VIRTUS NFJ Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
($ reported in thousands)
Shares | Value | ||
Preferred Stock—0.8% | |||
South Korea—0.8% | |||
Samsung Electronics Co., Ltd., 1.790% | 6,745 | $ 326 | |
Total Preferred Stock (Identified Cost $283) | 326 | ||
Common Stocks—98.0% | |||
Brazil—4.2% | |||
Cia Siderurgica Nacional S.A. | 47,972 | 194 | |
Localiza Rent a Car S.A. | 17,369 | 228 | |
Lojas Renner S.A. | 68,093 | 244 | |
TOTVS S.A. | 38,451 | 267 | |
Vale S.A. | 18,200 | 289 | |
WEG S.A. | 57,818 | 439 | |
1,661 | |||
Cayman Islands—2.6% | |||
Baidu, Inc. Class A(1) | 18,764 | 279 | |
KE Holdings, Inc. Class A | 57,200 | 317 | |
Sands China Ltd.(1) | 98,400 | 288 | |
ZTO Express Cayman, Inc. | 6,858 | 142 | |
1,026 | |||
China—35.5% | |||
Alibaba Group Holding Ltd. | 90,123 | 873 | |
ANTA Sports Products Ltd. | 160,559 | 1,558 | |
Bank of Ningbo Co., Ltd. Class A | 37,154 | 105 | |
BYD Co., Ltd. Class H | 8,795 | 242 | |
China Merchants Bank Co., Ltd. Class A | 238,682 | 936 | |
East Money Information Co., Ltd. Class A | 127,906 | 253 | |
ENN Energy Holdings Ltd. | 225,814 | 1,663 | |
ENN Natural Gas Co., Ltd. Class A | 113,100 | 268 | |
JD.com, Inc. Class A | 55,827 | 804 | |
Kweichow Moutai Co., Ltd. Class A | 1,300 | 316 | |
Li Ning Co., Ltd. | 612,512 | 1,639 | |
LONGi Green Energy Technology Co., Ltd. Class A | 72,000 | 233 | |
Luxshare Precision Industry Co., Ltd. Class A | 196,430 | 954 | |
Meituan Class B(1) | 24,628 | 258 | |
Shanghai Baosight Software Co., Ltd. Class B | 129,400 | 274 | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A | 6,800 | 279 | |
Tencent Holdings Ltd. | 35,880 | 1,349 | |
Thunder Software Technology Co., Ltd. Class A | 21,900 | 247 | |
Weihai Guangwei Composites Co., Ltd. Class A | 69,040 | 260 | |
Wuliangye Yibin Co., Ltd. Class A | 12,855 | 254 | |
WuXi AppTec Co., Ltd. Class H | 21,347 | 217 |
Shares | Value | ||
China—continued | |||
Wuxi Biologics Cayman, Inc.(1) | 43,957 | $ 167 | |
Yantai Jereh Oilfield Services Group Co., Ltd. Class A | 64,201 | 254 | |
Yealink Network Technology Corp., Ltd. Class A | 48,120 | 201 | |
Zhejiang Dingli Machinery Co., Ltd. Class A | 38,900 | 281 | |
13,885 | |||
Colombia—0.7% | |||
Interconexion Electrica S.A. ESP | 66,460 | 266 | |
France—0.7% | |||
BioMerieux | 2,487 | 276 | |
Hong Kong—1.1% | |||
AIA Group Ltd. | 31,417 | 274 | |
China Mengniu Dairy Co., Ltd.(1) | 64,087 | 172 | |
446 | |||
India—11.2% | |||
Bajaj Finance Ltd. | 3,001 | 264 | |
Bandhan Bank Ltd. | 94,353 | 274 | |
Berger Paints India Ltd. | 77,482 | 563 | |
Bharti Airtel Ltd. | 22,380 | 278 | |
Eicher Motors Ltd. | 11,671 | 581 | |
HDFC Bank Ltd. | 62,619 | 1,286 | |
ICICI Lombard General Insurance Co., Ltd. | 15,579 | 266 | |
Indraprastha Gas Ltd. | 115,049 | 578 | |
Kotak Mahindra Bank Ltd. | 12,291 | 282 | |
4,372 | |||
Indonesia—1.2% | |||
Bank Central Asia Tbk PT | 476,500 | 291 | |
Semen Indonesia Persero Tbk PT | 472,174 | 196 | |
487 | |||
Japan—7.0% | |||
MonotaRO Co., Ltd. Unsponsored ADR | 116,943 | 1,261 | |
Nippon Paint Holdings Co., Ltd. | 150,400 | 1,216 | |
Nippon Paint Holdings Co., Ltd. Unsponsored ADR | 70,926 | 267 | |
2,744 | |||
Malaysia—0.7% | |||
MR DIY Group M Bhd | 848,466 | 268 | |
Mexico—0.7% | |||
Wal-Mart de Mexico SAB de C.V. | 64,900 | 273 | |
Netherlands—3.7% | |||
ASML Holding N.V. | 1,923 | 1,447 |
Shares | Value | ||
Philippines—2.0% | |||
Ayala Corp. | 20,569 | $ 253 | |
Ayala Land, Inc. | 445,030 | 277 | |
JG Summit Holdings, Inc. | 368,600 | 254 | |
784 | |||
Poland—1.4% | |||
Bank Polska Kasa Opieki S.A. | 7,131 | 276 | |
Dino Polska S.A.(1) | 2,351 | 275 | |
551 | |||
Qatar—1.5% | |||
Qatar Islamic Bank SAQ | 51,203 | 294 | |
Qatar National Bank QPSC | 63,524 | 280 | |
574 | |||
Russia—0.0% | |||
Polyus PJSC GDR(1)(2)(3) | 4,887 | —(4) | |
Saudi Arabia—0.7% | |||
Saudi Arabian Oil Co. | 28,832 | 254 | |
South Africa—4.3% | |||
Anglo American Platinum Ltd. | 5,445 | 287 | |
Capitec Bank Holdings Ltd. | 2,587 | 287 | |
Clicks Group Ltd. | 15,719 | 280 | |
Impala Platinum Holdings Ltd. | 57,248 | 286 | |
Northam Platinum Holdings Ltd. | 36,265 | 278 | |
Sibanye Stillwater Ltd. | 196,319 | 267 | |
1,685 | |||
South Korea—6.9% | |||
Cheil Worldwide, Inc.(1) | 37,457 | 553 | |
CJ Logistics Corp.(1) | 2,878 | 284 | |
Coupang, Inc. Class A(1) | 13,580 | 220 | |
NAVER Corp. | 1,619 | 282 | |
NICE Information Service Co., Ltd.(1) | 29,958 | 220 | |
Samsung Electronics Co., Ltd. | 5,298 | 323 | |
Samsung SDI Co., Ltd.(1) | 1,664 | 610 | |
Saramin Co., Ltd.(1) | 15,461 | 210 | |
2,702 | |||
Taiwan—10.3% | |||
Chailease Holding Co., Ltd. | 47,000 | 296 | |
Chroma ATE, Inc. | 43,000 | 298 | |
Delta Electronics, Inc. | 28,000 | 286 | |
Hotai Motor Co., Ltd. | 13,000 | 300 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 147,121 | 2,843 | |
4,023 | |||
Thailand—0.8% | |||
Bangkok Dusit Medical Services PCL | 378,400 | 308 |
See Notes to Schedule of Investments
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VIRTUS NFJ Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
Shares | Value | ||
United Arab Emirates—0.8% | |||
First Abu Dhabi Bank PJSC | 79,276 | $ 301 | |
Total Common Stocks (Identified Cost $38,919) | 38,333 | ||
Rights—0.0% | |||
Brazil—0.0% | |||
Localiza Rent a Car S.A., 02/06/24(1) | 67 | —(4) | |
Total Rights (Identified Cost $—) | —(4) | ||
Total Long-Term Investments—98.8% (Identified Cost $39,202) | 38,659 | ||
TOTAL INVESTMENTS—98.8% (Identified Cost $39,202) | $38,659 | ||
Other assets and liabilities, net—1.2% | 454 | ||
NET ASSETS—100.0% | $39,113 |
Abbreviations: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PJSC | Public Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(3) | The Fund is unable to trade and repatriate proceeds due to U.S. sanctions related to the Russia/Ukraine war. |
(4) | Amount is less than $500 (not in thousands). |
Country Weightings† | |
China | 36% |
India | 11 |
Taiwan | 10 |
South Korea | 8 |
Japan | 7 |
South Africa | 4 |
Brazil | 4 |
Other | 20 |
Total | 100% |
† % of total investments as of December 31, 2023. |
The following table summarizes the value of the Fund’s investments as of December 31, 2023, 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, 2023 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Preferred Stock | $326 | $326 | $— | ||
Common Stocks | 38,333 | 38,333 | —(1) | ||
Rights | —(1) | —(1) | — | ||
Total Investments | $38,659 | $38,659 | $—(1) |
(1) | Amount is less than $500 (not in thousands). |
There were no securities valued using significant observable inputs (Level 2) at December 31, 2023.
There were no transfers into or out of Level 3 related to securities held at December 31, 2023.
Some of the Fund’s investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2023.
See Notes to Schedule of Investments
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VIRTUS NFJ Emerging Markets Value Fund
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Note 1. Security Valuation
The Fund’s Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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 investment adviser’s 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. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser’s Valuation Committee, and 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.
Debt instruments, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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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