Virtus Global Multi-Sector Income Fund aims to generate yield

By Tali David

Minneapolis, Feb. 27 - The Virtus Global Multi-Sector Income Fund raised $215 million in a common stock offering, Virtus Investment Partners announced in a press release.

"The Virtus Global Multi-Sector Income Fund gives investors an opportunity to benefit from broadly diversified holdings across the major domestic and international fixed-income sectors, a strategy that offers the potential to generate an attractive yield in the current fixed income market environment," David L. Albrycht, senior portfolio manager and Newfleet Asset Management chief investment officer, said in the release.

Under the direction of Albrycht and portfolio managers Benjamin Caron, Kyle A. Jennings, and Daniel Senecal, the fund uses a value-driven approach that first overweights or underweights fixed-income sectors on a top-down basis, then uses fundamental research to assess specific investments in the portfolio.

"Our goal is to provide financial advisors with distinctive solutions that they can offer their clients to address their individual investment needs, and we believe the Virtus Global Multi-Sector Income Fund meets a particular need for generating yield," Virtus president and chief executive officer George R. Aylward said in the release.

As previously reported, the fund will seek to maximize current income while preserving capital by investing at least 80% of its managed assets in fixed-income securities of U.S. and non-U.S. issuers. Under normal circumstances, assets will be invested in issuers located in at least three countries, including the United States, and will target from 40% to 75% of its investments in issuers located outside of the United States.

The fund will sell 10.75 million common shares at $20 per share through a group of underwriters led by Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC.

The fund's investment adviser is Hartford-based Virtus Investment Advisers, Inc. Its manager is Newfleet Asset Management.

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