What is the revenue and EPS growth rate for Virtus Investment Partners year over year?

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What does Virtus Investment Partners do and what are its main business segments?

What is Virtus Investment Partners's latest dividend and current dividend yield?

- **ETF dominance**: 79% YoY growth in ETF AUM, with 77% of strategies outperforming peers.
- **Financial resilience**: Q3 EPS up 7% to $6.69, operating margin 33.4%, despite $3.9 billion net outflows.
- **Strategic flexibility**: $400 million debt refinancing enhances liquidity; 8th consecutive dividend increase.
- **Challenges ahead**: Quality equity underperformance in momentum-driven market, but long-term track record of 70% outperformance.

**【CEO Summary Section】**
- **Strong financial performance**: Q3 EPS of $6.69, up 7% from Q2, driven by higher average assets under management and stable operating expenses. Operating margin improved to 33.4%.
- **ETF success**: ETF assets reached $4.7 billion (79% YoY growth), with $0.9 billion in sales and net flows. 77% of ETF AUM outperformed benchmarks over 3 years.
- **Challenges in equity**: Net outflows of $3.9 billion due to underperformance of quality-oriented equity strategies in a momentum-driven market.
- **Strategic initiatives**: Completed $400 million term loan refinancing, increasing liquidity; raised dividend for the 8th consecutive year.
- **Pipeline expansion**: 21 ETFs with several new filings, including growth equity, real estate, and multi-managed fixed income strategies.

**【CFO Financial Commentary】**
- **AUM breakdown**: $169.3 billion total, with 33% in institutional, 28% in retail separate accounts, and 27% in U.S. retail mutual funds.
- **Sales and flows**: Q3 sales of $6.3 billion (12% QoQ growth), with $0.9 billion in ETF sales. Net outflows of $3.9 billion unchanged from Q2, driven by equity strategy outflows.
- **Expense management**: Operating expenses as a percentage of revenue declined to 15.8%, benefiting from $1 million in discrete business initiative expenses.
- **Liquidity**: $371 million in cash and $300 million in other investments, supporting capital returns and growth initiatives.

**【Q&A Key Highlights】**
- **ETF distribution focus**: Expanding access in wirehouses, RIAs, and model providers; 77% of ETFs outperform peers over 3 years.
- **Inorganic growth strategy**: Disciplined approach to acquisitions, prioritizing scale, differentiated capabilities, and private market expansion.
- **Flow outlook**: Positive trends in fixed income and alternatives offset by equity headwinds; ETF sales remain strong.
- **Capital allocation**: Buybacks ($50 million YTD) balanced with debt refinancing and growth investments.
- **Performance context**: Quality equity underperformance in 2-year period (S&P MidCap Quality trailing momentum by 32%), but long-term track record of 70% equity funds outperforming peers.

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