In plain terms — Virtus Equity & Convertible Income Fund
Shares currently cost about 11.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.6% 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 9.2% a year of the share price (8.1% 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 10.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 12.7% 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 | -10.80% | 0.95% | +0.53 | 64 |
| 6 months | -11.12% | 0.89% | +0.92 | 126 |
| 1 year | -10.60% | 0.99% | +0.30 | 250 |
| 3 years | -9.72% | — | — | — |
| 5 years | -10.24% | — | — | — |
Current contemporaneous premium/discount -10.30% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -14.05% to -8.63%. 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 | +0.75% | -4.80% | +1.85% | -0.08% | +7.68% | -3.32% |
| Market price total return | +0.75% | -2.61% | +8.67% | +11.03% | +18.20% | +9.37% |
| NAV return | +2.47% | -3.70% | +4.45% | +2.54% | +8.81% | -3.10% |
| NAV total return | +2.47% | -1.70% | +10.69% | +12.69% | +18.35% | +8.17% |
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 Equity & Convertible Income Fund is a closed-end mutual fund designed to invest in a mix of stocks and income-producing convertible securities. It is overseen and managed by Allianz Global Investors Fund Management LLC, with co-management responsibilities held by Allianz Global Investors U.S. LLC. The fund's primary focus is on public equity markets within the United States, targeting companies across diverse economic sectors. A significant portion of its equity holdings comprises growth-oriented companies. Its investment strategy is rooted in comprehensive fundamental analysis, seeking out firms that exhibit characteristics such as exceptional earnings growth, a high return on invested capital, strong or improving financial stability, pronounced competitive advantages, and engagement in developing new technologies. Initially known as the AGIC Equity & Convertible Income Fund, it was established in the United States on February 27, 2007.
CEF Explorer research page for Virtus Equity & 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.