Summary

• Virtus Newfleet Short Duration High Income Fund (Class INST) returned 0.00% for the quarter versus the ICE BofA 1-3Y BB US Cash Pay High Yield Index return of 0.19%.
• The high yield market declined by 0.50% over the quarter. Credit spreads widened 51 basis points (BPs) to +317 bps.
• Fundamentals remained constructive as default rates rose but stayed low and credit migration trends remained healthy.

Market Review

The high yield market declined by 0.50% over the quarter. Credit spreads widened 51 basis points (BPs) to +317 bps. Yields rose in March to their highest level since May as Middle East tensions pushed oil prices and interest