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Trending ETFs

Name

As of 11/27/2023

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.

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Vitals

YTD Return

2.6%

1 yr return

2.7%

3 Yr Avg Return

1.1%

5 Yr Avg Return

0.9%

Net Assets

$3.24 B

Holdings in Top 10

37.5%

52 WEEK LOW AND HIGH

$1.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.59%

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

Money Market Fund


Name

As of 11/27/2023

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.

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USEXX - Profile

Distributions

  • YTD Total Return 2.6%
  • 3 Yr Annualized Total Return 1.1%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.11%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Victory Tax Exempt Money Market Fund (Formerly USAA Tax Exempt Money Market Fund)
  • Fund Family Name
    Victory Portfolios III
  • Inception Date
    Sep 01, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Cody Perkins

Fund Description

The Fund invests primarily in high-quality securities, the interest of which is excludable from gross income for federal income tax purposes (referred to herein as “tax-exempt securities”), with remaining maturities of 397 days or less. During normal market conditions, at least 80% of the Fund’s net assets will consist of tax-exempt securities.In addition, during normal market conditions, at least 80% of the Fund’s annual net investment income 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.In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7”). Accordingly, the Fund restricts its investments to instruments that meet certain maturity and quality requirements under Rule 2a-7. Generally, such investments will be limited to a security with a remaining maturity of 397 calendar days or less that is determined to present minimal credit risk; issued by a money market fund; or issued or guaranteed by the U.S. government or any agency or instrumentality thereof.Under applicable federal securities laws, money market funds that qualify as “retail” (retail money market funds) or “government” (government money market funds) are permitted to utilize amortized cost to value their portfolio securities and to transact at a stable $1 NAV per share. The Fund operates as a retail money market fund in compliance with the requirements of Rule 2a-7; and as a retail money market fund, shares of the Fund are available for sale only to accounts that are beneficially owned by natural persons.
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USEXX - Performance

Return Ranking - Trailing

Period USEXX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% 0.0% 4.5% 63.22%
1 Yr 2.7% 0.0% 4.8% 67.82%
3 Yr 1.1%* 0.0% 1.9% 71.43%
5 Yr 0.9%* 0.0% 1.6% 61.25%
10 Yr 0.6%* 0.0% 0.9% 62.71%

* Annualized

Return Ranking - Calendar

Period USEXX Return Category Return Low Category Return High Rank in Category (%)
2022 0.0% 0.0% 0.0% 47.06%
2021 0.0% 0.0% 0.0% 46.81%
2020 0.0% 0.0% 0.0% 47.78%
2019 0.0% 0.0% 0.0% 47.87%
2018 0.0% 0.0% 0.0% 46.15%

Total Return Ranking - Trailing

Period USEXX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% 0.0% 4.5% 63.22%
1 Yr 2.7% 0.0% 4.8% 67.82%
3 Yr 1.1%* 0.0% 1.9% 71.43%
5 Yr 0.9%* 0.0% 1.6% 61.25%
10 Yr 0.6%* 0.0% 0.9% 62.71%

* Annualized

Total Return Ranking - Calendar

Period USEXX Return Category Return Low Category Return High Rank in Category (%)
2022 0.8% 0.0% 1.2% 50.98%
2021 0.0% 0.0% 0.3% 63.83%
2020 0.7% 0.0% 1.5% 13.33%
2019 0.7% 0.0% 2.7% 72.34%
2018 0.9% 0.0% 1.6% 62.64%

NAV & Total Return History


USEXX - Holdings

Concentration Analysis

USEXX Category Low Category High USEXX % Rank
Net Assets 3.24 B 3.67 M 19.7 B 6.86%
Number of Holdings 75 1 921 63.73%
Net Assets in Top 10 188 M 40.6 M 17.4 B 50.00%
Weighting of Top 10 37.53% 9.8% 100.0% 25.49%

Top 10 Holdings

  1. CHATTANOOGA TENN HEALTH EDL & HSG FAC BRD REV 0.6% 4.72%
  2. ST JAMES PARISH LA REV 0.68% 4.51%
  3. GARFIELD CNTY OKLA INDL AUTH POLLUTN CTL REV 0.64% 4.36%
  4. UNIVERSITY TEX PERM UNIV FD IAM COML PAPER NTS 3/A3 SER A 0.2% 4.26%
  5. BRAZOS TEX HBR INDL DEV CORP REV 0.3% 4.25%
  6. UNIVERSITY TEX PERM UNIV FD IAM COML PAPER NTS 3/A3 SER A 0.17% 4.01%
  7. JACKSON CNTY MO INDL DEV AUTH REV 0.52% 3.98%
  8. HOUSTON TEX IAM COML PAPER 3/A2 SER E-2 0.42% 3.98%
  9. NEW HAMPSHIRE ST BUSINESS FIN AUTH REV 0.56% 3.98%
  10. TEXAS ST 4% 3.73%

Asset Allocation

Weighting Return Low Return High USEXX % Rank
Bonds
83.20% 0.00% 99.21% 47.06%
Cash
16.80% 0.79% 100.00% 53.92%
Stocks
0.00% 0.00% 0.00% 47.06%
Preferred Stocks
0.00% 0.00% 0.00% 47.06%
Other
0.00% 0.00% 0.00% 47.06%
Convertible Bonds
0.00% 0.00% 0.00% 47.06%

Bond Sector Breakdown

Weighting Return Low Return High USEXX % Rank
Municipal
83.20% 0.00% 99.21% 47.06%
Cash & Equivalents
16.80% 0.79% 100.00% 53.92%
Derivative
0.00% 0.00% 0.00% 47.06%
Securitized
0.00% 0.00% 0.00% 47.06%
Corporate
0.00% 0.00% 0.00% 47.06%
Government
0.00% 0.00% 13.45% 50.98%

Bond Geographic Breakdown

Weighting Return Low Return High USEXX % Rank
US
83.20% 0.00% 99.21% 47.06%
Non US
0.00% 0.00% 0.00% 47.06%

USEXX - Expenses

Operational Fees

USEXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.15% 1.42% 28.43%
Management Fee 0.28% 0.08% 0.49% 87.25%
12b-1 Fee N/A 0.00% 0.75% N/A
Administrative Fee N/A 0.03% 0.55% 46.71%

Sales Fees

USEXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

USEXX 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.

USEXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 0.00% N/A

USEXX - Distributions

Dividend Yield Analysis

USEXX Category Low Category High USEXX % Rank
Dividend Yield 3.33% 0.00% 0.18% 35.29%

Dividend Distribution Analysis

USEXX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

USEXX Category Low Category High USEXX % Rank
Net Income Ratio 0.11% 0.00% 0.12% 2.04%

Capital Gain Distribution Analysis

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

Distributions History

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USEXX - Fund Manager Analysis

Managers

Cody Perkins


Start Date

Tenure

Tenure Rank

Aug 01, 2018

3.83

3.8%

Cody Perkins , CFA, Victory Capital Senior Portfolio Manager – USAA Investments, A Victory Capital Investment Franchise, has co-managed the Fund since October 2018. Mr. Perkins has 24 years of investment management experience, 18 years of which were with AMCO, which was acquired by the Adviser’s parent company in 2019. He holds the Chartered Financial Analyst (“CFA”) designation and is a member of the CFA Institute and the CFA Society of San Antonio.

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

Aug 01, 2021

0.83

0.8%

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
0.83 27.88 15.14 15.26