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Victory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund)
mutual fund
ULTIX
Payout Change
Pending
Price as of:
$12.29
-0.09
-0.73%
primary theme
Municipal Bond
share class
ULTIX (Mutual Fund)
Victory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund)
Payout Change
Pending
Price as of:
$12.29
-0.09
-0.73%
primary theme
Municipal Bond
share class
ULTIX (Mutual Fund)
Victory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund)
Payout Change
Pending
Price as of:
$12.29
-0.09
-0.73%
primary theme
Municipal Bond
share class
Name
As of 12/12/2024Price
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
$12.29
$1.81 B
3.57%
$0.44
0.53%
Vitals
YTD Return
4.8%
1 yr return
6.7%
3 Yr Avg Return
-0.5%
5 Yr Avg Return
N/A
Net Assets
$1.81 B
Holdings in Top 10
10.9%
52 WEEK LOW AND HIGH
$12.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.53%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 10.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/12/2024Price
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
$12.29
$1.81 B
3.57%
$0.44
0.53%
ULTIX - Profile
Distributions
- YTD Total Return 4.8%
- 3 Yr Annualized Total Return -0.5%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.92%
- Dividend Yield 3.6%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameVictory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund)
-
Fund Family NameVictory Portfolios III
-
Inception DateOct 06, 2020
-
Shares Outstanding4341092
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRegina Conklin
Fund Description
The Fund invests primarily in investment-grade securities, the interest from which is excludable from gross income for federal income tax purposes (referred to herein as “tax-exempt securities”). During normal market conditions, at least 80% of the Fund’s net assets will consist of tax-exempt securities. The Fund’s dollar-weighted average portfolio maturity is 10 years or more.In addition, during normal market conditions, at least 80% of the Fund’s annual net investment income dividends will be tax-exempt and excludable from the calculation of the federal alternative minimum tax (“AMT”) for individual taxpayers. This policy may be changed only by a shareholder vote.
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ULTIX - Performance
Return Ranking - Trailing
| Period | ULTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.8% | -4.5% | 38.3% | 3.76% |
| 1 Yr | 6.7% | -2.5% | 44.5% | 5.24% |
| 3 Yr | -0.5%* | -10.2% | 5.8% | 53.42% |
| 5 Yr | N/A* | -6.5% | 1104.9% | 26.49% |
| 10 Yr | N/A* | -0.9% | 249.0% | 20.44% |
* Annualized
Return Ranking - Calendar
| Period | ULTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.2% | -1.4% | 41.0% | 32.86% |
| 2022 | -15.2% | -39.7% | 0.3% | 89.62% |
| 2021 | 0.8% | -5.6% | 6.9% | 10.52% |
| 2020 | N/A | -2.6% | 310.0% | N/A |
| 2019 | N/A | 0.0% | 26.0% | N/A |
Total Return Ranking - Trailing
| Period | ULTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.8% | -4.5% | 38.3% | 3.76% |
| 1 Yr | 6.7% | -2.5% | 44.5% | 5.24% |
| 3 Yr | -0.5%* | -10.2% | 5.8% | 53.42% |
| 5 Yr | N/A* | -6.5% | 1104.9% | 20.82% |
| 10 Yr | N/A* | -0.9% | 249.0% | 21.06% |
* Annualized
Total Return Ranking - Calendar
| Period | ULTIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.5% | -1.3% | 41.0% | 10.10% |
| 2022 | -12.1% | -39.7% | 1.1% | 86.14% |
| 2021 | 3.9% | -4.8% | 23761504.0% | 7.15% |
| 2020 | N/A | -1.5% | 17057.9% | N/A |
| 2019 | N/A | 0.2% | 3514.6% | N/A |
NAV & Total Return History
ULTIX - Holdings
Concentration Analysis
| ULTIX | Category Low | Category High | ULTIX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.81 B | 3.22 M | 71.9 B | 19.96% |
| Number of Holdings | 524 | 4 | 13418 | 24.98% |
| Net Assets in Top 10 | 189 M | -317 M | 3.09 B | 22.83% |
| Weighting of Top 10 | 10.88% | 1.8% | 100.3% | 77.62% |
Top 10 Holdings
- REGIONAL TRANSPORTATION AUTHORITY 2.48%
- COUNTY OF MIAMI DADE FL WATER SEWER SYSTEM REVEN 1.21%
- NEW YORK LIBERTY DEVELOPMENT CORP 1.03%
- MISSOURI DEVELOPMENT FINANCE BOARD 0.98%
- MANOR INDEPENDENT SCHOOL DISTRICT 0.90%
- MIDLOTHIAN INDEPENDENT SCHOOL DISTRICT 0.88%
- CENTRAL TEXAS TURNPIKE SYSTEM 0.88%
- CENTRAL PLAINS ENERGY PROJECT 0.86%
- NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY 0.84%
- HARRIS COUNTY HOSPITAL DISTRICT 0.83%
Asset Allocation
| Weighting | Return Low | Return High | ULTIX % Rank | |
|---|---|---|---|---|
| Bonds | 99.38% | 0.00% | 150.86% | 37.05% |
| Cash | 0.62% | -50.86% | 44.62% | 64.94% |
| Stocks | 0.00% | 0.00% | 99.78% | 52.68% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 45.00% |
| Other | 0.00% | -3.69% | 53.54% | 49.83% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 44.71% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | ULTIX % Rank | |
|---|---|---|---|---|
| Municipal | 100.00% | 44.39% | 100.00% | 4.11% |
| Derivative | 0.00% | -3.69% | 53.54% | 48.82% |
| Cash & Equivalents | 0.00% | 0.00% | 44.41% | 75.49% |
| Securitized | 0.00% | 0.00% | 5.93% | 45.58% |
| Corporate | 0.00% | 0.00% | 9.41% | 53.74% |
| Government | 0.00% | 0.00% | 52.02% | 48.75% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | ULTIX % Rank | |
|---|---|---|---|---|
| US | 99.38% | 0.00% | 142.23% | 35.19% |
| Non US | 0.00% | 0.00% | 23.89% | 47.75% |
ULTIX - Expenses
Operational Fees
| ULTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.53% | 0.01% | 8.02% | 78.83% |
| Management Fee | 0.26% | 0.00% | 1.20% | 12.15% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | 33.79% |
Sales Fees
| ULTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 4.75% | N/A |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| ULTIX 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.
| ULTIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 10.00% | 0.00% | 283.00% | 21.08% |
ULTIX - Distributions
Dividend Yield Analysis
| ULTIX | Category Low | Category High | ULTIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.57% | 0.00% | 14.51% | 15.30% |
Dividend Distribution Analysis
| ULTIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| ULTIX | Category Low | Category High | ULTIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.92% | -0.53% | 5.33% | 7.95% |
Capital Gain Distribution Analysis
| ULTIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.037 | OrdinaryDividend |
| Oct 31, 2024 | $0.038 | OrdinaryDividend |
| Sep 30, 2024 | $0.036 | OrdinaryDividend |
| Aug 30, 2024 | $0.037 | OrdinaryDividend |
| Jul 31, 2024 | $0.038 | OrdinaryDividend |
| Mar 28, 2024 | $0.038 | OrdinaryDividend |
| Feb 29, 2024 | $0.036 | OrdinaryDividend |
| Jan 31, 2024 | $0.037 | OrdinaryDividend |
| Dec 29, 2023 | $0.038 | OrdinaryDividend |
| Nov 30, 2023 | $0.037 | OrdinaryDividend |
| Oct 31, 2023 | $0.038 | OrdinaryDividend |
| Sep 29, 2023 | $0.037 | OrdinaryDividend |
| Aug 31, 2023 | $0.038 | OrdinaryDividend |
| Jul 31, 2023 | $0.038 | OrdinaryDividend |
| Jun 30, 2023 | $0.036 | OrdinaryDividend |
| May 31, 2023 | $0.038 | OrdinaryDividend |
| Apr 28, 2023 | $0.037 | OrdinaryDividend |
| Mar 31, 2023 | $0.038 | OrdinaryDividend |
| Feb 28, 2023 | $0.034 | OrdinaryDividend |
| Jan 31, 2023 | $0.037 | OrdinaryDividend |
| Dec 30, 2022 | $0.037 | OrdinaryDividend |
| Nov 30, 2022 | $0.035 | OrdinaryDividend |
| Oct 31, 2022 | $0.036 | OrdinaryDividend |
| Sep 30, 2022 | $0.035 | OrdinaryDividend |
| Aug 31, 2022 | $0.035 | OrdinaryDividend |
| Jul 29, 2022 | $0.035 | OrdinaryDividend |
| Jun 30, 2022 | $0.034 | OrdinaryDividend |
| May 31, 2022 | $0.035 | OrdinaryDividend |
| Apr 29, 2022 | $0.033 | OrdinaryDividend |
| Mar 31, 2022 | $0.034 | OrdinaryDividend |
| Feb 28, 2022 | $0.030 | OrdinaryDividend |
| Jan 31, 2022 | $0.033 | OrdinaryDividend |
| Dec 31, 2021 | $0.034 | OrdinaryDividend |
| Nov 30, 2021 | $0.032 | OrdinaryDividend |
| Oct 29, 2021 | $0.032 | OrdinaryDividend |
| Sep 30, 2021 | $0.028 | OrdinaryDividend |
| Aug 31, 2021 | $0.029 | OrdinaryDividend |
| Jul 30, 2021 | $0.033 | OrdinaryDividend |
| Jun 30, 2021 | $0.032 | OrdinaryDividend |
| May 28, 2021 | $0.035 | OrdinaryDividend |
| Apr 30, 2021 | $0.033 | OrdinaryDividend |
| Mar 31, 2021 | $0.035 | OrdinaryDividend |
| Feb 26, 2021 | $0.031 | OrdinaryDividend |
| Jan 29, 2021 | $0.035 | OrdinaryDividend |
| Dec 31, 2020 | $0.035 | OrdinaryDividend |
| Nov 30, 2020 | $0.034 | OrdinaryDividend |
| Oct 30, 2020 | $0.035 | OrdinaryDividend |
| Sep 30, 2020 | $0.036 | OrdinaryDividend |
| Aug 31, 2020 | $0.037 | OrdinaryDividend |
| Jul 31, 2020 | $0.037 | OrdinaryDividend |
| Jun 30, 2020 | $0.001 | OrdinaryDividend |
ULTIX - Fund Manager Analysis
Managers
Regina Conklin
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
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.
Andrew Hattman
Start Date
Tenure
Tenure Rank
Jul 01, 2019
2.92
2.9%
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.
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 | 7.36 | 1.58 |
