. Kass is a portfolio manager, a managing director, CIO and co-head US Income and Growth Strategies with Allianz Global Investors, which he joined in 2000. He has portfolio management, research and trading responsibilities for the Income and Growth Strategies team. In 2003, Mr. Kass was promoted to portfolio management and began handling day-to-day portfolio manager responsibilities for the firm’s US Convertible strategy in 2005. He is also a lead portfolio manager for the firm’s Income & Growth strategy since its inception in 2007. In addition to management responsibility for institutional clients, Mr. Kass is responsible for managing multiple closed-end and open-end mutual funds. Previous to joining the firm, Mr. Kass interned on the Income and Growth Strategies team, adding significant depth to its proprietary Upgrade Alert Model. He has 24 years of investment industry experience. Mr. Kass has a B.S. from the University of California, Davis, and an M.B.A. from the UCLA Anderson School of Management. He is a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.3 7.42

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