Virtus Total Return Fund

Virtus Total Return Fund, Inc. is a closed-end diversified investment fund, which invests in equity securities and fixed income. Its seeks to generate total return, consisting of capital appreciation and income. The company was founded on July 21, 1988 and is headquartered in Greenfield, MA.

We review the CEF market valuation and performance through the first week of December and highlight recent market action. The CEF market showed mixed performance; MLPs, Utilities, and Hybrid CEFs top year-to-date returns. Eaton Vance and Nuveen made minor distribution adjustments; Invesco's VBF hiked by 15%, while XFLT cut by 9%.

CEF Weekly Review: Mostly Quiet On The Distribution Front

The Virtus Total Return Fund offers a 9.63% yield, appealing to income-focused investors despite not having the highest yield among peers. ZTR's balanced strategy involves investing in global infrastructure equities and fixed income, with a current 75/25 equity-to-bond allocation. The fund's recent performance, including distributions, yielded a total return of 12.46%, closely trailing equity indices and outperforming bonds.

ZTR: Play The Forward Growth Of Utilities With This High-Yielding CEF

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) (“the Fund”) today announced it met the conditions to trigger its first conditional tender offer (“Tender Offer”) to acquire another 10% of the Fund's outstanding shares. This Tender Offer was triggered when the Average Trading Discount of the Fund's shares exceeded 12% during the period from May 31, 2024 through November 26, 2024 (“measurement period”). The average trading discount during this measurement period was 12.

Virtus Total Return Fund Inc. Announces First Conditional Tender Offer

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) today announced the following monthly distributions: Amount of Distribution Ex-Date/Record Date Payable Date $0.05 December 12, 2024 December 30, 2024 $0.05 January 13, 2025 January 30, 2025 $0.05 February 13, 2025 February 27, 2025 $0.05 March 13, 2025 March 28, 2025 The Fund previously announced the following monthly distribution on August 29, 2024: Amount of Distribution Ex-Date Record Date Payable Date $0.05 Novembe.

Virtus Total Return Fund Inc. Announces Distributions and Discloses Sources of Distribution – Section 19(a) Notice

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) previously announced the following monthly distribution on August 29, 2024: Amount of Distribution Ex-Date Record Date Payable Date $0.05 October 11, 2024 October 11, 2024 October 30, 2024 Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid, in part or in full, from net investment income and realized capital gains, or a combination thereof. Sh.

Virtus Total Return Fund Inc. Discloses Sources of Distribution – Section 19(a) Notice

The Virtus Total Return Fund (ZTR) provides investors with exposure to both utilities and fixed-income instruments, an area of the market that stands to benefit in a lower-rate environment. The fund trades at an attractive discount while it has started to perform much better in 2024; it also pays out a relatively high distribution rate of ~10%. The fund completed a tender offer earlier this year, and there are potentially two more conditional tender offers to be triggered in the future.

ZTR: Discount Remains Attractive As Better Performance Takes Hold

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) today announced the following monthly distributions: Amount of Distribution Ex-Date Record Date Payable Date $0.05 September 13, 2024 September 13, 2024 September 26, 2024 $0.05 October 11, 2024 October 11, 2024 October 30, 2024 $0.05 November 12, 2024 November 12, 2024 November 27, 2024 Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid, in.

Virtus Total Return Fund Inc. Announces Distributions

Virtus Total Return Fund Inc. is a closed-end fund that can protect against inflation and generate income. The ZTR fund's current yield of 10.33% compares well with similar funds, but its performance has lagged market indices. The fund might be able to benefit from the artificial intelligence boom due to its significant exposure to electric utilities.

ZTR: Much Improved Portfolio And May Benefit From AI Boom

Virtus Total Return Fund conducted a voluntary tender offer, showing management alignment with shareholders. The tender offer was for up to 10% of shares at 98% of NAV, with the potential for two more offers depending on the discount. Investors who tendered saw better-than-expected results, with a pro-ration of 29.18% and a final tender price at a +10.7% premium to the market price.

ZTR Tender Offer Results Better For Investors Than Expected

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) (“the Fund”) today announced final results of its tender offer (“Tender Offer”) to acquire 10% of its outstanding shares, which expired May 1, 2024 at 5:00 p.m. eastern time. The Fund accepted 6,857,832 shares, representing 10% of its outstanding shares, for payment on or about May 8, 2024. A total of 23,504,666.8517 shares were properly tendered. Therefore, on a prorated basis, approximately 29.18% of the shares tender.

Virtus Total Return Fund Inc. Announces Final Results of Tender Offer

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) (“the Fund”) today announced preliminary results of its tender offer (“Tender Offer”) to acquire 10% of the Fund's outstanding shares, which expired on May 1, 2024 at 5 p.m. (Eastern). Approximately 23,600,666.85 shares were tendered, including shares tendered pursuant to notices of guaranteed delivery, based on preliminary information. With the Tender Offer oversubscribed, the relative number of shares that will be pur.

Virtus Total Return Fund Inc. Announces Preliminary Results of Tender Offer

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) (“the Fund”) today announced that it has commenced a tender offer (“Tender Offer”) to acquire up to 10% of the Fund's outstanding shares in exchange for cash at a price equal to 98% of the Fund's net asset value (NAV) as of the close of regular trading on the business day immediately following the day the Tender Offer expires. The Tender Offer will expire at 5 p.m. (Eastern) on May 1, 2024 and the pricing date will be M.

Virtus Total Return Fund Inc. Announces Commencement of Tender Offer

Virtus Total Return Fund Inc. announces a tender offer program to enhance shareholder value and provide liquidity. The tender offer will be for up to 10% of the Fund's outstanding shares at a price equal to 98% of NAV. Two additional conditional tender offers may be implemented if the Fund's average trading discount remains wide.

ZTR: Tender Offer Quick Notes

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We review CEF market valuation and performance through the third week of March and highlight recent market action. Most CEF sectors saw lower NAVs due to the drop in stocks and Treasuries, but discounts tightened in all but 3 sectors. Saba is in a fight with ASA Gold & Precious Metals CEF, which has adopted a rights offering to dilute Saba.

CEF Weekly Review: Saba Takes The Gloves Off

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) (“the Fund”) today announced that its Board of Directors has approved a series of actions intended to enhance shareholder value, provide shareholders with an additional source of liquidity for their investment, and provide the potential to reduce the Fund's trading discount to its net asset value per share (“NAV”) over time. The actions approved by the Board of Directors are: A tender offer (“Tender Offer”) to acquire u.

Virtus Total Return Fund Inc. Announces Tender Offer Program

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) today announced additions to its portfolio management team and the following monthly distributions: Amount of Distribution Ex-Date Record Date Payable Date $0.05 March 8, 2024 March 11, 2024 March 28, 2024 $0.05 April 10, 2024 April 11, 2024 April 29, 2024 $0.05 May 10, 2024 May 13, 2024 May 30, 2024 $0.05 June 13, 2024 June 13, 2024 June 27, 2024 The Fund announced it has added Rodney C. Clayton, CFA, and Steven Wittwe.

Virtus Total Return Fund Inc. Announces Distributions and Additions to Portfolio Management Team

Virtus Total Return Fund Inc. continues to trade at a more tempting discount since its distribution cut in 2023. The ZTR closed-end fund's performance has been weak, but given its discount and portfolio positioning, the future could potentially be brighter.

ZTR: Discount Makes This An Interesting Fund With A Potentially Brighter Future

The ZTR fund cut its distribution in August, as warned in my prior article. The new distribution rate should be sustainable in the short term given ZTR's strong performance rebound. However, with elevated equity valuations and normalized interest rates, forward asset class returns are poor, and it is unclear how ZTR can maintain a 9.6% NAV distribution yield.

ZTR: Remain Cautious Despite Distribution Cut

Virtus Total Return Fund Inc. aims to provide high total return through investments in equity and fixed-income assets, with a current yield of 11.03%. The ZTR closed-end fund has underperformed both equity and fixed-income indices year-to-date, down 7.85%. The ZTR fund's recent strong performance may be driven by expectations of declining interest rates, but the future direction of rates is uncertain.

ZTR: Avoid This Fund Until We Get More Visibility

The Virtus Total Return Fund has experienced a significant cut to its distribution and a decline in its price. The fund's top holdings have underperformed, mainly due to rising interest rates and a decline in the utility sector. It is unlikely that the fund's distribution coverage will improve in the short term, and the NAV has been declining.

ZTR: Time To Cut Bait And Go Fishing Elsewhere

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) previously announced, on August 31, 2023, the following monthly distribution: Amount of Distribution Ex-Date Record Date Payable Date $0.05 September 8, 2023 September 11, 2023 September 21, 2023 Under the terms of its Managed Distribution Plan, the Fund will seek to maintain a consistent distribution level that may be paid, in part or in full, from net investment income and realized capital gains, or a combination ther.

Virtus Total Return Fund Inc. Discloses Revised Sources of Distribution – Section 19(a) Notice

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Total Return Fund Inc. (NYSE: ZTR) today announced it will adjust its monthly distribution effective with the September distribution: New Distribution Amount Ex-Date Record Date Payable Date $0.05 September 8, 2023 September 11, 2023 September 21, 2023 $0.05 October 11, 2023 October 12, 2023 October 24, 2023 $0.05 November 10, 2023 November 13, 2023 November 24, 2023 The fund's monthly distribution rate will be reduced from $0.08 per share to $0.05 per s.

Virtus Total Return Fund Inc. Announces Adjustments to Monthly Distributions

Virtus Total Return Fund has a dividend yield of 15% but has underperformed with a total annual return of only 0.1% over two decades. The fund's income has consistently decreased, with dividend payments dropping from $2.16 to 96 cents per share annually. The fund's high leverage and dividend payments make it difficult for the fund to recover losses, and it has consistently traded at a discount.

ZTR: A Fund That Just Returns Your Money

I wrote an article on the merger of ZF into ZTR back in 2019. The 12% ZTR premium back then has now turned into an 11% discount. ZTR is a balanced fund with about 60% in equities and 40% in fixed income.

ZTR: Widening Discount And High Distribution Rate Make This Balanced Fund Attractive Here

The ZTR follows a 60/40 balanced allocation. It pays an attractive 14.8% forward yield.

News for Virtus Total Return Fund ETF (ZTR)