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Victory Expedition Emerging Markets Small Cap Fund

Margaret Lindsay, CIO - Expedition Investment Partners, Lead Portfolio Manager
Investment Approach

The Victory Expedition Emerging Markets Small Cap Fund seeks to provide long-term appreciation of capital and invests in high-quality companies with long-term secular growth prospects. We do not construct portfolios that are merely representative of the asset class; rather, we aim to produce portfolios of high-quality and exceptionally dynamic companies, with a focus on those operating in industries offering attractive investment opportunities as a result of secular changes. Within these areas, we seek to find the companies with the highest probability of achieving success through industry-leading proprietary products and services, sustainable margins, and strong balance sheets. Valuation analysis is then conducted to determine whether the company’s stock is undervalued.

Philosophy & Process

We believe that over a full market cycle greater returns can be achieved with lower fundamental risk by investing in companies operating in industries and providing products and services that have sound and improving prospects going forward. Although portfolio country and sector weightings are the result of bottom-up stock selection, for the purposes of diversification and risk control a broad country and industry representation is sought in the Fund.
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-539-FUND or visit www.vcm.com.

Class I Shares are available only to select investors as described in the Fund’s prospectus. Please read the Prospectus for information on the eligibility requirements to purchase shares.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least February 28, 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.

Benchmark
MSCI Emerging Markets Small Cap (Net) Index: An equity index which includes small cap representation across 21 emerging markets countries. With 1,785 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. The small cap segment tends to capture more local economic and sector characteristics relative to larger emerging markets capitalization segments.
With net dividends: net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. This index does not include the effect of sales charges, is not representative of any specific product and cannot be invested in directly.

Risk Measures
Alpha is a risk (beta adjusted) measurement of the dif­ference between a fund’s actual returns and what it might be expected to deliver based on its level of risk. Beta measures a fund’s sensitivity to market movements. Sharpe Ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. R-squared is a statistical measurement that determines the proportion of the return on a specific portfolio of securities, that can be explained by variations in the stock market, as measured by a benchmark index. Standard deviation is a statistical measure of volatility indicating the risk associated with a return series. The information ratio is a measure of the consistency of excess return. Source: Zephyr StyleADVISOR.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

Fund policies may be subject to change.
These Funds may not be available for sale in all states. Contact your investment advisor concerning if/how you can purchase these Funds.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

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Top Ten Holdings, Sector Diversification and Regional Weightings
The top ten holdings, sector diversification and regional weightings are presented to illus­trate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments. Fund holdings are as of quarter end and may change at any time. Source: FactSet Research Systems, Inc.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

Margaret Lindsay, CIO - Expedition Investment Partners, Lead Portfolio Manager

Margaret Lindsay is Chief Investment Officer of Expedition Investment Partners and lead portfolio manager of the firm’s non-U.S. small cap equity strategies. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Lindsay joined Victory Capital in 2006 with 25 years’ prior investment experience. Previously, she was director of global small cap equity and head of the non-U.S. small/mid-cap team at an affiliate of Franklin Templeton Investments for 15 years. Prior to that, she spent 10 years in non-U.S. equity strategy, analysis and sales. She was also with S.G. Warburg Securities and Drexel Burnham Lambert. Earlier in her career, she was a consultant for Gellman Research Associates, advising clients on economic policy and international trade.

Ms. Lindsay holds a B.A. from Dickinson College, an M.S. from Drexel University and an MBA in international finance from the Wharton School of the University of Pennsylvania. She is fluent in German.


Joshua Lindland, CFA, Senior Portfolio Manager/Analyst

Joshua Lindland is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap equities in Southern Europe, Brazil, Canada and the U.K. He also leads research coverage of the Financials sector. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Lindland joined Victory Capital in 2006 with eight years’ prior investment experience. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. He also managed a team of analysts at Barra RogersCasey earlier in his career.

Mr. Lindland holds a B.A. in international studies from Muhlenberg College and an MBA from Columbia University. He is fluent in Spanish with a working knowledge of Italian. He also serves on the Board of Observers of Muhlenberg College. He is a CFA® charterholder.

Tiffany Kuo, CFA, Senior Portfolio Manager/Analyst

Tiffany Kuo is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, she leads smaller-cap research for markets in Asia, with a special focus on Greater China and Japan, and guides Expedition’s work on the technology sectors in Asia. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Kuo joined Victory Capital in 2006. Previously, she held a similar role at an affiliate of Franklin Templeton Investments. Earlier in her career, she worked at the Law Offices of Robert W. Snyder, an international law firm, and had experience in business valuation at Deloitte & Touche.

Ms. Kuo holds a B.A. in international economics and Japanese from the University of California, Los Angeles, and an MBA in finance and corporate accounting from the University of Rochester, Simon Business School. She is fluent in Mandarin with a working knowledge of Japanese. She is a CFA® charterholder.

Fees & Expenses

Annual Fund Operating Expenses

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Minimum Investment

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Calculate Expenses

Amount Invested($):
Calculate
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Investment Approach

The Victory Expedition Emerging Markets Small Cap Fund seeks to provide long-term appreciation of capital and invests in high-quality companies with long-term secular growth prospects. We do not construct portfolios that are merely representative of the asset class; rather, we aim to produce portfolios of high-quality and exceptionally dynamic companies, with a focus on those operating in industries offering attractive investment opportunities as a result of secular changes. Within these areas, we seek to find the companies with the highest probability of achieving success through industry-leading proprietary products and services, sustainable margins, and strong balance sheets. Valuation analysis is then conducted to determine whether the company’s stock is undervalued.

Philosophy & Process

We believe that over a full market cycle greater returns can be achieved with lower fundamental risk by investing in companies operating in industries and providing products and services that have sound and improving prospects going forward. Although portfolio country and sector weightings are the result of bottom-up stock selection, for the purposes of diversification and risk control a broad country and industry representation is sought in the Fund.
Investment Considerations

Equity securities (stocks) are more volatile and carry more risk than other forms of investments including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of securities in the portfolio changes. Small capitalization stocks carry additional risks and expose the investor to greater volatility, since smaller companies generally have a higher risk of failure. In addition, the securities of foreign companies acquired by the Fund tend to experience more volatility than their domestic counterparts in part because of higher political and economic risks, lack of reliable information, fluctuations in currency exchange rates and the risks that a foreign government may take over assets, restrict the ability to exchange currency or restrict the delivery of securities. These risks are magnified in emerging markets. Derivative instruments, including futures and options contracts used for asset substitution, do not perfectly replicate direct investment in the security.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-539-FUND or visit www.vcm.com.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services. 

Annualized Returns

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Risk Measures

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

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Calendar Year Returns

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

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Annual Expenses

(As of 03/01/2017)

{{::category}}
Gross Expense Ratio (%) {{::info.itemData | number}}
Net Expense Ratio (%) {{::info.itemData | number}}

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-539-FUND or visit www.vcm.com.

Class I Shares are available only to select investors as described in the Fund’s prospectus. Please read the Prospectus for information on the eligibility requirements to purchase shares.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least February 28, 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.

Benchmark
MSCI Emerging Markets Small Cap (Net) Index: An equity index which includes small cap representation across 21 emerging markets countries. With 1,785 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. The small cap segment tends to capture more local economic and sector characteristics relative to larger emerging markets capitalization segments.
With net dividends: net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. This index does not include the effect of sales charges, is not representative of any specific product and cannot be invested in directly.

Risk Measures
Alpha is a risk (beta adjusted) measurement of the dif­ference between a fund’s actual returns and what it might be expected to deliver based on its level of risk. Beta measures a fund’s sensitivity to market movements. Sharpe Ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. R-squared is a statistical measurement that determines the proportion of the return on a specific portfolio of securities, that can be explained by variations in the stock market, as measured by a benchmark index. Standard deviation is a statistical measure of volatility indicating the risk associated with a return series. The information ratio is a measure of the consistency of excess return. Source: Zephyr StyleADVISOR.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

Fund policies may be subject to change.
These Funds may not be available for sale in all states. Contact your investment advisor concerning if/how you can purchase these Funds.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

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

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{{::item.name}}
{{::info | number:2}}
N/A

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

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

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Duration Schedule (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

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

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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"}})

Top Ten Holdings, Sector Diversification and Regional Weightings
The top ten holdings, sector diversification and regional weightings are presented to illus­trate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments. Fund holdings are as of quarter end and may change at any time. Source: FactSet Research Systems, Inc.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

Joshua Lindland, CFA

Senior Portfolio Manager/Analyst

Joshua Lindland is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, he is responsible for researching smaller-cap equities in Southern Europe, Brazil, Canada and the U.K. He also leads research coverage of the Financials sector. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Mr. Lindland joined Victory Capital in 2006 with eight years’ prior investment experience. Previously, he held a similar role at an affiliate of Franklin Templeton Investments. He also managed a team of analysts at Barra RogersCasey earlier in his career.

Mr. Lindland holds a B.A. in international studies from Muhlenberg College and an MBA from Columbia University. He is fluent in Spanish with a working knowledge of Italian. He also serves on the Board of Observers of Muhlenberg College. He is a CFA® charterholder.

Tiffany Kuo, CFA

Senior Portfolio Manager/Analyst

Tiffany Kuo is a senior portfolio manager/analyst for Expedition Investment Partners. In this role, she leads smaller-cap research for markets in Asia, with a special focus on Greater China and Japan, and guides Expedition’s work on the technology sectors in Asia. The Victory Capital Non-U.S. Small Cap team was renamed Expedition Investment Partners on April 1, 2015. Expedition Investment Partners is a Victory Capital investment franchise.

Ms. Kuo joined Victory Capital in 2006. Previously, she held a similar role at an affiliate of Franklin Templeton Investments. Earlier in her career, she worked at the Law Offices of Robert W. Snyder, an international law firm, and had experience in business valuation at Deloitte & Touche.

Ms. Kuo holds a B.A. in international economics and Japanese from the University of California, Los Angeles, and an MBA in finance and corporate accounting from the University of Rochester, Simon Business School. She is fluent in Mandarin with a working knowledge of Japanese. She is a CFA® charterholder.

Fees & Expenses

Annual Fund Operating Expenses

{{::category}}
{{::item.name}} {{::info | percentage:2}}

Minimum Investment

{{::category}}
{{::item.name}} {{::info | currency}}

Calculate Expenses

Amount Invested($):
Calculate
Please enter a valid numeric value
{{::category}}
{{::item.name}} {{::info | currency}}