Overview of the Virtus Silvant Large-Cap Growth Stock Fund and Virtus Silvant Small-Cap Growth Stock Fund
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1 Overview of the Virtus Silvant Large-Cap Growth Stock Fund and Virtus Silvant Small-Cap Growth Stock Fund June 30, 2017
2 VIRTUS INVESTMENT PARTNERS Virtus is an independent publicly traded asset management company (NASDAQ: VRTS) Disciplined, institutional-quality money management through wholly owned subsidiaries and select subadvisers, each with a distinct investment philosophy and style Investment products include: Virtus Mutual Funds Closed-End Funds Separately Managed Accounts (B/D sponsored and Private Client) Institutional Accounts Variable Insurance Trust UCITS ETFs 2
3 VIRTUS INVESTMENT PARTNERS * * * * * * * * * * * *Virtus Investment Partners retains an ownership interest in the firm. 3
4 SILVANT CAPITAL MANAGEMENT Our Firm Our Investment Professionals Team-based investment managers dedicated to the growth style Approximately $1.3 billion AUM* in four strategies Headquartered in Atlanta, Georgia Average more than 19 years of experience in growth investing Experienced sector portfolio managers Our Investment Strategies Strategies Large-Cap Growth Small-Cap Growth Assets $1,290.5 Million $40.9 Million Lead Manager Experience 20 Years 16 Years *As of 3/31/17. 4
5 INVESTMENT TEAM SENIOR PORTFOLIO MANAGERS Michael Sansoterra Chief Investment Officer Senior Portfolio Manager Large Cap Growth Lead B.S. Economics, The University of Michigan, years investment experience Sandeep Bhatia, Ph.D., CFA Senior Portfolio, Managing Director Small Cap Growth Lead B. Tech. Chemical Engineering, Indian Institute of Technology, 1987 Ph.D. Chemical Engineering, Iowa State University, 1993 MBA Business Administration, University of Chicago, years investment experience SECTOR PORTFOLIO MANAGERS CLIENT PORTFOLIO MANAGERS Brandi Allen Sector Portfolio Manager Consumer Staples, Healthcare B.B.A. Finance, Ohio University, 1997 MBA Finance, Case Western Reserve University, years investment experience Steve Coker, CFA, CAIA Sector Portfolio Manager Industrials, Energy, Materials B.S. Management, Georgia Institute of Technology, 1990 MBA Finance, Indiana University, years investment experience Marc Schneidau Chief Operating Officer Client Portfolio Manager B.S. Marketing, Louisiana State University, 1988 MBA, The George Washington University, years investment experience 29 years financial services experience Scott Kolar, CFA Sector Portfolio Manager Information Technology B.A. Government, Harvard University 23 years investment experience Sowmdeb Sen Sector Portfolio Manager Consumer Discretionary, Financials M.S. Mathematics, Indian Institute of Technology, 1998 M.S. Economics, SUNY, 1999 M.S. Finance, University of Southern California, years investment experience PORTFOLIO SPECIALIST Jennifer Stewart Portfolio Specialist B.S. Business Management, Berry College, years investment experience VIRTUS EQUITY SECURITIES TRADERS Joe Ward, CFA Large Cap Steve Smith, CFA Small Cap *As of 6/30/17. 5
6 INVESTMENT APPROACH We own companies that we believe will exceed investor expectations. Our Approach We define growth as a condition. We own stocks that we believe will grow faster than their peers and exceed investor expectations. These companies have: Above-average sustainable earnings growth Disruptive products or services (products/services that change the business landscape) Positive secular trends 6
7 PORTFOLIO CONSTRUCTION The Buy Discipline Identify company specific Key Metrics likely to cause investor expectations to be exceeded Bottom-up stock selection within each sector Weight positions based on expected return and volatility The Sell Discipline Sell stocks that violate two or more Key Metrics Sell stocks for better opportunities Trim positions when the risk/return trade-off increases 7
8 STOCK SELECTION Fundamental Analysis Identify unique industries within each sector Analyze each industry s capital spending/capacity cycle Identify key fundamental drivers for each company and industry Determine the timing/appropriateness of each key driver Create stock specific plans for all companies within each sector Assess investor sentiment Identify companies with the most underestimated earnings Buy the stocks where earnings have been underestimated by the greatest amount 8
9 RISK MANAGEMENT Objective Our risk management is comprehensive and fully transparent. The objective of our risk management process is not to reduce or eliminate risk, but to fully inform ourselves of all types of risks that can inadvertently creep into a portfolio. Macroeconomic Factor Analysis Axioma U.S. model and Citigroup USRAM software is used to identify significant macroeconomic factor exposures relative to the Index. Monthly risk reports convey how our portfolios are likely to perform relative to the benchmark based on changes in macroeconomic factors such as interest rates, credit spreads, oil prices, economic growth rates, beta, and style. Characteristics Analysis Common characteristics are monitored to show exposures through time and ensure each portfolio is within acceptable tolerances relative to its primary index. The portfolios tend to have moderately higher momentum, growth rates, return metrics, and valuations relative to the benchmarks.* Thematic Risk Analysis Investment biases are a natural outcome of any portfolio created from the bottom-up. We analyze the sources of revenue of every company in our portfolios to determine how much exposure we have relative to our benchmarks to unique investment themes. Thematic risks are identified through meticulous analysis by our Sector Portfolio Managers, categorizing the revenues of every company in their respective sectors. * For specific product characteristics, please reference the current construction page for more information.
10 SILVANT DIFFERENTIATORS Growth Is a Condition, Not a Category Company-Specific Key Metrics Security Selection Drives Alpha We believe that any company can outgrow the market through certain stages in its life cycle. We strive to identify companies, regardless of sector, where the conditions are present for growth and have a high probability that investor expectations will be exceeded. The team is focused on determining what are the best leading indicators of revenue, cash flow, and earnings for each individual company. These Key Metrics are recorded, reviewed, and followed closely while serving as the basis of all discussions, analysis, and decision making. No heavy reliance on any one characteristic, factor, position, sector, person, or theme. Portfolios have a history of high active share with moderate realized tracking error. The risk management process enables the portfolios to outperform in most market environments. 10
11 INVESTMENT PROCESS Large-Cap Growth Small-Cap Growth Benchmark Russell 1000 Growth Russell 2000 Growth Typical Market Cap Average $60-80 billion (Similar to Index) Less than $3 billion (Similar to Index) Number Of Holdings Active Position Sizes 0.5% - 3.0% 0.5% - 1.5% Maximum Sector Weights Relative to Benchmark (Typically 1 3 sectors at max) Typical Sector Weightings Relative to Benchmark (Typically 7 10 sectors at any point in time) +/- 5% +/- 7% +/- 2% +/- 3% Predicted Tracking Error 3-6% 4-7% Typical Annual Portfolio Turnover* (Rolling 3 year average) 26% 55% Cash Levels < 4% < 4% Portfolio Manager Michael Sansoterra / Team Sandeep Bhatia / Team As of 6/30/17. Data subject to change. These typical target ranges are subject to change. Silvant employs the above two strategies to subadvise certain Virtus Funds. *Source: FactSet, 4/11/17. 11
12 SECTOR ALLOCATION AS OF 6/30/17 Virtus Silvant Large-Cap Growth Stock Fund 38.85% 36.15% Virtus Silvant Large-Cap Growth Stock Fund Russell 1000 Growth Index 20.47% 18.64% 13.74% 13.66% 12.75% 12.30% 7.63% 5.53% 5.27% 3.36% 2.60% 1.40% 0.82% 1.36% 0.63% 3.86% Information Technology Consumer Discretionary Health Care Industrials Consumer Staples Financials Energy Real Estate Materials Sector allocations are subject to change. The Russell 1000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. Past performance is not indicative of future results. 12
13 TOP HOLDINGS AS OF 6/30/17 Virtus Silvant Large-Cap Growth Stock Fund Top Ten Holdings % of Fund Microsoft Corporation 5.9 Amazon.com, Inc. 5.3 Facebook, Inc. Class A 4.9 Visa Inc. Class A 4.5 Apple Inc. 4.2 Priceline Group Inc. 3.3 Alphabet Inc. Class C 3.0 Alphabet Inc. Class A 3.0 Honeywell International Inc. 2.5 Edwards Lifesciences Corporation 2.2 Total 38.8 Holdings are subject to change. 13
14 PORTFOLIO CHARACTERISTICS AS OF 6/30/17 Virtus Silvant Large-Cap Growth Stock Fund Virtus Silvant Large-Cap Growth Stock Fund Russell 1000 Growth Index Total Fund Assets (in millions) $ Market Capitalization (Wtd. Avg.) $196.2 (b) $191.4 (b) Earnings Growth Rate (estimated) 17.3% 15.1% Price-to-Earnings (12 month trailing) Return on Equity (12 month trailing) 16.0% 23.8% Operating Margin 21.8% 22.5% Past performance is no guarantee of future results. Portfolio characteristics are subject to change. Please see page 21 for definitions of characteristics shown. Data is obtained from FactSet Research Systems and is assumed to be reliable. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. 14
15 VIRTUS SILVANT LARGE-CAP GROWTH STOCK FUND Performance Review as of 6/30/17 (%) I Share QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception 7/1/1992 STCAX Russell 1000 Growth Index Annual Performance Fund Russell 1000 Growth Index The fund class gross expense ratio is 1.23%. The net expense ratio is 0.97%, which reflects a contractual expense reimbursement in effect through 7/31/2019. Average annual total returns reflect the change in share price and the reinvestment of all dividends and capital gains. Class I shares have no sales charge and therefore their returns do not reflect the deduction of a sales charge, which if applied, would reduce the performance quoted. Fees and expenses vary among share classes and other share classes do carry sales charges. Class I shares are offered primarily to eligible institutional investors who purchase the minimum amounts required and may not be available to all investors. For Fund Performance on other share classes, please visit Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end. The Russell 1000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 15
16 SECTOR ALLOCATIONS AS OF 6/30/17 Virtus Silvant Small-Cap Growth Stock Fund Virtus Small-Cap Growth Stock Fund 28.65% 27.76% Russell 2000 Growth Index 24.28% 24.42% 17.43% 17.39% 14.25% 10.28% 6.92% 4.66% 5.96% 5.06% 3.50% 1.59% 1.43% 1.17% 0.87% 2.61% Health Care Information Technology Industrials Consumer Discretionary Materials Financials Real Estate Energy Consumer Staples Sector allocations are subject to change. The Russell 2000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. Past performance is not indicative of future results. 16
17 TOP HOLDINGS AS OF 6/30/17 Virtus Silvant Small-Cap Growth Stock Fund Top Ten Holdings % of Fund Q2 Holdings Inc. 2.8 Interxion Holding N.V 1.9 ICU Medical, Inc. 1.9 Littelfuse, Inc. 1.9 Ironwood Pharmaceruticals, Inc. Class A 1.9 Home BancShares, Inc. 1.8 Inogen, Inc. 1.7 NuVasive, Inc. 1.7 Alamo Group Inc. 1.6 II-VI Incorporated 1.6 Total 18.8 Holdings are subject to change. 17
18 PORTFOLIO CHARACTERISTICS AS OF 6/30/17 Virtus Silvant Small-Cap Growth Stock Fund Virtus Silvant Small-Cap Growth Stock Fund Russell 2000 Growth Index Total Fund Assets (in millions) $ Market Capitalization (Wtd. Avg.) $2.7 (b) $2.2 (b) Earnings Growth Rate (estimated) 16.2% 14.3% Price-to-Earnings (12 month trailing) Return on Equity (12 month trailing) 5.6% 5.7% Operating Margin 12.1% 10.9% Past performance is no guarantee of future results. Portfolio characteristics are subject to change. Please see page 21 for definitions of characteristics shown. Data is obtained from FactSet Research Systems and is assumed to be reliable. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. 18
19 VIRTUS SILVANT SMALL-CAP GROWTH STOCK FUND Performance Review as of 6/30/17 (%) I Share QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception 10/8/1998 SSCTX Russell 2000 Growth Index Annual Performance Fund Russell 2000 Growth Index The fund class gross expense ratio is 1.44%. The net expense ratio is 1.30%, which reflects a contractual expense reimbursement in effect through 7/31/2019. Average annual total returns reflect the change in share price and the reinvestment of all dividends and capital gains. Class I shares have no sales charge and therefore their returns do not reflect the deduction of a sales charge, which if applied, would reduce the performance quoted. Fees and expenses vary among share classes and other share classes do carry sales charges. Class I shares are offered primarily to eligible institutional investors who purchase the minimum amounts required and may not be available to all investors. For Fund Performance on other share classes, please visit Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end. The Russell 2000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 19
20 CULTURE OUR COMPETITIVE ADVANTAGE People Process Structure Experienced growth investors History of execution in all types of markets Depth and breadth of talent Disciplined focus on generating alpha though stock selection Repeatable Balanced diversified approach Client and firm objectives aligned Compensation system rewards performance There is no assurance that past results will be repeated. 20
21 GLOSSARY AND DISCLOSURES Alpha A measure of performance on a risk-adjusted basis. Beta A quantitative measure of the volatility of a given portfolio relative to the overall market. Higher beta suggests higher volatility. Beta can also refer to relative volatility to a portfolio s stated benchmark. Earnings Growth Rate (estimated) is the estimated average annual growth rate of fiscal year earnings per share for the next three to five years for the companies in the portfolio or index. Market Capitalization (Wtd. Avg.) is the total dollar market value of all of a company s outstanding shares. Operating Margin is a ratio used to measure a company s pricing strategy and operating efficiency. It is calculated by dividing operating income by net sales. P/E Ratio The P/E (price-earnings) ratio is calculated by dividing the company s stock price divided by its earnings per share times 100. The higher the P/E ratio, the more an investor pays for the company s earnings. A low P/E generally indicates a better value, while a high P/E denotes an expensive stock with earnings that investors expect will grow rapidly. A negative P/E is generally indicative of companies with losses or negative earnings. ROE (Return on Equity) The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation s profitability by revealing how much profit a company generates with the money shareholders have invested. Tracking error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Frank Russell Company. 21
22 IMPORTANT RISK CONSIDERATIONS Equity Securities Growth Stocks Small Capitalization Stocks Prospectus May be more volatile and carry more risk than other forms of investments, including investments in high grade fixed income securities. The net asset value per share of a fund will fluctuate as the value of the securities in the portfolio changes. Are typically sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth stocks typically fall. Typically carry additional risks since smaller companies generally have a higher risk of failure. For additional information on risks, please see the fund s prospectus. 22
23 Virtus (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We are not constrained by a single investment approach; rather, we provide access to independent, specialized investment philosophies through our multi-discipline, multi-strategy approach We have the flexibility, agility, and responsiveness of a boutique asset management firm with similar product breadth and investment talent of our larger peers We are committed to thoughtfully providing investment solutions, adhering to the highest standards of product quality, operational excellence, and fiduciary responsibility Your clients should carefully consider a Fund s investment objectives, risks, charges, and expenses before investing. For this and other information about any Virtus mutual fund, call or visit Virtus.com for a prospectus or summary prospectus. Read it carefully before investing. Not all products or marketing materials are available at all firms. Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value. Mutual Funds distributed by VP Distributors, LLC member FINRA and subsidiary of Virtus Investment Partners, Inc Virtus Investment Partners, Inc.
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