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Trending ETFs

Name

As of 03/25/2024

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

$24.82

$395 M

0.00%

2.64%

Vitals

YTD Return

4.0%

1 yr return

-1.7%

3 Yr Avg Return

19.0%

5 Yr Avg Return

14.4%

Net Assets

$395 M

Holdings in Top 10

63.2%

52 WEEK LOW AND HIGH

$24.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.64%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 79.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

$24.82

$395 M

0.00%

2.64%

RGNCX - Profile

Distributions

  • YTD Total Return 4.0%
  • 3 Yr Annualized Total Return 19.0%
  • 5 Yr Annualized Total Return 14.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.02%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Victory Global Energy Transition Fund
  • Fund Family Name
    Victory Portfolios
  • Inception Date
    Aug 02, 2016
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mackenzie Davis

Fund Description

The Fund invests, under normal circumstances, at least 80% of its assets in securities of companies that SailingStone Capital Partners LLC (“SailingStone”), the Fund’s sub-adviser, considers to be principally engaged in natural resources industries that will be required for the Energy Transition.The Fund may invest in securities of issuers located anywhere in the world and normally will invest in securities of companies located in at least three countries, which may include the United States.The Fund considers the “Energy Transition” to mean efforts designed to develop energy systems with zero carbon emissions and expand access to affordable, sustainable energy services around the world. To pursue this strategy, the Fund will invest in companies in the Energy Transition-related natural resource industries, i.e., companies that provide the raw materials and infrastructure necessary to create energy systems with a net zero greenhouse gas emission profile.SailingStone seeks to identify companies that, over a market cycle for commodity prices, have the potential to provide favorable long-term investment performance in any of the natural resources industries that SailingStone believes will be required for the Energy Transition.Generally, SailingStone seeks companies involved in one of three energy systems, each of which it believes will be required to achieve the Energy Transition:renewable energy coupled with long-term storage for future use;blue hydrogen with associated carbon capture and sequestration; andconventional zero emission energy sources such as geothermal, nuclear, and hydro.In evaluating investments for the Fund, SailingStone will consider whether or not a given commodity or industry fits within the Energy Transition framework described above. Certain industries with products or services that are not compatible with the Energy Transition (for example, oil production, oil refining, and coal mining) are excluded.SailingStone also conducts fundamental analysis focused on various factors, including the supply cost curve of a given commodity, and seeks to identify projects or assets (referred to as “advantaged assets”) that are favorably positioned along that curve. Once it has identified what it believes are advantaged assets, SailingStone seeks to invest in “advantaged producers” of those assets whose competitive advantage SailingStone believes will lead to higher returns on capital relative to their cost of capital and the returns of other producers. SailingStone seeks to identify a broad array of advantaged producers across many different commodities and related services.Companies in the Energy Transition-related natural resources industries supply critical input materials for or own infrastructure that will be key to enabling that broader objective of decarbonization. These industries include companies that are considered to be principally engaged in the discovery, development, production, or distribution of natural resources central to or required for the Energy Transition; the development of infrastructure and technologies for the production, transportation, storage, or efficient use /reuse of those natural resources; or the furnishing of related supplies or services. Natural resources may include, for example, natural gas, geothermal energy, uranium, lithium, precious and other metals, forest products, real estate, food and agriculture, and other basic commodities as well as pipelines, carbon capture, and sequestration assets and other related services.A particular company will be considered to be principally engaged in natural resources industries that are central to or required for the Energy Transition if at the time of the Fund’s investment at least 50% of the company’s assets, gross income, cash flow, or net profits are committed to, or derived from, those industries that provide the raw materials or services necessary to enable the Energy Transition.SailingStone regularly reviews the Fund’s investments and will sell securities when it believes the securities are no longer attractive because of valuation; however, there are a number of other reasons that could result in a position being reduced or sold. These include (1) a poor capital allocation decision, (2) a change in project economics and/or a change in the supply cost curve, (3) a change in legal frameworks, government policy, regulation, or other external factors, (4) a change in balance sheet risk, (5) a change in management or management execution, and (6) a change in governance practices.The Fund normally will invest 40% or more of its total assets in securities of companies that are economically tied to at least three countries other than the United States. The Fund may invest in companies that are domiciled in one country but have economic ties to another country. In determining if a company is economically tied to a country, the Fund will consider various factors, including the country in which the company’s principal operations are located; the country in which the company’s mining or natural resource reserves are located; the country in which at least 50% of the company’s revenues or profits are derived from goods produced or sold, investments made, or services performed; the country in which the principal trading market is located; and the country in which the company is legally organized.The Fund’s portfolio does not attempt to replicate the commodity exposures of broad natural resources equity indices or replicate (or approximate) any index return. As a result, the representations of the various industries in the Fund’s portfolio likely will differ significantly from the representations of those same industries in any one or more natural resources equity indices, and the Fund’s investment performance likely will differ, at times substantially, from that of such indices. From time to time, the Fund may make investments in private placements. In addition, the Fund may at times, but will not necessarily, hold a substantial portion of its assets in cash and cash equivalents.The Fund expects to concentrate its investments in companies in the natural resource industries. The Fund is non-diversified and expects to hold a larger portion of its assets in a smaller number of issuers. The Fund likely will hold a more limited number of securities than many other mutual funds. The Fund’s investment team currently expects that the Fund typically will hold between 15 and 30 securities positions.
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RGNCX - Performance

Return Ranking - Trailing

Period RGNCX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -12.2% 10.8% 44.86%
1 Yr -1.7% -25.5% 73.2% 87.74%
3 Yr 19.0%* -12.3% 27.6% 14.29%
5 Yr 14.4%* -3.1% 21.7% 16.00%
10 Yr N/A* -6.7% 12.5% 94.95%

* Annualized

Return Ranking - Calendar

Period RGNCX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.8% -13.1% 52.1% 94.34%
2022 33.9% -34.9% 34.0% 2.86%
2021 81.6% -4.9% 83.5% 3.88%
2020 26.3% -23.4% 126.4% 10.89%
2019 -25.1% -25.1% 36.9% 100.00%

Total Return Ranking - Trailing

Period RGNCX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -12.2% 10.8% 44.86%
1 Yr -1.7% -25.5% 73.2% 87.74%
3 Yr 19.0%* -12.3% 27.6% 14.29%
5 Yr 14.4%* -3.1% 21.7% 16.00%
10 Yr N/A* -6.7% 12.5% 93.20%

* Annualized

Total Return Ranking - Calendar

Period RGNCX Return Category Return Low Category Return High Rank in Category (%)
2023 -9.4% -12.2% 57.6% 98.11%
2022 33.9% -32.2% 35.5% 6.67%
2021 81.6% -2.5% 83.6% 3.88%
2020 26.3% -22.2% 127.8% 10.89%
2019 -25.1% -25.1% 38.7% 100.00%

NAV & Total Return History


RGNCX - Holdings

Concentration Analysis

RGNCX Category Low Category High RGNCX % Rank
Net Assets 395 M 1.56 M 7.28 B 57.41%
Number of Holdings 26 23 445 94.44%
Net Assets in Top 10 189 M 627 K 3.57 B 50.00%
Weighting of Top 10 63.20% 16.6% 77.8% 13.89%

Top 10 Holdings

  1. FIRST QUANTUM MINERALS LTD 9.95%
  2. IVANHOE ELECTRIC INC US 9.64%
  3. WHITECAP RESOURCES INC 8.01%
  4. ENTERPRISE PRODUCTS PARTNERS LP 6.27%
  5. METALS ACQUISITION LTD 6.03%
  6. RANGE RESOURCES CORP 4.77%
  7. ANTERO RESOURCES CORP 4.70%
  8. NEW LINDE PLC 4.66%
  9. ILUKA RESOURCES LTD 4.60%
  10. NEWMONT CORP 4.57%

Asset Allocation

Weighting Return Low Return High RGNCX % Rank
Stocks
86.34% 0.00% 104.40% 95.37%
Cash
7.39% 0.00% 24.88% 10.19%
Preferred Stocks
0.00% 0.00% 7.55% 37.96%
Other
0.00% -0.01% 22.94% 44.44%
Convertible Bonds
0.00% 0.00% 0.43% 32.41%
Bonds
0.00% 0.00% 77.23% 37.04%

Stock Sector Breakdown

Weighting Return Low Return High RGNCX % Rank
Energy
49.71% 0.00% 89.67% 23.15%
Basic Materials
45.56% 2.49% 100.00% 37.96%
Utilities
4.73% 0.00% 35.93% 17.59%
Technology
0.00% 0.00% 17.68% 59.26%
Real Estate
0.00% 0.00% 36.20% 49.07%
Industrials
0.00% 0.00% 63.67% 92.59%
Healthcare
0.00% 0.00% 22.67% 52.78%
Financial Services
0.00% 0.00% 4.52% 41.67%
Communication Services
0.00% 0.00% 0.21% 28.70%
Consumer Defense
0.00% 0.00% 33.96% 63.89%
Consumer Cyclical
0.00% 0.00% 43.37% 70.37%

Stock Geographic Breakdown

Weighting Return Low Return High RGNCX % Rank
US
47.13% 0.00% 104.40% 71.30%
Non US
39.21% 0.00% 88.44% 33.33%

RGNCX - Expenses

Operational Fees

RGNCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.64% 0.08% 4.45% 3.70%
Management Fee 1.00% 0.00% 1.25% 87.04%
12b-1 Fee 1.00% 0.00% 1.00% 85.42%
Administrative Fee N/A 0.03% 0.25% N/A

Sales Fees

RGNCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load 1.00% 1.00% 1.00% 46.15%

Trading Fees

RGNCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 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.

RGNCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 79.00% 4.00% 169.00% 68.18%

RGNCX - Distributions

Dividend Yield Analysis

RGNCX Category Low Category High RGNCX % Rank
Dividend Yield 0.00% 0.00% 12.69% 79.63%

Dividend Distribution Analysis

RGNCX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Annual Annual

Net Income Ratio Analysis

RGNCX Category Low Category High RGNCX % Rank
Net Income Ratio -1.02% -35.65% 6.21% 99.07%

Capital Gain Distribution Analysis

RGNCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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RGNCX - Fund Manager Analysis

Managers

Mackenzie Davis


Start Date

Tenure

Tenure Rank

Jan 03, 2005

17.42

17.4%

MacKenzie B. Davis, CFA, is a Managing Partner of SailingStone Capital Partners LLC, where he is an Investment Analyst and Portfolio Manager. Prior to founding SailingStone, Mr. Davis was an Investment Analyst at RS Investments and Co-Manager of the RS Global Natural Resource strategies. Previously, Mr. Davis was at Fidelity Management & Research Company, where he focused on distressed investment opportunities in the telecommunications, power and energy sectors. He started his career as an Analyst at Goldman Sachs. Mr. Davis holds a Bachelor of Arts in Mathematical Economics and Modern American History from Brown University and is a CFA charterholder.

Kenneth Settles


Start Date

Tenure

Tenure Rank

May 01, 2007

15.09

15.1%

Kenneth L. Settles Jr. has been responsible for the day-to-day management of the Fund (including its predecessor fund) since 2007. Mr. Settles has been a Managing Partner of SailingStone since the commencement of its operations in 2014. Prior to forming SailingStone, he was a member of the Hard Assets Team at RS Investment Management Co. LLC. Prior to joining RS Investments in 2006, he was a senior energy analyst at Neuberger Berman, LLC for seven years where he also co-managed the Neuberger Berman Premier Energy Portfolio. Previously, Mr. Settles spent three years at Salomon Smith Barney, Inc. where he was a financial analyst. Mr. Settles is a CFA charterholder.

Brian Lively


Start Date

Tenure

Tenure Rank

Sep 01, 2020

1.75

1.8%

Mr. Lively has been a Partner of SailingStone since the commencement of its operations in 2014. He is currently an investment analyst and portfolio manager. Prior to forming SailingStone in June 2014, Mr. Lively was an investment analyst at RS Investments for the RS Global Natural Resource strategies. From October 2008 through August 2013, he was Managing Director, E&P Research at Tudor, Pickering, Holt & Co., where he served as global head of upstream research. From December 2000 through July 2004 he was a vice president and team leader at Netherland, Sewell & Associates Inc. and a senior project engineer at Exxon Mobil Corporation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 24.18 7.69 0.16