Virtus Duff & Phelps Global Real Estate Securities Fund
VRGEX
NASDAQ- -
USD
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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
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Real Estate
- Industry
- Real Estate - General
- Address
- 101 Munson Street DE United States of America
- IPO Date
- Nov 7, 2016
- CIK
- 0001005020
- Website
- virtus.com
- Similar Companies
- Business
- Virtus Duff & Phelps Global Real Estate Securities Fund (VRGEX) is an open-end mutual fund that seeks attractive long-term capital appreciation and income by investing primarily in global real estate securities, with a focus on high-quality commercial real estate owner-operators generating revenues from recurring rental income; the fund employs a disciplined bottom-up investment process incorporating qualitative and quantitative factors to construct a high-conviction, lower-turnover portfolio typically comprising 50-70 securities, emphasizing real estate investment trusts (REITs) and similar entities across sectors including residential, healthcare, retail, diversified, industrial, data centers, self-storage, office, specialty, and lodging/resorts. Key portfolio characteristics as of September 30, 2025, include an average weighted market capitalization of $36.79 billion, a median market cap of $7.00 billion, trailing P/E (ex-negative earnings) of 29.64, price-to-cash flow of 17.90, price-to-book value of 1.74, and a 3-year earnings growth rate of 2.84; top holdings feature leading REITs such as Welltower Inc. (8.50%), Prologis Inc. (6.64%), Equinix Inc. (5.06%), Digital Realty Trust Inc. (4.25%), and AvalonBay Communities Inc. (3.45%), with sector allocations led by residential (16.72%) and healthcare (14.41%), and geographic exposure primarily to the United States (64.14%), Japan (8.42%), and the Eurozone (8.20%). The fund, classified in the Morningstar Global Real Estate category with a mid-cap blend investment style, maintains approximately 97% allocation to real estate, 64% to U.S. stocks, and 33% to non-U.S. stocks, offering diversification benefits from real estate's historically lower correlations to traditional equities and bonds while targeting lower volatility through rental property-focused companies. Managed by Duff & Phelps Investment Management Co., a subsidiary of Virtus Investment Partners since 1995 with roots tracing to an investment research firm founded in 1932 and headquartered in Chicago, Illinois, the fund launched its R6 share class (VRGEX) on November 3, 2016, under lead portfolio managers Geoffrey P. Dybas (since 2009) and Frank J. Haggerty, Jr. (since 2009), who oversee assets totaling approximately $394 million across share classes as of December 17, 2025. The minimum initial investment for R6 shares is $2,500,000, with a net expense ratio of 0.87% and daily pricing; shares are available for sale in the United States. Recent developments include the announcement, effective January 21, 2026, that Class C shares will no longer be available for purchase by new or existing shareholders, as detailed in the latest prospectus supplement, reflecting a strategic adjustment to the fund's share class structure amid ongoing portfolio management. On the parent organization level, Virtus Investment Partners completed a strategic minority investment acquiring a 35% stake in Crescent Cove Advisors, a private tech lender managing about $1 billion in assets focused on venture and growth credit, on December 15, 2025, and agreed to acquire a majority interest in Keystone National Group for $200 million plus up to $170 million in performance-based earnouts on December 5, 2025, enhancing Virtus' capabilities in private markets and potentially benefiting affiliated funds like VRGEX through broader platform diversification. These moves align with Virtus' expansion in real assets and alternatives, where Duff & Phelps remains a key boutique manager specializing in global real estate, infrastructure, and energy strategies.