Virtus KAR Mid-Cap Core Fund
VMACX
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- Virtus KAR Mid-Cap Core Fund (VMACX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in a concentrated portfolio of 25-35 high-quality U.S. mid-cap companies exhibiting durable competitive advantages, excellent management teams, lower financial risk profiles, consistent profitability, high returns on capital, strong free cash flow generation, and attractive valuations relative to growth potential. The fund employs a disciplined, bottom-up fundamental research process emphasizing lower volatility characteristics through selections with reduced earnings variability and minimal reliance on external financing; it offers multiple share classes including Class A (VMACX), Class C (VMCCX), Class I (VIMCX), and Class R6 (VRMCX), with total net assets exceeding $2.3 billion as of December 2025. Managed by portfolio managers Jon Christensen, CFA, and Craig Stone since inception, the fund is subadvised by Kayne Anderson Rudnick Investment Management, LLC (KAR), an affiliate of Virtus Investment Partners, Inc., and focuses on sectors such as industrials, financials, information technology, consumer discretionary, and health care. Launched on June 22, 2009, the fund operates within the mid-cap growth segment of the U.S. equity market, targeting institutional investors, financial advisors, high-net-worth individuals, endowments, foundations, and retirement plans. KAR, founded in 1984 and headquartered in Los Angeles, California, provides the investment subadvisory services with approximately $63.8-$69.8 billion in assets under management across quality-focused equity strategies; Virtus Investment Partners serves as the primary adviser from its headquarters in Hartford, Connecticut. The fund maintains a high-conviction, low-turnover approach with an average weighted market capitalization of around $25 billion, median market cap of $18.7 billion, and top holdings including Houlihan Lokey Inc., HEICO Corp., Monolithic Power Systems Inc., Teledyne Technologies Inc., and AMETEK Inc. as of September 30, 2025. Recent developments include the October 2024 launch by Virtus Investment Partners of the Virtus KAR Mid-Cap ETF (KMID), an actively managed exchange-traded fund mirroring the fund's strategy and managed by the same KAR team of Christensen and Stone, expanding access to KAR's mid-cap core approach into the ETF format. Effective January 21, 2026, Class C shares (VMCCX) will no longer be available for purchase by new or existing shareholders, reflecting a strategic adjustment in share class offerings as detailed in the prospectus supplement. The fund continues to emphasize its lower-volatility profile amid 2025 market dynamics, with KAR's broader platform receiving accolades such as the 2025 LSEG Lipper Fund Award for its related Virtus KAR Small-Cap Core Fund.