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Virtus Stone Harbor Local Markets Fund
VSHEX (Mutual Fund)
Virtus Stone Harbor Local Markets Fund
Name
As of 12/11/2024Price
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
Vitals
YTD Return
-3.4%
1 yr return
-0.1%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$7.49 M
Holdings in Top 10
40.6%
52 WEEK LOW AND HIGH
$8.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.90%
SALES FEES
Front Load 3.75%
Deferred Load N/A
TRADING FEES
Turnover 95.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$100
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/11/2024Price
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
VSHEX - Profile
Distributions
- YTD Total Return -3.4%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameVirtus Stone Harbor Local Markets Fund
-
Fund Family NameVirtus Funds
-
Inception DateApr 11, 2022
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Oliver
Fund Description
Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Investments. “Emerging Markets Investments” include fixed income securities and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) that economically are tied to an emerging market country, which are denominated in the predominant currency of the local market of an emerging market country (an
“Emerging Markets Currency”) or whose performance is linked to those countries’ currencies, markets, economies or ability to repay loans. Although under normal circumstances a significant portion of the fund’s investments will be denominated in Emerging Markets Currencies, Emerging Markets Investments may be denominated in non-Emerging Markets Currencies, including the U.S. dollar. A security or instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. Emerging Markets Investments also include Emerging Markets Currencies and derivatives and other instruments used to hedge or gain exposure to emerging securities markets or Emerging Markets Currencies (for example, futures or other derivatives whose return is based on specific emerging markets securities, emerging markets indices or Emerging Markets Currencies). Although the fund is not limited in the types of derivatives it can use, the fund currently expects that its derivatives investments will consist primarily of the following instruments and transactions: futures, options, swaps, including credit default swaps, and credit linked notes. The fund may use derivatives to a significant extent.
The fund considers “emerging market countries” to include countries identified by the World Bank Group as being “low income economies” or which are included in a JPMorgan emerging market bond index. The subadviser has broad discretion as to the specific emerging market countries in which the fund invests, and while the allocation to various markets will vary it is likely that the fund will often have 5% or more of its assets invested in one or more specific emerging markets countries. It is anticipated that the Fund will focus most of its investments in Asia, Africa, the Middle East, Latin America and/or the developing countries of Europe. Emerging Markets Investments may include, among other things, sovereign debt securities, corporate debt securities, structured notes, convertible securities, securities issued by supranational organizations, floating rate commercial loans, securitized loan participations, Rule 144A securities, non-U.S. currencies, forward currency contracts and other foreign currency transactions and derivatives related to these types of investments. The fund seeks capital appreciation through country selection, sector selection, security selection and currency selection.
In selecting Emerging Markets Investments for investment, the subadviser will apply a market risk analysis contemplating the assessment of various factors, such as liquidity, volatility, tax implications, interest rate sensitivity, counterparty risks, economic factors, currency exchange rates and technical market considerations.
The fund is “non-diversified,” which means that it can invest a higher percentage of its assets in any one issuer or in a smaller number of issuers than a diversified fund.
Credit Quality. The fund may invest in securities of any credit rating (including unrated securities) and may invest without limit in higher risk, below-investment grade debt securities, commonly referred to as “high yield” securities or “junk bonds.”
Maturity and Duration. The subadviser normally maintains an average portfolio duration of between 2 and 7 years. However, the fund’s average duration may be outside this range, and the fund may invest in securities of any duration and maturity.
VSHEX - Performance
Return Ranking - Trailing
| Period | VSHEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.4% | -4.7% | 464.5% | 99.66% |
| 1 Yr | -0.1% | -2.6% | 481.4% | 98.98% |
| 3 Yr | N/A* | -7.4% | 59.3% | 86.88% |
| 5 Yr | N/A* | -7.2% | 29.3% | 93.88% |
| 10 Yr | N/A* | -4.5% | 14.7% | 99.50% |
* Annualized
Return Ranking - Calendar
| Period | VSHEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.8% | -10.6% | 17.8% | 1.37% |
| 2022 | N/A | -29.1% | -2.4% | N/A |
| 2021 | N/A | -24.0% | 2.7% | N/A |
| 2020 | N/A | -14.0% | 9.7% | N/A |
| 2019 | N/A | -6.4% | 13.0% | N/A |
Total Return Ranking - Trailing
| Period | VSHEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.4% | -4.7% | 464.5% | 99.66% |
| 1 Yr | -0.1% | -2.6% | 481.4% | 98.98% |
| 3 Yr | N/A* | -7.4% | 59.3% | 92.42% |
| 5 Yr | N/A* | -7.2% | 29.3% | 96.33% |
| 10 Yr | N/A* | -4.5% | 14.7% | 99.50% |
* Annualized
Total Return Ranking - Calendar
| Period | VSHEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.8% | -0.6% | 20.0% | 57.34% |
| 2022 | N/A | -27.6% | -1.7% | N/A |
| 2021 | N/A | -18.5% | 7.4% | N/A |
| 2020 | N/A | -7.8% | 18.0% | N/A |
| 2019 | N/A | -3.0% | 23.0% | N/A |
NAV & Total Return History
VSHEX - Holdings
Concentration Analysis
| VSHEX | Category Low | Category High | VSHEX % Rank | |
|---|---|---|---|---|
| Net Assets | 7.49 M | 565 K | 14.8 B | 97.95% |
| Number of Holdings | 78 | 4 | 1860 | 93.17% |
| Net Assets in Top 10 | 3.1 M | -134 M | 1.25 B | 94.88% |
| Weighting of Top 10 | 40.65% | 5.8% | 102.5% | 6.90% |
Top 10 Holdings
- Brazil Notas do Tesouro Nacional Serie F 8.42%
- Republic of South Africa Government Bond 5.45%
- Inter-American Development Bank 3.83%
- Republic of Poland Government Bond 3.64%
- Mexican Bonos 3.55%
- Bogota Distrito Capital 3.36%
- Kreditanstalt fuer Wiederaufbau 3.23%
- Malaysia Government Bond 3.18%
- China Government Bond 3.03%
- Indonesia Treasury Bond 2.95%
Asset Allocation
| Weighting | Return Low | Return High | VSHEX % Rank | |
|---|---|---|---|---|
| Bonds | 88.02% | 0.00% | 100.50% | 90.78% |
| Cash | 11.65% | 0.00% | 29.76% | 8.19% |
| Other | 0.33% | -10.15% | 91.74% | 27.99% |
| Stocks | 0.00% | -0.01% | 96.78% | 67.58% |
| Preferred Stocks | 0.00% | 0.00% | 2.24% | 51.54% |
| Convertible Bonds | 0.00% | 0.00% | 8.47% | 79.66% |
VSHEX - Expenses
Operational Fees
| VSHEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.90% | 0.02% | 32.92% | 22.60% |
| Management Fee | 0.75% | 0.00% | 1.10% | 67.58% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 34.81% |
| Administrative Fee | N/A | 0.02% | 0.65% | N/A |
Sales Fees
| VSHEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 3.75% | 0.75% | 5.75% | 70.00% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| VSHEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.75% | 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.
| VSHEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 95.00% | 0.00% | 218.00% | 78.52% |
VSHEX - Distributions
Dividend Yield Analysis
| VSHEX | Category Low | Category High | VSHEX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 22.22% | 99.66% |
Dividend Distribution Analysis
| VSHEX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| VSHEX | Category Low | Category High | VSHEX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -2.28% | 8.00% | N/A |
Capital Gain Distribution Analysis
| VSHEX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
VSHEX - Fund Manager Analysis
Managers
David Oliver
Start Date
Tenure
Tenure Rank
Jun 30, 2010
11.93
11.9%
David joined the team in 2008. Prior to joining Stone Harbor, David served as a Managing Director for Sales and Trading in Emerging Markets Debt at Citigroup Global Markets. He is a member of the CFA Institute and the CFA Society New York. He attained a BA from Northwestern University, MA from the University of Delaware, and MBA from the Tuck School of Business at Dartmouth College.
Peter Wilby
Start Date
Tenure
Tenure Rank
Jun 30, 2010
11.93
11.9%
Peter founded the team in 1989. Prior to founding Stone Harbor in 2006, Peter was Chief Investment Officer of North American Fixed Income at Citigroup Asset Management, as well as a member of Citigroup Asset Management’s Executive Committee. Additionally, he served as Senior Portfolio Manager responsible for directing investment policy and strategy for all Emerging Markets Debt and High Yield portfolios. Peter was the Head of Fixed Income, a Senior Portfolio Manager for Emerging Markets Debt and High Yield, and a member of the Investment Policy Committee at Salomon Brothers Asset Management. Earlier in his career Peter was at Prudential Investment Co. where he was a Fixed Income Portfolio Manager specializing in High Yield Debt securities and also Director of the Credit Research Unit, responsible for all Corporate and Sovereign Credit Research. He began his career at Deloitte, Haskin & Sells where he served in the Audit and Tax Department. He is a Certified Public Accountant and member of the CFA Institute, the CFA Society New York, and the Council on Foreign Relations. He attained a BBA and MBA in Accounting from Pace University.
James Craige
Start Date
Tenure
Tenure Rank
Jun 30, 2010
11.93
11.9%
James E. Craige, Since December 2018, Co-Chief Investment Officer of Stone Harbor; From April 2006 to December 2018, Portfolio Manager of Stone Harbor; Prior to April 2006, Managing Director and Senior Portfolio Manager for emerging markets debt portfolios at Salomon Brothers Asset Management Inc.; Joined Salomon Brothers Asset Management Inc. in 1992. Craige holds the Chartered Financial Analyst designation.
William Perry
Start Date
Tenure
Tenure Rank
Sep 30, 2012
9.67
9.7%
William joined the team in 2012. Prior to joining Stone Harbor, William served as an Emerging Markets Corporate Portfolio Manager at Morgan Stanley Investment Management. Prior to Morgan Stanley, William served as a Managing Director/Portfolio Manager in the Global Special Opportunities Group for Latin American Special Situations at JPMorgan/Chase. While at JPMorgan, he also served in a series of roles including Credit Risk Manager for the Global Head of Emerging Markets, Co-Head of Emerging Markets Corporate Research, and as a Vice President for Global Emerging Markets Debt Restructuring, and Latin American Capital Market. Prior to JPMorgan, William served as a Senior Associate in the Investment Banking Group at Bank of America Securities Inc. William began his career as an Associate in the Petroleum Division at Irving Trust Company. He attained a BA in International Relations and Economics from Colgate University and an MBA in Finance from the Columbia Business School.
Kumaran Damodaran
Start Date
Tenure
Tenure Rank
Sep 30, 2015
6.67
6.7%
Kumaran joined the team in 2015. Prior to joining Stone Harbor, Kumaran served as the Lead Emerging Markets Macro Portfolio Manager at GLG Partners in London. Previously, he worked as an Executive Vice President and Emerging Markets Portfolio Manager at PIMCO in Newport Beach. Prior to PIMCO, Kumaran was a Senior Vice President and Trader in Latin American Local Market Rates at Lehman Brothers in New York. Additionally, he served as a Director at Credit Suisse where he held various positions in Emerging Markets Credit, Rates & Currency Derivatives Trading in both London and New York. As a Marshall Scholar and National Science Foundation Graduate Fellow at Cambridge University, Kumaran attained a PhD in Theoretical Physics. He also has an A.B. in Physics with a Certificate in Applied and Computational Mathematics from Princeton University.
Stuart Sclater-Booth
Start Date
Tenure
Tenure Rank
Sep 30, 2017
4.67
4.7%
Stuart joined the team in 2014. Prior to joining Stone Harbor, Stuart served as Managing Director/Head of Emerging Markets Desk Strategy at Goldman Sachs. Previously, Stuart served as Executive Director/Global Head of EM Macro Strategy at JP Morgan Chase Securities. While at JP Morgan Chase Securities, he also served in a series of roles, including Executive Director of Emerging Markets Proprietary Trading and Vice President/Head of Trade Strategy. Earlier in his career, Stuart was a Research Assistant in the U.S. Macro Research Department at PaineWebber and an Assistant Economist in the Domestic Research Department at the Federal Reserve Bank of New York. Stuart attained a BA in Economics from Vassar College and an MA in Economics from Boston University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.15 | 23.87 | 6.5 | 6.11 |
