Summary

• The Virtus KAR Small-Mid Cap Core Fund returned -6.61% (Class I) in the quarter, underperforming the Russell 2500 Index, which returned 2.04%.
• Stock selection in the information technology and industrials sectors detracted from performance.
• An underweight position in the real estate sector, combined with stock selection in the consumer staples sector, contributed positively to performance.

Market Summary

During the first quarter of 2026, market leadership shifted as small-cap stocks outperformed large caps amid a rotation away from crowded trades by investors. The Russell 2000® small-cap benchmark surpassed the broader market, as measured by the

3 Followers