In plain terms — Virtus Convertible & Income Fund II
Shares currently cost about 9.3% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.4% discount, so today's level is somewhat high 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 10.3% a year of the share price (9.3% 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 $1.10 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 8.6% 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 | -7.81% | 2.35% | +0.20 | 64 |
| 6 months | -9.11% | 2.22% | +0.80 | 126 |
| 1 year | -9.44% | 1.79% | +1.18 | 250 |
| 3 years | -9.97% | — | — | — |
| 5 years | -10.37% | — | — | — |
Current contemporaneous premium/discount -7.33% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.79% to -4.56%. 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 | -6.25% | -8.70% | +1.31% | -0.78% | +9.33% | -8.12% |
| Market price total return | -5.46% | -6.50% | +9.74% | +9.34% | +17.66% | -2.77% |
| NAV return | -3.20% | -9.09% | +0.65% | -0.64% | +7.28% | -7.48% |
| NAV total return | -2.45% | -7.04% | +8.28% | +8.56% | +14.71% | -2.61% |
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 II is a closed-end mutual fund focused on fixed income, launched and managed by Allianz Global Investors Fund Management LLC, with Allianz Global Investors U.S. LLC serving as co-manager. The fund's investment strategy concentrates on fixed income markets within the United States, primarily allocating capital to convertible instruments and high-yield, non-convertible bonds rated below investment grade. Its holdings generally feature a weighted average maturity ranging from five to ten years. Portfolio construction relies on fundamental analysis and a bottom-up security selection approach, supported by proprietary models and internal research. Established on July 31, 2003, and domiciled in the U.S., the fund was formerly known as AGIC Convertible & Income Fund II.
CEF Explorer research page for Virtus Convertible & Income Fund II. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.