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Victory Tax-Exempt Fund

mutual fund
RETCX
Payout Change
Pending
Price as of:
$8.56 +0.0 +0.0%
primary theme
Municipal Bond
RETCX (Mutual Fund)

Victory Tax-Exempt Fund

Payout Change
Pending
Price as of:
$8.56 +0.0 +0.0%
primary theme
Municipal Bond
RETCX (Mutual Fund)

Victory Tax-Exempt Fund

Payout Change
Pending
Price as of:
$8.56 +0.0 +0.0%
primary theme
Municipal Bond

Name

As of 10/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.56

$34.2 M

2.80%

$0.24

3.23%

Vitals

YTD Return

3.2%

1 yr return

11.5%

3 Yr Avg Return

-1.2%

5 Yr Avg Return

0.7%

Net Assets

$34.2 M

Holdings in Top 10

35.2%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.23%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 6.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.56

$34.2 M

2.80%

$0.24

3.23%

RETCX - Profile

Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return -1.2%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 2.01%
DIVIDENDS
  • Dividend Yield 2.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Victory Tax-Exempt Fund
  • Fund Family Name
    Victory Portfolios
  • Inception Date
    Aug 02, 2016
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Hattman

Fund Description

The Fund invests primarily in investment-grade municipal obligations, the interest on which is, in the opinion of the issuer’s bond counsel, exempt from federal income tax including the federal alternative minimum tax (“AMT”). Under normal circumstances at least 80% of the value of its assets will be invested in tax-exempt municipal obligations. This is a fundamental policy that cannot be changed without shareholder approval.The Adviser allocates the Fund’s investments among a diversified portfolio of investment-grade municipal obligations. The Adviser focuses on credit and yield considerations when selecting investments for the Fund. The Fund typically invests in municipal securities with remaining maturities of between seven and 30 years, but invests in municipal obligations with remaining maturities outside of that range as appropriate based on the Adviser’s analysis of the market and the economy.Up to 20% of the value of the Fund’s net assets may be invested in bonds that pay interest subject to federal income tax, including bonds that pay interest subject to the AMT.The Adviser may sell investments when it believes that they no longer offer attractive potential future returns compared to other investment opportunities or that they present undesirable risks, or in an attempt to limit losses on investments that may decline or have declined in value.The Fund normally will invest in municipal securities that, at the time of purchase, are of investment grade. An investment-grade security is one that is rated Baa3 or higher by Moody’s Investors Service, Inc. or BBB or higher by S&P Global Ratings or Fitch Ratings, Inc., or if unrated, has been determined by the Adviser to be of comparable quality. The Fund may hold up to 20% of its assets in below-investment-grade or unrated municipal obligations that the Adviser determines to be of comparable quality.The Fund may invest in other tax-exempt securities that are not municipal obligations. The Fund’s investments may include any type of debt instrument, including, for example, zero-coupon securities as well as floating- and variable-rate demand notes and bonds.The Fund may invest without limit in municipal obligations that pay interest from similar revenue sources, in municipal securities of issuers within a single state, or in municipal securities issued by entities having similar characteristics. The issuers may be located in the same geographic areas or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems, and housing finance agencies. The Fund may invest more than 25% of its total assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the potential return from such investment justifies the additional risk.The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund’s sensitivity to interest rate risk or other risk; replicating certain direct investments; and asset and sector allocation.
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RETCX - Performance

Return Ranking - Trailing

Period RETCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -1.9% 24.7% 19.77%
1 Yr 11.5% 2.4% 34.3% 13.91%
3 Yr -1.2%* -9.9% 3.4% 86.86%
5 Yr 0.7%* -6.7% 1104.6% 58.39%
10 Yr N/A* -0.8% 248.9% 67.75%

* Annualized

Return Ranking - Calendar

Period RETCX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -1.4% 41.0% 49.60%
2022 -15.4% -39.7% 0.3% 90.32%
2021 -1.6% -5.6% 6.9% 94.27%
2020 1.0% -2.6% 310.0% 80.97%
2019 3.9% 0.0% 26.0% 44.11%

Total Return Ranking - Trailing

Period RETCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -1.9% 24.7% 19.77%
1 Yr 11.5% 2.4% 34.3% 13.91%
3 Yr -1.2%* -9.9% 3.4% 86.86%
5 Yr 0.7%* -6.7% 1104.6% 58.39%
10 Yr N/A* -0.8% 248.9% 63.72%

* Annualized

Total Return Ranking - Calendar

Period RETCX Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% -1.3% 41.0% 33.85%
2022 -12.2% -39.7% 1.1% 86.73%
2021 3.4% -4.8% 23761504.0% 12.61%
2020 4.8% -1.5% 17057.9% 20.49%
2019 8.3% 0.2% 3514.6% 11.35%

NAV & Total Return History


RETCX - Holdings

Concentration Analysis

RETCX Category Low Category High RETCX % Rank
Net Assets 34.2 M 3.22 M 71.9 B 96.54%
Number of Holdings 59 4 13418 96.74%
Net Assets in Top 10 12 M -317 M 3.45 B 93.74%
Weighting of Top 10 35.22% 1.9% 100.1% 7.20%

Top 10 Holdings

  1. METROPOLITAN TRANSPORTATION AUTHORITY OF NY 4.61%
  2. SALES TAX SECURITIZATION CORP IL 4.57%
  3. LOGAN ELM OH LOCAL SCH DIST 4.05%
  4. CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT 3.92%
  5. MISSOURI ST HLTH EDUCTNL FACS AUTH EDUCTNL FACS 3.18%
  6. VANECK HIGH YIELD MUNI ETF 3.03%
  7. CHICAGO IL WSTWTR TRANSMISSION REVENUE 2.98%
  8. GUAM PORT AUTH PORT 2.96%
  9. UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE 2.96%
  10. TSASC INC NY REF SER A 2.96%

Asset Allocation

Weighting Return Low Return High RETCX % Rank
Bonds
94.24% 0.00% 150.86% 93.15%
Cash
1.18% -50.86% 43.45% 44.74%
Stocks
0.00% 0.00% 99.89% 88.69%
Preferred Stocks
0.00% 0.00% 0.08% 86.42%
Other
0.00% -3.72% 51.88% 80.83%
Convertible Bonds
0.00% 0.00% 0.93% 86.36%

Bond Sector Breakdown

Weighting Return Low Return High RETCX % Rank
Municipal
100.00% 44.39% 100.00% 8.89%
Derivative
0.00% -3.72% 51.88% 79.89%
Cash & Equivalents
0.00% 0.00% 43.45% 94.21%
Securitized
0.00% 0.00% 5.93% 86.97%
Corporate
0.00% 0.00% 9.41% 87.50%
Government
0.00% 0.00% 52.02% 87.17%

Bond Geographic Breakdown

Weighting Return Low Return High RETCX % Rank
US
94.24% 0.00% 142.23% 91.54%
Non US
0.00% 0.00% 23.89% 88.75%

RETCX - Expenses

Operational Fees

RETCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.23% 0.01% 8.02% 0.33%
Management Fee 0.50% 0.00% 1.20% 86.43%
12b-1 Fee 1.00% 0.00% 1.00% 98.23%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

RETCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% 95.30%
Deferred Load 1.00% 0.25% 5.00% 88.11%

Trading Fees

RETCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

RETCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 6.00% 0.00% 283.00% 9.07%

RETCX - Distributions

Dividend Yield Analysis

RETCX Category Low Category High RETCX % Rank
Dividend Yield 2.80% 0.00% 14.51% 35.33%

Dividend Distribution Analysis

RETCX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

RETCX Category Low Category High RETCX % Rank
Net Income Ratio 2.01% -0.53% 5.33% 47.57%

Capital Gain Distribution Analysis

RETCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

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RETCX - Fund Manager Analysis

Managers

Andrew Hattman


Start Date

Tenure

Tenure Rank

Apr 01, 2020

2.16

2.2%

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has eight years of investment management experience, all of which have been with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

Regina Conklin


Start Date

Tenure

Tenure Rank

Apr 01, 2020

2.16

2.2%

Regina G. Conklin, CFA, CPA, Victory Capital Senior Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has 24 years of investment management experience, and has worked 28 years with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Ms. Conklin is a member of the CFA Institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.

Lauren Spalten


Start Date

Tenure

Tenure Rank

Mar 02, 2021

1.25

1.3%

Lauren Spalten is a Portfolio Manager with USAA Investments, A Victory Capital Investment Franchise, and has managed the Funds since March 2021. In 2018, Ms. Spalten joined USAA Investments as a Municipal Analyst covering the Southeast region. Prior to joining USAA, Lauren was an Associate Director at Standard & Poor's (now S&P Global Ratings), where she specialized in evaluating creditworthiness of state and local governments across the Southwest United States. Lauren has additional experience in commercial real estate development and business plan development, primarily for medical and non-profit entities.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.33 1.58