Virtus Newfleet Multi-Sector Bond ETF Q4 2025 Commentary

Mutual Fund Commentaries83 FollowersFollow5ShareSavePlay(8min)Comment(1)SummaryThe Fund returned 1.64% ('NAV') in the fourth quarter versus the Bloomberg U.S.

Aggregate Bond Index return of 1.10%.The Fund’s underweight to U.S. Treasuries had a positive impact as most spread sectors outperformed U.S. Treasuries and delivered excess returns.In addition to changes to the Fund’s sector allocation during the quarter, we continue to optimize positioning within sectors based on our view of the best relative value.With valuations tight, we favor a defensive posture, with a preference for U.S. banks, utilities, and capital goods.Our exposure to agency MBS outperformed IG corporates as strong technicals, the Fed rate cut, and low rate volatility rewarded investors. ismagilov/iStock via Getty Images Fixed Income Market Review The fourth quarter of 2025 maintained the trend of significant shifts in macroeconomic, geopolitical, fundamental, and supply-demand dynamics seen in the third quarter. Markets continued to rebound from post-“Liberation Day” lows as legal challenges, implementation delays, and immediateThis article was written byMutual Fund Commentaries83 FollowersFollowSelect quarterly mutual fund commentaries.