XML 35 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Label Element Value
Virtus Stone Harbor Emerging Markets Corporate Debt Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus Stone Harbor Emerging Markets Corporate Debt Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The fund has an investment objective of seeking to maximize total return, which consists of income on its investments and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The tables below illustrate all fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 53 of the fund’s prospectus; (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers;” and (iv) under “Alternative Purchase Arrangements” on page 89 of the fund’s statement of additional information.
The Virtus Stone Harbor Emerging Markets Corporate Debt Fund, a series of Virtus Opportunities Trust, is the successor of the Stone Harbor Emerging Markets Corporate Debt Fund, formerly a series of Stone Harbor Investment Funds (“Predecessor Fund”), resulting from a reorganization of the Predecessor Fund with and into the fund on April 8, 2022.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Apr. 07, 2024
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the Predecessor Fund’s portfolio turnover rate was 55% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 55.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes an investment of $10,000 in the fund for the time periods indicated. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Sold
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Held
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
Principal Investment Strategies
Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in Emerging Markets Corporate Debt Investments. “Emerging Markets Corporate Debt Investments” are debt instruments, including loans, issued by corporations or other business organizations that are economically tied to an emerging market country. A corporation or other business organization is economically tied to an emerging market country if it issues securities that are principally traded on the country’s securities markets or if it is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. Emerging Markets Corporate Debt Investments also include derivative instruments used for hedging purposes or to otherwise gain or reduce long or short exposure to Emerging Markets Corporate Debt Investments. For example, the fund may utilize futures or other derivatives whose return is based on specific Emerging Markets Corporate Debt Investments or indices of such investments. Although the fund is not limited in the types of derivatives it can use, the fund currently expects that its derivatives investments will consist primarily of the following instruments and transactions: futures, options, swaps, credit linked notes and credit default swaps. The fund may use derivatives to a significant extent. The fund may also invest in sovereign debt securities. The fund’s investments may be denominated in non-U.S. currencies or in the U.S. dollar.
The fund considers “emerging market countries” to include countries identified by the World Bank Group as being “low income economies” or which are included in a JPMorgan emerging market bond index. It is anticipated that the fund will focus most of its investments in Asia, Africa, the Middle East, Latin America and/or the developing countries of Europe. The fund’s investments may include, among other things, corporate debt securities, sovereign debt securities, structured notes, convertible securities, securities issued by supranational organizations, fixed and floating rate commercial loans, loan participations and assignments, private placements, Rule 144A securities, non-U.S. currencies, forward currency contracts and other foreign currency transactions and derivatives related to the types of investments listed herein. The fund seeks capital appreciation through country selection, issuer selection, industry selection, security selection and currency selection.
Credit Quality. The fund may invest in securities of any credit rating (including unrated securities) and may invest without limit in higher risk, below-investment grade debt securities, commonly referred to as “high yield” securities or “junk bonds.” Such securities may include those that are in default with respect to the payment of principal or interest.
Maturity and Duration. The subadviser normally maintains an average portfolio duration of between 2 and 7 years. However, the fund’s average duration may be outside this range, and the fund may invest in securities of any duration and maturity.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below.
Emerging Market Risk. Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
Foreign Investing Risk. Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.
Credit Risk. If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.
Interest Rate Risk. The values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced for securities with longer maturities.
Counterparty Risk. There is risk that a party upon whom the fund relies to complete a transaction will default.
Currency Rate Risk. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.
Derivatives Risk. Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.
High-Yield Fixed Income Securities (Junk Bonds) Risk. There is a greater risk of issuer default, less liquidity, and increased price volatility related to high-yield securities than investment grade securities.
Liquidity Risk. Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
Income Risk. Income received from the fund may vary widely over the short- and long-term and/or be less than anticipated if the proceeds from maturing securities in the fund are reinvested in lower-yielding securities.
Market Volatility Risk. The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.
Bank Loan Risk. In addition to the risks typically associated with high-yield fixed income securities, bank loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.
Redemption Risk. One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken.
RIC Compliance Risk. If the fund fails to qualify as a “regulated investment company” under the Internal Revenue Code, the fund’s expenses could increase, reducing its investment performance.
Short-Term Investments Risk. The fund’s short-term investments may not provide the liquidity or protection intended or may prevent the fund from experiencing positive movements in the fund’s principal investment strategies.
Risk Lose Money [Text] rr_RiskLoseMoney If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The fund has adopted the past performance of the Predecessor Fund as its own. The Predecessor Fund and the fund have identical investment objectives and strategies.
The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 1-800-243-1574.
Prior to the date of this prospectus, Class A Shares had not begun operations; therefore, performance information for Class A Shares is not shown here.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication of the potential risks of investing in the fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-243-1574
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress virtus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar year total returns for Class I Shares
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock
Returns do not reflect sales charges applicable to other share classes and would be lower if they did.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges applicable to other share classes and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter: 2020, Q2: 20.05% Worst Quarter: 2020, Q1: -20.12%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2020
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.05%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.12%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns For the periods ended December 31, 2021
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I Shares; after-tax returns for other classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
The J.P. Morgan CEMBI Broad Diversified Index tracks total returns for U.S. dollar denominated debt instruments issued by corporate entities in emerging markets countries. The benchmark limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks. Qualifying corporate bonds have a face amount greater than USD 300 million, maturity greater than 5 years, verifiable prices and cash flows, and from countries with Asia ex Japan, Latin America, Eastern Europe, Middle East, and Africa. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class I Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown.
After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Virtus Stone Harbor Emerging Markets Corporate Debt Fund | JPMorgan CEMBI Broad Diversified Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel JPMorgan CEMBI Broad Diversified Index (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 0.91%
5 Years rr_AverageAnnualReturnYear05 5.36%
10 Years rr_AverageAnnualReturnYear10 5.64%
Virtus Stone Harbor Emerging Markets Corporate Debt Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee rr_RedemptionFee none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Interest Expense on Borrowings rr_Component2OtherExpensesOverAssets 0.03%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 1.17%
Total Other Expenses rr_OtherExpensesOverAssets 1.20% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.30%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.28% [2]
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for current fiscal year, as annualized.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 501
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 872
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,375
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,755
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 501
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 872
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,375
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,755
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Prior to the date of this prospectus, Class A Shares had not begun operations; therefore, performance information for Class A Shares is not shown here.
Virtus Stone Harbor Emerging Markets Corporate Debt Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee rr_RedemptionFee none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Interest Expense on Borrowings rr_Component2OtherExpensesOverAssets 0.03%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 1.17%
Total Other Expenses rr_OtherExpensesOverAssets 1.20% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.05%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.03% [2]
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current fees and expenses.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 105
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 439
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 909
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,211
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 105
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 439
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 909
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,211
Annual Return 2012 rr_AnnualReturn2012 16.24%
Annual Return 2013 rr_AnnualReturn2013 (1.89%)
Annual Return 2014 rr_AnnualReturn2014 4.29%
Annual Return 2015 rr_AnnualReturn2015 0.17%
Annual Return 2016 rr_AnnualReturn2016 10.46%
Annual Return 2017 rr_AnnualReturn2017 9.28%
Annual Return 2018 rr_AnnualReturn2018 (4.69%)
Annual Return 2019 rr_AnnualReturn2019 13.93%
Annual Return 2020 rr_AnnualReturn2020 7.75%
Annual Return 2021 rr_AnnualReturn2021 1.95%
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 1.95%
5 Years rr_AverageAnnualReturnYear05 5.44%
10 Years rr_AverageAnnualReturnYear10 5.55%
Virtus Stone Harbor Emerging Markets Corporate Debt Fund | Class I | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 0.08%
5 Years rr_AverageAnnualReturnYear05 3.37%
10 Years rr_AverageAnnualReturnYear10 3.41%
Virtus Stone Harbor Emerging Markets Corporate Debt Fund | Class I | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 1.15%
5 Years rr_AverageAnnualReturnYear05 3.26%
10 Years rr_AverageAnnualReturnYear10 3.32%
[1] Estimated for current fiscal year, as annualized.
[2] Virtus Alternative Investment Advisers, Inc. (“VAIA”), the fund’s investment adviser, has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses and dividend expenses, if any) so that such expenses do not exceed 1.25% for Class A Shares and 1.00% for Class I Shares through April 7, 2024. Following the contractual period, VAIA may discontinue these expense reimbursement arrangements at any time. Under certain conditions, VAIA may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The expense limitation agreement is terminable by mutual agreement of the Board of Trustees of Virtus Opportunities Trust and VAIA.
[3] Restated to reflect current fees and expenses.