Virtus Investment Partners, Inc. · NYSE:VRTS
Virtus Investment Partners — Investor Presentation (May 2020)
66 slides from Virtus Investment Partners's investor presentation, May 2020
Slide 1: Investor Presentation
INVESTOR PRESENTATION Investor Relations Contact: Sean Rourke (860) 263-4709 sean.rourke@virtus.com May 2020
Slide 2: Important Disclosures
IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of the Private Secur
Slide 3: Contents
CONTENTS Firm Overview Multi-Boutique Model Growth Opportunities Products and Performance Distribution Financial Review Appendix 3
Slide 4: Firm Overview
Firm Overview
Slide 5: Firm Overview: Summary
FIRM OVERVIEW SUMMARY We are a distinctive Independent publicly traded asset manager partnership of boutique – Market capitalization of $0.7 billion1 (NASDAQ: VRTS) investment managers, Managing $90.7 billion in a multi-boutique structure singularly committed to the long-term success – Flexible
Slide 6: Firm Overview: Value Proposition
FIRM OVERVIEW VALUE PROPOSITION Flexible Multi-Boutique Flexible partnership approach with alignment of interests Model Preserves affiliate culture, investment process, and brand Shared distribution and support services Diverse, High-Quality Well-diversified across asset classes and investme
Slide 7: Firm Overview: Strategy Statement
FIRM OVERVIEW STRATEGY STATEMENT To be a distinctive and Offer high-quality, attractive investment strategies to meet multiple trusted provider of asset investment needs management products Raise and retain assets by positioning products as solutions to and services that is investment needs prof
Slide 8: Multi-Boutique Model
Multi-Boutique Model
Slide 9: Multi-Boutique Model: Flexible and Efficient
MULTI-BOUTIQUE MODEL FLEXIBLE AND EFFICIENT We have the All the Benefits of a Multi-Boutique flexibility, agility, Broad array of differentiated investment strategies and responsiveness Attractive structure for high-quality investment teams and firms of a boutique asset management firm with Grea
Slide 10: Alignment of Interests and Affiliate Autonomy
MULTI-BOUTIQUE MODEL ALIGNMENT OF INTERESTS AND AFFILIATE AUTONOMY Our partnership approach preserves each affiliate’s unique entrepreneurial culture, provides continued investment autonomy, and ensures appropriate alignment of interests Virtus Affiliates Autonomy of investment process and team Au
Slide 11: Affiliated Managers
MULTI-BOUTIQUE MODEL AFFILIATED MANAGERS HEADQUARTERS HEADQUARTERS HEADQUARTERS HEADQUARTERS Orlando, FL Chicago, IL Los Angeles, CA Hartford, CT FOUNDED FOUNDED FOUNDED FOUNDED 1995 1932 1984 2011 AUM AUM AUM AUM $6.3 $9.2 $27.8 $9.0 INVESTMENT STYLE INVESTMENT STYLE INVESTMENT STYLE INVESTMENT STY
Slide 12: Growth Opportunities
Growth Opportunities
Slide 13: Multiple Opportunities for Growth
GROWTH OPPORTUNITIES MULTIPLE OPPORTUNITIES FOR GROWTH Product Distribution Inorganic Leverage capabilities of current Leverage strength in existing Add differentiated or strategies into other product retail channels complementary investment structures strategies Increase presence in retirem
Slide 14: Inorganic Activities
GROWTH OPPORTUNITIES INORGANIC ACTIVITIES Date Opportunity Impact November Adopts Phoenix Edge Series Trust, a variable insurance Establishes a proprietary Virtus VIT, expanding distribution 2010 trust (VIT), from The Phoenix Companies opportunities in the insurance and retirement channels June
Slide 15: Current M&A Focus Areas
GROWTH OPPORTUNITIES CURRENT M&A FOCUS AREAS Selective acquisition While our long-term growth strategy is not contingent upon M&A, strategy targeting our business model is effectively built to support and maintain the differentiated, addition of new affiliated managers institutional quality We e
Slide 16: Products and Performance
Products and Performance
Slide 17: Diversified Capabilities
PRODUCTS AND PERFORMANCE DIVERSIFIED CAPABILITIES AUM by Manager AUM by Product Type AUM by Asset Class 4 1 Structured Liquidity Vontobel Other 1% Alternative & Other6 2% Kayne Products Silvant 7% 5% Anderson 5% 1% Open-End Rudnick Mutual Domestic Ceredex 31% Equity Institutional Funds3 7% 48% 31% 3
Slide 18: Multi-Product Offerings
PRODUCTS AND PERFORMANCE MULTI-PRODUCT OFFERINGS Open-End Funds 59 Funds Most major traditional investment categories with a strength in differentiated strategies $32.3 billion Product offerings leverage all affiliate capabilities and select, high-quality subadvisers Widely available and distr
Slide 19: Attractive Performance
PRODUCTS AND PERFORMANCE ATTRACTIVE PERFORMANCE Institutional Performance1 Mutual Fund Performance2 92% 92% Morningstar # of $ % of Rating Funds AUM AUM 65% 11 $9,221 28% 82% 17 $17,768 54% 97% 1 Year 3 Year 5 Year 19 $5,062 15% Managed Accounts Performance1 5 $669 2% 100% 2 $240
Slide 20: Diversity of Performance
PRODUCTS AND PERFORMANCE DIVERSITY OF PERFORMANCE 28 mutual funds rated 4 or 5 Stars, including the five largest funds 4 and 5 Star Mutual Funds by Asset Class 5 Largest Mutual Funds # of M’Star Asset Class Fund AUM Funds1 Rating1 Fixed Income 10 Funds Newfleet Multi-Sector S/T Bond $5.6 4 Vontobel
Slide 21: Distribution
Distribution
Slide 22: Multi-Market Distribution
DISTRIBUTION MULTI-MARKET DISTRIBUTION Broad and diversified product offerings make us a meaningful partner with distributors and consultants for retail and institutional clients Retail AUM ($57.9) Institutional AUM ($32.8) Other1 Liquidity 2% Structured 1% Closed-End Products 9% 13% Retail Separate
Slide 23: Multi-Channel Retail Approach
DISTRIBUTION MULTI-CHANNEL RETAIL APPROACH MUTUAL FUNDS CLOSED-END FUNDS RETAIL SEPARATE ACCOUNTS UCITS COLLECTIVE INVESTMENT TRUSTS ETFs Wirehouse Regional Independent/ Private Retirement and Offshore RIA Bank Insurance Merrill Lynch Janney Ameriprise Citi Empower Merrill Lynch Morgan Stanl
Slide 24: Differentiated Retail Capabilities
DISTRIBUTION DIFFERENTIATED RETAIL CAPABILITIES Strategy Team Approach One-point access to Experienced and high-quality Consultative approach boutique managers 60+ person sales force addressing client needs Broad and differentiated product Significant industry experience Assist financial advis
Slide 25: Financial Review
Financial Review
Slide 26: Diversified Long-Term AUM
ASSETS UNDER MANAGEMENT DIVERSIFIED LONG-TERM AUM Liquidity $108.9 $105.0 $104.1 $101.7 Alternative Fixed Income $90.7 Equity 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 Long-Term AUM by Asset Class Equity 61.8% 62.8% 63.8% 65.6% 63.9% Fixed Income 33.7% 31.9% 30.8% 29.0% 31.5% Alternatives1 4.5% 5.3%
Slide 27: Sales and Net Flows
SALES AND NET FLOWS QUARTERLY TREND Inflows $7.0 Total Net Flows Open- End Funds $5.5 $5.1 $4.8 $4.8 $3.9 $3.0 $3.0 $2.5 $2.3 $0.3 $0.1 ($0.1) ($1.1) ($1.3) METRICS Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Total Sales1 Rate 24.7% 20.5% 18.3% 18.4% 26.2% Total Net Flow Rate (0.2%) 0.2% (4.3)% 1.3% (4.8)% Open-E
Slide 28: Operating Income, As Adjusted
OPERATING INCOME, AS ADJUSTED CONTINUED PROFITABLE GROWTH Operating Income, as adjusted Net Income per diluted share, as adjusted $50.1 $47.7 $43.7 $40.1 $33.5 $4.32 $4.03 $3.63 $3.32 $2.73 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 METRICS Net Income Attributable to Common $22.7 $30.0 $32.9 $34.9 $26.5 Stockhol
Slide 29: Strong Capital Position
STRONG CAPITAL POSITION BALANCED CAPITAL MANAGEMENT $417 $382 Investments - Other $350 $88 Seed Capital $320 $330 $85 Cash & Equivalents $88 $81 $89 $107 $101 $96 $91 $89 $222 $196 $166 $158 $142 METRICS Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Working capital3 $138 $149 $158 $160 $155 Debt4 $318 $306 $292 $28
Slide 30: Significant Tax Benefit
FINANCIAL REVIEW SIGNIFICANT TAX BENEFIT Recent acquisitions have created significant tax benefit from amortizable intangible assets Cash tax savings expected to average $10 million per year over next 14 years (2020-2034) $548.0 $49.3 $498.7 $142.5 $129.7 Tax Shield Tax Savings 1 Purchased Goodw
Slide 31: Appendix
Appendix
Slide 32: History
HISTORY Established in the 1990s and fully independent since January 2009 1993 1995 1999 Phoenix Securities Group (PSG) PSG merges with Duff & Phelps to create Acquires Zweig’s 1990s (subsidiary of former parent, Phoenix Life) acquires Phoenix Duff & Phelps (later renamed Phoenix Investment Partners
Slide 33: Breakdown of Products by Affiliate
PRODUCTS BREAKDOWN OF PRODUCTS BY AFFILIATE AUM by Product and Adviser Open-End Closed-End Variable Retail Mutual Mutual Insurance Separate Institutional Structured Adviser Funds Funds Funds ETFs Accounts Accounts Products Liquidity Total Ceredex $3.7 $2.6 $6.3 Duff & Phelps $0.8 $4.9 $0.1 $3.4 $9.2
Slide 34: Financial Supplement
FINANCIAL SUPPLEMENT
Slide 35: Non-GAAP Information: Income Statement
NON-GAAP INFORMATION INCOME STATEMENT1 (UNAUDITED) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 Revenues, As Adjusted Investment management fees, as adjusted $97,874 $105,726 $111,599 $112,960 $112,252 $97,874 $112,252 Administration and shareholder service fees, as adjusted 14,440 15,081 15,329 15,1
Slide 36: Non-GAAP Information: Income Statement (Continued)
NON-GAAP INFORMATION INCOME STATEMENT1 (CONTINUED) (UNAUDITED) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 Other Income (Expense), As Adjusted Realized and unrealized gain (loss) on investments, net, as adjusted $359 $102 $289 ($29) ($883) $359 ($883) Other income, net, as adjusted 450 696 746 519 6
Slide 37: Non-GAAP Information: Balance Sheet
NON-GAAP INFORMATION BALANCE SHEET1 (UNAUDITED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Assets: Cash and cash equivalents $142,344 $166,026 $195,870 $221,781 $158,456 Investments – seed capital 88,594 95,765 100,520 107,225 90,562 Investments – other 88,558 87,885 84,621 87,657 80,715 Inv
Slide 38: Non-GAAP Information: Balance Sheet (Continued)
NON-GAAP INFORMATION BALANCE SHEET1 (CONTINUED) (UNAUDITED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Liabilities and Equity Liabilities: Accrued compensation and benefits $31,105 $52,675 $78,073 $101,377 $36,641 Accounts payable and accrued liabilities 27,723 24,757 23,310 23,308 23,594 Di
Slide 39: U.S. GAAP Information: Income Statement
U.S. GAAP INFORMATION INCOME STATEMENT (UNAUDITED) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 Revenues Investment management fees $105,918 $114,591 $120,023 $120,945 $120,288 $105,918 $120,288 Distribution and service fees 10,063 10,617 10,442 9,776 9,460 10,063 9,460 Administration and shareholder
Slide 40: U.S. GAAP Information: Income Statement (Continued)
U.S. GAAP INFORMATION INCOME STATEMENT (CONTINUED) (UNAUDITED) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 Other Income (Expense) Realized and unrealized gain (loss) on investments, net $3,433 $2,039 $2 $1,570 ($7,544) $3,433 ($7,544) Realized and unrealized gain (loss) of CIP1, net (1,921) 9,720 (5
Slide 41: Assets Under Management by Product and Asset Class
ASSETS UNDER MANAGEMENT BY PRODUCT AND ASSET CLASS 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Assets by Product U.S. Retail Funds $39,588 $40,151 $39,886 $41,458 $32,281 Offshore Funds1 126 140 401 463 445 Variable Insurance Funds 919 932 903 949 772 Total – Open-End Funds $40,633 $41,223 $4
Slide 42: Assets Under Management by Asset Class
ASSETS UNDER MANAGEMENT BY ASSET CLASS 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Domestic Equity: Large Cap $18,975 $19,459 $19,684 $20,823 $17,130 Mid Cap 8,067 9,129 9,798 11,139 9,180 Small Cap 19,000 19,938 19,964 21,071 16,700 Total Domestic Equity $46,042 $48,526 $49,446 $53,033 $43,0
Slide 43: Assets Under Management by Product and Asset Class
ASSETS UNDER MANAGEMENT BY PRODUCT AND ASSET CLASS Exchange Retail Open-end Closed-end traded separate Structured Total as of funds funds funds accounts Institutional products 3/31/2020 Domestic Equity: Large Cap $2,763 $3,173 — $2,417 $8,777 — $17,130 Mid Cap 3,891 — — 4,446 843 — 9,180 Small Cap 6
Slide 44: Asset Flows: Total/Long-Term
ASSET FLOWS TOTAL/LONG-TERM 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Long-term Beginning balance $90,417 $99,923 $103,254 $102,846 $107,726 $90,417 $107,726 Inflows 5,501 5,119 4,760 4,764 7,016 5,501 7,016 Outflows (5,555) (5,058) (5,885) (4,418) (8,298) (5,555) (8,298) Net
Slide 45: Asset Flows by Product
ASSET FLOWS BY PRODUCT 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 U.S. Retail Funds Beginning balance $36,778 $39,588 $40,151 $39,886 $41,458 $36,778 $41,458 Inflows 2,970 2,484 2,946 2,278 3,772 2,970 3,772 Outflows (3,821) (3,175) (3,117) (2,734) (5,396) (3,821) (5,396) Net F
Slide 46: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Variable Insurance Funds Beginning balance $824 $919 $932 $903 $949 $824 $949 Inflows 7 5 9 9 13 7 13 Outflows (32) (30) (32) (32) (37) (32) (37) Net Flows (25) (25) (23) (23) (24) (25) (24) Market pe
Slide 47: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Closed-End Funds Beginning balance $5,956 $6,553 $6,653 $6,816 $6,748 $5,956 $6,748 Inflows 11 9 14 10 5 11 5 Outflows — — — — — — — Net Flows 11 9 14 10 5 11 5 Market performance 662 182 246 26 (1,18
Slide 48: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Intermediary Sold Managed Accounts Beginning balance $11,275 $12,975 $13,909 $14,390 $15,592 $11,275 $15,592 Inflows 588 608 635 763 907 588 907 Outflows (377) (385) (348) (352) (688) (377) (688) Net
Slide 49: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Institutional Accounts Beginning balance $27,445 $30,514 $32,056 $30,951 $32,635 $27,445 $32,635 Inflows 954 1,737 851 1,235 1,499 954 1,499 Outflows (1,154) (1,259) (2,216) (1,091) (1,777) (1,154) (1
Slide 50: Open-End Funds by Asset Class
ASSET FLOWS OPEN-END FUNDS1 BY ASSET CLASS 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Domestic Equity Funds Beginning balance $12,778 $14,856 $15,773 $15,827 $17,145 $12,778 $17,145 Inflows 1,071 1,011 1,123 934 1,644 1,071 1,644 Outflows (1,184) (934) (1,107) (875) (1,649) (1,
Slide 51: Open-End Funds by Asset Class (Continued)
ASSET FLOWS OPEN-END FUNDS1 BY ASSET CLASS (CONTINUED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Taxable Bond Funds2 Beginning balance $14,507 $14,142 $13,541 $13,117 $12,563 $14,507 $12,563 Inflows 952 721 774 668 994 952 994 Outflows (1,764) (1,453) (1,256) (1,308) (2,414) (
Slide 52: Open-End Funds by Asset Class (Continued)
ASSET FLOWS OPEN-END FUNDS1 BY ASSET CLASS (CONTINUED) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 YTD:19 YTD:20 Alternative Funds2 Beginning balance $1,031 $1,062 $1,061 $1,117 $1,106 $1,031 $1,106 Inflows 76 62 80 89 145 76 145 Outflows (112) (86) (89) (104) (112) (112) (112) Net Flows (36)
Slide 53: Investment Management Fees: Average Assets by Product
INVESTMENT MANAGEMENT FEES AVERAGE ASSETS1 BY PRODUCT Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 U.S. Retail Funds $38,521 $39,899 $40,224 $40,376 $39,668 $38,521 $39,668 Offshore Funds2 119 133 312 424 481 119 481 Variable Insurance Funds 892 929 921 918 911 892 911 Total – Open-End Funds $39,532
Slide 54: Average Management Fees Earned by Product
INVESTMENT MANAGEMENT FEES AVERAGE MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 U.S. Retail Funds 54.5 55.8 56.6 57.3 57.7 54.5 57.7 Offshore Funds2 23.9 0.0 40.2 51.9 60.0 23.9 60.0 Variable Insurance Funds 63.4 64.1 62.7 62.9 63.1 63.4 63.1 Total
Slide 55: Average Net Management Fees Earned by Product
INVESTMENT MANAGEMENT FEES AVERAGE NET MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 YTD:19 YTD:20 Total Open-End Funds 54.6 55.7 56.6 57.4 57.8 54.6 57.8 Revenue related adjustments (9.0) (9.3) (9.0) (8.5) (8.5) (9.0) (8.5) Total Open-End Funds, Net 45.6 46.4 47
Slide 56: Reconciliation: U.S. GAAP to Non-GAAP, Q1 2020
RECONCILIATION: U.S. GAAP TO NON-GAAP Q1 2020 (UNAUDITED) Reclassification Other adjustments Consolidated Amortization Seed capital Acquisition U.S. GAAP investment Revenue of intangible and CLO and Non-GAAP Basis products related assets investments integration Other Basis Revenues Investment manage
Slide 57: Reconciliation: U.S. GAAP to Non-GAAP, Q4 2019
RECONCILIATION: U.S. GAAP TO NON-GAAP Q4 2019 (UNAUDITED) Reclassification Other adjustments Consolidated Restructuring Amortization Seed capital Acquisition Non- U.S. GAAP investment Revenue and of intangible and CLO and GAAP Basis products related Severance assets investments integration Other Bas
Slide 58: Reconciliation: U.S. GAAP to Non-GAAP, Q3 2019
RECONCILIATION: U.S. GAAP TO NON-GAAP Q3 2019 (UNAUDITED) Reclassification Other adjustments Consolidated Restructuring Amortization Seed capital Acquisition Non- U.S. GAAP investment Revenue and of intangible and CLO and GAAP Basis products related Severance assets investments integration Other Bas
Slide 59: Reconciliation: U.S. GAAP to Non-GAAP, Q2 2019
RECONCILIATION: U.S. GAAP TO NON-GAAP Q2 2019 (UNAUDITED) Reclassification Other adjustments Consolidated Restructuring Amortization Seed capital Acquisition Non- U.S. GAAP investment Revenue and of intangible and CLO and GAAP Basis products related Severance assets investments integration Other Bas
Slide 60: Reconciliation: U.S. GAAP to Non-GAAP, Q1 2019
RECONCILIATION: U.S. GAAP TO NON-GAAP Q1 2019 (UNAUDITED) Reclassification Other adjustments Consolidated Restructuring Amortization Seed capital Acquisition Non- U.S. GAAP investment Revenue and of intangible and CLO and GAAP Basis products related Severance assets investments integration Other Bas
Slide 61: Reconciliation: U.S. GAAP to Non-GAAP, 2020 YTD
RECONCILIATION: U.S. GAAP TO NON-GAAP 2020 YTD (UNAUDITED) Reclassification Other adjustments Consolidated Amortization of Seed capital Acquisition U.S. GAAP investment Revenue intangible and CLO and Non-GAAP Basis products related assets investments integration Other Basis Revenues Investment manag
Slide 62: Reconciliation: U.S. GAAP to Non-GAAP, 2019 YTD
RECONCILIATION: U.S. GAAP TO NON-GAAP 2019 YTD (UNAUDITED) Reclassification Other adjustments Consolidated Restructuring Amortization Seed capital Acquisition Non- U.S. GAAP investment Revenue and of intangible and CLO and GAAP Basis products related Severance assets investments integration Other Ba
Slide 63: Reconciliation: Weighted Average Shares Outstanding
RECONCILIATION: U.S. GAAP to NON-GAAP (UNAUDITED) Q1:19 Q2:19 Q3:19 Q4:19 Q1:20 Weighted average shares outstanding - diluted Weighted average shares outstanding - diluted, GAAP 8,322 8,252 8,157 8,084 7,422 Dilutive impact of restricted stock units and stock options — — — — 232 Preferred stock1 — —
Slide 64: Footnotes
FOOTNOTES Non-GAAP financial information differs from financial information determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items, as well as the exclusion of certain expenses and other items that are not reflective of the earnings generated fr
Slide 65: Footnotes
FOOTNOTES (UNAUDITED) Components of Acquisition and Integration Expenses and Other for the respective periods are shown in the table below: Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 2019 YTD 2020 YTD Acquisition and Integration Expenses Employment expenses $1,433 $1,115 $1,223 $1,193 $(781) $1,433 $(7
Slide 66: Investment Partners
INVESTMENT PARTNERS
Virtus Investment Partners — Investor Presentation (May 2020) on 6ix