Virtus Investment Partners
Runs affiliate-managed funds, separate accounts, and institutional strategies through multiple distribution channels.
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Profile
Generates mostly asset-based fees from open-end and closed-end funds, retail separate accounts, and institutional accounts. The model pairs autonomous boutique managers with centralized distribution and depends on AUM levels, client flows, investment performance, channel access, and fee competition.
Operates as a public multi-boutique asset manager for individual and institutional clients. Products include open-end and closed-end funds, ETFs, retail and institutional separate accounts, subadvisory mandates, commingled vehicles, structured products, and UCITS.
Keeps investment decisions inside specialist managers across equity, fixed income, credit, multi-asset, and quantitative alternatives. Distribution connects those boutiques to wealth-management platforms, broker-dealers, registered investment advisers, institutional consultants, and direct institutional relationships.
Built from the Phoenix spin-off and later affiliate additions, the platform is concentrated in U.S. retail and institutional channels while offering international and emerging-market strategies. Asset-based revenue depends on AUM levels, net flows, investment performance, distribution access, service quality, and fee pressure.
Company facts
Categories
Key statistics
Year to date +3.7% · Average volume (30d) 131.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 31, 2026 | Barclays | Reiterate | Underweight | $141 | $135 |
| Jul 29, 2026 | Morgan Stanley | Reiterate | Underweight | $119 | $130 |
| Jul 14, 2026 | Barclays | Reiterate | Underweight | $125 | $141 |
| Jun 26, 2026 | Morgan Stanley | Reiterate | Underweight | $112 | $119 |
| May 19, 2026 | Morgan Stanley | Reiterate | Underweight | $155 | $112 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $6.09 | $5.54 | −9.0% | $185.0M | $201.4M | +8.8% | −2.56% |
| May 1, 2026Q1 FY26 | $5.56 | $5.38 | −3.2% | $179.4M | $199.5M | +11.2% | +2.56% |
| Feb 6, 2026Q4 FY25 | $6.58 | $6.50 | −1.2% | $194.3M | $208.0M | +7.1% | −3.23% |
| Oct 24, 2025Q3 FY25 | $6.71 | $6.69 | −0.3% | $195.0M | $215.1M | +10.3% | +2.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $216.9M | $209.5M | $215.1M | $189.1M | $186.0M | $167.2M | |
| Gross profit | $107.8M | $111.5M | $116.3M | $286.4M | $131.8M | $113.0M | |
| Operating income | $36.6M | $45.2M | $47.1M | $16.0M | $5.2M | $37.5M | |
| Net income | $28.6M | $42.4M | $31.9M | $35.5M | $7.1M | $44.6M | |
| Diluted EPS | $4.05 | $6.10 | $4.65 | $5.17 | $1.05 | $6.67 | |
| Gross margin | 49.7% | 53.2% | 54.1% | 151.5% | 70.9% | 67.6% | |
| Operating margin | 16.9% | 21.6% | 21.9% | 8.5% | 2.8% | 22.5% |
Fiscal years (4-quarter sums)FY21 $974.7M · FY22 $881.7M · FY23 $841.5M · FY24 $902.8M · FY25 $830.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $285.9M · Total debt $2.82B · Total assets $4.54B · Shareholders' equity $945.3M
Dividends
Raised for 10 straight years — most recently to $2.40 from $2.25 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $2.40 | |
| Apr 30, 2026 | Apr 30 | May 13 | $2.40 | |
| Jan 30, 2026 | Jan 31 | Feb 11 | $2.40 | |
| Oct 31, 2025 | Oct 31 | Nov 14 | $2.40 | raised from $2.25 |
| Jul 31, 2025 | Jul 31 | Aug 15 | $2.25 | |
| Apr 30, 2025 | Apr 30 | May 14 | $2.25 | |
| Jan 31, 2025 | Jan 31 | Feb 12 | $2.25 | |
| Oct 31, 2024 | Oct 31 | Nov 13 | $2.25 | raised from $1.90 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 6.68M · Float 6.24M · 93.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.06M | 15.81% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 450.1K | 6.74% | 13F | Aug 13, 2026 |
| State Street Corp | 448.3K | 6.71% | 13F | Aug 7, 2026 |
| Victory Capital Management, Inc. | 336.0K | 5.03% | 13G | Jul 24, 2026 |
| Dimensional Fund Advisors LP | 315.7K | 4.72% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 3, 2026 | Michael A. Angerthal | officer: EVP, CFO & Treasurer | −14,975 | $167.34 |
| Jun 16, 2026 | Barry M. Mandinach | officer: EVP, Head of Distribution | −5,000 | $144.76 |
| Mar 12, 2026 | W. Howard Morris | director | +4,050 | $129.47 |
| Feb 11, 2026 | Susan S. Fleming | director | −3,322 | $142.31 |
| Dec 11, 2025 | Susan S. Fleming | director | −2,959 | $168.29 |
Peers
- Victory Capital
Multi-franchise active manager across funds, ETFs, and accounts
- Franklin Templeton
Global fund sponsor spanning retail, institutional, and subadvised channels
- Affiliated Managers Group
Affiliate-manager platform competing for boutiques and mandates
- Invesco
Scaled active and ETF sponsor across retail and institutional channels
- T. Rowe Price
Active manager with funds, ETFs, SMAs, and subadvised mandates
- Federated Hermes
Active fund and account sponsor strongest in liquidity and fixed income
- Artisan Partners
Autonomous-team active manager with fund and separate-account overlap
- Cohen & Steers
Specialist real-assets manager across funds and institutional accounts
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Virtus Investment Partners | $168.52 | +0.04% | $1.13B | 9.6 | 7.1 | 1.5 | −4.4% |
| Victory Capital | $118.31 | −0.01% | $7.40B | 21.7 | 14.2 | 4.7 | +22.4% |
| Franklin Templeton | $35.05 | +1.15% | $18.01B | 23.1 | 11.3 | 1.9 | −12.0% |
| Affiliated Managers Group | $370.87 | −0.02% | $9.80B | 12.8 | 9.4 | 3.9 | +29.9% |
| Invesco | $32.86 | +0.05% | $14.57B | — | 10.8 | 2.1 | −12.3% |
| T. Rowe Price | $111.60 | +0.32% | $23.84B | 11.2 | 10.8 | 3.1 | +10.7% |
| Federated Hermes | $64.41 | −0.03% | $4.89B | 11.8 | 11.4 | 2.5 | +18.3% |
| Artisan Partners | $43.47 | −0.02% | $3.09B | 10.7 | 11.2 | 2.2 | +13.2% |
| Cohen & Steers | $82.81 | +0.25% | $4.25B | 25.4 | 22.2 | 7.1 | +6.6% |
| Median | 12.8 | 11.2 | 2.8 | +12.0% |