$FDIS

The Virtus KAR Emerging Markets Small-Cap Fund's Q4 2025 commentary highlights a strong recovery in emerging markets, driven by robust economic growth and favorable fiscal policies in several countries. Notably, small-cap stocks within these emerging markets are outperforming their large-cap counterparts, attracting investor interest. The fund manager emphasizes diversification as a key strategy to mitigate risks associated with emerging market investments. Additionally, sectors such as technology and consumer discretionary show promising growth potential. Overall, the commentary suggests a positive outlook for small-cap stocks in emerging markets moving forward.