Virtus Fixed Income Advisers, LLC

Long Only Manager • Credit Arb

Virtus Fixed Income Advisers, LLC is a Long Only Manager specializing in Credit Arb based in Hartford, CT led by Michael Aaron Angerthal, reporting $33.0B in AUM as of Q3 2025 with 98% ETF concentration, 100% concentrated in top 10 holdings, and 55% allocation to VABS.

PresidentMichael Aaron Angerthal

Portfolio Value: $119.5M
Positions: 21
Top Holding: VABS at 54.96%
Last Reported: Q3 2025

AddressOne Financial Plaza, Hartford, CT, 06103, United States

Top Holdings

Largest long holdings in Virtus Fixed Income Advisers, LLC's portfolio (100% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 VABS Virtus Newfleet ABS/MBS VABS	ETF ETF	$65.7M	54.96%	+$33.5M Bought	— 2.7M shares	Q2 2025 Held for 5 months
2 Virtus Newfleet Short Duration High Yield Bond VSHY	ETF ETF	$24.9M	20.86%	—	— 1.1M shares	Q2 2025 Held for 5 months
3 Virtus SEIX Senior Loan SEIX	ETF ETF	$21.1M	17.64%	-$5.8M Sold	— 893.3K shares	Q2 2025 Held for 5 months
4 Summit Midstream SMC	Unknown Unknown	$2.5M	2.06%	—	0.98% 119.7K shares	Q2 2025 Held for 5 months
5 iShares iBoxx High Yield Corporate Bond HYG	ETF ETF	$2.0M	1.66%	—	— 24.4K shares	Q2 2025 Held for 5 months
6 JNK SPDR Bloomberg High Yield Bond JNK	ETF ETF	$1.9M	1.58%	—	— 19.3K shares	Q2 2025 Held for 5 months
7 SPDR Bloomberg Short Term High Yield Bond SJNK	ETF ETF	$920.6K	0.77%	—	— 36.0K shares	Q2 2025 Held for 5 months
8 Invesco Senior Loan BKLN	ETF ETF	$488.4K	0.41%	-$1.8M Sold	— 23.3K shares	Q2 2025 Held for 5 months
9 Talos Energy TALO	Oil & Gas Exploration & Production Energy	$28.5K	0.02%	—	0.00% 3.0K shares	Q2 2025 Held for 5 months
10 SDCP Virtus Newfleet Short Duration Core Plus Bond SDCP	ETF ETF	$13.8K	0.01%	+$438.3 Bought	— 535.0 shares	Q2 2025 Held for 5 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Virtus Fixed Income Advisers, LLC's latest filing

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Market Value

$119.5M

Prior: $99.1M

Q/Q Change

+20.56%

+$20.4M

Net Flows % of MV

+17.52%

Turnover Ratio

19.29%

New Purchases

1 stocks

$510.0

Added To

6 stocks

+$33.5M

Sold Out Of

5 stocks

$5.0M

Reduced Holdings

6 stocks

-$7.6M

Increased Positions

Position	Shares Δ	Change
1 VanEck J. P. Morgan EM Local Currency Bond EMLC	New	0 → 20.0 +$510.0
2 SPDR Portfolio Short Term Treasury SPTS	+433.33%	9.0 → 48.0 +$1.1K
3 VABS Virtus Newfleet ABS/MBS VABS	+104.23%	1.3M → 2.7M +$33.5M
4 SPDR Portfolio Mortgage Backed Bond SPMB	+48.12%	133.0 → 197.0 +$1.4K
5 Virtus Stone Harbor Emerging Markets High Yield Bond VEMY	+23.81%	42.0 → 52.0 +$276.5

Decreased Positions

Position	Shares Δ	Change
1 iShares Floating Rate Bond FLOT	Sold	22.5K → 0 −$1.1M
2 Janus Henderson AAA CLO JAAA	Sold	22.5K → 0 −$1.1M
3 PAAA PGIM AAA CLO PAAA	Sold	22.2K → 0 −$1.1M
4 SPDR Blackstone Senior Loan SRLN	Sold	26.7K → 0 −$1.1M
5 iShares iBoxx $ Investment Grade Corporate Bond LQD	Sold	4.2K → 0 −$459.8K