Virtus Diversified Income & Convertible Fund
ACV
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- Virtus Diversified Income & Convertible Fund (NYSE: ACV) is a diversified, closed-end management investment company that seeks total return through a combination of current income, capital appreciation and downside protection against capital loss. The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of convertible securities, income-producing equity securities, income-producing debt instruments and other securities of varying maturities, with at least 50% of total managed assets allocated to convertible securities; it also employs a dynamic allocation strategy across these asset classes and writes covered call options on equity holdings to enhance income. The portfolio emphasizes sectors such as information technology, industrials, financials, consumer discretionary and health care, with top holdings including Microsoft Corp, NVIDIA Corp and Boeing Company preferred shares; as of late 2025, portfolio allocations approximate 58% convertible securities, 23% common equities, 15% high yield bonds and 4% cash equivalents, supported by 28% effective leverage through borrowed debt. The Fund, founded in 2015 and domiciled in the United States with administrative operations in Hartford, Connecticut, is advised by Virtus Investment Advisers, LLC, an affiliate of Virtus Investment Partners, Inc., and subadvised by Voya Investment Management since a 2022 transition from prior Allianz Global Investors subadvisers. It maintains a managed distribution plan targeting consistent monthly payouts of $0.18 per share, as reaffirmed in announcements through December 2025; recent developments include the addition of portfolio managers Ethan Turner in 2023 and K. Mathew Axline in 2025, redemption of all Class A mandatory redeemable preferred shares in October 2025 and approval of shareholder meetings in June 2025, with the Fund scheduled for termination on May 22, 2030 unless extended by its Board of Trustees.