AllianzGI Convertible & Income Fund Announces Earnings Results for the Fiscal Third Quarter and Nine Months Ended November 30, 2015
January 29, 2016 at 04:00 pm EST
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AllianzGI Convertible & Income Fund announced earnings results for the fiscal third quarter and nine months ended November 30, 2015. For the quarter, the company reported net investment income of $18,292,539 or $0.21 per common share against net investment income of $19,013,096 or $0.22 per common share for the comparable period last year. Net realized and change in unrealized loss was $60,680,623 or $0.69 per share against net realized and change in unrealized loss of $45,326,706 or $0.53 per share of prior year period.
For the nine months, the company reported net investment income of $55,561,289 or $0.63 per common share against net investment income of $61,131,430 or $0.70 per common share for the comparable period last year. Net realized and change in unrealized loss was $152,298,509 or $1.78 per share against net realized and change in unrealized loss of $58,836,142 or $0.68 per share of prior year period. Net asset value was $6.60 compared with $8.71 a year ago.
Virtus Convertible & Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide total return through a combination of capital appreciation and high current income. Under normal circumstances, the Fund invest approximately 80% of its total assets in a diversified portfolio of convertible securities and non-convertible income-producing securities. The Fund seeks to invest at least 50% of the portfolio in convertible securities, but determines the allocation based on changes in equity prices, changes in interest rates, and other economic and market factors. The Fund invests in various sectors, including airlines, auto manufacturers, banks, computers, biotechnology, diversified financial services, commercial services, healthcare products and media, among others. The Fund's investment advisor is Virtus Investment Advisers, Inc., and its investment subadvisor is Voya Investment Management Co. LLC.