Virtus Convertible & Income Fund II
NCZ-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
- Dec 14, 2021
- 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; it targets at least 50% allocation to convertible securities, with adjustments based on equity prices, interest rates, and market factors to capture equity upside with reduced volatility. Portfolio allocations typically emphasize sectors such as information technology (24%), industrials (15%), and financials (14%), with securities across maturities of five to ten years on average; top holdings include Boeing Company 6% Preferred Series A, Wells Fargo 7.5% Non-Cumulative Perpetual Convertible Preferred Series L, and Welltower OP 3.125% notes due 2029. The Fund employs leverage through preferred shares (Series A Cumulative Preferred Shares at $109 million and Mandatory Redeemable Preferred Shares at $22 million) and borrowed debt ($25 million), resulting in effective leverage of approximately 34.5% of managed assets totaling $452 million as of November 2025. Founded on July 31, 2003, and headquartered at 1633 Broadway, 43rd Floor, New York, New York, the Fund operates in the U.S. fixed income markets, targeting income-oriented investors through its NYSE-listed common shares (NCZ) and preferred shares (NCZ-PA). Virtus Investment Advisers, LLC serves as investment adviser, with Voya Investment Management as subadviser; the portfolio management team includes Justin M. Kass (Chief Investment Officer since 2003), Michael E. Yee (since 2022), David J. Oberto (since 2022), K. Mathew Axline (since 2025), and Ethan Turner (since 2023). In recent years, the Fund underwent a name change from Virtus AllianzGI Convertible & Income Fund II, effective June 22, 2022, following the 2020 strategic partnership between Allianz Global Investors and Virtus Investment Partners, under which Virtus assumed responsibility for AllianzGI's U.S. open- and closed-end funds. It completed reverse stock splits announced in February 2025 for NCZ common shares, redeemed remaining Auction Rate Preferred Shares in January 2023, and conducted a private placement of Mandatory Redeemable Preferred Shares in May 2023. Additional changes include portfolio manager additions in September 2025 (K. Mathew Axline) and January 2023 (Ethan Turner), alongside ongoing monthly distributions of $0.12 per common share through December 2025 and quarterly distributions on Series A Preferred Shares, such as $0.34375 per share declared in November 2025.