In plain terms — Virtus Diversified Income & Convertible Fund
Shares currently cost about 6.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.5% discount, so today's level is somewhat wide for this fund (Z-score -1.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.7% a year of the share price (10.0% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.07 of assets — a ReinvestCapture™ rate of 11.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 11.1% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -3.00% | 2.13% | -0.89 | 64 |
| 6 months | -3.09% | 1.83% | -0.98 | 126 |
| 1 year | -0.53% | 3.71% | -1.17 | 250 |
| 3 years | -1.10% | — | — | — |
| 5 years | -2.14% | — | — | — |
Current contemporaneous premium/discount -4.89% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -8.60% to +7.63%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.75% | -13.87% | -9.09% | -4.21% | +9.82% | -7.56% |
| Market price total return | -5.93% | -11.93% | -2.60% | +5.58% | +21.18% | +5.66% |
| NAV return | -1.98% | -7.90% | +2.83% | +0.78% | +9.94% | -6.65% |
| NAV total return | -1.16% | -5.89% | +10.11% | +11.10% | +21.25% | +6.16% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Virtus Diversified Income & Convertible Fund is a closed-ended balanced mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Allianz Global Investors U.S. LLC. It invests in the public equity and fixed income markets. The fund primarily invests in diversified portfolio of convertible securities, income-producing equity securities, and income-producing debt and other instruments of varying maturities. It employs fundamental analysis along with bottom-up stock picking approach. Virtus Diversified Income & Convertible Fund was formed In May 27, 2015 and is domiciled in United States.
CEF Explorer research page for Virtus Diversified Income & Convertible Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.