Virtus Investment Advisers, LLC

Position sizing, not stock picking, is the story at Virtus Investment Advisers: across a $362.5 million, 450-position Q1 2026 book, even the largest holding, Gilead Sciences, is just 0.79% of assets, and the top 50 names are all clustered tightly between roughly 0.51% and 0.79% — a maximally diversified structure where no individual stock can meaningfully move the portfolio's overall shape. That structure also means a large share of names crossing in or out of a "top 50 by value" cut quarter to quarter likely reflects small price moves shuffling rank order among similarly-sized positions, not a wholesale change in strategy. The book's handful of clean, unambiguous trades: Oxford Lane Capital, a CLO closed-end fund, was the only meaningfully increased position (+39.2% in shares, a real $574,634 addition), while Applied Materials was trimmed the hardest (-31.9% in shares, -$914,288) — modest single-digit-percent reductions in Ross Stores, WABTEC, Delta Air Lines, Walmart and Cisco round out the quarter's real activity. With a whaleScore of 43.00, this filer's structure — not any individual position — is the actual story.