Virtus Investment Partners Inc

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Tuesday, October 12, 2021 U.S. equity futures are looking mixed to slightly higher despite the cautious tone heading into the start of the third quarter earnings season with a focus on surging energy prices, faster inflation and their combined effect on growth prospects in the world’s biggest economies. Stock markets slumped in the final hour of the trading day Monday, with major averages finishing at the session lows as the Dow fell 0.72%, the S&P 500 was down 0.69%, and the Nasdaq moved down 0.64%. Overnight, Asian markets fell amid news that indebted China property giant Evergrande had missed a third coupon payment in as many weeks, reigniting concerns that its collapse could trigger contagion in regional bond markets. Bond markets reopen after being closed for the Columbus Day holiday, with the 10-year yield holding around the 1.6% level. Oil prices are trading near seven-year highs amid a global power crunch. In Asian markets, The Nikkei Index dropped -267 points to 28.230, the Shanghai Index fell -45 points to 3,546, and the Hang Seng Index declined -362 points (1.43%) to 24,962. China Evergrande Group once again misses payment on the firm’s 9.5% note due 2022 and its 10% bond due 2023. Also adding to concerns, Shanghai-based developer Sinic Holdings Group said that it doesn’t expect to pay the principal or interest due Oct 18 for a $250 mln bond not helping Asian sentiment. In Europe, the German DAX is lower by about -40 points to 15,155, while the FTSE 100 slips -30 points to 7,115. Market Closing Prices Yesterday · The S&P 500 Index dropped -30.15 points, or 0.69%, to 4,361.19 · The Dow Jones Industrial Average fell -250.19 points, or 0.72%, to 34,496.06 · The Nasdaq Composite slumped -93.34 points, or 0.64%, to 14,486.20 · The Russell 2000 Index declined -12.45 points, or 0.56% to 2,220.64 Events Calendar for Today · 6:00 AM ET NFIB Small Business Optimism · 7:45 AM ET ICSC Weekly Retail Sales · 8:55 AM ET Johnson/Redbook Weekly Sales · 10:00 AM ET JOLTs Job Openings for Aug · 4:30 PM ET API Weekly Inventory Data Earnings Calendar: · Earnings Before the Open: None · Earnings After the Close: VOXX Other Key Events: · American Society of Retina Specialists Annual Scientific Meeting, in San Antonio, TX 10/8-10/12 World News · German ZEW said economic sentiment missed: 22.3 vs 24.0 consensus; current conditions missed: 21.6 vs 28.5 consensus; the economic situation has worsened, economic o/l for next 6 months has got considerably worse · The NFIB Small Business Optimism Index: 99.1 vs. 99.5 consensus, 100.1 in August. · China’s widening power crisis, which has forced rationing across the country and threatens to derail economic growth, is prompting policy makers to rethink the pace of the nation’s energy transition – Bloomberg Sector News Breakdown Consumer · Tesla (TSLA) sold 56,006 China-made vehicles in September, up 26.5% M/M from August’s sales of 44,264 units, and the highest since it started production in Shanghai about two years ago, Reuters reports. · Automobile sales in China declined 19.6% Y/Y in September to 2.07M vehicles, falling for a fifth consecutive month; sales of passenger cars in September fell 17% Y/Y to 1.58M vehicles, the China Passenger Car Association said · MGM Resorts ($MGM) upgraded to Outperform from Neutral at Credit Suisse and up tgt to $68 from $33 · Trex Company ($TREX) downgraded to Neutral from Outperform at Baird and cut tgt to $108 from $116 saying decking channel checks suggest sell-through demand will be slower in Q3 and Q4 · Vroom ($VRM) has agreed to acquire California based United Auto Credit Corporation for $300M in cash Energy, Industrials and Materials · Matson ($MATX) guides Q3 diluted EPS $6.39-$6.58 above est. $4.39 saying they continued to see strong demand with higher year-over-year volumes compared to the largely pandemic-reduced volumes in the third quarter of last year; expects Q3 operating income for Ocean Transportation of $358M-$363M and Logistics operating income of $15M-$16M · TechnipFMC ($FTI) awarded a substantial long-term charter and services contract by Petrobras (PBR) for the pipelay support vessel Coral do Atlântico; said contract is between $250M-$500M · AO Smith ($AOS) raises quarterly dividend to $0.28 from $0.26 · AZZ Inc. ($AZZ) Q2 adj EPS $0.76 vs. est. $0.62; Q2 revs $216.45M vs. est. $219.95M; raises FY22 EPS view to $2.90-$3.20 from $2.65-$3.05 (est. $3.03); revises FY22 revenue view to $865M-$925M from $855M-$935M (est. $924.2M) · Hecla Mining ($HL) announced preliminary production results for the third quarter. Highlights include: Silver production of 2.7M ounces, decreased due to lower grades at Greens Creek based on mine sequencing, partially offset by Lucky Friday production. Gold production of 42,206 ounces, in line with the same period in the prior year Financials · China Evergrande Group once again misses payment on the firm’s 9.5% note due 2022 and its 10% bond due 2023. Also adding to concerns, Shanghai-based developer Sinic Holdings Group said that it doesn’t expect to pay the principal or interest due Oct 18 for a $250 mln bond. · Square ($SQ) upgraded to Overweight from Neutral with a $300 price target at Atlantic Equities · Arch Capital Group Ltd. ($ACGL) said Q3 results will be negatively impacted by the effects of Hurricane Ida and the July flooding events in Central Europe, as well as from other minor global events; sees pre-tax catastrophe losses of $330M-$345M in Q3 across its property casualty insurance and reinsurance segments, net of reinsurance recoveries and reinstatement premiums; board boosts share buyback program to $1.5b total · Artisan Partners Asset Management Inc. ($APAM) prelim assets under management as of September 30, 2021 totaled $173.6 billion. Artisan Funds and Artisan Global Funds accounted for $85.4 billion of total firm AUM, while separate accounts and other AUM accounted for $88.2B · Cohen & Steers, Inc. ($CNS) preliminary assets under management of $97.3 billion as of September 30, 2021, a decrease of $3.2 billion from assets under management at August 31, 2021. The decrease was due to market depreciation of $3.9 billion and distributions of $306 million, partially offset by net inflows of $1.1 billion. · Franklin Resources, Inc. ($BEN) preliminary month-end assets under management of $1,530.1 billion at September 30, 2021, compared to $1,572.1 billion at August 31, 2021. This month’s decrease in AUM primarily reflected market depreciation and slight long-term net outflows, excluding a $2 billion fixed income institutional redemption that had minimal impact on revenue. · Invesco Ltd. ($IVZ) preliminary month-end assets under management of $1,528.6B, a decrease of 2.2% versus previous month-end. Total net inflows were $4.2B. The firm achieved net long-term inflows of $3.2 billion this month. Money market net inflows were $1.0 billion. AUM was negatively impacted by unfavorable market returns, which decreased AUM by $36 billion. · Virtus Investment Partners, Inc. ($VRTS) preliminary assets under management (AUM) as of September 30, 2021 of $177.3 billion. The decrease in AUM from June 30, 2021 reflected market performance and open-end fund net outflows, partially offset by positive net flows in retail separate accounts, exchange traded funds, and institutional. Healthcare · GlaxoSmithKline’s ($GSK) consumer healthcare unit is drawing buyout interest from private equity firms such as Advent, CVC and KKR, ahead of the drugmaker’s planned separation from the unit next year, Bloomberg News reported, citing sources Technology, Media & Telecom · GitLab Inc. ($GTLB) has raised the expected pricing range of its IPO to between $66-$69 a share from between $55-$60 a share last week. The all-remote software company is still offering 8.42 million shares in the IPO, with the new pricing expectation boosting what the company will raise to $580.98 million · Relay Therapeutics ($RLAY) announces $350M common stock offering · Quanterix ($QTRX) announces that its Simoa phospho-Tau 181 (pTau-181) blood test has been granted Breakthrough Device designation by the U.S. FDA as an aid in diagnostic evaluation of Alzheimer’s Disease (AD). · SeaSpine Holdings Corporation ($SPNE) announced the full commercial launch of its NorthStar OCT Posterior Cervical Fixation System

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434k $VRTS @ 303.68

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/*============================================= = Thursday, June 10, 2021 = =============================================*/ Futures Up/Down % Last Dow 80.00 0.23% 34,410 S&P 500 2.25 0.07% 4,211 Nasdaq -37.50 0.27% 13,766 U.S. stock futures are mixed into key monthly inflation data as the May Consumer Price Index (CPI) is set to be revealed at 8:30 AM, with an expected MoM rise of 0.4% for both headline and core prices and YoY prices to rise 4.7% (which would be the biggest YoY rise since 2008) and 3.4% (would be highest since YoY core spike since 1993) for headline and core respectively. Treasury yields have been sliding over the last week to one-month lows around 1.50% for the benchmark 10-year ahead of the data, as it appears markets have accepted the recent rise in prices as “transitory” which is what the Fed has been echoing for weeks now. While the Fed has pledged not to hike interest rates before 2023, some economists say that is wishful thinking if these levels of inflation keep up. The S&P 500 flirted with a record high Wednesday before retreating in afternoon trading, once again nearly tagging its 4,238.04-record intraday high. The yield on 10-year Treasuries sank to almost 1.47%, while the 30-year bond touched 2.148%, the lowest since March 1. On a weekly basis, the S&P 500 is on track for its smallest range as a percentage of the prior week’s close since mid-October 2017. In Asian markets, The Nikkei Index rose 97 points to 28,958, the Shanghai Index rose 19 points to 3,610 and the Hang Seng Index slipped -3 points to 28,738. In Europe, the German DAX is up over 320 points to top 15,600, while the FTSE 100 is up around 25 points to 7,105. Not much going on in individual stock news other than several new IPO’s pricing overnight and open for trading today along with momentum sectors remaining very volatile including Reddit/WSB related “meme” stocks and Bitcoin leveraged stocks. Events Calendar for Today 8:30 AM EST Consumer Prices (CPI) MoM for May…est. 0.4% 8:30 AM EST Consumer Prices (CPI) YoY for May…est. 4.7% 8:30 AM EST CPI Ex: Food & Energy MoM for May…est. 0.4% 8:30 AM EST CPI Ex: Food & Energy YoY for May…est. 3.4% 8:30 AM ET Weekly Jobless Claims…est. 370K 8:30 AM EST Continuing Claims…est. 3.602M 10:30 AM ET Weekly EIA Natural Gas Inventory Data 2:00 PM EST Federal Budget for May Earnings Calendar: Earnings Before the Open: A LOT, $FCEL, JW/A, $KSPN, $SIG Earnings After the Close: $AVO, $CGRN, $CHWY, $NVGS, $PLAY, $SEAC, $TPCS, $TYME, $ZDGE Other Key Events: Baird Global Consumer, Technology & Services Conference 2021 (virtual), 6/8-6/10 Deutsche Bank Global Consumer Conference (virtual), 6/7-6/10 FBN Securities Silicon Valley Tech Tour (virtual), 6/10-6/11 Goldman Sachs Healthcare Conference (virtual), 6/8-6/10 Goldman Sachs 25th Annual European Financials Conference (virtual), 6/8-6/10 Jefferies Healthcare Virtual Conference, 6/8-6/10 Oppenheimer Virtual Software & Semiconductor Bus Tour, 6/7-6/11 Piper Global Exchange & FinTech Conference (virtual), 6/9-6/10 REITWeek 2021 Investor Virtual Conference, 6/8-6/10 Market Closing Prices Yesterday The S&P 500 Index slipped -7.71 points, or 0.18%, to 4,219.55 The Dow Jones Industrial Average fell -152.68 points, or 0.44%, to 34,447.14 The Nasdaq Composite dipped -13.16 points, or 0.09%, to 13,911.75 The Russell 2000 Index declined -16.63 points, or 0.71% to 2,327.13 Macro Up/Down Last Nymex 0.08 70.04 Brent 0.14 72.36 Gold -9.00 1,879.55 EUR/USD -0.0018 1.2162 JPY/USD -0.12 19.51 10-Year Note +0.012 1.501% World News A bipartisan group of House moderates on Wednesday unveiled an eight-year, $1.25 trillion infrastructure plan designed to help break the months-long impasse over President Biden’s top domestic legislative priority. The framework offered by the 58-member Problem Solvers Caucus calls for more than $959 billion for traditional infrastructure, including highways, bridges, rail, airports and waterways; $25 billion of that money would be set aside for electric vehicle infrastructure, including electric buses. Sector News Breakdown Consumer GameStop ($GME) Q1 adj EPS loss (-$0.45) vs. est. loss (-$0.84); Q1 sales $1.3B vs. est. $1.16B; says may offer and sell up to 5 mln shares of its common stock, from time to time, in “at-the-market” offerings – shares slip on offering; named two Amazon executives as its CEO and CFO – Matt Furlong will succeed George Sherman as CEO and Mike Recupero will succeed Jim Bell as CFO; continues to suspend guidance; says Q2 sales trends continue to reflect momentum, with may total sales increasing approximately 27% compared to last year; Oxford Industries ($OXM) Q1 adj EPS $1.89 vs. est. $1.06; Q1 sales $266M vs. est. $233.1M; raises FY21 EPS view to $4.85-$5.15 from $2.80-$3.20 (est. $3.05); raises FY21 revenue view to $1.015B-$1.05B from $940M-$980M (est. $968.86M) RH ($RH) shares rise 6%; Q1 adj EPS $4.89 vs. est. $4.10; Q1 revs $860.8M vs. est. $757.65M; raising our outlook for revenue growth in fy21 to a range of 25% to 30% from prior outlook of 15%-20%; sees 2q adj operating margin in range of 25.9% to 26.1% and Q2 revs growth 35%-37%; Q1 adjusted gross margin of 47.3% of sales vs. 41.8% a year ago and 46.1% consensus Celsius Holdings ($CELH)52M share Spot Secondary priced at $62.50 Leslie’s ($LESL) 24.5M share Secondary priced at $27.64 Energy, Industrials and Materials Blocked by US President Joe Biden, Canada’s TC Energy ($TRP) said Wednesday it had officially terminated the Keystone XL Pipeline project, throwing in the towel on a controversial initiative opposed by environmental activists. Callon Petroleum ($CPE) and Continental Resources ($CLR) downgraded to Sector Perform from Outperform at RBC Capital with a price target of $54 (up from $44) and tgt of $40 (up from $34) respectively, citing strong relative performance and believes that its upside is now in line with its peers Marathon Oil ($MRO) upgraded to Outperform from Sector Perform at RBC Capital with a price target of $18 from $14 saying the stock provides an attractive opportunity to express bullishness on oil prices, while the company’s “ultra-low” break-even point and maintenance capital program support robust free cash flow generation at even depressed commodity prices Greif Inc. ($GEF) Q1 adj EPS $1.13 vs. est. $1.06; Q2 sales $1.34B vs. est. $1.26B; Net cash provided by operating activities increased by $52.5 million to a source of $152.3 million; total debt decreased by $368.9 million Financials AllianceBernstein L.P. ($AB) announced that preliminary assets under management increased to $731 billion during May 2021 from $724 billion at the end of April; firmwide net inflows, coupled with market appreciation, drove the 1% increase Franklin Resources, Inc. ($BEN) reported preliminary month-end assets under management of $1,543.5 billion at May 31, 2021, compared to $1,529.3 billion at April 30, 2021. Virtus Investment partners, Inc. ($VRTS) reported total assets under management (aum) as of May 31, 2021 of $175.5 billion. in addition, the company provided services to $3.7 billion of other fee-earning assets that are not included in assets under management. Bank of Hawaii ($BOH) announces the offering of 7.2M depositary shares for gross proceeds of $180M Clarivate ($CLVT)462M share Secondary priced at $26.00 Healthcare Aclaris Therapeutics ($ACRS)04M share Spot Secondary priced at $17.75 Apria ($APR)5M share Secondary priced at $27.00 Clover Health Investments ($CLOV) downgraded to Underperform from Neutral at Bank America with an unchanged price target of $10 noting the 100% rally in the past week and shares are now trading at a 70% premium to Alignment Healthcare (ALHC), its closest comp LifeStance ($LFST) 40M share IPO priced at $18.00 Technology, Media & Telecom The global semiconductor market will rise from 6.8% in 2020 to 19.7% this year to ~$527B according to World Semiconductor Trade Statistics estimates. For 2022, the global semiconductor market is projected to grow by 8.8% to $573B, driven by double-digit growth of the Memory category ChipMOS ($IMOS) reports May revenue of $84.4M (+2.4% M/M; +30.7% Y/Y) TSMC’s ($TSM) May revenue rose 19.8% Y/Y and 0.9% M/M to NT$112.360B Xilinx ($XLNX) has acquired Silexica, a privately-held provider of C/C++ programming and analysis tools; terms not disclosed Genius Sports ($GENI) 22M share Secondary priced at $19.00 Materialise ($MTLS) 4M share Spot Secondary priced at $24.00 PLBY Group ($PLBY)72M share Secondary priced at $46.00 Zeta Global ($ZETA)5M share IPO priced at $10.00 1stDibs ($DIBS)75M share IPO priced at $20.00 com ($MNDY) 3.7M share IPO priced at $155.00 Jamf Holding ($JAMF)5M share Secondary priced at $33.00 Asana ($ASAN) disclosed that its CEO Dustin Moskovitz bought 500K shares of common stock on June 7th in a total transaction size of $19.7M Latch Inc. ($LTCH) 1Q revs $6.6Mm +143%, booked ARR $38.9Mm +120%, total bookings $71.7Mm +89%; says plans to increase investments in sales and marketing as well as new experiences and products; guides 2Q revs $9-10Mm with total bookings $82-87Mm and adj EBITDA ($17Mm) to ($20Mm); sees FY revs $47-51Mm with total bookings $290-325Mm and adj EBITDA ($75Mm) to ($95Mm) Verint Systems ($VRNT) Q1 adj EPS $0.44 vs. est. $0.35 on revs $202Mm vs. est. $196.5Mm, cloud revs up more than 35% YoY; guides FY adj EPS $2.23 at midpoint vs. est. $2.19, sees FY revs $860Mm +/- 2% vs. est. $861.7Mm (sees cloud revs +30-35%, sees new PLE bookings 10+%)

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the old VRTS

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Key Metrics

Market Cap

1.43 B



Avg. Volume

62.96 K

Shares Outstanding

7.23 M



Public Float


Next Earnings Date


Next Dividend Date

Company Information

Virtus Investment Partners is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Its affiliates include Ceredex Value Advisors, Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Seix Investment Advisors, Silvant Capital Management, Sustainable Growth Advisers, and Virtus ETF Solutions.

CEO: George Robert Aylward Jr., CPA


HQ: One Financial Plaza Hartford, 06103 Connecticut

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