VIRTUS NFJ Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Preferred Stock—4.4% | |||
South Korea—4.4% | |||
Samsung Electronics Co., Ltd., 2.180% | 107,737 | $ 6,453 | |
Total Preferred Stock (Identified Cost $5,909) | 6,453 | ||
Common Stocks—93.8% | |||
Argentina—0.6% | |||
MercadoLibre, Inc.(1) | 647 | 872 | |
Brazil—2.8% | |||
Ambipar Participacoes e Empreendimentos S.A. | 128,800 | 975 | |
B3 S.A. - Brasil Bolsa Balcao | 707,948 | 1,416 | |
Cia de Locacao das Americas | 186,107 | 785 | |
WEG S.A. | 155,300 | 920 | |
4,096 | |||
China—36.9% | |||
Aier Eye Hospital Group Co. Ltd. Class A | 119,393 | 792 | |
Alibaba Group Holding Ltd.(1) | 309,500 | 4,719 | |
ANTA Sports Products Ltd. | 57,600 | 864 | |
Asymchem Laboratories Tianjin Co., Ltd. Class A | 16,700 | 1,140 | |
Bank of Ningbo Co., Ltd. Class A | 160,254 | 962 | |
China Lesso Group Holdings Ltd. | 182,000 | 261 | |
China Merchants Bank Co., Ltd. Class A | 638,050 | 4,876 | |
East Money Information Co., Ltd. Class A | 484,366 | 2,820 | |
ENN Energy Holdings Ltd. | 50,700 | 954 | |
Foshan Haitian Flavouring & Food Co., Ltd. Class A | 45,543 | 751 | |
Hangzhou Tigermed Consulting Co. Ltd. Class A | 39,100 | 784 | |
JD.com, Inc. Class A(1) | 49,800 | 1,750 | |
Jiangsu Hengli Hydraulic Co., Ltd. Class A | 74,000 | 950 | |
Kweichow Moutai Co., Ltd. Class A | 3,300 | 1,061 | |
Li Ning Co., Ltd. | 104,500 | 1,144 | |
Longfor Group Holdings Ltd. | 193,500 | 911 | |
LONGi Green Energy Technology Co., Ltd. Class A | 84,140 | 1,138 | |
Luxshare Precision Industry Co., Ltd. Class A | 961,530 | 7,423 | |
Luzhou Laojiao Co., Ltd. Class A | 27,700 | 1,103 | |
Meituan Class B(1) | 80,300 | 2,321 | |
Midea Group Co., Ltd. Class A | 88,900 | 1,030 |
Shares | Value | ||
China—continued | |||
NetEase, Inc. | 33,600 | $ 679 | |
Ping An Insurance Group Co. of China Ltd. Class A | 122,000 | 965 | |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A | 19,900 | 986 | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A | 15,700 | 938 | |
Shenzhou International Group Holdings Ltd. | 19,100 | 367 | |
Tencent Holdings Ltd. | 155,500 | 9,110 | |
Will Semiconductor Co. Ltd. Shanghai Class A | 26,017 | 1,269 | |
Wuliangye Yibin Co., Ltd. Class A | 26,755 | 935 | |
Wuxi Biologics Cayman, Inc.(1) | 63,500 | 754 | |
Yum China Holdings, Inc. | 19,757 | 985 | |
54,742 | |||
Hong Kong—3.2% | |||
AIA Group Ltd. | 50,000 | 504 | |
Hong Kong Exchanges & Clearing Ltd. | 17,700 | 1,034 | |
SITC International Holdings Co., Ltd. | 251,000 | 908 | |
SUNeVision Holdings Ltd. | 1,076,000 | 1,018 | |
Techtronic Industries Co., Ltd. | 66,000 | 1,314 | |
4,778 | |||
India—8.8% | |||
Aarti Industries Ltd. | 70,093 | 947 | |
Asian Paints Ltd. | 24,149 | 1,099 | |
Atul Ltd. | 5,832 | 709 | |
Bajaj Finserv Ltd. | 2,354 | 520 | |
Britannia Industries Ltd. | 9,662 | 469 | |
Coromandel International Ltd. | 85,401 | 869 | |
HDFC Bank Ltd. | 49,134 | 978 | |
Hindustan Unilever Ltd. | 12,953 | 411 | |
Indraprastha Gas Ltd. | 128,233 | 811 | |
Infosys Ltd. | 50,074 | 1,272 | |
Ipca Laboratories Ltd. | 35,726 | 1,041 | |
Manappuram Finance Ltd. | 167,820 | 372 | |
Muthoot Finance Ltd. | 18,511 | 372 | |
Reliance Industries Ltd. | 67,531 | 2,151 | |
Tata Consultancy Services Ltd. | 19,881 | 1,000 | |
13,021 | |||
Indonesia—0.7% | |||
Bank Central Asia Tbk PT | 2,056,800 | 1,053 | |
Kazakhstan—0.8% | |||
Kaspi.KZ JSC GDR | 10,234 | 1,187 | |
Netherlands—1.7% | |||
ASM International N.V. | 2,153 | 953 | |
ASML Holding N.V. | 1,217 | 979 |
Shares | Value | ||
Netherlands—continued | |||
Yandex N.V. Class A(1) | 11,127 | $ 673 | |
2,605 | |||
Poland—0.7% | |||
Dino Polska S.A.(1) | 11,532 | 1,051 | |
Russia—2.2% | |||
HeadHunter Group plc ADR | 18,459 | 943 | |
LUKOIL PJSC Sponsored ADR | 10,285 | 921 | |
Novatek PJSC Sponsored GDR | 4,077 | 955 | |
Polyus PJSC GDR | 5,010 | 442 | |
3,261 | |||
Saudi Arabia—1.1% | |||
Al Rajhi Bank | 17,937 | 678 | |
Saudi Arabian Oil Co. | 104,985 | 1,001 | |
1,679 | |||
Singapore—0.6% | |||
Sea Ltd. ADR(1) | 3,818 | 854 | |
South Africa—4.7% | |||
AngloGold Ashanti Ltd. | 39,985 | 825 | |
Capitec Bank Holdings Ltd. | 8,417 | 1,077 | |
Clicks Group Ltd. | 54,631 | 1,082 | |
Gold Fields Ltd. Sponsored ADR | 287,954 | 3,164 | |
Naspers Ltd. Class N | 5,491 | 852 | |
7,000 | |||
South Korea—3.0% | |||
Coupang, Inc. Class A(1) | 24,915 | 732 | |
Hansol Chemical Co., Ltd. | 2,565 | 659 | |
Kakao Corp.(1) | 7,838 | 742 | |
Macquarie Korea Infrastructure Fund | 38,844 | 459 | |
NAVER Corp. | 2,474 | 788 | |
Samsung Electronics Co., Ltd. | 15,729 | 1,036 | |
4,416 | |||
Taiwan—17.0% | |||
Alchip Technologies Ltd. | 30,000 | 1,106 | |
ASPEED Technology, Inc. | 8,000 | 1,031 | |
Chailease Holding Co., Ltd. | 104,206 | 992 | |
E.Sun Financial Holding Co., Ltd. | 1,102,774 | 1,118 | |
Lotes Co., Ltd. | 38,000 | 1,045 | |
MediaTek, Inc. | 27,000 | 1,161 | |
Micro-Star International Co., Ltd. | 95,000 | 551 | |
Parade Technologies Ltd. | 13,000 | 994 | |
Pegavision Corp. | 52,000 | 803 | |
Realtek Semiconductor Corp. | 48,200 | 1,010 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 477,000 | 10,603 |
See Notes to Schedule of Investments
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VIRTUS NFJ Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Taiwan—continued | |||
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 8,303 | $ 999 | |
Unimicron Technology Corp. | 119,000 | 994 | |
Vanguard International Semiconductor Corp. | 167,000 | 954 | |
Voltronic Power Technology Corp. | 21,350 | 1,192 | |
Wiwynn Corp. | 17,133 | 691 | |
25,244 | |||
Thailand—0.6% | |||
Energy Absolute PCL NVDR | 294,800 | 847 | |
United States—8.4% | |||
Advanced Micro Devices, Inc.(1) | 6,458 | 929 | |
Broadcom, Inc. | 2,096 | 1,395 | |
Fabrinet(1) | 8,056 | 955 | |
Lam Research Corp. | 1,720 | 1,237 | |
Monolithic Power Systems, Inc. | 1,908 | 941 | |
NVIDIA Corp. | 3,174 | 934 |
Shares | Value | ||
United States—continued | |||
Teradyne, Inc. | 37,494 | $ 6,131 | |
12,522 | |||
Total Common Stocks (Identified Cost $111,106) | 139,228 | ||
Total Long-Term Investments—98.2% (Identified Cost $117,015) | 145,681 | ||
Short-Term Investment—1.9% | |||
Money Market Mutual Fund—1.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 2,855,081 | 2,855 | |
Total Short-Term Investment (Identified Cost $2,855) | 2,855 | ||
TOTAL INVESTMENTS—100.1% (Identified Cost $119,870) | $148,536 | ||
Other assets and liabilities, net—(0.1)% | (130) | ||
NET ASSETS—100.0% | $148,406 |
Abbreviations: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipts |
PJSC | Public Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
China | 37% |
Taiwan | 17 |
United States | 10 |
India | 9 |
South Korea | 7 |
South Africa | 5 |
Hong Kong | 3 |
Other | 12 |
Total | 100% |
† % of total investments as of December 31, 2021. |
The following table summarizes the market value of the Fund’s investments as of December 31, 2021, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $139,228 | $139,228 | |
Preferred Stock | 6,453 | 6,453 | |
Money Market Mutual Fund | 2,855 | 2,855 | |
Total Investments | $148,536 | $148,536 |
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2021.
There were no transfers into or out of Level 3 related to securities held at December 31, 2021.
See Notes to Schedule of Investments
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VIRTUS NFJ EMERGING MARKETS VALUE FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
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