Virtus Convertible & Income Fund
NCV-PA
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- George Robert Aylward
- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 1633 Broadway New York City NY United States of America 10019
- IPO Date
- Sep 17, 2018
- CIK
- 0001214935
- Website
- allianzinvestors.com
- Similar Companies
- Business
- Virtus Convertible & Income Fund (NYSE: NCV-PA) is a closed-end management investment company that seeks total return through a combination of capital appreciation and high current income by investing primarily in a diversified portfolio of domestic convertible securities and high yield bonds rated below investment grade. Under normal circumstances, the Fund invests at least 80% of its total assets in convertible securities and non-convertible income-producing securities, targeting at least 50% allocation to convertibles while dynamically adjusting based on equity prices, interest rates, and market factors; the convertible portion aims to capture equity upside with reduced volatility relative to pure stock investments, and the manager selects issuers demonstrating adaptability to change, strong credit metrics, and promising operating performance. Portfolio allocations typically include approximately 60% convertible securities, 34% high yield bonds, with sector emphases in information technology, industrials, financials, consumer discretionary, and health care; the Fund employs leverage through mandatory redeemable preferred shares and borrowed debt to enhance returns. The investment adviser is Virtus Investment Advisers, LLC, affiliated with Virtus Investment Partners, Inc., with Voya Investment Management Co. LLC serving as subadviser and a team of portfolio managers led by Justin M. Kass, CFA, alongside Michael E. Yee, David J. Oberto, K. Mathew Axline, CFA, and Ethan Turner, CFA. Formed on March 31, 2003 and domiciled in the United States with Hartford, Connecticut as the operational base, the Fund operates in U.S. fixed income and hybrid securities markets, targeting income-oriented investors through common shares, 5.625% Series A Cumulative Preferred Shares (traded as NCV-PA), and monthly distributions that may include net investment income, capital gains, or return of capital. Recent major changes include a 1-for-4 reverse stock split of common shares effective February 10, 2025 to enhance per-share market price, broaden investor appeal, improve liquidity, and reduce administrative costs, accompanied by new CUSIP 92838X805 and proportional dividend adjustments; in September 2025, four Virtus closed-end funds including NCV added K. Mathew Axline, CFA as portfolio manager; ongoing quarterly distributions on preferred shares, such as the $0.3515625 per share declared in June 2025 for the period ending June 30, 2025; and sustained leverage management with total managed assets of approximately $590 million as of late 2025.