HARTFORD, Conn., Oct. 15, 2018 /PRNewswire/ -- Rampart
Investment Management, an investment management affiliate of Virtus
Investment Partners that specializes in options strategies, has
been appointed as an additional investment subadviser to manage the
existing options overlay strategy on three closed-end funds, Virtus
Global Multi-Sector Income Fund (NYSE: VGI), Virtus Global Dividend
& Income Fund Inc. (NYSE: ZTR), and Virtus Total Return Fund
Inc. (NYSE: ZF), effective today. Warun Kumar, chief investment
officer, Rampart, who previously managed the strategy through
Newfleet Asset Management, has been added as a portfolio manager to
the funds.
The options overlay strategy is designed to generate incremental
capital gains, which may be distributed to shareholders, through
the purchase and sale of out-of-the-money puts and calls. This
strategy seeks to exploit pricing inefficiencies in the S&P
500® Index options market by selling put and call
spreads.
Fund Risks
General: An investment in a fund is
subject to risk, including the risk of possible loss of principal.
A fund's shares may be worth less upon their sale than what an
investor paid for them. Shares of closed-end funds may trade at a
discount to their net asset value.
Options Overlay Strategy: The options overlay strategy
may not be successful in achieving its objective of increasing
distributable income while limiting the risk of loss and, in
periods of significant movement in the S&P 500 Index, has
resulted in, and, in the future may result in, losses for
investors.
For more information about each fund's investment objective and
risks, please see the fund's most recent annual report, which may
be obtained free of charge by contacting Shareholder Services at
(866) 270-7788, by email at closedendfunds@virtus.com, or through
the closed-end fund section of www.virtus.com.
About the Funds
The Virtus Global Multi-Sector Income
Fund seeks to maximize current income while preserving capital by
giving investors an opportunity to benefit from broadly diversified
holdings across the major domestic and international fixed-income
sectors. The fund is managed by Newfleet Asset Management, an
affiliated manager of Virtus Investment Partners that provides
comprehensive fixed income portfolio management in multiple
strategies, and Rampart Investment Management for the options
overlay strategy.
The Virtus Global Dividend & Income Fund Inc. is a
diversified closed-end fund that seeks to generate total return,
consisting of capital appreciation and income. The fund has a
current target allocation of investing approximately 60 percent of
its total assets in equity securities and 40 percent in fixed
income. The equity portion of the fund is managed by Kayne Anderson Rudnick, an affiliated manager of
Virtus that specializes in high-quality equity investment
strategies. Newfleet Asset Management manages the fixed income
portion of the fund and Rampart Investment Management manages the
options overlay strategy.
Virtus Total Return Fund Inc. is a diversified closed-end fund
and its investment objective is capital appreciation, with income
as a secondary objective. The fund has a current target allocation
of investing approximately 60 percent of its total assets in equity
securities and 40 percent in fixed income. The equity portion of
the fund is managed by Duff & Phelps Investment Management Co.
an affiliate of Virtus that specializes in global listed
infrastructure, real estate investment trusts, master limited
partnerships (MLPs) and energy. Newfleet Asset Management manages
the fixed income portion of the fund and Rampart Investment
Management manages the options overlay strategy.
About Rampart Investment Management
Rampart Investment
Management is an affiliated manager of Virtus Investment Partners
specializing in option strategies. A registered investment adviser
since 1983, Rampart manages client positions and portfolios using
domestic and international index and equity options. The firm's
team of investment professionals uses an array of analytical tools
to help achieve client goals, which typically span generating
incremental yield to mitigating investment risk.
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SOURCE Virtus Closed-End Funds