0001144204-19-039780.txt : 20190814 0001144204-19-039780.hdr.sgml : 20190814 20190814093252 ACCESSION NUMBER: 0001144204-19-039780 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20190814 DATE AS OF CHANGE: 20190814 EFFECTIVENESS DATE: 20190814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRTUS OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0001005020 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65137 FILM NUMBER: 191023312 BUSINESS ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 BUSINESS PHONE: 800-243-1574 MAIL ADDRESS: STREET 1: ONE FINANCIAL PLAZA STREET 2: 26TH FLOOR CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX OPPORTUNITIES TRUST DATE OF NAME CHANGE: 20060127 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX SENECA FUNDS DATE OF NAME CHANGE: 19990122 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FUNDS DATE OF NAME CHANGE: 19951218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRTUS OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0001005020 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07455 FILM NUMBER: 191023311 BUSINESS ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 BUSINESS PHONE: 800-243-1574 MAIL ADDRESS: STREET 1: ONE FINANCIAL PLAZA STREET 2: 26TH FLOOR CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX OPPORTUNITIES TRUST DATE OF NAME CHANGE: 20060127 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX SENECA FUNDS DATE OF NAME CHANGE: 19990122 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FUNDS DATE OF NAME CHANGE: 19951218 0001005020 S000042963 Virtus KAR Emerging Markets Small-Cap Fund C000133101 Class A VAESX C000133102 Class C VCESX C000133103 Class I VIESX C000215024 Class R6 VRESX 485BPOS 1 tv526396_485bpos.htm 485BPOS

 

As filed with the Securities and Exchange Commission on August 14, 2019

File No. 033-65137

File No. 811-07455

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

REGISTRATION STATEMENT

 

Under the SECURITIES ACT OF 1933

  Pre-Effective Amendment No. ¨
 

Post-Effective Amendment No. 104

x

 

and/or

 

REGISTRATION STATEMENT

     
 

Under the INVESTMENT COMPANY ACT OF 1940

¨
  Amendment No. 105 x

(Check appropriate box or boxes)

 

Virtus Opportunities Trust

(Exact Name of Registrant as Specified in Charter)

 

Area Code and Telephone Number: (800) 243-1574

 

101 Munson Street

Greenfield, Massachusetts 01301

(Address of Principal Executive Offices)

 

Kevin J. Carr, Esq.

Counsel

Virtus Investment Partners, Inc.

One Financial Plaza

Hartford, Connecticut 06103

(Name and Address of Agent for Service)

 

Copies of All Correspondence to:

David C. Mahaffey, Esq.

Sullivan & Worcester LLP

1666 K Street, N.W.

Washington, D.C. 20006

 

It is proposed that this filing will become effective (check appropriate box):

 

ximmediately upon filing pursuant to paragraph (b)
¨on                  pursuant to paragraph (b) of Rule 485
¨60 days after filing pursuant to paragraph (a)(1)
¨on                  or at such later date as the Commission shall order pursuant to paragraph (a)(2)
¨75 days after filing pursuant to paragraph (a)(2)
¨on _____________ pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 

 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 104 relates to the following funds:

 

VirtusKAR Emerging Markets Small-Cap Fund

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness for this registration statement under Rule 485(b) of the Securities Act and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford and the State of Connecticut on the 14th day of August, 2019.

 

VIRTUS EQUITY TRUST  
     
By: /s/ George R. Aylward  
  George R. Aylward  
  President  

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the registration statement has been signed below by the following persons in the capacities indicated on the 14th day of August, 2019.

 

Signature   Title
     
/s/ George R. Aylward   Trustee and President (principal executive officer)
George R. Aylward  
     
/s/ W. Patrick Bradley   Chief Financial Officer and Treasurer
W. Patrick Bradley   (principal financial and accounting officer)
     
*   Trustee
Thomas J. Brown    
     
*   Trustee
Donald C. Burke    
     
*   Trustee
Sidney E. Harris    
     
*   Trustee
John R. Mallin    
     
*   Trustee
Hassell H. McClellan    
     
*   Trustee
Connie D. McDaniel    
     
*   Trustee and Chairman
Philip R. McLoughlin    
     
*   Trustee
Geraldine M. McNamara    
     
*   Trustee
James M. Oates    
     
*   Trustee
Richard E. Segerson    

 

 

*By: /s/ George R. Aylward  
  *George R. Aylward, Attorney-in-Fact, pursuant to a power of attorney  

 

 

 

 

Exhibit Index

 

     

Exhibit Number

 

Description

   
EX-101.INS   XBRL Instance Document
   
EX-101.SCH   XBRL Taxonomy Extension Schema Document
   
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE   XBRL Taxomony Extension Presentation Linkbase

 

 

 

 

 

 

EX-101.INS 3 vot-20190731.xml XBRL INSTANCE DOCUMENT 0001005020 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:MsciEmergingMarketsSmallCapIndexMember 2019-07-31 2019-07-31 0001005020 vot:S000042963Member 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:C000133103Member rr:AfterTaxesOnDistributionsMember 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:C000133102Member 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:C000133103Member rr:AfterTaxesOnDistributionsAndSalesMember 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:C000133101Member 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:C000133103Member 2019-07-31 2019-07-31 0001005020 vot:S000042963Member vot:C000215024Member 2019-07-31 2019-07-31 xbrli:pure iso4217:USD 485BPOS 2018-09-30 VIRTUS OPPORTUNITIES TRUST 0001005020 false VCESX VAESX VIESX 2019-07-31 2019-07-31 2019-07-31 Virtus KAR Emerging Markets Small-Cap Fund Investment Objective The fund has an investment objective of capital appreciation. Fees and Expenses <div><font style="font-family: helvetica;" size="2">The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. 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 advisor or other financial intermediary; (ii) under &#8220;Sales Charges&#8221; on page 13 of the fund&#8217;s prospectus; (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund&#8217;s prospectus, entitled &#8220;Intermediary Sales Charge Discounts and Waivers;&#8221; and (iv) under &#8220;Alternative Purchase Arrangements&#8221; on page 77 of the fund&#8217;s statement of additional information.</font></div> Shareholder Fees (fees paid directly from your investment) <div style='display: none;'> ~ http://www.virtus.com/role/ShareholderfeesvirtusKarEmergingMarketsSmallCapFund column dei_LegalEntityAxis compact vot_S000042963Member row primary compact * ~ </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style='display: none;'> ~ http://www.virtus.com/role/AnnualfundoperatingexpensesvirtusKarEmergingMarketsSmallCapFund column dei_LegalEntityAxis compact vot_S000042963Member row primary compact * ~ </div> Example <div><font style="font-family: helvetica;" size="2">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 that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the fund&#8217;s operating expenses remain the same and that the expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> <div style='display: none;'> ~ http://www.virtus.com/role/ExpenseexamplevirtusKarEmergingMarketsSmallCapFundtransposed column dei_LegalEntityAxis compact vot_S000042963Member row primary compact * ~ </div> <div style='display: none;'> ~ http://www.virtus.com/role/ExpenseexamplenoredemptionvirtusKarEmergingMarketsSmallCapFundtransposed column dei_LegalEntityAxis compact vot_S000042963Member row primary compact * ~ </div> Portfolio Turnover <div><font style="font-family: helvetica;" size="2">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the fund's portfolio turnover rate was 24% of the average value of its portfolio.</font></div> Investments, Risks and Performance Principal Investment Strategies <div><font style="font-family: helvetica;" size="2">The fund pursues capital appreciation in emerging markets small-cap equities. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.</font></div><div><font style="font-family: helvetica;" size="2"></font>&#160;</div><div><font style="font-family: helvetica;" size="2">Under normal circumstances, the fund invests at least 80% of its assets in equity or equity-linked securities of small capitalization companies located in emerging markets countries. The fund&#8217;s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of less than $5 billion. Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining &#8220;location&#8221; of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue or profit is generated. This evaluation is conducted so as to determine that the issuer&#8217;s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The subadviser does not use allocation models to restrict the fund's investments to certain regions, countries or industries. Generally, the fund invests in approximately 30-60 securities at any given time. <font style="font-family: helvetica;">The fund is non-diversified under federal securities laws.</font></font></div> Principal Risks <p style="line-height: 11.5pt; widows: 2; text-transform: none; font-style: normal; margin-top: 0pt; text-indent: 0px; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: helvetica;" size="2">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund&#8217;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&#8217;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. The risks are listed in alphabetical order, which is not necessarily indicative of importance.</font></p><p style="text-align: left; widows: 2; text-transform: none; font-style: normal; margin-top: 10px; text-indent: -30px; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; margin-left: 60px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: helvetica;" size="2">&gt;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; color: #999999; font-weight: bold;">Depositary Receipts Risk.&#160;</font>&#8201;The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investments in securities of foreign issuers.</font></p><p style="line-height: 0pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0pt; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; clear: both; font-size: 0pt; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial; padding: 0pt;"><font style="font-family: helvetica;" size="2">&#8203;</font></p><p style="text-align: left; widows: 2; text-transform: none; font-style: normal; margin-top: 10px; text-indent: -30px; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; margin-left: 60px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: helvetica;" size="2">&gt;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; color: #999999; font-weight: bold;">Emerging Market Investing Risk.&#160;</font>&#8201;The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</font></p><p style="line-height: 0pt; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0pt; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; clear: both; font-size: 0pt; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial; padding: 0pt;"><font style="font-family: helvetica;" size="2">&#8203;</font></p><p style="text-align: left; widows: 2; text-transform: none; font-style: normal; margin-top: 10px; text-indent: -30px; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; margin-left: 60px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: helvetica;" size="2">&gt;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; color: #999999; font-weight: bold;">Equity-Linked Instruments Risk.&#160;</font>&#8201;The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund's investment.</font></p><p style="text-align: left; widows: 2; text-transform: none; font-style: normal; margin-top: 10px; text-indent: -30px; font-family: arial, helvetica, sans-serif; white-space: normal; orphans: 2; margin-bottom: 0px; letter-spacing: normal; color: #000000; margin-left: 60px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: helvetica;" size="2">&gt;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic; color: #999999; font-weight: bold;">Equity Securities Risk.&#160;</font>&#8201;The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and, thus, the value of the fund's shares over short or extended periods. 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The fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</font></div><div><font style="font-family: helvetica;" size="2"></font>&#160;</div><div><font style="font-family: helvetica;" size="2">The bar chart shows changes in the fund&#8217;s performance from year to year over the life of the fund. The table shows how the fund&#8217;s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at&#160;<font style="widows: 2; text-transform: none; font-style: italic; text-indent: 0px; font-family: helvetica, arial, sans-serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration-style: initial; text-decoration-color: initial;">virtus.com</font>&#160;or by calling 800-243-1574.</font></div> Calendar year total returns for Class I Shares <div><div><font style="font-family: arial,helvetica,sans-serif;" size="2">Returns do not reflect sales charges and would be lower if they did.</font></div><div>&#160;</div><div><font style="font-family: arial,helvetica,sans-serif;" size="2">Annual Return (%)</font></div></div> <div style='display: none;'> ~ http://www.virtus.com/role/AnnualtotalreturnsbarchartvirtusKarEmergingMarketsSmallCapFund column dei_LegalEntityAxis compact vot_S000042963Member row primary compact * ~ </div> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 333pt; border-collapse: collapse; font-family: helvetica, arial, sans-serif; orphans: 2; letter-spacing: normal; margin-left: 95.08pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: #000000 0.75pt solid;"><tr style="text-align: center; text-transform: none; background-color: #e0e8f0; font: 7.5pt/7.5pt 'arial narrow', helvetica, sans-serif; white-space: nowrap; color: #000000; vertical-align: bottom;"><td style="line-height: 0pt; width: 0pt; font-size: 0pt; padding: 0pt;">&#8203;</td><td style="width: 3pt; padding: 0pt;">&#8203;</td><td style="padding-bottom: 1.5pt; padding-left: 0pt; width: 62.5pt; padding-right: 0pt; padding-top: 1.5pt;"><div style="text-align: center;">Best Quarter:</div></td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="padding-bottom: 1.5pt; padding-left: 0pt; width: 41pt; padding-right: 0pt; padding-top: 1.5pt;"><div style="text-align: center;">Q1/2017:</div></td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="padding-bottom: 1.5pt; padding-left: 0pt; width: 46pt; padding-right: 0pt; padding-top: 1.5pt;"><div style="text-align: center;">12.95%</div></td><td style="width: 12pt; padding: 0pt;">&#8203;</td><td style="width: 12pt; padding: 0pt;">&#8203;</td><td style="padding-bottom: 1.5pt; padding-left: 0pt; width: 53.5pt; padding-right: 0pt; padding-top: 1.5pt;"><div style="text-align: center;">Worst Quarter:</div></td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="padding-bottom: 1.5pt; padding-left: 0pt; width: 41pt; padding-right: 0pt; padding-top: 1.5pt;"><div style="text-align: center;">Q3/2015:</div></td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="width: 0.5pt; padding: 0pt;">&#8203;</td><td style="padding-bottom: 1.5pt; padding-left: 0pt; width: 46pt; padding-right: 0pt; padding-top: 1.5pt;"><div style="text-align: center;">-17.92%</div></td><td style="width: 12pt; padding: 0pt;">&#8203;</td><td style="line-height: 0pt; width: 0pt; font-size: 0pt; padding: 0pt;">&#8203;</td></tr></table> Average Annual Total Returns (for the periods ended 12/31/18) <div><font style="font-family: arial,helvetica,sans-serif;" size="2">Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.</font></div> <div style='display: none;'> ~ http://www.virtus.com/role/AverageannualtotalreturnsvirtusKarEmergingMarketsSmallCapFundtransposed column dei_LegalEntityAxis compact vot_S000042963Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div> <div><font style="font-family: helvetica;" size="2">The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.</font></div><div><font style="font-family: helvetica;" size="2"></font>&#160;</div><div><font style="font-family: helvetica; ; font-family: helvetica;" size="2">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&#8217;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.</font></div> 0.00 0.0575 0.00 0.00 0.0100 0.00 0.00 0.00 0.0120 0.0120 0.0120 0.0120 0.0100 0.0025 0.0000 0.0000 0.0070 0.0078 0.0073 0.0065 0.0004 0.0004 0.0004 0.0004 0.0294 0.0227 0.0197 0.0189 -0.0030 -0.0038 -0.0033 -0.0035 0.0264 0.0189 0.0164 0.0154 Sold Sold Sold Sold 367 756 167 157 881 1209 586 524 1521 1688 1032 954 3240 3003 2269 2153 Held Held Held Held 267 756 167 157 881 1209 586 524 1521 1688 1032 954 3240 3003 2269 2153 0.0048 -0.1651 0.1614 0.3101 -0.054 MSCI Emerging Markets Small Cap Index (net) (reflects no deduction for fees, expenses or taxes) Return After Taxes on Distributions Return Before Taxes Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return Before Taxes -0.1859 -0.0527 -0.0634 -0.0292 -0.1107 -0.0540 0.0095 0.0377 0.0282 0.0328 0.0237 0.0384 0.0129 0.0367 0.0274 0.0320 0.0230 0.0376 2013-12-17 2013-12-17 2013-12-17 2013-12-17 2013-12-17 2013-12-17 January 31, 2021 0.24 <div><font style="font-family: helvetica;" size="2">The deferred sales charge is imposed on Class C Shares redeemed during the first year only.</font></div> 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. 50000 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses. 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. Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that the fund invests more of its assets in the securities of fewer issuers than would a diversified fund. The bar chart shows changes in the fund's performance from year to year over the life of the fund. The table shows how the fund's average annual returns compare to those of a broad-based securities market index. 800-243-1574 virtus.com The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. Returns do not reflect sales charges and would be lower if they did. Best Quarter: 2017-03-31 0.1295 Worst Quarter: 2015-09-30 -0.1792 Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. (reflects no deduction for fees, expenses or taxes) 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. 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. After-tax returns are shown only for Class I Shares; after-tax returns for other classes will vary. 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. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Estimated for current fiscal year, as annualized. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses. 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 expenses, 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 1.85% for Class A Shares, 2.60% for Class C Shares, 1.60% for Class I Shares and 1.50% for Class R6 Shares through January 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser 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, or at the time of recapture. 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Virtus KAR Emerging Markets Small-Cap Fund
Virtus KAR Emerging Markets Small-Cap Fund
Investment Objective
The fund has an investment objective of capital appreciation.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. 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 advisor or other financial intermediary; (ii) under “Sales Charges” on page 13 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 77 of the fund’s statement of additional information.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Virtus KAR Emerging Markets Small-Cap Fund
Class A
Class C
Class I
Class R6
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) none 1.00% [1] none none
[1] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Virtus KAR Emerging Markets Small-Cap Fund
Class A
Class C
Class I
Class R6
Management Fees 1.20% 1.20% 1.20% 1.20%
Distribution and Shareholder Servicing (12b-1) fees 0.25% 1.00% none none
Other Expenses 0.78% 0.70% 0.73% 0.65% [1]
Acquired Fund Fees and Expenses 0.04% 0.04% 0.04% 0.04%
Total Annual Fund Operating Expenses [2] 2.27% 2.94% 1.97% 1.89%
Less: Fee Waiver and/or Expense Reimbursement [3] (0.38%) (0.30%) (0.33%) (0.35%)
Total Annual Fund Operating Expenses After Expense Reimbursement [2],[3] 1.89% 2.64% 1.64% 1.54%
[1] Estimated for current fiscal year, as annualized.
[2] The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.
[3] 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 expenses, 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 1.85% for Class A Shares, 2.60% for Class C Shares, 1.60% for Class I Shares and 1.50% for Class R6 Shares through January 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser 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, or at the time of recapture.
Example
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 that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Virtus KAR Emerging Markets Small-Cap Fund - USD ($)
Share Status
1 Year
3 Years
5 Years
10 Years
Class A Sold 756 1,209 1,688 3,003
Class C Sold 367 881 1,521 3,240
Class I Sold 167 586 1,032 2,269
Class R6 Sold 157 524 954 2,153
Expense Example, No Redemption - Virtus KAR Emerging Markets Small-Cap Fund - USD ($)
Share Status
1 Year
3 Years
5 Years
10 Years
Class A Held 756 1,209 1,688 3,003
Class C Held 267 881 1,521 3,240
Class I Held 167 586 1,032 2,269
Class R6 Held 157 524 954 2,153
Portfolio Turnover
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 fund's portfolio turnover rate was 24% of the average value of its portfolio.
Investments, Risks and Performance Principal Investment Strategies
The fund pursues capital appreciation in emerging markets small-cap equities. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.
 
Under normal circumstances, the fund invests at least 80% of its assets in equity or equity-linked securities of small capitalization companies located in emerging markets countries. The fund’s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of less than $5 billion. Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue or profit is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The subadviser does not use allocation models to restrict the fund's investments to certain regions, countries or industries. Generally, the fund invests in approximately 30-60 securities at any given time. The fund is non-diversified under federal securities laws.
Principal Risks

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. The risks are listed in alphabetical order, which is not necessarily indicative of importance.

>      Depositary Receipts Risk.  The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investments in securities of foreign issuers.

>      Emerging Market Investing Risk.  The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.

>      Equity-Linked Instruments Risk.  The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund's investment.

>      Equity Securities Risk.  The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and, thus, the value of the fund's shares over short or extended periods. Investments in a particular style or in small or medium-sized companies may enhance that risk.

>      Foreign Investing Risk.  The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by currency fluctuations, less regulated or liquid securities markets, or economic, political or other developments.

>      Limited Number of Investments Risk.  The risk that the fund's portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund's portfolio than would a fund holding a greater number of securities.

>      Market Volatility Risk.  The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions. Such price changes may be temporary or may last for extended periods.

>      Non-Diversification Risk.  The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.

>      Redemption Risk.  The risk that redemption by one or more large shareholders or groups of shareholders of their holdings in the fund has an adverse impact on the remaining shareholders in the fund by causing the fund to take actions it would not otherwise take at a given time.

>      Small Market Capitalization Companies Risk.  The risk that the fund's investments in small market capitalization companies may be less liquid and more vulnerable to adverse business or economic developments, which may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

Performance Information
Performance for Class R6 Shares is not shown here as Class R6 Shares had not begun operations prior to the date of this prospectus.
 
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 bar chart shows changes in the fund’s performance from year to year over the life of the fund. 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 800-243-1574.
Calendar year total returns for Class I Shares
Returns do not reflect sales charges and would be lower if they did.
 
Annual Return (%)
Bar Chart
Best Quarter:
Q1/2017:
12.95%
Worst Quarter:
Q3/2015:
-17.92%
Average Annual Total Returns (for the periods ended 12/31/18)
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Average Annual Total Returns - Virtus KAR Emerging Markets Small-Cap Fund
Label
1 Year
5 Years
Since Inception
Inception Date
Class I Return Before Taxes (5.40%) 3.84% 3.76% Dec. 17, 2013
Class I | Return After Taxes on Distributions Return After Taxes on Distributions (5.27%) 3.77% 3.67% Dec. 17, 2013
Class I | Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares (2.92%) 3.28% 3.20% Dec. 17, 2013
Class A Return Before Taxes (11.07%) 2.37% 2.30% Dec. 17, 2013
Class C Return Before Taxes (6.34%) 2.82% 2.74% Dec. 17, 2013
MSCI Emerging Markets Small Cap Index (net) MSCI Emerging Markets Small Cap Index (net) (reflects no deduction for fees, expenses or taxes) (18.59%) 0.95% 1.29% Dec. 17, 2013
The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap equity market performance in the global emerging markets. The index is calculated on a total return basis with net 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.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Central Index Key dei_EntityCentralIndexKey 0001005020
Virtus KAR Emerging Markets Small-Cap Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Virtus KAR Emerging Markets Small-Cap Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund has an investment objective of 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 and hold shares of the fund. 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 advisor or other financial intermediary; (ii) under “Sales Charges” on page 13 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 77 of the fund’s statement of additional information.
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 January 31, 2021
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 fund's portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock
The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.
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 that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. 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 arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks and Performance Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The fund pursues capital appreciation in emerging markets small-cap equities. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.
 
Under normal circumstances, the fund invests at least 80% of its assets in equity or equity-linked securities of small capitalization companies located in emerging markets countries. The fund’s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of less than $5 billion. Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue or profit is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The subadviser does not use allocation models to restrict the fund's investments to certain regions, countries or industries. Generally, the fund invests in approximately 30-60 securities at any given time. The fund is non-diversified under federal securities laws.
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. The risks are listed in alphabetical order, which is not necessarily indicative of importance.

>      Depositary Receipts Risk.  The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investments in securities of foreign issuers.

>      Emerging Market Investing Risk.  The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.

>      Equity-Linked Instruments Risk.  The risk that, in addition to market risk and other risks of the referenced equity security, the fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject the fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the fund's investment.

>      Equity Securities Risk.  The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and, thus, the value of the fund's shares over short or extended periods. Investments in a particular style or in small or medium-sized companies may enhance that risk.

>      Foreign Investing Risk.  The risk that the prices of foreign securities in the fund's portfolio will be more volatile than those of domestic securities, or will be negatively affected by currency fluctuations, less regulated or liquid securities markets, or economic, political or other developments.

>      Limited Number of Investments Risk.  The risk that the fund's portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund's portfolio than would a fund holding a greater number of securities.

>      Market Volatility Risk.  The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions. Such price changes may be temporary or may last for extended periods.

>      Non-Diversification Risk.  The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.

>      Redemption Risk.  The risk that redemption by one or more large shareholders or groups of shareholders of their holdings in the fund has an adverse impact on the remaining shareholders in the fund by causing the fund to take actions it would not otherwise take at a given time.

>      Small Market Capitalization Companies Risk.  The risk that the fund's investments in small market capitalization companies may be less liquid and more vulnerable to adverse business or economic developments, which may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

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.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Non-Diversification Risk. The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Performance for Class R6 Shares is not shown here as Class R6 Shares had not begun operations prior to the date of this prospectus.
 
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 bar chart shows changes in the fund’s performance from year to year over the life of the fund. 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 800-243-1574.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows changes in the fund's performance from year to year over the life of the fund. The table shows how the fund's average annual returns compare to those of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 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 and would be lower if they did.
 
Annual Return (%)
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Best Quarter:
Q1/2017:
12.95%
Worst Quarter:
Q3/2015:
-17.92%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended 12/31/18)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
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 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.
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. 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
Returns reflect deduction of maximum sales charges and full redemption at end of periods shown.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap equity market performance in the global emerging markets. The index is calculated on a total return basis with net 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 KAR Emerging Markets Small-Cap Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.20%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.78%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.27% [1]
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.38%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.89% [1],[2]
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
1 Year rr_ExpenseExampleYear01 756
3 Years rr_ExpenseExampleYear03 1,209
5 Years rr_ExpenseExampleYear05 1,688
10 Years rr_ExpenseExampleYear10 3,003
1 Year rr_ExpenseExampleNoRedemptionYear01 756
3 Years rr_ExpenseExampleNoRedemptionYear03 1,209
5 Years rr_ExpenseExampleNoRedemptionYear05 1,688
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,003
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (11.07%)
5 Years rr_AverageAnnualReturnYear05 2.37%
Since Inception rr_AverageAnnualReturnSinceInception 2.30%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 17, 2013
Virtus KAR Emerging Markets Small-Cap Fund | Class C  
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_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management Fees rr_ManagementFeesOverAssets 1.20%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.70%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.94% [1]
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 2.64% [1],[2]
1 Year rr_ExpenseExampleYear01 $ 367
3 Years rr_ExpenseExampleYear03 881
5 Years rr_ExpenseExampleYear05 1,521
10 Years rr_ExpenseExampleYear10 3,240
1 Year rr_ExpenseExampleNoRedemptionYear01 267
3 Years rr_ExpenseExampleNoRedemptionYear03 881
5 Years rr_ExpenseExampleNoRedemptionYear05 1,521
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,240
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (6.34%)
5 Years rr_AverageAnnualReturnYear05 2.82%
Since Inception rr_AverageAnnualReturnSinceInception 2.74%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 17, 2013
Virtus KAR Emerging Markets Small-Cap 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_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.20%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.73%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.97% [1]
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.64% [1],[2]
1 Year rr_ExpenseExampleYear01 $ 167
3 Years rr_ExpenseExampleYear03 586
5 Years rr_ExpenseExampleYear05 1,032
10 Years rr_ExpenseExampleYear10 2,269
1 Year rr_ExpenseExampleNoRedemptionYear01 167
3 Years rr_ExpenseExampleNoRedemptionYear03 586
5 Years rr_ExpenseExampleNoRedemptionYear05 1,032
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,269
2014 rr_AnnualReturn2014 0.48%
2015 rr_AnnualReturn2015 (16.51%)
2016 rr_AnnualReturn2016 16.14%
2017 rr_AnnualReturn2017 31.01%
2018 rr_AnnualReturn2018 (5.40%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.95%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.92%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (5.40%)
5 Years rr_AverageAnnualReturnYear05 3.84%
Since Inception rr_AverageAnnualReturnSinceInception 3.76%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 17, 2013
Virtus KAR Emerging Markets Small-Cap Fund | Class R6  
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_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 1.20%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.65% [4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.89% [1]
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.35%) [2]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.54% [1],[2]
1 Year rr_ExpenseExampleYear01 $ 157
3 Years rr_ExpenseExampleYear03 524
5 Years rr_ExpenseExampleYear05 954
10 Years rr_ExpenseExampleYear10 2,153
1 Year rr_ExpenseExampleNoRedemptionYear01 157
3 Years rr_ExpenseExampleNoRedemptionYear03 524
5 Years rr_ExpenseExampleNoRedemptionYear05 954
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,153
Virtus KAR Emerging Markets Small-Cap Fund | Return After Taxes on Distributions | Class I  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (5.27%)
5 Years rr_AverageAnnualReturnYear05 3.77%
Since Inception rr_AverageAnnualReturnSinceInception 3.67%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 17, 2013
Virtus KAR Emerging Markets Small-Cap Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class I  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (2.92%)
5 Years rr_AverageAnnualReturnYear05 3.28%
Since Inception rr_AverageAnnualReturnSinceInception 3.20%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 17, 2013
Virtus KAR Emerging Markets Small-Cap Fund | MSCI Emerging Markets Small Cap Index (net)  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Label rr_AverageAnnualReturnLabel MSCI Emerging Markets Small Cap Index (net) (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (18.59%)
5 Years rr_AverageAnnualReturnYear05 0.95%
Since Inception rr_AverageAnnualReturnSinceInception 1.29%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 17, 2013
[1] The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses.
[2] 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 expenses, 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 1.85% for Class A Shares, 2.60% for Class C Shares, 1.60% for Class I Shares and 1.50% for Class R6 Shares through January 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser 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, or at the time of recapture.
[3] The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
[4] Estimated for current fiscal year, as annualized.
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Prospectus Date rr_ProspectusDate Jul. 31, 2019
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