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Name

As of 11/03/2022

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 Investment Quality Bond Fund

RSQYX | Fund

$8.05

$21.4 M

2.31%

$0.19

0.66%

Vitals

YTD Return

-20.0%

1 yr return

-19.3%

3 Yr Avg Return

-6.1%

5 Yr Avg Return

-3.5%

Net Assets

$21.4 M

Holdings in Top 10

33.8%

52 WEEK LOW AND HIGH

$8.1
$8.05
$10.08

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 67.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/03/2022

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 Investment Quality Bond Fund

RSQYX | Fund

$8.05

$21.4 M

2.31%

$0.19

0.66%

RSQYX - Profile

Distributions

  • YTD Total Return -20.0%
  • 3 Yr Annualized Total Return -6.1%
  • 5 Yr Annualized Total Return -3.5%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 1.42%
DIVIDENDS
  • Dividend Yield 2.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Victory INCORE Investment Quality Bond Fund
  • Fund Family Name
    Victory Capital
  • Inception Date
    May 12, 2009
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    James Kelts

Fund Description

The Adviser pursues the Fund’s investment objective by investing, under normal circumstances, at least 80% of its assets in investment-grade debt securities. The Fund’s debt securities may include without limitation: convertible bonds, 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 3 and 10 years but it may lengthen or shorten its duration within the intermediate range to reflect changes in the overall composition of the investment-grade debt markets. Duration is a measure of a bond price’s sensitivity to changes 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 Standard & Poor’s Ratings Group 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 will primarily 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.
Read More

RSQYX - Performance

Return Ranking - Trailing

Period RSQYX Return Category Return Low Category Return High Rank in Category (%)
YTD -20.0% -50.1% 132.2% 96.74%
1 Yr -19.3% -34.7% 129.8% 94.64%
3 Yr -6.1%* -13.4% 104.0% 68.94%
5 Yr -3.5%* -10.8% 54.2% 73.71%
10 Yr N/A* -7.6% 12.0% 50.46%

* Annualized

Return Ranking - Calendar

Period RSQYX Return Category Return Low Category Return High Rank in Category (%)
2025 -2.0% -75.2% 1360.6% 11.88%
2024 2.8% -14.5% 1027.9% 22.16%
2023 1.6% -11.1% 23.0% 68.02%
2022 -0.9% -11.4% 6.8% 56.19%
2021 0.3% -49.5% 12.4% 48.08%

Total Return Ranking - Trailing

Period RSQYX Return Category Return Low Category Return High Rank in Category (%)
YTD -20.0% -50.1% 132.2% 96.74%
1 Yr -19.3% -34.7% 129.8% 94.64%
3 Yr -6.1%* -13.4% 104.0% 68.94%
5 Yr -3.5%* -10.8% 54.2% 78.20%
10 Yr N/A* -7.6% 12.8% 47.70%

* Annualized

Total Return Ranking - Calendar

Period RSQYX Return Category Return Low Category Return High Rank in Category (%)
2025 -2.0% -75.2% 10.8% 11.98%
2024 2.8% -14.5% 1027.9% 22.16%
2023 1.6% -11.1% 23.0% 69.89%
2022 -0.9% -11.4% 6.8% 61.98%
2021 0.3% -7.0% 12.4% 58.99%

NAV & Total Return History

RSQYX - Holdings

Concentration Analysis

RSQYX Category Low Category High RSQYX % Rank
Net Assets 21.4 M 1.19 M 287 B 97.09%
Number of Holdings 254 1 17234 78.28%
Net Assets in Top 10 3.23 M -106 M 27.6 B 94.97%
Weighting of Top 10 33.83% 3.7% 100.0% 35.19%

Top 10 Holdings

  1. Us 10yr Note Fut Jun21 8.31%
  2. Us 10yr Note Fut Jun21 8.31%
  3. Us 10yr Note Fut Jun21 8.31%
  4. Us 10yr Note Fut Jun21 8.31%
  5. Us 10yr Note Fut Jun21 8.31%
  6. Us 10yr Note Fut Jun21 8.31%
  7. Us 10yr Note Fut Jun21 8.31%
  8. Us 10yr Note Fut Jun21 8.31%
  9. Us 10yr Note Fut Jun21 8.31%
  10. Us 10yr Note Fut Jun21 8.31%

Asset Allocation

Weighting Return Low Return High RSQYX % Rank
Bonds 		92.20% 3.97% 268.18% 75.31%
Convertible Bonds 		8.26% 0.00% 10.39% 0.36%
Preferred Stocks 		2.17% 0.00% 77.13% 1.53%
Other 		0.00% -13.23% 23.06% 11.67%
Stocks 		-1.15% -1.15% 24.74% 99.73%
Cash 		-1.48% -181.13% 95.99% 82.05%

Bond Sector Breakdown

Weighting Return Low Return High RSQYX % Rank
Corporate 		53.21% 0.00% 100.00% 6.91%
Securitized 		30.72% 0.00% 98.79% 46.41%
Government 		14.59% 0.00% 86.23% 73.52%
Cash & Equivalents 		1.48% 0.00% 95.99% 81.60%
Derivative 		0.00% 0.00% 25.16% 36.18%
Municipal 		0.00% 0.00% 100.00% 73.88%

Bond Geographic Breakdown

Weighting Return Low Return High RSQYX % Rank
US 		81.79% 3.63% 210.09% 71.10%
Non US 		10.41% -6.54% 58.09% 39.32%

RSQYX - Expenses

Operational Fees

RSQYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.01% 2.93% 41.73%
Management Fee 0.50% 0.00% 1.76% 85.15%
12b-1 Fee 0.00% 0.00% 1.00% 0.38%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

RSQYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

RSQYX 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.

RSQYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 67.00% 2.00% 493.39% 26.39%

RSQYX - Distributions

Dividend Yield Analysis

RSQYX Category Low Category High RSQYX % Rank
Dividend Yield 2.31% 0.00% 8.35% 56.71%

Dividend Distribution Analysis

RSQYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

RSQYX Category Low Category High RSQYX % Rank
Net Income Ratio 1.42% -1.28% 8.97% 66.47%

Capital Gain Distribution Analysis

RSQYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Monthly Annually

Distributions History

View More +

RSQYX - Fund Manager Analysis

Managers

James Kelts

Start Date

Tenure

Tenure Rank

Jul 29, 2016

5.84

5.8%

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 29, 2016

5.84

5.8%

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.

Edward Goard

Start Date

Tenure

Tenure Rank

Jul 29, 2016

5.84

5.8%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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