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Victory Income Investors Overview

The Victory Income Investors brand includes two distinct teams, each with its own autonomous investment process and approach.

The team co-led by John Spear and Jim Jackson manages a wide array of taxable and tax-exempt fixed income strategies as well as money market funds. The team's products cover the entire risk spectrum from short- to core- to long-duration and total return portfolios, plus convertible securities strategies.

The team led by Heidi Adelman manages short-government strategies that seek to provide a high level of current income, consistent with the preservation of investors' capital, by investing primarily in securities issued by the U.S. Government and its agencies or instrumentalities.

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Fixed Income Monthly Update   

Victory Income Investors' 2024 Mid-Year Outlook

Victory Income Investors

John Spear

Co-Chief Investment Officer

John Spear is co-chief investment officer of Victory Income Investors, which was formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by Victory Capital in July 2019. Mr. Spear began his investment career in 1986 and joined the fixed income team at USAA in 1998. Previously, Mr. Spear was a fixed income portfolio manager with One America in Indianapolis. Mr. Spear holds a bachelor’s degree from Western Illinois University and an MBA from Butler University. He is a CFA® charterholder.

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Jim Jackson

Co-Chief Investment Officer and Head of Fixed Income Portfolio Management

Jim Jackson is co-chief investment officer and senior portfolio manager of Victory Income Investors, which was formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by Victory Capital in July 2019. Prior to joining Victory Capital, Mr. Jackson was a co-manager of the USAA Life Insurance portfolios. Mr. Jackson joined USAA in 2009. Previous experience includes roles with Hartford Investment Management Company (HIMCO), Barings and Cigna Investment Management. Prior to entering the investment business, Jim served in the United States Marine Corps. Mr. Jackson holds a B.S. in economics from the United States Naval Academy and received an MBA from the Ross School of Business at the University of Michigan in 2001. He is a CFA® charterholder.

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Victory Short Government

Heidi Adelman

Chief Investment Officer, Victory Income Investors - Short Government

Heidi Adelman is Chief Investment Officer and lead portfolio manager of Victory’s Short Government strategy.  Victory Income Investors is a Victory Capital Investment Franchise. 

Ms. Adelman joined Victory Capital in 1996. Previously, Ms. Adelman worked for KeyCorp, holding positions in the audit, asset management compliance and money market asset management areas.  She earned a bachelor’s of science degree in finance from The Ohio State University. 

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