AlphaSimplex Managed Futures Strategy Fund Class A
AMFAX
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- Virtus AlphaSimplex Managed Futures Strategy Fund Class A (AMFAX) is an open-end mutual fund that pursues an absolute return strategy focused on long-term capital appreciation through a pure trend-following approach in liquid futures and forward contracts across global equity, bond, currency, and commodity markets; it dynamically takes long and short positions in up to 109 futures and forward contract types, supported by 45 cash instruments, utilizing proprietary quantitative models and Adaptive Volatility Management to target moderate long-term volatility while offering low correlation to traditional stocks and bonds. The fund, domiciled in the United States and available primarily to U.S. investors, features a net expense ratio of 1.70%, a front-end load of 5.75%, and a minimum initial investment of $2,500; its total net assets stand at approximately $939 million, with the Class A share class at $36 million as of December 2025. Managed by AlphaSimplex Group, LLC, a systematic alternatives firm founded in 1999 and headquartered in Boston, Massachusetts, the fund operates within the Systematic Trend category and trades daily in USD. AlphaSimplex Group, LLC, acquired by Virtus Investment Partners in April 2023 from Natixis Investment Managers, provides investment advisory services to the fund and maintains its quantitative, adaptive strategies across institutional and retail channels. The fund's portfolio management team includes Alexander D. Healy, Ph.D. (Chief Investment Officer since 2014), Kathryn M. Kaminski, Ph.D., CAIA (since 2018), Philippe P. Lüdi, Ph.D., CFA (since 2014), with recent addition of Tansu Demirbilek as Senior Research Scientist and Portfolio Manager effective September 16, 2025, coinciding with the removal of co-managers John Perry and Robert Rickard. In September 2025, the fund reported diversified risk allocations with 34% equities, 14% fixed income, 21% currencies, and 31% commodities, including top active long exposures in gold, euro, S&P/TSX 60, and silver. Recent changes include the announcement effective January 21, 2026, that Class C shares will no longer be available for purchase by new or existing shareholders, as detailed in the prospectus supplement. The fund launched on July 30, 2010, and targets investors seeking crisis alpha potential, diversification, and performance in trending markets across global regions, with current asset exposures spanning the United States, Canada, Eurozone, emerging Asia, and the United Kingdom.