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Newfleet Asset Management, LLC
Newfleet leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction.
Leveraging expertise in every sector of the bond market
Newfleet Asset Management, LLC provides comprehensive fixed income portfolio management, including multi-sector, enhanced core, and core strategies. Additionally, Newfleet offers dedicated sector strategies such as emerging markets debt, bank loans and high yield.
Mutual Funds
Institutional Investments
Closed-End Funds
Variable Insurance Funds
Investment Professionals

David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.
Mr. Albrycht is portfolio manager of the Virtus Newfleet Multi-Sector Short Term Bond Fund since 1993 and Virtus Newfleet Multi-Sector Intermediate Bond Fund since 1994. He is co-manager of the Virtus Newfleet Senior Floating Rate Fund since 2008, Virtus Tactical Allocation Fund and Virtus Newfleet High Yield Fund since 2011; Virtus Newfleet Core Plus Bond Fund, and Virtus Newfleet Low Duration Core Plus Bond since 2012. In addition, he co-manages two variable investment options and two closed-end funds, Virtus Total Return Fund Inc. (NYSE: ZTR), and Virtus Global Multi-Sector Income Fund (NYSE: VGI). He also is a manager of four exchange-traded funds, AdvisorShares Newfleet Multi-Sector Income ETF (NYSE: MINC), Virtus Newfleet Multi-Sector Bond ETF (NFLT), Virtus Newfleet High Yield Bond ETF (BLHY), and Virtus Newfleet ABS/MBS ETF (VABS), and two offshore funds, the Virtus GF Multi-Sector Short Duration Bond Fund and Virtus GF Multi-Sector Income Fund. He is also responsible for the structuring and management of Newfleet’s CLO platform.
In Barron’s “Best Fund Families of 2016” annual rankings published in 2017, Virtus Investment Partners was ranked the #2 Taxable Bond Fund Family, and held the #1 position in 2012 and 2010, due in large part to the expert management of the firm’s multi-sector fixed income funds by Mr. Albrycht and the Newfleet team.1 The Virtus Newfleet Multi-Sector Short Term Bond Fund, managed by Mr. Albrycht, received the 2018 Lipper Fund Award for best Short-Intermediate Investment-Grade Debt Fund over ten years.2 Recognized in the industry as a leading multi-sector fixed income strategist, Mr. Albrycht has appeared on CNBC and Bloomberg Television, and been quoted or featured in Barron’s, The Wall Street Journal, Business Week, Dow Jones, and InvestmentNews.
While at Goodwin Capital, Mr. Albrycht also served as director of credit research. In addition, he managed the Phoenix MISTIC CDO, a $1 billion multi-sector collateralized debt obligation, where he was responsible for credit analysis and deal structure.
Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He is a Chartered Financial Analyst® (CFA®) charterholder. He began his career in the investment industry in 1985.
1Barron's Best Mutual Fund Families Annual Rankings: Within the taxable bond category for 2016 (published February 11, 2017), 2012 (published February 11, 2013), and 2010 (published February 7, 2011), Virtus Investment Partners ranked 2 out of 61, 1 out of 62, and 1 out of 57 qualifying fund families for the 1-year period ended 12/31/16, 12/31/12, and 12/31/10, respectively. Barron’s annual fund family rankings are based on asset-weighted returns (excluding 12b-1 fees and sales charges) in five fund categories: U.S. equity, world equity, mixed asset, taxable bond, and tax-exempt bond, as calculated by Lipper. Each fund’s performance is measured against all other funds in its Lipper category, resulting in a percentile ranking which is weighted by asset size relative to the fund family’s other assets in its general classification.
Barron’s is a registered trademark of Dow Jones & Company; all rights reserved.
2Lipper Fund Awards: The Lipper Fund Awards from Refinitiv, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The awards are based on the Lipper Leader for Consistent Return rating, a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. Virtus Newfleet Multi-Sector Short Term Bond Fund (I: PIMSX) had the highest Effective Return value in its Lipper classification, Short-Intermediate Investment-Grade Debt Funds, out of 32 funds, based on total return for the 10-year period as of 11/30/18. Rankings do not include the effect of a fund’s sales load, if applicable. Ranking is for Class I shares only, other classes may have different performance characteristics.
Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds.
Past performance is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Performance for some funds may be negative.
Virtus Newfleet ETFs: Please consider the Fund’s objectives, risks, charges, and expenses before investing. Contact us at 1-800-243-4361 or visit Newfleet.com for a prospectus, which contains this and other information about the Fund. Read the prospectus carefully before investing.
Virtus Newfleet ETFs distributed by ETF Distributors LLC, an affiliate of Virtus ETF Advisers LLC.

Benjamin Caron, CFA
Senior Managing Director and Portfolio Manager
Industry Start Date: 1997
Ben Caron is a senior managing director and portfolio manager at Newfleet Asset Management, an investment
management affiliate of Virtus Investment Partners.
Prior to joining Newfleet in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers, a
former Virtus investment management subsidiary. He joined Goodwin Capital in 2002 as a client service
associate for the institutional markets group focusing on institutional fixed income clients. Earlier in his career, he
was with Fidelity Investments, where he was responsible for client management and sales in the managed account
group.
Mr. Caron earned a B.A. from Syracuse University and an M.B.A. from Suffolk University. He is a Chartered
Financial Analyst® (CFA®) charterholder. Mr. Caron began his career in the investment industry in 1997.

Tim Heaney, CFA
Senior Managing Director and Senior Portfolio Manager, Municipal Securities
Industry Start Date: 1990
Tim Heaney is a senior managing director and senior portfolio manager of municipal securities at Newfleet Asset
Management, an investment management affiliate of Virtus Investment Partners. He specializes in both taxable
and tax-exempt municipal bonds.
Mr. Heaney has held successive fixed income roles at Newfleet and Virtus since 1992. Prior to joining Newfleet
in 2011, he was a senior vice president and portfolio manager at Virtus Investment Advisers (VIA) from 2008 to
2011. Previously, Mr. Heaney was associated with Goodwin Capital Advisers, a former Virtus investment
management subsidiary, where he served as a managing director, fixed income (1997-2007); director, fixed
income research (1996-1997); and investment analyst (1995-1996). He worked as an investment analyst of
Phoenix Life Insurance Company from 1992 to 1994. Previously, he was a senior credit analyst in the commercial
lending division at Connecticut National Bank.
Mr. Heaney earned a B.S. and an M.B.A. from the University of Connecticut. He is a Chartered Financial
Analyst® (CFA®) charterholder. He began his career in the investment industry in 1990.

Kyle A. Jennings, CFA
Senior Managing Director and Head of Credit Research
Industry Start Date: 1992
Mr. Jennings has been a member of Newfleet’s corporate credit research team since 1998 and currently covers the gaming, healthcare, and pharmaceutical industries. He is also a member of the team that formulates the leveraged finance strategy for the multi-sector fixed income strategies. In addition, Mr. Jennings is responsible for the structuring and management of Newfleet’s CLO platform.
Prior to joining Newfleet in 2011, Mr. Jennings was on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. Before that, he worked as a credit research analyst in the banking industry for Shawmut Bank, Ironwood Capital, and Citizens Bank.
Mr. Jennings earned a B.S. in finance from the University of Connecticut and is a Chartered Financial Analyst® (CFA®) charterholder. He began his career in the investment industry in 1992.

Francesco Ossino
Senior Managing Director, Senior Portfolio Manager, and Bank Loan Sector Head
Industry Start Date: 1996
Frank Ossino is senior managing director, senior portfolio manager, and sector head of the bank loan asset class at
Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Additionally,
Mr. Ossino is responsible for the structuring and management of Newfleet’s CLO platform.
From 2004 to 2011, Mr. Ossino was a portfolio manager at Hartford Investment Management Company and in
2012, he managed mutual funds focused on bank loans and a commingled bank loan portfolio for institutional
investors at Hartford Funds’ subadviser Wellington Management. Previously, he held a variety of credit analyst
and portfolio management positions at CIGNA, HVB Bank, and FleetBoston Financial.
Mr. Ossino earned his M.S. in international economics and finance from Brandeis University and Luigi Bocconi
University in Milan, Italy and a B.S. in economics, cum laude, from Brandeis University. He began his career in
the investment industry in 1996.

Lisa Baribault is a director and portfolio manager at Newfleet Asset Management, an investment management
affiliate of Virtus Investment Partners.
Prior to joining Newfleet in 2011, Ms. Baribault was a manager of Investment Accounting at Phoenix Life
Insurance Company.
Ms. Baribault earned a B.S. in finance from Quinnipiac University and an M.B.A. from Regis University. She
began her career in the investment industry in 2003.

Eric Hess, CFA
Senior Managing Director, Portfolio Manager, and High Yield Sector Head
Industry Start Date: 2006
Eric Hess is a senior managing director, portfolio manager, and sector head of high yield credit at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. In addition, Mr. Hess is co-portfolio manager of Newfleet’s high yield strategy through a number of subadvisory relationships.
Prior to joining Newfleet in 2011, Mr. Hess served on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined Goodwin Capital’s corporate credit research group in 2010. Previously, he was a credit analyst for The Travelers Companies.
Mr. Hess earned a B.B.A. in finance from the University of Notre Dame. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Hess began his career in the investment industry in 2006.

Stephen Hooker is a managing director and portfolio manager at Newfleet Asset Management, an investment
management affiliate of Virtus Investment Partners.
Mr. Hooker is a member of the multi-sector portfolio management team with primary responsibilities for
institutional accounts. He joined Newfleet in 2011 to serve as sector manager for emerging markets, where he was
responsible for researching issuers in Europe, the Middle East, and Africa.
From 2005 until 2011, Mr. Hooker was vice president, senior credit analyst at Aladdin Capital Management
and Global Plus Investment Management, respectively, both of which specialize in high yield and structured
credit products. Prior to 2005, he was at Goodwin Capital Advisers, a former Virtus investment management
subsidiary, for 12 years, serving in various capacities, including as a senior credit analyst and emerging markets
sector manager.
Mr. Hooker earned a B.A. in psychology from Trinity College. He is a Chartered Financial Analyst® (CFA®)
charterholder. He began his career in the investment industry in 1993.

Lisa Leonard
Managing Director and Portfolio Manager, Municipal Securities
Industry Start Date: 1986
Lisa Leonard is a managing director and portfolio manager of municipal securities at Newfleet Asset
Management, an investment management affiliate of Virtus Investment Partners. She specializes in both taxable
and tax-exempt municipal bonds.
Ms. Leonard has held successive fixed income roles at Newfleet and Virtus since 1987. Prior to joining Newfleet
in 2011, she was a vice president and portfolio manager, fixed income at Virtus Investment Advisers (VIA) from
2008 to 2011. Previously, Ms. Leonard was associated with Goodwin Capital Advisers, a former Virtus
investment management subsidiary, where she was director, municipal research (1998-2007); director, investment
operations (1994-1998); and fixed income trader (1987-1993). Previously, she served as a municipal finance
analyst with Connecticut Bank & Trust.
Ms. Leonard earned a B.S. from the University of Connecticut. She began her career in the investment industry
in 1986.

Daniel Senecal is a managing director and credit analyst at Newfleet Asset Management, an investment
management affiliate of Virtus Investment Partners. He is a sector manager within the emerging markets
analyzing both sovereign and corporate debt.
Prior to joining Newfleet in 2011, Mr. Senecal was on the fixed income team at Goodwin Capital Advisers, an
investment management company that previously was a subsidiary of Virtus. He began at Goodwin Capital in
1997 as a corporate credit research analyst, followed by several roles, including sector manager for investment
grade corporate credit and sovereign credit. He was also lead portfolio manager of the Phoenix High Yield Fund
from 2003 until 2005 and Phoenix Emerging Market Fund from 2004 to 2005.
Earlier in his career, Mr. Senecal completed a formal credit training program at Shawmut National Bank where he
was a credit research analyst and lender. He also worked at BankBoston as a corporate bond analyst.
Mr. Senecal earned a B.A. in economics and English from Assumption College and an M.B.A. in finance from
the University of Connecticut. He is a Chartered Financial Analyst® (CFA®) charterholder. He began his career in
the investment industry in 1990.

Andrew Szabo, CFA
Portfolio Manager – Agency & Residential Mortgage-Backed Securities
Industry Start Date: 1986
Andrew Szabo is a senior managing director and portfolio manager of securitized products at Newfleet Asset Management.
Mr. Szabo is co-head of the securitized products team, specializing in agency and non-agency residential mortgage-backed securities. Prior to joining Newfleet in 2011, Mr. Szabo held this same role on the fixed income team at Goodwin Capital Advisers. In addition, Mr. Szabo is a co-portfolio manager of a securitized product ETF.
Mr. Szabo began working at Goodwin Capital’s predecessor, Phoenix Investment Counsel, in 1986 and became a member of the multi-sector fixed income team in 1989, starting as a credit analyst for the securitized products sector.
Mr. Szabo earned a B.S. in finance from Central Connecticut State University. He is a CFA® (Chartered Financial Analyst®) charterholder. He began his career in the investment industry in 1986.

Nicodemus Rinaldi
Portfolio Manager – Asset-Backed Securities & Commercial Mortgage-Backed Securities
Industry Start Date: 1992
Nick Rinaldi is a senior managing director and portfolio manager of securitized products at Newfleet Asset Management.
Mr. Rinaldi is co-head of the securitized products team, specializing in asset-backed and commercial mortgage-backed securities. Prior to joining Newfleet in 2011, he held this same role on the fixed income team at Goodwin Capital Advisers. In addition, Mr. Rinaldi is a co-portfolio manager of a securitized product ETF.
Mr. Rinaldi began his career at Goodwin Capital’s predecessor, Phoenix Investment Counsel, in 1992 and joined the multi-sector fixed income team in 1994 as a credit analyst for the securitized products sector, focusing on asset-backed, commercial mortgage-backed, and residential mortgage-backed securities.
Mr. Rinaldi earned a B.S. in finance from Northeastern University and an M.B.A. in finance from the University of Connecticut. He began his career in the investment industry in 1992.

Zachary Szyndlar, CFA
Director, Portfolio Manager, and Credit Analyst, Securitized Products
Industry Start Date: 2013
Zachary Szyndlar is a director, portfolio manager, and credit analyst of securitized products at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Szyndlar supports the securitized products team with research on asset-backed securities, commercial mortgage-backed securities, and agency and non-agency residential mortgage-backed securities.
Prior to joining Newfleet in 2014, Mr. Szyndlar was a research consultant at Symmetry Partners, LLC.
Mr. Szyndlar holds a B.S. in accounting from Salve Regina University, and an M.S. in finance from Fairfield University. He is a Chartered Financial Analyst® (CFA®). Mr. Szyndlar began his career in the investment industry in 2013.

William Eastwood, CFA
Senior Managing Director, Portfolio Manager, and Head of Trading
Industry Start Date: 1995
Bill Eastwood is a senior managing director, portfolio manager, and head of trading at Newfleet Asset
Management, an investment management affiliate of Virtus Investment Partners. Mr. Eastwood’s trading
responsibilities are primarily for leveraged finance.
Mr. Eastwood joined Newfleet in 2011 as a senior fixed income trader. Prior to joining Newfleet, he served as a
senior fixed income trader at several firms, including Neuberger Berman, PPM America, and Phoenix Investment
Counsel.
Mr. Eastwood earned a B.S. in finance from Post University, and an M.B.A. from the University of Hartford. He
is a CFA® (Chartered Financial Analyst®) charterholder. He began his career in the investment industry in 1995.
Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800-243-4361 to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary prospectus carefully before you invest or send money.