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Victory RS Value Fund

Dan Lang Product Detail Page Header Image
Class {{currentProdClass | uppercase}} {{currentProdTicker | uppercase}}

Investment Approach

The Victory RS Value Fund seeks to produce superior long-term risk adjusted returns by investing in durable mid-capitalization companies that are led by strong management teams and are attractively valued.

Philosophy & Process

The RS Value Team seeks to invest in good companies, led by strong management teams that are attractively valued. Our decision to invest in any company starts with business analysis and with understanding the company’s unit-level economics. Our work on unit-level economics helps us determine the quality of the business and the headwinds it may face in the future. We are Return on Invested Capital (ROIC) focused investors and seek to invest in companies that can create shareholder value, due to an improvement in the returns of the existing assets, or attractive reinvestment opportunities. We are long-term investors who use our investment time horizon as a competitive advantage and are attracted to out-of-favor and/or misunderstood companies in the market.

The next step in our process is to assess the management team. Our evaluation of a company’s management team is critical to our investment decision. We regularly meet with management to gauge how they think about their business—Are they focused (and compensated) on growing earnings at any cost or do they understand return on invested capital and how value is created? Additionally, we perform detailed operational and strategic historical analyses of management’s decisions—looking at acquisitions and asset sales, repositioning of and changes to strategy, and measures of capital stewardship. This analysis provides us with the conviction to invest with strong management teams that are able to navigate through short-term market volatility and deliver long-term shareholder value.

The final step in our analysis is valuation. To the RS Value Team, value investing is buying a business at a discount to what we believe it is actually worth. We determine what a company is worth by assessing a company’s current share price versus its future cash flow streams or long-term net asset value based upon the management team’s plan for value creation. Return on Invested Capital (ROIC) is the lens by which we analyze that value creation.  Our research has shown that, over time, stock price performance has a higher correlation to improving ROIC as opposed to traditional valuation measurements like price to earnings (P/E). We seek to invest in companies that can create shareholder value, due to an improvement in the returns of the existing assets, or attractive reinvestment opportunities. We pay close attention to a company’s financial strength, scrutinizing financial statements, and we run various financial models to understand our downside. This quantitative analysis gives us confidence in our investment thesis, and helps us determine at what stock price we are comfortable investing.

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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 April 30, 2019. 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.

The Russell Midcap® Value Index is an unmanaged market capitalization-weighted index that measures the performance of those companies in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values. (The Russell Midcap Index is an unmanaged market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) 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 or 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.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective.Investments in small and mid-size companies can involve risks such as less publicly available information, higher volatility, and less liquidity than larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

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.

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.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investments in small and mid-size companies can involve risks such as less publicly available information, higher volatility, and less liquidity than larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

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.

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. 

 

Daniel Lang

Daniel Lang is Chief Investment Officer of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Lang began his investment career in 2001. Prior to joining RS Investments in 2009, he was a portfolio manager at Farallon Capital Management covering the global biotechnology, medical device, pharmaceutical, and health care services industries. Previously, he was a senior associate at venture capital firm Brilleon Capital US and the co-founder and CFO of Sapient Medical Group. Mr. Lang’s business and investment experience was preceded by a distinguished career practicing medicine. He was a fellow in cardiology and a post-doctoral research fellow at the University of California, San Francisco. Additionally, he was board certified in internal medicine and served as a chief medical resident at Mount Sinai Hospital in New York.

Mr. Lang holds a B.A. in chemistry from Cornell University and an M.D. from Cornell University Medical College.


Tyler Dann

Tyler Dann is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Prior to joining RS Investments in 2014, Mr. Dann was a portfolio manager and senior research analyst with Invesco Aim Capital Management, where he was sector head for energy and basic materials. Previously, he was senior research analyst at Banc of America Securities. While there, he led a research team making investment recommendations on oil and refining stocks and contributing to the firm's oil price forecast. Previously, he held various positions at Credit Suisse First Boston and SBC Warburg.

Mr. Dann holds an A.B. in Germanic languages and literatures from Princeton University. He is a CFA® charterholder.

Robert J. Harris

Robert Harris is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Harris began his investment career in 1998 and worked as a financial services analyst at Dresdner RCM Global Investors LLC before joining RS Investments in 2005. He also spent seven years as a flight engineer in the United States Air Force.

Mr. Harris holds a B.A. in political science from Sonoma State University and an MBA from Golden Gate University.

Joseph Mainelli

Joe Mainelli is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Mainelli began his investment career in 1994. Prior to joining RS Investments in 2007, he was an equity research analyst focused on small- and mid-cap value investments at David J. Greene & Company. Previously, he was an equity research analyst at Sagamore Hill Capital and ING Furman Selz Asset Management.

Mr. Mainelli holds a B.A. in anthropology from Princeton University and an MBA from Columbia Business School.

Andy Walker

Andrew Walker is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Walker began his investment career in 1996 and worked as a financial analyst at Janus Capital Group for 12 years covering the power and industrial industries prior to joining RS Investments in 2011. Previously, he was a financial analyst in the corporate finance and investment banking divisions of Goldman, Sachs & Co.

Mr. Walker holds a B.A. in economics and history from Yale University and an MBA from Harvard Business School. He is a CFA® charterholder.

Ryan Wilsey

Ryan Wilsey is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Wilsey joined RS in 2016 from Parnassus Investments, where he spent six years as a portfolio manager and senior research analyst. He has been a professional investor since 2001, working at Scout Capital, Greylock Partners and Summit Partners. Before he began his investment career, he worked at Opsware Inc., a software company that was later sold to Hewlett-Packard.

Mr. Wilsey graduated summa cum laude with a B.S. in engineering from Princeton University and earned an MBA from Harvard Business School.

View Entire Investment Team

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.

Annual fund operating expenses of the Class A, C, R, R6, and Y shares of the Fund (as applicable) are listed below.  (Use the button above to select the share class you wish to view.)  The calculator is intended to help you assess the impact of the operating expenses 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, R6 or Y shares of the Fund (as applicable) 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 April 30, 2019. 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.

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Total Fund AUM: $463,487,027

Fund Downloads

Fact SheetManager Commentary

Investment Approach

The Victory RS Value Fund seeks to produce superior long-term risk adjusted returns by investing in durable mid-capitalization companies that are led by strong management teams and are attractively valued.

Philosophy & Process

The RS Value Team seeks to invest in good companies, led by strong management teams that are attractively valued. Our decision to invest in any company starts with business analysis and with understanding the company’s unit-level economics. Our work on unit-level economics helps us determine the quality of the business and the headwinds it may face in the future. We are Return on Invested Capital (ROIC) focused investors and seek to invest in companies that can create shareholder value, due to an improvement in the returns of the existing assets, or attractive reinvestment opportunities. We are long-term investors who use our investment time horizon as a competitive advantage and are attracted to out-of-favor and/or misunderstood companies in the market.

The next step in our process is to assess the management team. Our evaluation of a company’s management team is critical to our investment decision. We regularly meet with management to gauge how they think about their business—Are they focused (and compensated) on growing earnings at any cost or do they understand return on invested capital and how value is created? Additionally, we perform detailed operational and strategic historical analyses of management’s decisions—looking at acquisitions and asset sales, repositioning of and changes to strategy, and measures of capital stewardship. This analysis provides us with the conviction to invest with strong management teams that are able to navigate through short-term market volatility and deliver long-term shareholder value.

The final step in our analysis is valuation. To the RS Value Team, value investing is buying a business at a discount to what we believe it is actually worth. We determine what a company is worth by assessing a company’s current share price versus its future cash flow streams or long-term net asset value based upon the management team’s plan for value creation. Return on Invested Capital (ROIC) is the lens by which we analyze that value creation.  Our research has shown that, over time, stock price performance has a higher correlation to improving ROIC as opposed to traditional valuation measurements like price to earnings (P/E). We seek to invest in companies that can create shareholder value, due to an improvement in the returns of the existing assets, or attractive reinvestment opportunities. We pay close attention to a company’s financial strength, scrutinizing financial statements, and we run various financial models to understand our downside. This quantitative analysis gives us confidence in our investment thesis, and helps us determine at what stock price we are comfortable investing.

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.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investments in small and mid-size companies can involve risks such as less publicly available information, higher volatility, and less liquidity than larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

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 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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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 April 30, 2019. 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.

The Russell Midcap® Value Index is an unmanaged market capitalization-weighted index that measures the performance of those companies in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values. (The Russell Midcap Index is an unmanaged market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) 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 or 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.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective.Investments in small and mid-size companies can involve risks such as less publicly available information, higher volatility, and less liquidity than larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

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.

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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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.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Investments in small and mid-size companies can involve risks such as less publicly available information, higher volatility, and less liquidity than larger companies. Narrowly focused investment strategies can be subject to greater market fluctuation. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries.

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.

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. 

Our People

 

Daniel Lang

Daniel Lang, M.D.

Chief Investment Officer

Daniel Lang is Chief Investment Officer of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Lang began his investment career in 2001. Prior to joining RS Investments in 2009, he was a portfolio manager at Farallon Capital Management covering the global biotechnology, medical device, pharmaceutical, and health care services industries. Previously, he was a senior associate at venture capital firm Brilleon Capital US and the co-founder and CFO of Sapient Medical Group. Mr. Lang’s business and investment experience was preceded by a distinguished career practicing medicine. He was a fellow in cardiology and a post-doctoral research fellow at the University of California, San Francisco. Additionally, he was board certified in internal medicine and served as a chief medical resident at Mount Sinai Hospital in New York.

Mr. Lang holds a B.A. in chemistry from Cornell University and an M.D. from Cornell University Medical College.


Tyler Dann II, CFA

Analyst, RS Value

Tyler Dann is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Prior to joining RS Investments in 2014, Mr. Dann was a portfolio manager and senior research analyst with Invesco Aim Capital Management, where he was sector head for energy and basic materials. Previously, he was senior research analyst at Banc of America Securities. While there, he led a research team making investment recommendations on oil and refining stocks and contributing to the firm's oil price forecast. Previously, he held various positions at Credit Suisse First Boston and SBC Warburg.

Mr. Dann holds an A.B. in Germanic languages and literatures from Princeton University. He is a CFA® charterholder.

Robert J. Harris

Analyst, RS Value

Robert Harris is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Harris began his investment career in 1998 and worked as a financial services analyst at Dresdner RCM Global Investors LLC before joining RS Investments in 2005. He also spent seven years as a flight engineer in the United States Air Force.

Mr. Harris holds a B.A. in political science from Sonoma State University and an MBA from Golden Gate University.

Joseph Mainelli

Analyst, RS Value

Joe Mainelli is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Mainelli began his investment career in 1994. Prior to joining RS Investments in 2007, he was an equity research analyst focused on small- and mid-cap value investments at David J. Greene & Company. Previously, he was an equity research analyst at Sagamore Hill Capital and ING Furman Selz Asset Management.

Mr. Mainelli holds a B.A. in anthropology from Princeton University and an MBA from Columbia Business School.

Andrew Walker, CFA

Analyst, RS Value

Andrew Walker is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Walker began his investment career in 1996 and worked as a financial analyst at Janus Capital Group for 12 years covering the power and industrial industries prior to joining RS Investments in 2011. Previously, he was a financial analyst in the corporate finance and investment banking divisions of Goldman, Sachs & Co.

Mr. Walker holds a B.A. in economics and history from Yale University and an MBA from Harvard Business School. He is a CFA® charterholder.

Ryan Wilsey

Analyst, RS Value

Ryan Wilsey is an analyst for RS Investments and member of the RS Value team. RS Investments was acquired by Victory Capital in July 2016 and is a Victory Capital investment franchise.

Mr. Wilsey joined RS in 2016 from Parnassus Investments, where he spent six years as a portfolio manager and senior research analyst. He has been a professional investor since 2001, working at Scout Capital, Greylock Partners and Summit Partners. Before he began his investment career, he worked at Opsware Inc., a software company that was later sold to Hewlett-Packard.

Mr. Wilsey graduated summa cum laude with a B.S. in engineering from Princeton University and earned an MBA from Harvard Business School.

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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.

Annual fund operating expenses of the Class A, C, R, R6, and Y shares of the Fund (as applicable) are listed below.  (Use the button above to select the share class you wish to view.)  The calculator is intended to help you assess the impact of the operating expenses 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, R6 or Y shares of the Fund (as applicable) 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 April 30, 2019. 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.

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