ASFRX — Virtus AllianzGI Global Dynamic Allocation Fund

Data updated: 2022-08-25

ASFRX — Virtus AllianzGI Global Dynamic Allocation Fund. Capital Appreciation / Growth Allocation · $9.29M AUM. Holdings, fees, performance and SEC filings.

ASFRX Fund Overview

ASFRX — Virtus AllianzGI Global Dynamic Allocation Fund is a US mutual fund managed by Virtus Strategy Trust, categorised as Capital Appreciation / Growth Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Virtus Strategy Trust
Category: Capital Appreciation / Growth Allocation
Assets under management: $9.29M
1-year return: 35.6%
Ticker: ASFRX
SEC CIK: 0001423227
SEC series ID: S000025373
Share class ID: C000075790

ASFRX Investment Objective and Strategy

Virtus AllianzGI Global Dynamic Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Virtus Strategy Trust.

Investment objective

The Fund seeks long-term capital appreciation.

Principal investment strategy

The Fund seeks to achieve its investment objective through a combination of active allocation between asset classes and actively managed strategies within those asset classes. The Fund allocates its investments among asset classes in response to changing market, economic, and political factors and events that the portfolio managers believe may affect the value of the Funds investments. In making investment decisions for the Fund, the portfolio managers seek to identify trends and turning points in the global markets. To gain exposure to the various asset classes, the Fund incorporates actively managed strategies and/or passive instruments. The Fund seeks to achieve its investment objective through active allocation among global equity, fixed income and a range of other asset classes, which the portfolio managers designate as opportunistic, together with actively managed strategies within those asset classes.

The Fund may also invest in affiliated and unaffiliated mutual funds, exchange-traded funds (ETFs) and exchange-traded notes, other pooled vehicles and derivative instruments such as futures, among others, as further described below. The Fund also seeks to mitigate risk in extremely negative market environments, by decreasing exposure to asset classes, such as equities, experiencing strong downward trends. The Fund invests directly and indirectly in globally diverse equity securities, including emerging market equities, and in U.S. dollar-denominated fixed income securities. The Funds baseline long-term allocation consists of 60% to global equity exposure (the Equity Component) and 40% to fixed income exposure (the Fixed Income Component), which is also the allocation of the blended benchmark index against which the Fund is managed.

The portfolio managers will typically over- or under-weight the Fund against this baseline long-term allocation, depending upon the portfolio managers view of the relative attractiveness of the investment opportunities available, which will change over time. The Fund may also use an Opportunistic Component whereby it invests up to 20% of its assets in any combination of the following asset classes: emerging market debt, international debt, intermediate and long-term high yield debt (commonly known as junk bonds), commodities, and U.S. and international small capitalization stocks. The Fund generally expects to gain a significant portion of its exposure to opportunistic asset classes indirectly through investments in exchange-traded funds (ETFs), exchange-traded notes, other investment companies and pooled vehicles, and derivative instruments, although such exposure also may be gained directly.

Combined exposure to the Equity Component and the Opportunistic Component, including notional exposure, is normally limited to 90% of the Funds net assets at the time of investment. Only securities, instruments or actively managed strategies whose primary purpose is to gain exposure to one or more of the opportunistic asset classes count toward the Opportunistic Components 20% limit. Thus, exposure to opportunistic asset classes resulting from investments in diversified underlying strategies are not included in the calculation of the Opportunistic Component of the Fund. The portfolio managers analyze market cycles, economic cycles and valuations, of each asset class and their components and may adjust the Funds exposures to individual holdings and asset classes. In determining whether and how to allocate Fund assets, the portfolio managers regularly assess the Funds overall allocations to each strategy and consider the merits of increasing or decreasing the relative balance among asset classes in the portfolio, and may adjust the Funds allocations to the various asset classes through the use of derivatives and other instruments and investment techniques.

The portfolio managers also employ a risk management strategy, which may cause an adjustment to the Funds asset allocation in an effort to mitigate certain downside risks. Depending on market conditions, the Equity Component may range between approximately 20% and 80% of the Funds assets and the Fixed Income Component may range between approximately 20% and 80% of the Funds assets. Apart from this strategic asset allocation, the Fund may use its Opportunistic Component. As a result of its derivative positions, the Fund may have gross investment exposures in excess of 100% of its net assets ( i.e. , the Fund may be leveraged) and therefore subject to heightened risk of loss. The Funds performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not directly or indirectly own those underlying assets or indices.

The portfolio managers adjust the Funds exposure to the Equity Component, the Fixed Income Component, and the Opportunistic Component in response to momentum and momentum reversion signals in an effort to mitigate downside risk in times of severe market stress, and to increase the return potential in favorable markets. The portfolio managers believe positive momentum suggests future periods of positive investment returns and typical levels of market volatility. When the momentum signals for an asset class indicate positive momentum, the portfolio managers may increase the Funds exposure to that asset class. Momentum is the tendency of investments to exhibit persistence in their performance. Momentum reversion is the tendency that a performance trend will ultimately change and move in an opposite direction.

The portfolio managers believe negative momentum suggests future periods of negative investment returns and increased volatility. When the portfolio managers recognize negative momentum for an asset class, the Fund may reduce its exposure to that asset class. Within the Equity and Fixed Income component limits described above, the Fund intends to make extensive use of three security selection strategies, namely, Best Styles Global Equity, Best Styles Global Managed Volatility and Advanced Core Bond. Each of these strategies is managed by a dedicated team of portfolio managers in a separate sleeve of the Fund. These portfolio managers are not responsible for changing the asset allocation of the Funds portfolio. A description of the investment process used for each of these strategies is set forth below.

Best Styles Global Equity . This strategy focuses on investments in globally diverse equity securities, including emerging market equities. The Best Styles Global Equity investment strategy centers on the portfolio managers belief that individual investment styles (Value, Earnings Change, Price Momentum, Growth, and Quality) carry long-term risk premiums that are largely independent of the current economic or market environment and that can be captured using a disciplined investment approach. Risk premiums represent the added value resulting from investments in certain sub-segments of the market that may carry higher risks but have historically led to higher returns on investment. Best Styles Global Managed Volatility . The investment process for the Best Styles Global Managed Volatility strategy mirrors the approach used for the Best Styles Global Equity strategy described above, except that the portfolio managers also seek to control for risks associated with volatility and accordingly conduct the security-selection process used for this sleeve with reference to the MSCI ACWI Minimum Volatility Index, which is designed to reflect the performance characteristics of a minimum variance strategy applied to the MSCI ACWI equity universe.

Advanced Core Bond . This strategy focuses on investments in U.S. investment-grade fixed income securities. The Advanced Core Bond strategy incorporates Allianz Global Investors advanced fixed income strategy, under which the portfolio managers utilize a flexible and active diversification process across a wide range of fixed income asset classes to seek systematic identification of what they believe are fundamental debt market inefficiencies. The Fund may invest in any type of equity or fixed income security, including common and preferred stocks, mutual funds, ETFs, warrants and convertible securities, mortgage-backed securities, asset-backed securities and government and corporate bonds. The Fund may invest in securities of companies of any capitalization, including smaller capitalization companies.

The Fund also may make investments intended to provide exposure to one or more commodities or securities indices, currencies, and real estate-related securities. In implementing these investment strategies, the Fund may make substantial use of over-the-counter (OTC) or exchange-traded derivatives, including futures contracts, interest rate swaps, total return swaps, credit default swaps, options (puts and calls) purchased or sold by the Fund, currency forwards, and structured notes. The Fund may use derivatives for a variety of purposes, including: as a hedge against adverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for purchasing or selling securities; to increase the Funds return as a non-hedging strategy that may be considered speculative; and to manage portfolio characteristics.

The Fund may maintain a significant percentage of its assets in cash and cash equivalents which will serve as margin or collateral for the Funds obligations under derivative transactions.

ASFRX Performance

Total returns for ASFRX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	35.6%

ASFRX Risk Information

Risk metrics for ASFRX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 10.2%

ASFRX Costs and Fees

ASFRX costs about $128 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.28%
Gross expense ratio: 1.89%
Portfolio turnover: 206%
Brokerage commissions: 6.17 bps of average net assets (SEC N-CEN)

ASFRX Cashflows

Over the 12 months to 2022-06, Virtus AllianzGI Global Dynamic Allocation Fund had net inflows of $123.05M, from monthly SEC N-PORT filings.

Month	Net flow
2022-06	$23.85M
2022-05	$472.90K
2022-04	$1.61M
2022-03	$1.13M
2022-02	$16.48M
2022-01	$2.50M

ASFRX Debt Constituents

No individual debt constituents are reported in Virtus AllianzGI Global Dynamic Allocation Fund's latest SEC N-PORT filing.

ASFRX Prospectus and SEC Filings

Official Virtus AllianzGI Global Dynamic Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Capital Appreciation / Growth Allocation funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.