Summary
- Virtus Newfleet Core Plus Bond Fund returned 1.57% in the second quarter versus the Bloomberg U.S. Aggregate Bond Index return of 1.21%.
- While the underweight to U.S. Treasuries had a positive impact on performance, curve positioning was a detractor.
- 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.
Fixed Income Market Review
The second quarter of 2025 was defined by several key policies from the new Trump administration, including tariffs/trade, immigration, and taxes. “Liberation Day” was marked by tariffs that were significantly higher than market expectations. This created
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