In plain terms — Virtus Convertible & Income Fund
Shares currently cost about 11.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.0% discount, so today's level is not high for this fund (Z-score +0.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.9% a year of the share price (9.6% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 12.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 8.0% 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 | -9.50% | 1.85% | -0.06 | 64 |
| 6 months | -9.80% | 1.51% | +0.12 | 126 |
| 1 year | -9.97% | 1.43% | +0.25 | 250 |
| 3 years | -10.25% | — | — | — |
| 5 years | -9.68% | — | — | — |
Current contemporaneous premium/discount -9.61% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.51% to -5.87%. 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 | -5.17% | -10.15% | -0.66% | -2.97% | +7.71% | -9.45% |
| Market price total return | -4.33% | -7.86% | +7.93% | +7.32% | +16.17% | -4.07% |
| NAV return | -3.25% | -9.11% | -0.18% | -1.40% | +6.40% | -7.74% |
| NAV total return | -2.48% | -7.01% | +7.61% | +8.00% | +13.91% | -2.78% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Virtus Convertible & Income Fund, previously known as AGIC Convertible & Income Fund, is a U.S.-domiciled, closed-end mutual fund specializing in fixed-income investments. Launched and primarily overseen by Allianz Global Investors Fund Management LLC, with Allianz Global Investors U.S. LLC serving as co-manager, this fund was established on March 31, 2003. Its investment strategy concentrates on the fixed-income markets within the United States, predominantly allocating capital to convertible securities and non-convertible high-yield bonds that are rated below investment grade. The fund aims for a diverse maturity profile, maintaining a weighted average maturity for its holdings typically ranging from five to ten years. Portfolio construction is driven by fundamental analysis and a bottom-up security selection approach, supported by proprietary models and in-house research capabilities.
CEF Explorer research page for Virtus Convertible & Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.