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Name

As of 11/22/2024

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

Victory High Income Municipal Bond Fund

RSHMX | Fund

$9.72

$36.4 M

4.06%

$0.39

1.13%

Vitals

YTD Return

8.3%

1 yr return

13.7%

3 Yr Avg Return

0.0%

5 Yr Avg Return

2.2%

Net Assets

$36.4 M

Holdings in Top 10

28.9%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.13%

SALES FEES

Front Load 2.25%

Deferred Load N/A

TRADING FEES

Turnover 19.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

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

Victory High Income Municipal Bond Fund

RSHMX | Fund

$9.72

$36.4 M

4.06%

$0.39

1.13%

RSHMX - Profile

Distributions

  • YTD Total Return 8.3%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return 2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.22%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Victory High Income Municipal Bond Fund
  • Fund Family Name
    Victory Portfolios
  • Inception Date
    Aug 02, 2016
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Hattman

Fund Description

The Fund invests primarily in municipal obligations, the interest on which is, in the opinion of the issuer’s bond counsel, exempt from federal individual income tax (but not necessarily the federal alternative minimum tax (the “AMT”)). Under normal circumstances at least 80% of the value of the Fund’s assets will be invested in tax-exempt municipal obligations (which may include obligations that pay interest subject to the AMT). This is a fundamental policy that cannot be changed without shareholder approval.The Adviser allocates the Fund’s investments among a diversified portfolio of municipal securities offering the potential for high current income. The Fund may invest any portion of its assets in municipal securities that are rated below investment grade (or, if unrated, considered by the Adviser to be of comparable quality), commonly known as “high-yield” or “junk” bonds. A security will be considered to be below investment grade if it is rated Ba1 or lower by Moody’s Investors Service, Inc. and BB+ or lower by S&P Global Ratings, or if unrated, is considered by the Adviser to be of comparable quality. A below-investment-grade rating reflects a greater possibility that the issuer of an investment may be unable to make timely payments of interest and principal and thus default. If this happens, or is perceived as likely to happen, the value of that investment will usually be more volatile and is likely to fall.In selecting securities for the Fund, the Adviser performs in-depth credit analysis of the issuer’s creditworthiness and of the securities. The Adviser attempts to identify securities paying attractive current income and securities that it believes are undervalued.The Adviser considers the duration of the Fund’s portfolio; however, this factor is a lesser consideration than credit and yield considerations due to the nature of the securities in which the Fund invests. There is no lower limit on the rating of securities that may be in the Fund. Some of the securities that the Fund buys and holds may be in default.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 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, floating- and variable-rate demand notes and bonds, and residual interest bonds, which are an inverse floating rate security (“inverse floaters”). The Fund may invest any portion of its assets in obligations that pay interest subject to the AMT.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 Fund’s investment team 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.
Read More

RSHMX - Performance

Return Ranking - Trailing

Period RSHMX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.3% -2.0% 12.4% 5.39%
1 Yr 13.7% 0.5% 18.7% 7.35%
3 Yr 0.0%* -8.4% 3.0% 18.50%
5 Yr 2.2%* -5.0% 3.8% 9.64%
10 Yr N/A* -0.4% 155.6% 80.00%

* Annualized

Return Ranking - Calendar

Period RSHMX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -6.2% 7.5% 56.86%
2022 -18.2% -26.9% -3.5% 64.18%
2021 2.3% -1.9% 5.6% 37.88%
2020 0.8% -4.0% 4.2% 37.56%
2019 3.5% -0.7% 9.1% 92.15%

Total Return Ranking - Trailing

Period RSHMX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.3% -2.0% 12.4% 5.39%
1 Yr 13.7% 0.5% 18.7% 7.35%
3 Yr 0.0%* -8.4% 3.0% 18.50%
5 Yr 2.2%* -5.0% 3.8% 9.64%
10 Yr N/A* -0.4% 155.6% 88.13%

* Annualized

Total Return Ranking - Calendar

Period RSHMX Return Category Return Low Category Return High Rank in Category (%)
2023 7.8% -4.1% 10.9% 32.84%
2022 -14.2% -26.9% 4.3% 57.71%
2021 6.2% -1.9% 10.0% 33.33%
2020 5.8% -2.6% 8.2% 12.69%
2019 8.4% -0.7% 1028633.9% 53.93%

NAV & Total Return History

RSHMX - Holdings

Concentration Analysis

RSHMX Category Low Category High RSHMX % Rank
Net Assets 36.4 M 9.79 K 15.6 B 98.02%
Number of Holdings 77 1 3325 92.04%
Net Assets in Top 10 10.1 M -102 M 3.51 B 96.52%
Weighting of Top 10 28.88% 4.6% 98.8% 8.50%

Top 10 Holdings

  1. LANCASTER ASSMT A REF 4.59%
  2. UTAH INFRASTRUCTURE AGY TELE 3.36%
  3. VANECK HIGH YIELD MUNI ETF 2.94%
  4. MONONGALIA CNTY WV COMMISSION SPL DIST EXCISE TAX 2.90%
  5. INDIANA ST FIN AUTH ENVRNMNTL REVENUE 2.86%
  6. GRAND FORKS ND SENIOR HSG NUR FAC REVENUE 2.77%
  7. NEW YORK STATE DORMITORY AUTHORITY 2.52%
  8. NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY 2.43%
  9. COUNTY OF ESCAMBIA FL 2.28%
  10. INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH 2.23%

Asset Allocation

Weighting Return Low Return High RSHMX % Rank
Bonds 		96.17% 0.00% 146.69% 77.94%
Cash 		0.89% -0.64% 100.00% 39.80%
Stocks 		0.00% 0.00% 99.62% 58.82%
Preferred Stocks 		0.00% -47.61% 0.00% 42.79%
Other 		0.00% -5.59% 5.07% 51.24%
Convertible Bonds 		0.00% 0.00% 0.00% 37.81%

Bond Sector Breakdown

Weighting Return Low Return High RSHMX % Rank
Municipal 		100.00% 0.00% 100.00% 3.98%
Derivative 		0.00% -7.53% 2.16% 45.27%
Cash & Equivalents 		0.00% 0.00% 100.00% 63.68%
Securitized 		0.00% 0.00% 22.44% 40.80%
Corporate 		0.00% 0.00% 2.83% 69.15%
Government 		0.00% 0.00% 0.09% 40.80%

Bond Geographic Breakdown

Weighting Return Low Return High RSHMX % Rank
US 		96.17% 0.00% 139.84% 74.63%
Non US 		0.00% 0.00% 13.35% 42.79%

RSHMX - Expenses

Operational Fees

RSHMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.13% 0.22% 3.44% 37.93%
Management Fee 0.50% 0.00% 1.41% 55.39%
12b-1 Fee 0.25% 0.00% 1.00% 44.95%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

RSHMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.25% 1.00% 4.50% 95.35%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

RSHMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 19.00% 2.00% 121.00% 49.21%

RSHMX - Distributions

Dividend Yield Analysis

RSHMX Category Low Category High RSHMX % Rank
Dividend Yield 4.06% 0.00% 5.94% 32.35%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

RSHMX Category Low Category High RSHMX % Rank
Net Income Ratio 3.22% 1.11% 5.44% 47.55%

Capital Gain Distribution Analysis

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

Distributions History

View More +

RSHMX - 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
0.25 21.43 7.55 2.52

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