The following is an edited excerpt from our 2025 Annual Report.
About Victory Capital
Victory Capital (NASDAQ: VCTR) is a diversified global asset management firm with $327.1 billion in total client assets under management as of February 28, 2026. We serve institutional, intermediary, and individual clients through our Investment Franchises and Solutions Platform, which manage specialized investment strategies across traditional and alternative asset classes. Our differentiated approach combines the power of investment autonomy with the support of a robust, fully integrated operational and distribution platform. Clients have access to focused, top-tier investment talent equipped with comprehensive resources designed to deliver competitive long-term performance.
Victory Capital is headquartered in San Antonio, Texas. To learn more, visit www.vcm.com or follow us on Facebook, Twitter (X), and LinkedIn.
A message from Chairman and CEO David Brown
The past year, 2025, was truly transformational for Victory Capital, our employees, clients and shareholders. We successfully closed on our strategic partnership with Amundi, completed the acquisition of Amundi US, and reintroduced the iconic Pioneer Investments brand as our newest Investment Franchise. We ended the year as a larger, stronger and more competitive organization, while providing our employees with unique opportunities to grow and flourish in their careers. Our investment professionals again achieved excellent investment results throughout the year, reflecting their strong dedication to delivering on behalf of our clients.
From a financial perspective, we achieved record performance across a broad spectrum of key metrics, underscoring the strength of our diversified platform and the growing momentum we've built entering 2026.
Reflecting on last year, I am pleased to report that Victory Capital today offers a more comprehensive suite of investment capabilities and manages more assets for a larger and more diversified client base than at any point in our Company’s history. Our long-term strategy is working.
Strategic Partnership with Amundi
Our strategic partnership with Amundi has truly globalized our business. In addition to extending across multiple U.S. distribution channels, our reach now spans over 60 countries. These international geographies provide new distribution channels and client segments that were not previously accessible to us. As we continue to expand our partnership with Amundi and manage new products suitable for these markets, we expect this to be a sustainable and important source of growth going forward.
Amundi US Acquisition and Reintroduction of Pioneer Investments
The acquisition of the Amundi US business was transformative for our Company. It not only enhanced the size and scale of our organization, but it was a multi-faceted transaction that brought us complementary investment capabilities, a well-known brand in Pioneer Investments, a significant expansion of our presence outside the U.S., and a deeper platform to accelerate our company-wide growth strategy. In addition to our corporate headquarters in San Antonio, TX, we now have a major office in Boston, MA, and our employee base has grown to 699 as of the end of the year.
Broad and Expanding Product Capabilities
Our international expansion was supported in 2025 by the addition of five new UCITS through our strategic partnership with Amundi. These registered products are designed for distribution outside the U.S. and include three UCITS managed by our RS Global and RS Value investment teams and two managed by Pioneer Investments. With these product launches, the suite of UCITS that we manage has expanded to 23, spread across multiple asset classes, including the equity, fixed income and multi-asset categories.
The Amundi sales professionals outside the U.S. have also begun to distribute Victory Capital’s U.S.-listed ETFs, which represents a unique opportunity for growth given the demand for ETFs from investors around the world.
Commitment to Investment Excellence
Our Investment Franchises and Solutions Platform continued to deliver excellent investment performance in 2025. Delivering long-term, risk-adjusted returns that drive better investor outcomes has been and will remain our highest priority.
We are honored to have been ranked No. 12 in Barron’s Best Fund Families for 2025 for the one-year period ended December 31, 2025. Victory Capital also ranked No. 4 in the Mixed Asset category and No. 12 in the World Equity category for the one-year period.*
These results are a direct reflection of the tireless dedication of our investment professionals, who strive every day to deliver investment excellence on behalf of our clients and investors.
Growth of Our ETF Platform
We continued to invest in key areas of our business in 2025, including product innovation and dedicated distribution resources. We saw strong demand for our VictoryShares ETFs, particularly among financial advisor clients seeking to solve portfolio challenges through institutional-quality strategies delivered across active and rules-based solution types.
We have continued to enhance our ETF platform to align with demand from our clients. We introduced three new ETFs in 2025, including the first ETF managed by our Pioneer Investments Franchise.
Responsible Business and Community Engagement
Our core values are the foundation of everything we do. Each year we publish our Responsible Business Report, showcasing our commitment to our people, our clients and our communities through meaningful action. You can access the latest report here.
In 2025, Victory Capital continued to partner with UT San Antonio’s Carlos Alvarez College of Business to expand programs that support student success. We provided Bloomberg Terminal access and professional research tools to all enrolled students, allowing them to view real-time market data and pursue certification opportunities. We have broadened in-person and virtual engagement through classroom presentations and specialized sessions led by senior-level executives and employees. Through our partnership with The Investment Society, a student-led campus organization, we hosted an exciting and educational live stock-pitch competition at our headquarters.
In addition, our employees continue to give to charitable organizations and support important causes in our communities. After the catastrophic July 4, 2025, floods in the Texas Hill Country, Victory Capital joined by employees across the country donated more than $100,000 to the Kerr County Texas Salvation Army to provide support to flood victims and their families.
Our employees also supported other community organizations in 2025 such as the San Antonio Food Bank, Toys for Tots, SA Hope Center and many others.
Looking Ahead
Looking ahead into 2026, we remain focused on strategically expanding and deepening our relationships with intermediary platforms, financial advisors, institutional investors, consultants and direct investors. This approach is designed to ensure that our growth will continue to be sustainable, profitable and aligned with delivering value to both our clients and shareholders.
As we grow, we remain committed to our culture of ownership, which aligns our interests with those of our clients. As of December 31, 2025, our employees and members of the Victory Capital Board owned 15% of the fully diluted equity in our Company. This ownership is extremely broad, with a majority of employees holding equity in our Company at year-end. In addition to being aligned with our financial success through equity ownership, our employees, at their own discretion and side-by-side with our clients, have invested more than $350 million in the products we manage as of December 31, 2025.
As I have said many times in the past, I believe we have the best and most dedicated employees in the industry, and I am proud to work alongside such a talented group of professionals.
On behalf of all our employees, I would like to thank our clients and shareholders for your trust and confidence in us.
Sincerely,
David C. Brown
Chairman and CEO
Responsible business
Victory Capital is committed to making a difference, not only in the products and services we deliver to our clients and investors, but also in the way that we conduct our business, look out for our employees and how we serve the communities in which we live and work.
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Get startedOur history
We’re proud to share our history, which dates back more than 100 years when we began managing tax-exempt assets. We have grown organically by distributing our diverse product platform through a variety of business channels and inorganically through acquisitions.
Throughout our history we have fostered a culture of ownership in which our employees have meaningful ownership in our company and in our products. We believe that aligns our interests with those of our clients and that’s important to us.
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Every investor, regardless of investment size, is equally important to us and we’re here to guide you every step of the way. Call us today to talk with a live U.S.-based investment specialist and get investment guidance without the wait and at no additional cost you.
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Past performance is not indicative of future results.
Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus or summary prospectus containing this and other important information, visit www.vcm.com/prospectus. Read it carefully before investing.
Investments involve risk including possible loss of principal.
Victory Capital Management Inc. is the investment adviser of the Victory Capital mutual funds and VictoryShares ETFs. Victory Capital Management Inc. also serves as investment manager to multiple UCITS Funds, including those advised by Pioneer Investments and RS Investments. Victory Capital mutual funds and VictoryShares ETFs are distributed by Victory Capital Services, Inc. (VCS), an affiliate of Victory Capital. VCS also provides marketing services for certain Amundi UCITS Funds. VCS is a member of FINRA.
*Barron’s ranked Victory Capital Management Inc. 12th out of 46 firms for the one-year period ended December 31, 2025. Additionally, Victory Capital ranked fourth out of 46 firms in the Mixed Asset category for the period ended December 31, 2025, and 12th out of 46 firms in the World Equity category for the period ended December 31, 2025.
How Barron’s Ranks the Fund Families
All mutual and exchange-traded funds are required to report their returns after fees are deducted, to better reflect what investors would actually experience. But our aim is to measure manager skill, independent of expenses beyond annual management fees. That is why we calculate returns before any 12b-1 marketing fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns.
Each fund’s performance is measured against all of the other funds in its LSEG Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking and vice versa.
To be included in the ranking, a firm must have at least three funds in the general equity category, one world equity, one mixed equity such as a balanced or target-date fund, two taxable bond funds, and one national tax-exempt bond fund. Single-sector and country equity funds are factored into the rankings as general equity. We exclude all index funds but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies. Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds. The category weightings for 2025 were general equity, 38.2%; mixed asset, 21.5%; world equity, 16.5%; taxable bond, 20%; and tax-exempt bond, 3.8%.
The category weightings for the five-year results were general equity, 37.7%; mixed asset, 21.8%; world equity, 16.7%; taxable bond, 20%; and tax-exempt bond, 3.8%. For the 10-year list, they were general equity, 38.1%; mixed asset, 23%; world equity, 15.9%; taxable bond, 19.2%; and tax-exempt bond, 3.7%. (The totals may not add up to 100% because of rounding.)
The scoring: Say a fund in the general U.S. equity category has $500 million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 38.2%, general equity’s overall weighting in Lipper’s universe. So, it would be 37.5 times 0.382, which equals 14.33. Similar calculations are done for each fund in our study. Then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.
Source: “Barron’s Best Fund Families,” February 26, 2026.
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