Virtus Stone Harbor Emerging Markets Income Fund
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- Virtus Stone Harbor Emerging Markets Income Fund (NYSE: EDF) is a non-diversified, closed-end management investment company that seeks to maximize total return, consisting of income and capital appreciation, through investments in emerging markets securities. The Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in a flexible portfolio of emerging markets fixed income securities, including local currency sovereign debt; hard currency sovereign debt; emerging markets corporate debt; sovereign debt obligations; corporate debt securities; structured notes; convertible securities; securities issued by supranational organizations; floating rate commercial loans; and securitized loan participations. Its portfolio provides exposure across regions such as Latin America, Africa, Europe, Asia, and the Middle East, with sector allocations emphasizing sovereign hard currency (approximately 57%), sovereign local currency (approximately 25%), and corporate hard currency (approximately 18%), complemented by monthly distributions of $0.06 per share. The Fund, launched in 2010 and listed on the New York Stock Exchange, is managed by Stone Harbor Investment Partners, a division of Virtus Fixed Income Advisers, LLC, with a portfolio management team led by James E. Craige, CFA (Chief Investment Officer, Head of Emerging Markets, since 2010), Stuart Sclater-Booth (Deputy Chief Investment Officer and Portfolio Manager, since 2010), and recent additions Darin Batchman and Richard Lange (Portfolio Managers for Emerging Markets Corporate Debt, since 2024). It employs reverse repurchase agreements for leverage, representing approximately 19.65% effective leverage as of late 2025, with total managed assets of around $196.53 million against net assets of $157.91 million. Stone Harbor, founded in 2006 and headquartered in New York City with additional offices in London and Singapore, brings over 30 years of experience in emerging markets debt management as part of the Virtus Investment Partners, Inc. platform. Recent developments include a legal entity transition effective January 1, 2025, whereby Virtus Investment Advisers, LLC (VIA) replaced Virtus Alternative Investment Advisers, Inc. (VAIA) as the Fund's adviser, with all rights, obligations, fees, subadvisory arrangements, and portfolio managers remaining unchanged; both entities are wholly owned indirect subsidiaries of Virtus Investment Partners, Inc. In December 2023, the Fund completed the reorganization of Virtus Stone Harbor Emerging Markets Total Income Fund (NYSE: EDI) into itself, expanding its asset base. Portfolio management updates in 2024 added Darin Batchman and Richard Lange to the team, enhancing coverage of emerging markets corporate debt, while the Fund maintained consistent monthly distributions throughout 2025.