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Victory Trivalent International Fund - Core Equity

Peter Carpenter Header
Investment Approach

The Victory Trivalent International Fund – Core Equity’s management team seeks to provide long-term growth of capital in the Fund by investing primarily in equity securities of companies in countries represented in the MSCI ACWI (All Country World Index) Index ex U.S., but may also invest in companies from other countries. 

Philosophy & Process

The team selects stocks using a blend of fundamental research and quantitative analysis, focusing on both positive business momentum and favorable valuation. The team uses risk controls to help avoid unintended risk and highlight security selection as a key part of the overall construction of the Fund. The Fund’s investment allocation to countries and sectors tends to closely approximate the country and sector allocations of the MSCI ACWI Index ex U.S. To ensure a diversified geographic portfolio, the Fund invests in a minimum of ten countries. There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund’s investments may include small-, mid- and large-capitalization companies.

The management team’s process is designed to achieve consistent long-term returns across the full breadth of market conditions and economic cycles. The focus of its investment process is on security selection and risk management. The team believes this is the best way to position the Fund to achieve an optimal balance between potential reward and investment risk over a complete market cycle.
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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 A Shares MOP performance figures reflect a maximum sales charge of 5.75%.
Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year. Class C Shares MOP performance for periods less than 1 year reflect the effect of the 1.00% CDSC.
Class I, R6 and Y Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class I, R6 and Y 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 Class I, R6 and Y Shares.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least October 31, 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 ACWI ex USA Index: A free float-adjusted market capitalization weighted index that is designed to measure equity market performance of developed and emerging markets, excluding the United States. Returns shown are net of foreign withholding taxes applicable to U.S. investors. Securities indexes assume reinvestment of all distributions and interest payments and do not take into account brokerage fees or taxes. Securities in the Fund may not match those in the indexes and performance of the Fund will differ. Direct investment in an index is not possible.  

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.

Dan LeVan, Chief Investment Officer

Dan LeVan is Chief Investment Officer of Trivalent Investments. In this role, he oversees the management of Trivalent’s international and emerging markets equity strategies and manages a team of investment professionals who have been working together for over 20 years. He is also lead portfolio manager of the International Small-Capitalization Equity strategy and its related mutual and collective funds. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

An early institutional investor in the international small-cap space, Mr. LeVan has specialized in this asset class since he began his investment career in 1994 with Standish, Ayer & Wood (currently a subsidiary of BNY Mellon). While at BNY Mellon, he worked with a team of investment professionals who were responsible for managing over $15 billion in international equity assets, $3 billion of which was in international small-cap. There he developed the foundation of the international small-cap investment approach that the team employs today. In 2007, Mr. LeVan and the team joined Munder from The Boston Company (a subsidiary of BNY Mellon), forming the Munder International Equity team. Munder Capital Management was acquired by Victory Capital in October 2014.

Prior to his investment career, Mr. LeVan served as a U.S. Air Force captain for six years. He holds a B.S. in electrical & computer engineering from Clarkson University, an MBA from Bentley College and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.


Peter Carpenter, Senior Portfolio Manager

Peter Carpenter is a senior portfolio manager for Trivalent Investments. In this role, he serves as lead manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund and lead manager of the International Core Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Equity strategies. Additionally, he is responsible for research coverage of the Consumer Discretionary and Industrials sectors for the international team. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1994, Mr. Carpenter joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Mr. Carpenter joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Carpenter holds a B.A. from Middlebury College and an MBA from Boston University. He is a CFA® charterholder and member of the CFA Institute.

Jeffrey Sullivan, Senior Portfolio Manager

Jeff Sullivan is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund, co-manager of the International Core Equity strategy and lead manager of the Emerging Markets Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Small-Capitalization Equity strategies. Additionally, he is responsible for research coverage of the Consumer Staples and Materials sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1998, Mr. Sullivan joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Prior to joining Standish, Mr. Sullivan served as central European analyst for Lowry Capital Management. He joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Sullivan holds a B.A. in economics from Washington & Jefferson College. He is a CFA® charterholder and member of the CFA Institute.

Fees & Expenses

Annual Fund Operating Expenses

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Minimum Investment

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Calculate Expenses

Amount Invested($):
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Investment Approach

The Victory Trivalent International Fund – Core Equity’s management team seeks to provide long-term growth of capital in the Fund by investing primarily in equity securities of companies in countries represented in the MSCI ACWI (All Country World Index) Index ex U.S., but may also invest in companies from other countries. 

Philosophy & Process

The team selects stocks using a blend of fundamental research and quantitative analysis, focusing on both positive business momentum and favorable valuation. The team uses risk controls to help avoid unintended risk and highlight security selection as a key part of the overall construction of the Fund. The Fund’s investment allocation to countries and sectors tends to closely approximate the country and sector allocations of the MSCI ACWI Index ex U.S. To ensure a diversified geographic portfolio, the Fund invests in a minimum of ten countries. There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund’s investments may include small-, mid- and large-capitalization companies.

The management team’s process is designed to achieve consistent long-term returns across the full breadth of market conditions and economic cycles. The focus of its investment process is on security selection and risk management. The team believes this is the best way to position the Fund to achieve an optimal balance between potential reward and investment risk over a complete market cycle.

Investment Considerations

Investors should note that investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. There are greater risks involved in investing in emerging market countries than those associated with investment in developed foreign markets. A substantial portion of the Fund’s assets is invested in securities of Japanese and U.K. issuers; therefore, adverse market conditions impacting those countries may have a more pronounced effect on the Fund.

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 11/01/2017)

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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 A Shares MOP performance figures reflect a maximum sales charge of 5.75%.
Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year. Class C Shares MOP performance for periods less than 1 year reflect the effect of the 1.00% CDSC.
Class I, R6 and Y Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class I, R6 and Y 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 Class I, R6 and Y Shares.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least October 31, 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 ACWI ex USA Index: A free float-adjusted market capitalization weighted index that is designed to measure equity market performance of developed and emerging markets, excluding the United States. Returns shown are net of foreign withholding taxes applicable to U.S. investors. Securities indexes assume reinvestment of all distributions and interest payments and do not take into account brokerage fees or taxes. Securities in the Fund may not match those in the indexes and performance of the Fund will differ. Direct investment in an index is not possible.  

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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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.

Peter Carpenter, CFA

Senior Portfolio Manager

Peter Carpenter is a senior portfolio manager for Trivalent Investments. In this role, he serves as lead manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund and lead manager of the International Core Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Equity strategies. Additionally, he is responsible for research coverage of the Consumer Discretionary and Industrials sectors for the international team. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1994, Mr. Carpenter joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Mr. Carpenter joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Carpenter holds a B.A. from Middlebury College and an MBA from Boston University. He is a CFA® charterholder and member of the CFA Institute.

Jeffrey Sullivan, CFA

Senior Portfolio Manager

Jeff Sullivan is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Core ACWI ex-U.S. Equity strategy and its related mutual fund, co-manager of the International Core Equity strategy and lead manager of the Emerging Markets Equity strategy. He is also a member of the team managing the International Small-Capitalization Equity and Emerging Markets Small-Capitalization Equity strategies. Additionally, he is responsible for research coverage of the Consumer Staples and Materials sectors for all international equity strategies. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

In 1998, Mr. Sullivan joined Standish, Ayer & Wood, where he worked with the other members of what would eventually become the Munder International Equity team. Standish was acquired by Mellon in 2001, and in 2003 Mellon moved the team under its equity manager, The Boston Company. Prior to joining Standish, Mr. Sullivan served as central European analyst for Lowry Capital Management. He joined Munder’s International Equity team in August 2007. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Sullivan holds a B.A. in economics from Washington & Jefferson College. He is a CFA® charterholder and member of the CFA Institute.

Fees & Expenses

Annual Fund Operating Expenses

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

Minimum Investment

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

Calculate Expenses

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