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Victory Total Return Bond Fund
  • The Fund primarily invests in investment-grade corporate bonds, U.S. government obligations, and asset-and mortgage-backed securities. As much as 20% of assets can be allocated to high-yield securities.
  • The primary objective of the fund is to invest in bonds that provide a high level of current income, while focusing on capital preservation.
  • The team seeks to exploit bond market inefficiencies utilizing a top-down sector rotationary style combined with bottoms-up fundamental security analysis. 

Risk Measures

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Top 10 Holdings

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Sector Diversification

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Quality Structure

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Average Life Structure

Investment Approach 
The Victory Total Return Bond fund seeks to provide a high level of current income and capital appreciation by taking advantage of bond market inefficiencies in three key ways: sector allocation, active interest rate and yield curve positioning, and credit selection. At the core of our fixed income philosophy is the view economic cycles create capital market inefficiencies, valuations are cyclical and revert to the mean over time, and value can be consistently added by exploiting these opportunities. 
Philosophy & Process 
The team starts the analytical process with a top-down view of the world that is complemented with thorough fundamental credit analysis and a collaborative and institutionalized decision making process. To this end we have separate modeling capabilities for risk exposure (top-down) and security selection (bottom-up) decisions, as well as the Investment Strategy and Credit Committees that meet on a weekly basis to discuss the results thereof. All of these efforts are complemented by extensive risk control measures to assure benchmark-relative tracking error is efficiently controlled. 

Management Team

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