Virtus Investment Partners, Inc.
- Open
- 143.96
- Day high
- 149.85
- Day low
- 143.96
- Prev close
- 143.50
- Volume
- 70K
- Mkt cap
- $997M
- P/E (TTM)
- 8.7
- EPS (TTM)
- $17.22
- P/B
- 1.1
- P/S
- 1.2
- Yield
- 1.61%
- Per share
- $2.40
- ▼Insiders net selling -$724K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Virtus Investment Partners, Inc. (VRTS) is a Financial Services company listed on NASDAQ. The stock is down 24% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Virtus Investment Partners, Inc. (VRTS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VRTS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $5.56 | $5.38 | -3.2% | $200M | +11.2% |
| Feb 6, 2026 | $6.58 | $6.50 | -1.2% | $189M | -2.7% |
| Oct 24, 2025 | $6.71 | $6.69 | -0.3% | $215M | +10.3% |
| Jul 25, 2025 | $6.21 | $6.25 | +0.6% | $211M | +4.6% |
| Apr 25, 2025 | $5.33 | $5.73 | +7.5% | $218M | +12.9% |
| Jan 31, 2025 | $7.62 | $7.50 | -1.6% | $232M | +14.6% |
| Oct 25, 2024 | $6.80 | $6.92 | +1.8% | $227M | +6.1% |
| Jul 26, 2024 | $6.61 | $6.53 | -1.2% | $223M | +8.7% |
| Apr 26, 2024 | $5.41 | $5.41 | +0.0% | $221M | +8.5% |
| Feb 2, 2024 | $5.96 | $6.11 | +2.5% | $215M | +8.9% |
| Oct 27, 2023 | $6.17 | $6.21 | +0.6% | $218M | +8.8% |
| Jul 28, 2023 | $5.89 | $5.43 | -7.8% | $212M | +7.5% |
VRTS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Mandinach Barry M.officer: EVP, Head of Distribution | Sell | 4,500 | $144.71 |
| Jun 17, 2026 | Mandinach Barry M.officer: EVP, Head of Distribution | Sell | 500 | $145.25 |
| May 21, 2026 | HOLT TIMOTHY Adirector | Grant | 1,377 | $137.93 |
| May 21, 2026 | BAIN PETER Ldirector | Grant | 806 | $137.93 |
| May 21, 2026 | Greig Paul Gdirector | Grant | 833 | $137.93 |
| May 21, 2026 | Weisenseel John Cdirector | Grant | 779 | $137.93 |
| May 21, 2026 | JONES MELODY Ldirector | Grant | 842 | $137.93 |
| May 21, 2026 | MORRIS W HOWARDdirector | Grant | 779 | $137.93 |
| Mar 17, 2026 | Lieberman Elizabeth Aofficer: EVP, Chief HR Officer | Tax | 143 | $126.11 |
| Mar 17, 2026 | AYLWARD GEORGE Rdirector, officer: Director, CEO and President | Grant | 12,688 | $126.11 |
| Mar 17, 2026 | Purkalitis Andra Cofficer: EVP and CLO | Grant | 2,578 | $126.11 |
| Mar 17, 2026 | Smirl Richard Wofficer: EVP & Chief Operating Officer | Grant | 5,155 | $126.11 |
| Mar 17, 2026 | Smirl Richard Wofficer: EVP & Chief Operating Officer | Tax | 1,121 | $126.11 |
| Mar 17, 2026 | Angerthal Michael Aofficer: EVP, CFO & Treasurer | Grant | 5,155 | $126.11 |
| Mar 17, 2026 | Mandinach Barry M.officer: EVP, Head of Distribution | Tax | 741 | $126.11 |
Source: VRTS SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full VRTS insider & 13F page →Virtus Investment Partners, Inc. company profile
Overview
Virtus Investment Partners, Inc. (NASDAQ:VRTS) is a publicly traded investment management company founded in 1988 and headquartered in Hartford, Connecticut. The firm went public in 2009 and operates as a multi-boutique asset manager, providing investment management services to individual and institutional clients through a network of specialized investment boutiques. With approximately $175 billion in assets under management as of late 2024, Virtus has established itself as a mid-sized player in the competitive asset management industry, focusing on active investment strategies across equity, fixed income, and alternative asset classes.
Business
Virtus Investment Partners operates in the asset management industry, which involves managing investment portfolios on behalf of clients in exchange for fees. The company functions as a multi-boutique investment manager, meaning it partners with multiple specialized investment firms (boutiques) rather than managing all assets internally. This model allows Virtus to offer diverse investment strategies while leveraging the expertise of specialized managers. The company's business is organized into several key segments based on client type and distribution channels: 1. Institutional segment (34% of AUM): Serves large institutional clients such as pension funds, endowments, and corporate retirement plans. These clients typically have multi-million dollar mandates and require sophisticated investment solutions. 2. Retail Separate Accounts (28% of AUM): Provides individually managed accounts for high-net-worth individuals and smaller institutions. This segment has shown consistent growth and represents a key strategic focus area for the company. 3. U.S. Retail Mutual Funds (27% of AUM): Offers traditional mutual funds distributed through financial advisors, broker-dealers, and other intermediaries to individual investors. 4. ETFs and Other Products (11% of AUM): Includes exchange-traded funds, closed-end funds, and global funds. The ETF business has been a particular growth driver, with assets doubling to $3.1 billion over the past year. From an asset class perspective, Virtus manages approximately 57% in equity strategies, 38% in fixed income and multi-asset strategies, and 7% in alternative investments. The company employs both quantitative and fundamental analysis approaches across its various investment boutiques, with each boutique maintaining its distinct investment philosophy and process.
Revenue model
Virtus Investment Partners generates revenue primarily through asset-based management fees, which are calculated as a percentage of assets under management (AUM). The company's fee structure typically ranges from 41-42 basis points (0.41-0.42%) of AUM annually, though this varies by asset class and client type. Institutional mandates generally command lower fees due to their size, while retail products and specialized strategies often carry higher fee rates. The company also earns performance fees when investment strategies exceed predetermined benchmarks, though these are relatively modest at approximately $3-5 million annually. Additionally, Virtus generates revenue from distribution and service fees on mutual funds and ETFs, which are paid by fund shareholders to cover marketing and administrative costs. The multi-boutique model creates a unique revenue-sharing arrangement where Virtus typically retains 40-60% of the management fees, with the remainder going to the affiliated investment boutiques. This structure provides boutique managers with entrepreneurial incentives while giving Virtus access to diverse investment capabilities without the full cost of building them internally. Several factors influence Virtus's profitability margins. Market performance directly impacts AUM levels and thus fee revenue, as rising markets increase asset values while declining markets reduce them. Net flows - the difference between new client investments and redemptions - significantly affect revenue growth. Product mix matters considerably, as higher-fee strategies like alternatives and active equity management generate more revenue per dollar of AUM than passive or fixed income products. Operating leverage works in the company's favor during growth periods, as many costs are relatively fixed, allowing incremental revenue to flow more directly to profits. Conversely, competitive pressure on fees, particularly in institutional markets, can compress margins over time.
Competitive moat
Virtus Investment Partners operates in the highly competitive asset management industry with relatively limited structural moats. The company's primary competitive advantages stem from its multi-boutique model and investment performance track record, though these advantages are not insurmountable. The multi-boutique structure provides some differentiation by allowing Virtus to offer diverse investment strategies without the full cost and risk of building each capability internally. This model also helps retain talented portfolio managers who value entrepreneurial independence while benefiting from Virtus's distribution and operational infrastructure. However, this advantage is not unique, as several other asset managers employ similar approaches. Investment performance represents the most significant potential moat, with 71% of rated retail fund assets maintaining 4-5 star ratings and strong long-term track records across many strategies. Superior performance can create client loyalty and attract new assets, but performance advantages are inherently cyclical and can erode quickly in financial markets. The company faces substantial competitive threats from multiple directions. Passive investing continues to gain market share due to lower fees, putting pressure on active managers like Virtus. Large asset managers with greater scale can offer lower fees and more comprehensive services. Direct indexing and robo-advisors are disrupting traditional wealth management. Additionally, the boutique managers themselves represent a key risk, as they could potentially leave to start independent firms or join competitors, taking their investment strategies and client relationships with them. The asset management industry's low barriers to entry and the commoditization of many investment strategies make it difficult for mid-sized players like Virtus to maintain sustainable competitive advantages. The company's success depends heavily on continued strong investment performance and effective distribution, both of which are challenging to sustain over long periods.
Risks & safety
Virtus Investment Partners maintains a relatively strong financial position with adequate liquidity and manageable debt levels, though the asset-sensitive nature of the business creates inherent volatility. • Liquidity and Cash Position: Strong cash position of $399.6 million and current ratio of 2.49, providing substantial financial flexibility. However, negative free cash flow of -$104.7 million in Q4 2024 due to timing of compensation and other payments. • Debt and Leverage: Modest debt-to-equity ratio of 2.76, though this appears elevated due to the company's asset management structure. More meaningfully, the company ended 2024 with a net cash position of $30 million and debt of only 0.1-0.2x EBITDA, indicating minimal solvency risk. • Valuation Metrics: Trading at P/E ratio of 11.6x and EV/EBITDA of 7.5x based on Q4 2024 results, suggesting reasonable valuation relative to earnings. Price-to-book ratio of 1.72x reflects the asset-light nature of the business. • Other Considerations: Revenue and earnings are highly sensitive to market movements and client flows, creating inherent volatility. The company has a deferred tax asset worth approximately $112 million ($16 per share), providing additional financial cushion. Strong dividend policy with recent 18% increase demonstrates management confidence in cash generation.
Recent development
Over the past few years, Virtus has pursued a clear strategic transformation focused on diversifying its product mix and distribution channels while reducing dependence on traditional institutional mandates. The company has made significant investments in three key growth areas that represent the future of its business model. The ETF platform has emerged as a major success story, growing from a nascent offering to $3.1 billion in assets under management by late 2024. The company now offers 20 ETFs across various strategies and managers, with assets doubling over the past year and generating over $500 million in sales in Q4 2024 alone. This growth reflects broader industry trends toward ETF adoption and Virtus's ability to convert its active management expertise into ETF format. Retail separate accounts have become another strategic pillar, representing 28% of total AUM and showing consistent positive net flows. This segment appeals to high-net-worth individuals seeking personalized investment management and has demonstrated more stable flows compared to institutional mandates. The company has been expanding its fixed income and international equity capabilities in this channel. The company has also been developing its global funds and international distribution capabilities, with global fund assets growing 29% and representing an increasingly important diversification away from U.S.-centric products. Additionally, Virtus completed the acquisition of AlphaSimplex to enhance its alternative investment capabilities, recognizing client demand for less correlated strategies. Recent operational improvements include achieving a 35.1% operating margin in Q4 2024, the highest level in 2.5 years, through disciplined expense management while continuing to invest in growth areas. The company has also been actively returning capital to shareholders through share repurchases and dividend increases, including an 18% dividend raise in 2024.
VRTS company profile · for informational purposes only — not investment advice.
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