The Virtus Equity & Convertible Income Fund (NIE) is experiencing downward pressure due to a combination of factors affecting its underlying assets. The fund, which invests in a mix of equity and convertible securities, is being influenced by broader market trends and specific sector dynamics. Notably, the metals and mining sector is facing challenges, as indicated by recent gold ETF outflows. Despite gold's impressive 30% surge this year, ETF holdings are declining, suggesting waning investor confidence. This trend is compounded by expectations of reduced demand from key markets like India, which could further impact the sector's performance.
The NIE ETF is down 2.06% in pre-market hours on Wednesday, December 18, falling to $23.81 as of 9:01 AM ET.