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Victory Fund for Income, formerly Victory INCORE Fund for Income
mutual fund
VFFMX
Payout Change
Pending
Price as of:
$6.89
+0.0
+0.0%
primary theme
Short-Term U.S. Treasury Note
share class
VFFMX (Mutual Fund)
Victory Fund for Income, formerly Victory INCORE Fund for Income
Payout Change
Pending
Price as of:
$6.89
+0.0
+0.0%
primary theme
Short-Term U.S. Treasury Note
share class
VFFMX (Mutual Fund)
Victory Fund for Income, formerly Victory INCORE Fund for Income
Payout Change
Pending
Price as of:
$6.89
+0.0
+0.0%
primary theme
Short-Term U.S. Treasury Note
share class
Name
As of 12/11/2024Price
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
$6.89
$342 M
4.40%
$0.30
2.00%
Vitals
YTD Return
4.5%
1 yr return
5.4%
3 Yr Avg Return
0.9%
5 Yr Avg Return
N/A
Net Assets
$342 M
Holdings in Top 10
35.6%
52 WEEK LOW AND HIGH
$6.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.00%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$3,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/11/2024Price
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
$6.89
$342 M
4.40%
$0.30
2.00%
VFFMX - Profile
Distributions
- YTD Total Return 4.5%
- 3 Yr Annualized Total Return 0.9%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.52%
- Dividend Yield 4.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameVictory Fund for Income, formerly Victory INCORE Fund for Income
-
Fund Family NameVictory Portfolios
-
Inception DateNov 10, 2020
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerHeidi Adelman
Fund Description
The Adviser pursues the Fund’s investment objective by investing primarily in securities issued by the U.S. government and its agencies or instrumentalities.Under normal circumstances, the Fund primarily invests in:◼Mortgage-backed obligations and collateralized mortgage obligations (“CMOs”) issued by the Government National Mortgage Association (“GNMA”), with an average effective maturity ranging from 2 to 10 years.◼Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.The goal of the Fund’s strategy is to provide high, reliable income by investing in securities backed 100% by the full faith and credit of the U.S. government. Portfolio construction consists of three factor-driven layers: (1) top-down, macro-economic; (2) mid-level, relative value; and (3) bottom-up, borrower characteristics. The greatest emphasis will generally be on the bottom-up factor, but the relative weightings of the three layers can and will vary over time, as each factor is reflective of the broad economic environment. The Adviser's sell discipline is driven by actual borrower prepayments, where bonds that exhibit either erratic or consistently fast prepayment speeds are sold first.The Fund may purchase or sell securities on a when-issued, to-be-announced or delayed delivery basis.The Fund’s average effective maturity is based on the value of a Fund's investments in securities with different maturity dates. This measures the sensitivity of the Fund to changes in interest rates. The value of a long-term debt security is more sensitive to interest rate changes than the value of a short-term security.There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.
Read More
VFFMX - Performance
Return Ranking - Trailing
| Period | VFFMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.5% | 1.8% | 7.8% | 21.52% |
| 1 Yr | 5.4% | 3.4% | 8.5% | 25.32% |
| 3 Yr | 0.9%* | -1.7% | 3.1% | 43.59% |
| 5 Yr | N/A* | -0.7% | 2.1% | 72.94% |
| 10 Yr | N/A* | -0.1% | 2.6% | 45.78% |
* Annualized
Return Ranking - Calendar
| Period | VFFMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -1.6% | -1.6% | 4.4% | 94.94% |
| 2022 | -10.2% | -10.4% | -1.0% | 88.46% |
| 2021 | -6.3% | -6.4% | -0.2% | 92.31% |
| 2020 | N/A | -1.8% | 4.9% | N/A |
| 2019 | N/A | -1.4% | 3.3% | N/A |
Total Return Ranking - Trailing
| Period | VFFMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.5% | 1.8% | 7.8% | 21.52% |
| 1 Yr | 5.4% | 3.4% | 8.5% | 25.32% |
| 3 Yr | 0.9%* | -1.7% | 3.1% | 43.59% |
| 5 Yr | N/A* | -0.7% | 2.1% | 66.67% |
| 10 Yr | N/A* | -0.1% | 2.6% | 43.90% |
* Annualized
Total Return Ranking - Calendar
| Period | VFFMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.0% | 2.4% | 6.2% | 68.35% |
| 2022 | -5.3% | -9.3% | 0.2% | 57.69% |
| 2021 | -1.6% | -3.1% | 0.1% | 76.92% |
| 2020 | N/A | 0.4% | 6.0% | N/A |
| 2019 | N/A | 1.1% | 5.5% | N/A |
NAV & Total Return History
VFFMX - Holdings
Concentration Analysis
| VFFMX | Category Low | Category High | VFFMX % Rank | |
|---|---|---|---|---|
| Net Assets | 342 M | 11.1 M | 24.8 B | 49.37% |
| Number of Holdings | 479 | 7 | 1024 | 22.78% |
| Net Assets in Top 10 | 119 M | 2 M | 6.85 B | 49.37% |
| Weighting of Top 10 | 35.59% | 15.6% | 100.0% | 64.56% |
Top 10 Holdings
- U S TREASURY BOND 12.35%
- U S TREASURY BILL 9.26%
- GOVERNMENT NATIONAL MORTGAGE CORPORATION 2.85%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.75%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.64%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.64%
- GOVERNMENT NATIONAL MORTGAGE CORPORATION 1.60%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.57%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.48%
- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.45%
Asset Allocation
| Weighting | Return Low | Return High | VFFMX % Rank | |
|---|---|---|---|---|
| Bonds | 99.50% | 70.16% | 127.20% | 22.78% |
| Cash | 0.50% | 0.00% | 23.11% | 68.35% |
| Stocks | 0.00% | 0.00% | 1.65% | 87.34% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 87.34% |
| Other | 0.00% | -25.01% | 29.90% | 82.28% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 87.18% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | VFFMX % Rank | |
|---|---|---|---|---|
| Securitized | 81.52% | 0.00% | 100.00% | 25.64% |
| Government | 18.46% | 0.00% | 99.96% | 79.49% |
| Cash & Equivalents | 0.03% | 0.00% | 23.11% | 72.15% |
| Derivative | 0.00% | -0.95% | 11.49% | 78.48% |
| Corporate | 0.00% | 0.00% | 34.19% | 89.74% |
| Municipal | 0.00% | 0.00% | 6.22% | 91.03% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | VFFMX % Rank | |
|---|---|---|---|---|
| US | 99.50% | 70.16% | 127.20% | 22.78% |
| Non US | 0.00% | 0.00% | 0.00% | 87.34% |
VFFMX - Expenses
Operational Fees
| VFFMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.00% | 0.03% | 2.91% | 8.86% |
| Management Fee | 0.50% | 0.03% | 0.80% | 84.62% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 21.21% |
| Administrative Fee | N/A | 0.10% | 0.45% | N/A |
Sales Fees
| VFFMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.50% | 4.75% | N/A |
| Deferred Load | N/A | 0.50% | 1.00% | N/A |
Trading Fees
| VFFMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.00% | 0.25% | 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.
| VFFMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 466.00% | 22.73% |
VFFMX - Distributions
Dividend Yield Analysis
| VFFMX | Category Low | Category High | VFFMX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.40% | 0.00% | 5.67% | 5.06% |
Dividend Distribution Analysis
| VFFMX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| VFFMX | Category Low | Category High | VFFMX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.52% | -0.78% | 3.29% | 36.84% |
Capital Gain Distribution Analysis
| VFFMX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 20, 2024 | $0.025 | OrdinaryDividend |
| Oct 23, 2024 | $0.028 | OrdinaryDividend |
| Sep 23, 2024 | $0.030 | OrdinaryDividend |
| Aug 21, 2024 | $0.049 | OrdinaryDividend |
| Jul 22, 2024 | $0.027 | OrdinaryDividend |
| Apr 24, 2024 | $0.028 | OrdinaryDividend |
| Mar 25, 2024 | $0.035 | OrdinaryDividend |
| Feb 21, 2024 | $0.026 | OrdinaryDividend |
| Jan 22, 2024 | $0.013 | OrdinaryDividend |
| Dec 21, 2023 | $0.051 | OrdinaryDividend |
| Nov 21, 2023 | $0.032 | OrdinaryDividend |
| Oct 19, 2023 | $0.033 | OrdinaryDividend |
| Sep 18, 2023 | $0.030 | OrdinaryDividend |
| Aug 17, 2023 | $0.035 | OrdinaryDividend |
| Jul 20, 2023 | $0.031 | OrdinaryDividend |
| Jun 21, 2023 | $0.029 | OrdinaryDividend |
| May 23, 2023 | $0.034 | OrdinaryDividend |
| Apr 20, 2023 | $0.030 | OrdinaryDividend |
| Mar 21, 2023 | $0.031 | OrdinaryDividend |
| Feb 21, 2023 | $0.033 | OrdinaryDividend |
| Jan 19, 2023 | $0.013 | OrdinaryDividend |
| Dec 21, 2022 | $0.051 | OrdinaryDividend |
| Nov 22, 2022 | $0.035 | OrdinaryDividend |
| Oct 20, 2022 | $0.036 | OrdinaryDividend |
| Sep 19, 2022 | $0.030 | OrdinaryDividend |
| Aug 18, 2022 | $0.033 | OrdinaryDividend |
| Jul 21, 2022 | $0.030 | OrdinaryDividend |
| Jun 22, 2022 | $0.027 | OrdinaryDividend |
| May 24, 2022 | $0.035 | OrdinaryDividend |
| Apr 21, 2022 | $0.031 | OrdinaryDividend |
| Mar 22, 2022 | $0.033 | OrdinaryDividend |
| Feb 22, 2022 | $0.035 | OrdinaryDividend |
| Jan 20, 2022 | $0.013 | OrdinaryDividend |
| Dec 22, 2021 | $0.047 | OrdinaryDividend |
| Nov 23, 2021 | $0.036 | OrdinaryDividend |
| Oct 21, 2021 | $0.036 | OrdinaryDividend |
| Sep 20, 2021 | $0.031 | OrdinaryDividend |
| Aug 19, 2021 | $0.029 | OrdinaryDividend |
| Jul 22, 2021 | $0.033 | OrdinaryDividend |
| Jun 22, 2021 | $0.033 | OrdinaryDividend |
| May 24, 2021 | $0.034 | OrdinaryDividend |
| Apr 22, 2021 | $0.039 | OrdinaryDividend |
| Mar 22, 2021 | $0.035 | OrdinaryDividend |
| Feb 19, 2021 | $0.033 | OrdinaryDividend |
| Jan 20, 2021 | $0.014 | OrdinaryDividend |
| Dec 22, 2020 | $0.049 | OrdinaryDividend |
| Nov 24, 2020 | $0.004 | OrdinaryDividend |
VFFMX - Fund Manager Analysis
Managers
Heidi Adelman
Start Date
Tenure
Tenure Rank
Mar 01, 2006
16.26
16.3%
Heidi Adelman is the CIO and lead portfolio manager of INCORE’s Short Government strategy. She is responsible for all asset-, commercial-, and mortgage-backed securities in taxable fixed income portfolios. She is also the lead portfolio manager on government and securitized-only portfolios. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise. Ms. Adelman joined Victory Capital in 1996 with two years prior investment experience. Before joining the firm, she held positions within KeyCorp in the audit, asset management compliance, and money market asset management areas. Ms. Adelman holds a Bachelor of Science from The Ohio State University.
Harriet Uhlir
Start Date
Tenure
Tenure Rank
Mar 01, 2013
9.25
9.3%
Harriet Uhlir is a portfolio manager with INCORE Capital Management. Ms. Uhlir helps devise and implement portfolio strategy by discussing and debating allocation decisions and making recommendations on security selection. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise. Prior to joining Victory Capital in February 2012, Ms. Uhlir was a senior portfolio manager in Securities Lending at Victory/Key from 2001 to 2012 specializing in mortgages. In addition to her investment experience, she spent three years as a consultant at SunGard Data Systems in Wayne, PA and three years at KeyCorp in Asset Accounting Services and Security Movement & Control. Ms. Uhlir earned a Bachelor of Arts in mathematics from the University of Cincinnati and a Master of Business Administration in finance from Case Western Reserve University.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.49 | 32.44 | 10.48 | 7.33 |
