Virtus Convertible & Income Fund II
NCZ
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
- Jul 29, 2003
- CIK
- 0001227857
- Website
- allianzinvestors.com
- Similar Companies
- Business
- Virtus Convertible & Income Fund II (NYSE: NCZ) is a diversified, closed-end management investment company that seeks total return through a combination of capital appreciation and high current income. The Fund invests at least 80% of its total assets in a diversified portfolio of domestic convertible securities and non-convertible income-producing securities, including high-yield bonds rated below investment grade, while targeting at least 50% allocation to convertible securities with adjustments based on equity prices, interest rates, and market factors; it employs leverage through preferred shares and borrowed debt to enhance returns. Voya Investment Management serves as the subadviser, focusing on issuers that adapt to change, meet credit standards, and show strong operating potential, with portfolio managers including Justin M. Kass since 2003, Michael E. Yee and David J. Oberto since 2022, Ethan Turner since 2023, and K. Mathew Axline since 2025. The Fund's portfolio typically features significant exposure to convertible securities (around 62%), high-yield bonds (around 32%), and sectors such as information technology, industrials, and financials; top holdings include Boeing Company preferred shares, Wells Fargo convertible preferred shares, and Welltower OP notes. It provides monthly distributions to common shareholders, recently set at $0.12 per share from January through December 2025 (with January adjusted post-split), alongside quarterly distributions on its Series A Cumulative Preferred Shares and Mandatory Redeemable Preferred Shares. Virtus Investment Advisers, LLC acts as the investment adviser, with total managed assets of approximately $452 million as of late 2025, including $296 million in net assets, $131 million in preferred assets, and $25 million in borrowed debt for an effective leverage ratio of 34.51%. Founded in 2003 and headquartered in Hartford, Connecticut, the Fund operates primarily in U.S. markets, trading on the New York Stock Exchange. In February 2025, NCZ executed a 1-for-4 reverse stock split effective February 10, adjusting historical NAV and market price data accordingly, alongside sister fund NCV; performance metrics post-split show a 52-week NAV range of $11.90-$14.72 and market price range of $10.48-$13.36 as of mid-2025. Recent developments include the addition of four portfolio managers across Virtus closed-end funds in September 2025, ongoing tender offers and private placements for preferred shares (notably in 2023), and consistent monthly distribution announcements through 2025, such as the November 19 preferred shares notice and December common share ex-date of December 11.