Virtus Diversified Income & Convertible Fund (ACV)
ACV 8-K filings, explained
Every material Form 8-K Virtus Diversified Income & Convertible Fund has filed with the SEC since April 21, 2016, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Allianz Global Investors and Virtus Investment Partners agreed to a strategic partnership under which Virtus Investment Advisers, Inc., a Virtus subsidiary, would become the investment manager to the Fund. The arrangements require approval from the Fund's Board of Trustees and Fund shareholders and are expected to be in place by the end of calendar year 2020.
Virtus would become investment adviser, distributor and/or administrator for AllianzGI's approximately $23 billion in open-end, closed-end and retail separate account assets, as of May 31, 2020.
AllianzGI teams would continue to manage the strategies in a subadvisory capacity.
The Value Equity team, managing approximately $7 billion, would join Virtus as an affiliated manager.
The companies did not disclose specific terms other than that there are no payments at closing; completion is expected by year-end 2020.
The Fund announced on April 21, 2016 that its common share repurchase plan, which ran for a defined period after its initial public offering, has concluded. The Fund has decided not to continue the plan or start another repurchase plan at this time, so it will no longer buy back its own shares on the open market.
The repurchase period began September 4, 2015 and ended April 21, 2016, a total of 230 days.
Purchases were made on days when shares traded at a discount of 2% or more to closing net asset value, up to the lesser of $125,000 or the regulatory maximum.
The plan was intended in part to add marketplace liquidity and potentially reduce declines in market price relative to net asset value.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Virtus Diversified Income & Convertible Fund filing is on SEC EDGAR ↗. 8-K briefs of other companies →