Virtus KAR International Small-Mid Cap Fund Q1 2026 Commentary
The Virtus KAR International Small-Mid Cap Fund declined 6.32% in the first quarter of 2026, underperforming the MSCI All Country World Ex USA Small Mid Cap Index, which rose 0.35%. Sector performance varied, with VAT Group gaining on strong semiconductor demand while FinecoBank declined amid AI-related competitive concerns. The fund added three new positions during the quarter: IntegraFin, Riverstone, and Steadfast Group. Market movements were influenced by AI-driven trends and shifting investor sentiment in international small- and mid-cap equities.
- ▪The Virtus KAR International Small-Mid Cap Fund returned -6.32% in Q1 2026.
- ▪The MSCI All Country World Ex USA Small Mid Cap Index gained 0.35% in the same period.
- ▪VAT Group outperformed due to strong order momentum from semiconductor equipment customers.
- ▪FinecoBank underperformed as AI software raised concerns about competition with human-led financial advisory services.
- ▪The fund initiated positions in IntegraFin, Riverstone, and Steadfast Group during the quarter.
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