NPORT-EX 2 VI44470VirtVontEMsOppsFd.htm
VIRTUS Vontobel Emerging Markets Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
($ reported in thousands)
  Shares   Value
Common Stocks—98.4%
Communication Services—15.5%    
Autohome, Inc. ADR (China) 1,035,731   $66,245
NAVER Corp. (South Korea) 608,998   225,775
NCSoft Corp. (South Korea) 46,316   33,725
NetEase, Inc. (China) 5,060,913   114,655
NetEase, Inc. ADR (China) 651,221   75,053
Telekom Indonesia Persero Tbk PT (Indonesia) 472,046,113   102,548
Tencent Holdings Ltd. (China) 4,856,997   365,324
      983,325
       
 
Consumer Discretionary—16.0%    
Alibaba Group Holding Ltd. (China)(1) 4,796,941   135,920
Baozun, Inc. Sponsored ADR (China)(1) 1,041,923   36,926
China Tourism Group Duty Free Corp. Ltd. Class A (China) 2,774,076   128,841
Eicher Motors Ltd. (India)(1) 1,637,772   58,856
Lojas Renner S.A. (Brazil) 7,699,564   68,856
Meituan Class B (China)(1) 1,685,849   69,568
Naspers Ltd. Class N (South Africa) 750,274   157,525
Shenzhou International Group Holdings Ltd. (China) 1,073,060   27,102
Yum China Holdings, Inc. (China) 3,065,151   203,066
Yum China Holdings, Inc. (China) 1,945,376   126,906
      1,013,566
       
 
Consumer Staples—16.3%    
Budweiser Brewing Co. APAC Ltd. (Hong Kong) 47,476,153   149,810
Chacha Food Co., Ltd. Class A (China) 8,863,480   59,122
CP ALL PCL (Thailand) 54,836,472   102,658
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico) 1,153,028   97,442
Foshan Haitian Flavouring & Food Co., Ltd. Class A (China) 3,242,988   64,720
LG Household & Health Care Ltd. (South Korea) 70,687   110,599
Toly Bread Co., Ltd. Class A (China) 14,323,971   69,165
Unilever plc (United Kingdom) 1,467,753   85,914
Vietnam Dairy Products JSC (Vietnam) 6,004,842   23,585
Vitasoy International Holdings Ltd. (Hong Kong) 9,126,134   33,910
Wal-Mart de Mexico SAB de C.V. (Mexico) 27,066,269   88,406
Wuliangye Yibin Co., Ltd. Class A (China) 3,269,504   150,733
      1,036,064
       
 
Financials—12.8%    
B3 SA - Brasil Bolsa Balcao (Brazil) 14,219,505   47,886
Bank Central Asia Tbk PT (Indonesia) 36,083,536   74,967
Bank Rakyat Persero Tbk PT (Indonesia) 377,293,167   102,520
Credicorp Ltd. (Peru)(1) 471,507   57,104
HDFC Bank Ltd. (India) 2,552,313   51,434
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) 850,388   50,688
Housing Development Finance Corp., Ltd. (India) 3,430,031   114,223
Kotak Mahindra Bank Ltd. (India)(1) 2,774,979   63,685
Public Bank Bhd (Malaysia) 73,830,008   73,092
United Overseas Bank Ltd. (Singapore) 6,427,921   123,425
XP, Inc. Class A (Brazil)(1) 1,175,772   51,205
      810,229
       
 
Health Care—1.1%    
Notre Dame Intermedica Participacoes SA (Brazil) 3,969,481   67,916
  Shares   Value
       
Industrials—4.4%    
Airports of Thailand PCL (Thailand) 34,467,653   $66,677
BOC Aviation Ltd. (Singapore) 2,742,155   23,133
MTR Corp., Ltd. (Hong Kong) 5,769,326   32,138
Shanghai International Airport Co., Ltd. Class A (China) 4,276,940   31,858
Shanghai M&G Stationery, Inc. Class A (China) 6,674,508   87,348
Techtronic Industries Co., Ltd. (Hong Kong) 2,033,047   35,506
      276,660
       
 
Information Technology—30.4%    
Accton Technology Corp. (Taiwan) 2,837,890   33,663
HCL Technologies Ltd. (India) 20,606,908   272,661
Hundsun Technologies, Inc. Class A (China) 6,299,946   90,919
Largan Precision Co., Ltd. (Taiwan) 332,422   36,986
Realtek Semiconductor Corp. (Taiwan) 3,586,817   65,010
Samsung Electronics Co., Ltd. (South Korea) 3,783,715   271,141
SK Hynix, Inc. (South Korea) 3,206,851   363,072
Sunny Optical Technology Group Co., Ltd. (China) 2,430,049   76,805
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 20,219,557   431,786
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) 589,748   70,864
Tata Consultancy Services Ltd. (India) 3,289,672   148,075
Win Semiconductors Corp. (Taiwan) 4,872,105   65,573
      1,926,555
       
 
Utilities—1.9%    
ENN Energy Holdings Ltd. (China) 6,257,153   119,110
Total Common Stocks
(Identified Cost $4,912,428) 		  6,233,425
       
 
       
 
Total Long-Term Investments—98.4%
(Identified Cost $4,912,428) 		  6,233,425
       
 
       
 
Short-Term Investment—1.2%
Money Market Mutual Fund—1.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) 76,007,978   76,008
Total Short-Term Investment
(Identified Cost $76,008) 		  76,008
       
 
       
 
TOTAL INVESTMENTS—99.6%
(Identified Cost $4,988,436) 		  $6,309,433
Other assets and liabilities, net—0.4%   24,653
NET ASSETS—100.0%   $6,334,086
    
Abbreviations:
ADR American Depositary Receipt
JSC Joint Stock Company
    
Footnote Legend:
(1) Non-income producing.
(2) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
See Notes to Schedule of Investments
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VIRTUS Vontobel Emerging Markets Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Country Weightings†
China 32%
South Korea 16
Taiwan 12
India 11
Hong Kong 6
Indonesia 4
Brazil 4
Other 15
Total 100%
† % of total investments as of June 30, 2021.
The following table summarizes the market value of the Fund’s investments as of June 30, 2021, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
  Total
Value at
June 30, 2021 		  Level 1
Quoted Prices
Assets:      
Equity Securities:      
Common Stocks $6,233,425   $6,233,425
Money Market Mutual Fund 76,008   76,008
Total Investments $6,309,433   $6,309,433
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2021.
There were no transfers into or out of Level 3 related to securities held at June 30, 2021.
See Notes to Schedule of Investments
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VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund’s fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depository Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
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