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Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Victory INCORE Low Duration Bond Fund

RLDKX | Fund

$9.81

$124 M

3.16%

$0.31

2.22%

Vitals

YTD Return

1.2%

1 yr return

4.0%

3 Yr Avg Return

0.3%

5 Yr Avg Return

1.4%

Net Assets

$124 M

Holdings in Top 10

17.5%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.22%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 58.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Victory INCORE Low Duration Bond Fund

RLDKX | Fund

$9.81

$124 M

3.16%

$0.31

2.22%

RLDKX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 0.45%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Victory INCORE Low Duration Bond Fund
  • Fund Family Name
    Victory Portfolios
  • Inception Date
    Aug 02, 2016
  • Shares Outstanding
    N/A
  • Share Class
    R
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edward Goard

Fund Description

The Adviser pursues the Fund’s investment objective by investing, under normal circumstances, at least 80% of its assets in debt securities. The Fund’s debt securities may include without limitation: U.S. government securities, including securities issued by agencies or instrumentalities of the U.S. government; long- and short-term corporate debt obligations; mortgage-backed securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”); asset-backed securities, including collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”); convertible bonds and notes; and U.S. dollar-denominated obligations of foreign governments, corporations and banks (i.e., Yankee Bonds).The Adviser uses bond market sector allocation, comprehensive credit analysis, and yield curve positioning to select securities for the Fund. Under normal market conditions, the average duration of the Fund’s portfolio is expected to be between 1 to 3 years and an average maturity between 1 to 3 years. The Fund seeks to maintain a low duration but may lengthen or shorten its duration within that range to reflect changes in the overall composition of the short-term investment-grade debt markets. Duration is a measure of a bond price’s sensitivity to a given change in interest rates.An investment-grade security is one that is rated Baa3 and higher by Moody’s Investors Service, Inc. or BBB- and higher by S&P Global Ratings or, if unrated, has been determined by the Adviser to be of comparable quality. The Fund may invest up to 20% of its total assets in below-investment-grade debt securities, commonly known as “high-yield” securities or “junk bonds.”The Adviser regularly reviews the Fund’s investments and may sell investments when it believes the securities are no longer attractive due to valuation, changes in the fundamental outlook of the company or other investments are considered more attractive.Although the Fund primarily will be invested in domestic securities, up to 20% of the Fund’s assets may be invested in foreign securities, which may be denominated in foreign currencies.The Fund may purchase or sell securities on a when-issued, to-be-announced (“TBA”), delayed-delivery or forward-commitment basis and may engage in short-term trading of portfolio securities. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund may also utilize dollar roll transactions to obtain market exposure to certain types of securities, particularly mortgage-backed securities.The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts (both long and short positions), options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund’s sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation.The Adviser will invest in investment companies, including exchange-traded funds (“ETFs”), for cash management purposes or to seek exposure to a particular asset class.
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RLDKX - Performance

Return Ranking - Trailing

Period RLDKX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -1.6% 10.6% 22.24%
1 Yr 4.0% -0.1% 24.6% 67.03%
3 Yr 0.3%* -5.8% 4.1% 45.54%
5 Yr 1.4%* -3.8% 4.5% 58.13%
10 Yr N/A* -19.2% 169.7% 83.04%

* Annualized

Return Ranking - Calendar

Period RLDKX Return Category Return Low Category Return High Rank in Category (%)
2025 1.7% -5.4% 7.6% 56.81%
2024 -5.1% -17.7% -2.6% 8.50%
2023 -0.4% -4.0% 4.4% 6.68%
2022 2.1% -8.3% 7.6% 38.67%
2021 1.4% -2.3% 9.3% 80.65%

Total Return Ranking - Trailing

Period RLDKX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -1.6% 10.6% 22.24%
1 Yr 4.0% -0.1% 24.6% 67.03%
3 Yr 0.3%* -5.8% 4.1% 45.54%
5 Yr 1.4%* -3.8% 4.5% 58.13%
10 Yr N/A* -19.2% 169.7% 80.13%

* Annualized

Total Return Ranking - Calendar

Period RLDKX Return Category Return Low Category Return High Rank in Category (%)
2025 4.4% -1.1% 15.2% 88.02%
2024 -4.0% -17.3% -1.3% 28.10%
2023 0.3% -2.7% 7.7% 35.69%
2022 3.6% -4.4% 14.5% 69.92%
2021 3.4% 0.6% 12.6% 90.52%

NAV & Total Return History

RLDKX - Holdings

Concentration Analysis

RLDKX Category Low Category High RLDKX % Rank
Net Assets 124 M 14.5 K 56.7 B 85.64%
Number of Holdings 180 2 9251 78.99%
Net Assets in Top 10 23.7 M 1.16 M 6.6 B 89.59%
Weighting of Top 10 17.48% 1.8% 108.7% 68.76%

Top 10 Holdings

  1. U S TREASURY NOTE 5.35%
  2. SANTANDER RETAIL AUTO LEASE TRUST 2021 A 1.61%
  3. BROADCOM CORP 1.60%
  4. MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST 1.41%
  5. JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2016 C1 1.37%
  6. BANK OF NEW YORK MELLON CORP THE 1.30%
  7. AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1.28%
  8. GS MORTGAGE SECURITIES TRUST 2016 GS2 1.24%
  9. WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016 NXS6 1.17%
  10. GS MORTGAGE SECURITIES TRUST 2015 GC30 1.15%

Asset Allocation

Weighting Return Low Return High RLDKX % Rank
Bonds 		98.99% 0.00% 130.68% 9.34%
Convertible Bonds 		6.96% 0.00% 27.71% 5.04%
Cash 		1.01% -20.59% 62.18% 70.74%
Stocks 		0.00% 0.00% 103.64% 52.24%
Preferred Stocks 		0.00% 0.00% 22.27% 45.96%
Other 		0.00% -0.97% 72.36% 81.33%

Bond Sector Breakdown

Weighting Return Low Return High RLDKX % Rank
Corporate 		62.95% 0.00% 100.00% 14.03%
Securitized 		23.24% 0.00% 97.27% 57.37%
Government 		9.41% 0.00% 73.63% 70.86%
Cash & Equivalents 		0.44% 0.00% 62.18% 68.76%
Derivative 		0.00% -0.55% 28.01% 61.40%
Municipal 		0.00% 0.00% 17.46% 72.12%

Bond Geographic Breakdown

Weighting Return Low Return High RLDKX % Rank
US 		98.99% 0.00% 130.68% 9.34%
Non US 		0.00% 0.00% 83.16% 48.47%

RLDKX - Expenses

Operational Fees

RLDKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.22% 0.01% 3.24% 1.27%
Management Fee 0.45% 0.00% 1.19% 82.41%
12b-1 Fee 0.50% 0.00% 1.00% 66.09%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

RLDKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.50% 4.00% N/A

Trading Fees

RLDKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

RLDKX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 58.00% 2.00% 500.00% 36.14%

RLDKX - Distributions

Dividend Yield Analysis

RLDKX Category Low Category High RLDKX % Rank
Dividend Yield 3.16% 0.00% 10.72% 85.28%

Dividend Distribution Analysis

RLDKX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

RLDKX Category Low Category High RLDKX % Rank
Net Income Ratio 0.45% -1.27% 4.98% 85.69%

Capital Gain Distribution Analysis

RLDKX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

View More +

RLDKX - Fund Manager Analysis

Managers

Edward Goard

Start Date

Tenure

Tenure Rank

Jul 01, 2016

5.92

5.9%

Edward D. Goard is a Chief Investment Officer of INCORE Capital Management and has been a co-portfolio manager of the Victory INCORE Investment Quality Bond Fund and Victory INCORE Low Duration Bond Fund since 2016. Mr. Goard has been with the INCORE since 2014. From 2007-2014, he was an investment professional with Munder Capital Management, which was acquired by the INCORE in 2014. He was previously with Barclays Global Investors (BGI) as a senior portfolio manager and the head of interest rate and mortgage strategies. Mr. Goard is a CFA charterholder. Mr. Goard earned a B.S. in International Finance from San Francisco State University.

James Kelts

Start Date

Tenure

Tenure Rank

Jul 01, 2016

5.92

5.9%

James R. Kelts is a Senior Portfolio Manager of INCORE Capital Management and has been a co-portfolio manager of the Victory INCORE Investment Quality Bond Fund and Victory INCORE Low Duration Bond Fund since 2016. He has been with the INCORE since 2014. From 2003-2014, he was an investment professional with Munder Capital Management, which was acquired by the INCORE in 2014. Mr. Kelts is a CFA charterholder. Mr. Kelts earned a B.A. in Finance from Michigan State University, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Richard Consul

Start Date

Tenure

Tenure Rank

Jul 01, 2016

5.92

5.9%

Richard A. Consul is a Senior Portfolio Manager of INCORE Capital Management and has been a co-portfolio manager of the Victory INCORE Investment Quality Bond Fund and Victory INCORE Low Duration Bond Fund since 2016. He has been with the Adviser since 2014. From 2010-2014, he was an investment professional with Munder Capital Management, which was acquired by the INCORE in 2014. Prior to that, Mr. Consul was a foreign exchange currency trader and a futures/options trader specializing in crude oil for a commodities hedge fund portfolio. Mr. Consul is a CFA charterholder. He earned a B.B.A. in Finance with a minor in Mathematics and an M.S.E. in Financial Engineering from the University of Michigan. He is a member of the International Association of Financial Engineers.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.13 2.41

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