Summary

• The Virtus Westchester Event Driven Fund returned +0.29% year-to-date through March 31, 2026.
• From a sub-strategy perspective, special situations contributed +0.25%, driven by favorable developments across asset sales, corporate actions, and strategic reorganizations.
• During the quarter, 17 transactions were completed, and capital was redeployed into 25 new opportunities.

Market Review

Corporate activity remained active during the first quarter of 2026, while the composition of opportunities continued to extend beyond traditional mergers and acquisitions (M&A). Elevated financing costs, sector-specific balance-sheet pressures, and heightened regulatory scrutiny contributed to a broader