AllianzGI Diversified Income & Convertible Fund : Reports Results for the Fiscal Quarter Ended April 30, 2019
June 29, 2019 at 01:36 am IST
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AllianzGI Diversified Income & Convertible Fund (the "Fund") (NYSE: ACV), a diversified closed-end management investment company which provides total return through a combination of current income and capital appreciation, while seeking to provide downside protection against capital loss, today announced its results for the fiscal quarter ended April 30, 2019.
At April 30,
2019
2018
Net Assets (a)
$242,228,257
$232,394,238
Common Shares Outstanding
10,317,439
10,274,970
Net Asset Value ("NAV")
$23.48
$22.62
Market Price
$24.08
$22.42
Premium (Discount) to NAV
2.56%
(0.88)%
Undistributed Ordinary Income Per Common Share (b)
$0.0831
$1.2396
Quarter ended April 30,
2019
2018
Net Investment Income
$375,329
$677,934
Per Share (c)(d)
$0.04
$0.07
Net Realized and Change in Unrealized Gain (Loss) (c)
$19,560,421
$(8,517,958)
Per Share (c)
$1.89
$(0.83)
(a)
Net assets are inclusive of Mandatory Redeemable Preferred Shares of $30 million.
(b)
Since the Fund's net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed ordinary income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed ordinary income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed ordinary income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The undistributed ordinary income balance includes realized gain (loss) on the sale of contingent debt and Section 305 sales adjustments for accrual of deemed dividends from investments in convertible debt, in accordance with federal income tax treatment.
(c)
Net Investment Income for the fiscal quarter ended April 30, 2019 includes market premium amortization on corporate bonds of $73,529 ($0.01 per common share). Net Investment Income for the fiscal quarter ended April 30, 2018 includes market premium amortization on corporate bonds of $96,233 ($0.01 per common share).
(d)
Calculated on average common shares outstanding.
Allianz Global Investors U.S. LLC, an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group.
The Fund's daily New York Stock Exchange closing market price, NAV, as well as other information, is available at us.allianzgi.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.
The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance the Fund will meet its stated objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.
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Virtus Diversified Income & Convertible Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of convertible securities, income-producing equity securities and income-producing debt and other instruments of varying maturities, of which at least 50% of total managed assets are invested in convertibles. The Fund has the latitude to write covered call options on the stocks held in the equity portion. The Fund's investment advisor is Virtus Investment Advisers, Inc., and its investment subadvisor is Voya Investment Management Co. LLC.