El caso de los valores negociables en un entorno volátil de mercado

In the third quarter of 2025, global markets grappled with a complex interplay of macroeconomic signals, policy uncertainty, and sector-specific earnings surprises. Amid this turbulence, convertible securities emerged as a compelling asset class, offering investors a unique asymmetric risk/return profile. The Virtus Convertible Fund (VCV), managed by Virtus Investment Partners with Voya IM as subadvisor, exemplifies how a disciplined, bottom-up approach to convertible investing can balance equity upside potential with bond-like downside protection. This article examines the Fund's strategic positioning in Q3 2025 and its relevance in today's volatile market environment.

Asymmetric Risk/Return: The Convertible Edge

Convertible securities occupy a hybrid space between equities and fixed income, blending the growth potential of stocks with the capital preservation of bonds. According to the Q3 2025 commentary, the Fund's portfolio is structured to capitalize on this duality, with a focus on U.S. dollar-denominated convertibles that offer a "bond floor" to mitigate losses during market downturns. This structural feature proved critical in Q3 2025, as the ICE BofA U.S. Convertible Index returned 8.58% for the quarter, outperforming both equities and traditional bonds in a risk-on/risk-off environment.

The Fund's strategy is further reinforced by its sector allocations. As of September 2025, 34.38% of assets were allocated to technology, a sector historically sensitive to interest rate fluctuations and macroeconomic shifts. By pairing high-growth tech convertibles with a 17.70% allocation to financials-a sector often insulated during periods of monetary tightening-the Fund diversified its exposure while maintaining alignment with broader economic trends. This strategic diversification allowed the Fund to capture equity-like returns during market rallies while limiting downside risk during corrections.

Strategic Positioning: Bottom-Up Research in Action

The Virtus Convertible Fund's success in Q3 2025 hinged on its disciplined, fundamental research process. The commentary emphasizes a bottom-up approach that prioritizes issuers with strong operating performance and robust balance sheets. This methodology enabled the Fund to identify undervalued convertibles with favorable conversion premiums-such as the 22% average conversion premium noted in Q3-while avoiding overleveraged or structurally weak issuers.

This selective strategy was particularly effective in a market characterized by divergent sector performance. For instance, the Fund's overweight position in technology allowed it to benefit from the sector's earnings outperformance, while its exposure to financials provided stability as banks navigated regulatory clarity and interest rate normalization. By focusing on individual security fundamentals rather than broad market trends, the Fund demonstrated resilience even as momentum-driven strategies faltered in a volatile environment.

Performance and Risk-Adjusted Returns

While specific risk-adjusted metrics like Sharpe ratios were not disclosed in the Q3 2025 commentary, the Fund's performance metrics speak to its effectiveness. As of September 2, 2025, the Fund's net asset value (NAV) stood at $40.41, with total assets exceeding $1.38 billion, reflecting strong investor confidence. The Fund's managed distribution policy, which recently declared a $0.3515625 per share distribution for Series A cumulative preferred shareholders, further underscores its commitment to consistent income generation-a critical feature for risk-averse investors.

The Fund's ability to deliver equity upside with reduced volatility is also evident in its year-to-date performance. The ICE BofA U.S. Convertible Index had returned 15.70% through September 2025, outpacing both the S&P 500 and the Bloomberg Aggregate Bond Index. While direct comparisons to bonds are not explicitly quantified in the Fund's materials, its focus on convertibles with embedded equity call features inherently positions it to outperform in rising rate environments-a key advantage in 2025.

Conclusion: A Strategic Allocation for Uncertain Times

The Virtus Convertible Fund's Q3 2025 performance highlights the enduring appeal of convertibles in volatile markets. By combining a bottom-up research approach with sector diversification and a focus on downside protection, the Fund has demonstrated its ability to navigate macroeconomic uncertainty while capturing equity upside. As markets continue to grapple with shifting policy landscapes and sector-specific risks, the asymmetric risk/return profile of convertibles-embodied by the Virtus Convertible Fund-offers a compelling case for inclusion in diversified portfolios.