Framework Journal · one stock, one dated entry

Recorded 2026-06-14 · Permanent

Virtus Convertible & Income Fund II NCZ

Outside both standards

An entry written while the outcome is still unknown. It will be scored by what the market does next, and it will never be edited to look cleverer than it was.

In plain words · Virtus Convertible & Income Fund II is a closed ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC.

The label
Distribution

read at $15.63

Virtus Convertible & Income Fund II holds its Distribution at $15.63.

PHINPOOPSC
  • PHPhase · the trend structure carries the Distribution label
  • INInsiders · no filings inside 60 days, left as found
  • POPositioning · no disclosures inside 60 days, left as found
  • OPOptions · no verdict drawn today, left as found
  • SCScreen · does not pass the values gate
  • edge confirmed
  • edge broken
  • edge forming

Each arm is one independent read. Conviction is not a single call, it is how many edges converge.

The investor read · the season, not the day

As held on the ledger · 2026-06-14
PhaseDistribution · caution
Quantitative stateThe statistical read favours the buyers, held for 4 days
Price$15.63
Valuation4.39 trailing · N/A forward price to earnings
Values screenFAIL · score 30.0
Beta1.21

The business, in plain words · what the numbers mean

The fundamentals · plain-English read
Trailing P/E4.4x
very cheap relative to earnings
Revenue growth-10.4%
revenue is shrinking
Profit margin406.3%
highly profitable on every dollar of sales
Return on equity17.2%
a solid return on shareholder capital
Debt to equity0.11
minimal debt — a conservative balance sheet
Current ratio0.35
below 1 — short-term bills exceed liquid assets
Beta1.21
moves a little more than the market
Market cap$297M

The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.

Plain-English interpretation of our own screen data. Analysis, not advice.

Where & how to trade · wherever in the world you are

NCZ trades on the NYSE. As a US-listed security it is accessible through almost any international broker offering US markets. New to this, or investing from outside the US? Our guide to accessing global markets covers brokers, currencies and the practical steps.

The trader read · the latest dated commentary

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 16%. Entered 2026-07-18 · Markup

The dated journal · newest first, never edited

2026-07-18 Markup $15.63 +0.0% Entry 3

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 16%.

2026-07-03 Markup $15.63 +0.0% Entry 2

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.

2026-07-02 Markup $15.63 Entry 1

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.

Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.

The political ledger · congressional disclosures

Disclosures naming NCZ
DatePoliticianPartyTypeAmount
16 Jun2026 Gil Cisneros Democrat buy 1K–15K
15 May2026 Ro Khanna Democrat sell 1K–15K
14 May2026 Ro Khanna Democrat buy 1K–15K
1 May2026 Ro Khanna Democrat buy 1K–15K
1 May2026 Ro Khanna Democrat sell 1K–15K

What holding actually paid · price plus dividends

If $1,000 had been placed · historical, not a promise
PeriodPrice thenPrice returnDivs per share$1,000 becameTotal return
1 month $15.82 -3.7% $0.12 $970 -3.0%
2 months $14.48 +5.2% $0.24 $1,068 +6.8%
3 months $13.71 +11.1% $0.36 $1,137 +13.7%
6 months $13.43 +13.4% $0.60 $1,179 +17.9%
1 year $11.18 +36.2% $1.44 $1,491 +49.1%
2 years $9.29 +64.0% $2.88 $1,950 +95.0%
3 years $8.48 +79.6% $4.20 $2,291 +129.1%
5 years $11.67 +30.5% $7.75 $1,970 +97.0%

Historical returns from market close data. Past performance does not guarantee future results.

This entry now belongs to the ledger. Whatever NCZ does next, these words stay.

Virtus Convertible & Income Fund II · NCZ · Distribution · $15.63
Recorded 2026-06-14 · before the outcome · scored mechanically

All of today's entries See the running score

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