VIRTUS Vontobel Foreign Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
($ reported in thousands)
Shares | Value | ||
Common Stocks—99.5% | |||
Communication Services—2.0% | |||
NetEase, Inc. (China) | 968,700 | $21,946 | |
Consumer Discretionary—13.0% | |||
adidas AG (Germany) | 49,889 | 18,569 | |
Ferrari NV (Italy) | 111,959 | 23,099 | |
Flutter Entertainment plc (Ireland)(1) | 148,331 | 26,857 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 55,271 | 43,340 | |
Yum China Holdings, Inc. (China) | 516,376 | 33,686 | |
145,551 | |||
Consumer Staples—13.7% | |||
Asahi Group Holdings Ltd. (Japan)(2) | 375,166 | 17,530 | |
Budweiser Brewing Co. APAC Ltd. (Hong Kong) | 9,197,515 | 29,022 | |
Diageo plc (United Kingdom) | 487,749 | 23,352 | |
Mondelez International, Inc. Class A (United States) | 227,515 | 14,206 | |
Nestle S.A. Registered Shares (Switzerland) | 301,369 | 37,529 | |
Unilever plc (United Kingdom) | 531,715 | 31,124 | |
152,763 | |||
Financials—3.1% | |||
Housing Development Finance Corp., Ltd. (India) | 503,704 | 16,774 | |
London Stock Exchange Group plc (United Kingdom) | 159,850 | 17,623 | |
34,397 | |||
Health Care—14.2% | |||
Alcon, Inc. (Switzerland) | 425,581 | 29,796 | |
Eurofins Scientific SE (Luxembourg) | 389,411 | 44,512 | |
Hoya Corp. (Japan) | 273,664 | 36,285 | |
Lonza Group AG Registered Shares (Switzerland) | 25,965 | 18,404 | |
Medtronic plc (United States) | 87,117 | 10,814 | |
Sartorius Stedim Biotech (France) | 38,996 | 18,445 | |
158,256 | |||
Industrials—23.3% | |||
Ashtead Group plc (United Kingdom) | 694,850 | 51,558 | |
Boyd Group Services, Inc. (Canada) | 139,039 | 25,302 | |
Canadian National Railway Co. (Canada) | 125,722 | 13,265 | |
Experian plc (Ireland) | 618,442 | 23,834 | |
IMCD NV (Netherlands) | 112,303 | 17,857 | |
Rentokil Initial plc (United Kingdom) | 5,837,034 | 39,968 | |
Safran SA (France) | 112,689 | 15,623 | |
Techtronic Industries Co., Ltd. (Hong Kong) | 1,313,556 | 22,941 | |
Teleperformance (France) | 34,550 | 14,023 | |
Wolters Kluwer NV (Netherlands) | 360,476 | 36,212 | |
260,583 | |||
Information Technology—27.5% | |||
Adyen NV (Netherlands)(1) | 8,845 | 21,610 | |
Constellation Software, Inc. (Canada) | 38,887 | 58,895 | |
Douzone Bizon Co., Ltd. (South Korea) | 50,577 | 3,728 |
Shares | Value | ||
Information Technology—continued | |||
Halma plc (United Kingdom) | 1,159,901 | $43,193 | |
Keyence Corp. (Japan) | 75,244 | 37,976 | |
Mastercard, Inc. Class A (United States) | 110,135 | 40,209 | |
Obic Co. Ltd. (Japan) | 170,579 | 31,799 | |
Samsung Electronics Co., Ltd. (South Korea) | 442,549 | 31,713 | |
Tata Consultancy Services Ltd. (India) | 836,522 | 37,654 | |
306,777 | |||
Materials—2.7% | |||
Air Liquide SA (France) | 98,389 | 17,227 | |
Asian Paints Ltd. (India) | 328,097 | 13,210 | |
30,437 | |||
Total Common Stocks (Identified Cost $760,943) | 1,110,710 | ||
Total Long-Term Investments—99.5% (Identified Cost $760,943) | 1,110,710 | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 3,572,380 | 3,572 | |
Total Securities Lending Collateral (Identified Cost $3,573) | 3,572 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $764,516) | $1,114,282 | ||
Other assets and liabilities, net—0.2% | 2,568 | ||
NET ASSETS—100.0% | $1,116,850 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United Kingdom | 18% |
Japan | 11 |
France | 10 |
Canada | 9 |
Switzerland | 8 |
Netherlands | 7 |
United States | 6 |
Other | 31 |
Total | 100% |
† % of total investments as of June 30, 2021. |
See Notes to Schedule of Investments
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VIRTUS Vontobel Foreign Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of June 30, 2021, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,110,710 | $1,110,710 | |
Securities Lending Collateral | 3,572 | 3,572 | |
Total Investments | $1,114,282 | $1,114,282 |
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2021.
There were no transfers into or out of Level 3 related to securities held at June 30, 2021.
See Notes to Schedule of Investments
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VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Note 1. Security Valuation
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 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. Restricted equity securities and private placements that are illiquid or are internally fair valued by the Valuation Committee, 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’s fair value 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 Depository 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.
Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in 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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