The Virtus KAR Long/Short Equity Fund Class I (VLSIX) is a mutual fund that seeks to provide investors with long-term capital appreciation by investing in a combination of long and short equity positions. The fund is managed by Virtus Investment Partners and utilizes a long/short equity strategy, which involves buying stocks that are expected to increase in value and shorting stocks that are expected to decrease in value. This approach allows the fund to potentially generate positive returns in both rising and falling markets. The Class I shares of this fund are typically available to institutional investors and have a lower expense ratio compared to other share classes.