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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Secular demand for artificial intelligence data center infrastructure and grid power expansion supports resilient corporate fundamentals, prompting selective capital deployment into high-growth power generation and optical networking leaders."
Virtus Silvant Mid-Cap Growth Fund returned -6.28% net of fees (Class INST) in the third quarter of 2026, trailing its benchmark, the Russell Midcap Growth Index, which returned -5.84%. Year-to-date, the fund has generated a net return of 10.05% compared to 1.01% for the index. Relative quarterly performance was weighed down by an overweight allocation to industrials alongside lower relative exposure to energy and healthcare. Conversely, positive stock selection, an underweight in communication services, and a zero-weight allocation to utilities contributed positively to relative results. The macroeconomic environment was characterized by rising U.S. Treasury yields, persistent inflation, and elevated oil prices following the conflict in Iran, which prompted the Federal Reserve's first rate hike in three years. Broader market sentiment cooled across artificial intelligence semiconductor and infrastructure names after substantial prior-quarter gains. Despite these market headwinds, underlying U.S. economic conditions remained resilient, supported by firm labor dynamics, upward-trending GDP growth revisions, and supportive corporate fundamentals highlighted by solid revenue, earnings, and free cash flow generation. Portfolio activity reflected continued conviction in AI-driven power and connectivity demands offset by tactical discipline. The fund initiated new positions in Bloom Energy and Yum! Brands, and added to high-conviction holdings including Lumentum Holdings and Sterling Infrastructure on price pullbacks. Positions in Argan were maintained despite near-term volatility in data center contractors. To fund these opportunities and maintain portfolio quality, complete exits were executed in Tapestry and MasTec following fundamental deceleration in comparable store sales and organic segment growth, respectively.
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