The information on this site is intended only for institutional investors and consultants to separately managed account investors. It is not intended for use by or distribution to members of the general public. The information on this site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. The information on this site is published without regard to the investment objective, financial situation or specific needs of any particular investor. The information on this site is intended for U.S. residents only and is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.

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Investment Approach

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. The management team seeks to provide long-term capital appreciation, by investing in companies believed to have the ability to compound economic value for their shareholders. SailingStone conducts fundamental analysis focused on the following factors: supply cost curve of a given commodity, asset location along that curve to identify “advantaged assets,” inventory of future projects which provide the basis for future value creation management team quality to determine capital allocation discipline and history of value creation, and country risk. “Advantaged assets” are the low cost producers of a given commodity that SailingStone believes offer a competitive advantage in the form of achieving higher returns on capital relative to their cost of capital and the returns of other producers.The investment team uses a long term time horizon when evaluating investment opportunities, and the portfolio is intended to represent a broad array of commodities in a concentrated, high conviction strategy.

Philosophy & Process

Apply a Unique Analytical Lens. The investment team studies companies at the project level, using a long-term, private equity-like approach. The team believe that cumulative knowledge, established over years of site visits and analysis across numerous commodities, is the foundation of their  long-term returns.

Exploit Market Inefficiencies. Although stocks and the underlying commodities are highly correlated over short periods of time, changes in commodity prices are difficult to predict. Rather than speculate on a source of returns related to changes in commodity prices, the investment team focuses on company-specific value creation, which the team believes to be a meaningful and less correlated source of returns over longer periods. The team seeks to take advantage of market volatility, establishing ownership positions in targeted companies when they believe the risk of capital impairment is low and when the expected future value creation is not reflected in the share price. The typical investment horizon is at least 3-5 years, reflecting the durable nature of portfolio companies' competitive advantages.

Invest Counter-Cyclically. The investment team believes the most attractive investment opportunities typically arise when the market is concerned about the short-term outlook for a commodity. In a highly volatile and deeply cyclical space, the team adheres to the value investing tenet "the time is right when the price is right." Thus, portfolio allocation and investment results will vary meaningfully from an index or the market. The objective is to generate superior long-term returns, which the team believes is best achieved by investing counter-cyclically.
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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 29, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative

S&P North American Natural Resources Sector Index is a modified-capitalization-weighted index of companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. MSCI World Commodity Producers Index is an equity-based index designed to reflect the performance related to commodity producers stocks. The MSCI World Commodity Producers Index is a free float-adjusted market capitalization-weighted index comprised of commodity producer companies based on the Global Industry Classification Standard (GICS®). Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees and expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in small and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their values. Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. As a non-diversified fund, the Fund may invest a larger portion of its assets in a smaller number of issuers making the Fund more susceptible to economic or credit risks than a diversified fund. 

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. Victory Capital is not affiliated with SailingStone Capital Partners LLC.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.  

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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Holdings are subject to change.

Characteristics
Weighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology. 

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in small and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their values. Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. As a non-diversified fund, the Fund may invest a larger portion of its assets in a smaller number of issuers making the Fund more susceptible to economic or credit risks than a diversified fund. 

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. Victory Capital is not affiliated with SailingStone Capital Partners LLC.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Mackenzie B. Davis

Mackenzie Davis is a managing partner at SailingStone Capital Partners LLC, where he is an investment analyst and portfolio manager. He has been responsible for managing the Victory Global Natural Resources Fund since 2005.

Prior to founding SailingStone in 2014, Mr. Davis was an investment analyst at RS Investments and co-manager of the RS Global Natural Resources strategies. Previously, he was a high-yield analyst at Fidelity Management & Research Company, where he focused primarily on distressed investment opportunities in the telecommunications, power and energy industries. He started his career as an analyst at Goldman Sachs.

Mr. Davis earned A.B. degrees in mathematical economics and modern American history from Brown University. He is a CFA® charterholder.

Kenneth L. Settles Jr.

Ken Settles is a managing partner at SailingStone Capital Partners LLC, where he is an investment analyst and portfolio manager. He has been responsible for managing the Victory Global Natural Resources Fund since 2007.

Prior to founding SailingStone in 2014, Mr. Settles was an investment analyst at RS Investments and co-manager of the RS Global Natural Resources strategies. Previously, he was a senior vice president at Neuberger Berman, where he was a senior energy analyst and co-manager of the Neuberger Berman Premier Energy Portfolio. He started his career as a financial analyst at Salomon Smith Barney.

Mr. Settles holds a B.A. in economics from Williams College. He is a CFA® charterholder. 

James Bruce

James Bruce is a partner at SailingStone Capital Partners LLC, where he is an investment analyst.

Prior to joining SailingStone in 2014, Mr. Bruce was an investment analyst at RS Investments for the RS Global Natural Resources strategies. Earlier in his career, he was a portfolio manager and analyst at Perpetual Investments based in Sydney, Australia, where he managed the Perpetual Global Resources Fund and the Australian Small Companies Fund. He started his career as a mining engineer working in managerial and operational positions at numerous Western Australia gold and nickel operations.

Mr. Bruce holds a B.E. in mining from the Western Australian School of Mines, an MBA from the University of Western Australia and a First Class Mine Manager’s Certificate.

Martin Engle

Martin Engel is a partner at SailingStone Capital Partners LLC, where he is an investment analyst.

Prior to founding SailingStone in 2014, Mr. Engel was an investment analyst at RS Investments for the RS Global Natural Resources strategies. Previously, he was an equity and high-yield analyst at Behrens Rubinoff Capital Partners LLC, where he focused on agriculture, chemical and industrial businesses. Earlier in his career, he was a vice president at TenX Capital Partners, a private equity firm affiliated with Cerberus Capital Management, L.P.

Mr. Engel holds a B.S. in commerce from the McIntire School of Commerce at the University of Virginia and an MBA from the Wharton School of the University of Pennsylvania.

 

Brian Lively

Brian Lively is a partner at SailingStone Capital Partners LLC, where he is an investment analyst.

Prior to founding SailingStone in 2014, Mr. Lively was an investment analyst at RS Investments for the RS Global Natural Resources strategies. Previously, he was managing director, E&P research at Tudor, Pickering, Holt & Co., where he served as global head of upstream research. Earlier in his career, he was a vice president and team leader at Netherland, Sewell & Associates Inc. and a senior project engineer at Exxon Mobil Corporation.

Mr. Lively holds a B.S. in petroleum engineering from Louisiana State University and an MBA from the University of Houston.

 

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

This calculator is intended to help you assess the impact of the operating expenses of the Class A, C, R, or Y shares of the Fund on the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, or Y shares of the Fund for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.


 

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 29, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Investment Approach

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. The management team seeks to provide long-term capital appreciation, by investing in companies believed to have the ability to compound economic value for their shareholders. SailingStone conducts fundamental analysis focused on the following factors: supply cost curve of a given commodity, asset location along that curve to identify “advantaged assets,” inventory of future projects which provide the basis for future value creation management team quality to determine capital allocation discipline and history of value creation, and country risk. “Advantaged assets” are the low cost producers of a given commodity that SailingStone believes offer a competitive advantage in the form of achieving higher returns on capital relative to their cost of capital and the returns of other producers.The investment team uses a long term time horizon when evaluating investment opportunities, and the portfolio is intended to represent a broad array of commodities in a concentrated, high conviction strategy.

Philosophy & Process

Apply a Unique Analytical Lens. The investment team studies companies at the project level, using a long-term, private equity-like approach. The team believe that cumulative knowledge, established over years of site visits and analysis across numerous commodities, is the foundation of their  long-term returns.

Exploit Market Inefficiencies. Although stocks and the underlying commodities are highly correlated over short periods of time, changes in commodity prices are difficult to predict. Rather than speculate on a source of returns related to changes in commodity prices, the investment team focuses on company-specific value creation, which the team believes to be a meaningful and less correlated source of returns over longer periods. The team seeks to take advantage of market volatility, establishing ownership positions in targeted companies when they believe the risk of capital impairment is low and when the expected future value creation is not reflected in the share price. The typical investment horizon is at least 3-5 years, reflecting the durable nature of portfolio companies' competitive advantages.

Invest Counter-Cyclically. The investment team believes the most attractive investment opportunities typically arise when the market is concerned about the short-term outlook for a commodity. In a highly volatile and deeply cyclical space, the team adheres to the value investing tenet "the time is right when the price is right." Thus, portfolio allocation and investment results will vary meaningfully from an index or the market. The objective is to generate superior long-term returns, which the team believes is best achieved by investing counter-cyclically.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in small and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their values. Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. As a non-diversified fund, the Fund may invest a larger portion of its assets in a smaller number of issuers making the Fund more susceptible to economic or credit risks than a diversified fund. 

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. Victory Capital is not affiliated with SailingStone Capital Partners LLC.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website. 

Annualized Returns

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Risk Measures

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Annual Expenses

(As of 05/01/2017)

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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 5.75%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 29, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative

S&P North American Natural Resources Sector Index is a modified-capitalization-weighted index of companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. MSCI World Commodity Producers Index is an equity-based index designed to reflect the performance related to commodity producers stocks. The MSCI World Commodity Producers Index is a free float-adjusted market capitalization-weighted index comprised of commodity producer companies based on the Global Industry Classification Standard (GICS®). Index results assume the reinvestment of dividends paid on the stocks constituting the index. You may not invest in the index, and, unlike the Fund, the index does not incur fees and expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in small and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their values. Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. As a non-diversified fund, the Fund may invest a larger portion of its assets in a smaller number of issuers making the Fund more susceptible to economic or credit risks than a diversified fund. 

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. Victory Capital is not affiliated with SailingStone Capital Partners LLC.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.  

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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N/A

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GNMA securities are backed by the same full faith and credit guarantee offered by U.S. Treasury securities which is an unconditional commitment to pay interest and principal on debt. This guarantee applies only to the underlying securities in the Fund and not to the Victory Fund for Income.

100.00

Average Life Structure (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

Holdings are subject to change.

Characteristics
Weighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology. 

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page. Read the prospectus carefully before investing.

As with all mutual funds, the value of an investment in the Fund could decline, so you could lose money. Investing in small and mid-size companies can involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Funds that concentrate investments in a certain sector may be subject to greater risk than funds that invest more broadly, as companies in that sector may share common characteristics and may react similarly to market developments or other factors affecting their values. Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. As a non-diversified fund, the Fund may invest a larger portion of its assets in a smaller number of issuers making the Fund more susceptible to economic or credit risks than a diversified fund. 

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. Victory Capital is not affiliated with SailingStone Capital Partners LLC.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

MacKenzie B. Davis, CFA

Portfolio Manager

Mackenzie Davis is a managing partner at SailingStone Capital Partners LLC, where he is an investment analyst and portfolio manager. He has been responsible for managing the Victory Global Natural Resources Fund since 2005.

Prior to founding SailingStone in 2014, Mr. Davis was an investment analyst at RS Investments and co-manager of the RS Global Natural Resources strategies. Previously, he was a high-yield analyst at Fidelity Management & Research Company, where he focused primarily on distressed investment opportunities in the telecommunications, power and energy industries. He started his career as an analyst at Goldman Sachs.

Mr. Davis earned A.B. degrees in mathematical economics and modern American history from Brown University. He is a CFA® charterholder.

Kenneth L. Settles Jr. CFA

Portfolio Manager

Ken Settles is a managing partner at SailingStone Capital Partners LLC, where he is an investment analyst and portfolio manager. He has been responsible for managing the Victory Global Natural Resources Fund since 2007.

Prior to founding SailingStone in 2014, Mr. Settles was an investment analyst at RS Investments and co-manager of the RS Global Natural Resources strategies. Previously, he was a senior vice president at Neuberger Berman, where he was a senior energy analyst and co-manager of the Neuberger Berman Premier Energy Portfolio. He started his career as a financial analyst at Salomon Smith Barney.

Mr. Settles holds a B.A. in economics from Williams College. He is a CFA® charterholder. 

James Bruce

Analyst

James Bruce is a partner at SailingStone Capital Partners LLC, where he is an investment analyst.

Prior to joining SailingStone in 2014, Mr. Bruce was an investment analyst at RS Investments for the RS Global Natural Resources strategies. Earlier in his career, he was a portfolio manager and analyst at Perpetual Investments based in Sydney, Australia, where he managed the Perpetual Global Resources Fund and the Australian Small Companies Fund. He started his career as a mining engineer working in managerial and operational positions at numerous Western Australia gold and nickel operations.

Mr. Bruce holds a B.E. in mining from the Western Australian School of Mines, an MBA from the University of Western Australia and a First Class Mine Manager’s Certificate.

Martin Engel

Analyst

Martin Engel is a partner at SailingStone Capital Partners LLC, where he is an investment analyst.

Prior to founding SailingStone in 2014, Mr. Engel was an investment analyst at RS Investments for the RS Global Natural Resources strategies. Previously, he was an equity and high-yield analyst at Behrens Rubinoff Capital Partners LLC, where he focused on agriculture, chemical and industrial businesses. Earlier in his career, he was a vice president at TenX Capital Partners, a private equity firm affiliated with Cerberus Capital Management, L.P.

Mr. Engel holds a B.S. in commerce from the McIntire School of Commerce at the University of Virginia and an MBA from the Wharton School of the University of Pennsylvania.

 

Brian Lively

Analyst

Brian Lively is a partner at SailingStone Capital Partners LLC, where he is an investment analyst.

Prior to founding SailingStone in 2014, Mr. Lively was an investment analyst at RS Investments for the RS Global Natural Resources strategies. Previously, he was managing director, E&P research at Tudor, Pickering, Holt & Co., where he served as global head of upstream research. Earlier in his career, he was a vice president and team leader at Netherland, Sewell & Associates Inc. and a senior project engineer at Exxon Mobil Corporation.

Mr. Lively holds a B.S. in petroleum engineering from Louisiana State University and an MBA from the University of Houston.

 

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

This calculator is intended to help you assess the impact of the operating expenses of the Class A, C, R, or Y shares of the Fund on the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, or Y shares of the Fund for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.


 

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 29, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.