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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.

Watchlist

Victory Government Securities Fund (Formerly USAA Government Securities Fund)

USGNX | Fund

$8.61

$928 M

3.51%

$0.30

0.53%

Vitals

YTD Return

0.9%

1 yr return

0.8%

3 Yr Avg Return

-2.7%

5 Yr Avg Return

0.7%

Net Assets

$928 M

Holdings in Top 10

20.1%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.53%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 15.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$3,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual 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.

Watchlist

Victory Government Securities Fund (Formerly USAA Government Securities Fund)

USGNX | Fund

$8.61

$928 M

3.51%

$0.30

0.53%

USGNX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return -2.7%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.04%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Victory Government Securities Fund (Formerly USAA Government Securities Fund)
  • Fund Family Name
    Victory Portfolios III
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    Individual
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    R.Neal Graves

Fund Description

The Fund normally invests at least 80% of its assets in government securities, U.S. Treasury bills, notes, and bonds; Treasury Inflation Protected Securities (“TIPS”); mortgage-backed securities (“MBS”) backed by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”); U.S. government agency collateralized mortgage obligations; securities issued by U.S. government agencies and instrumentalities; and repurchase agreements collateralized by such investments. The securities issued by U.S. government agencies and instrumentalities are supported by the credit of the issuing agency, instrumentality or corporation (which are neither issued nor guaranteed by the U.S. Treasury), including but not limited to, Fannie Mae, Freddie Mac, the Federal Agricultural Mortgage Corporation (“Farmer Mac”), Federal Farm Credit Bank, Federal Home Loan Bank, Private Export Funding Corp (“Pefco”), and the Small Business Administration. The Fund’s average maturity is typically 3-10 years, but can vary depending on market conditions. This 80% policy may be changed upon at least 60 days’ prior written notice to shareholders.
Read More

USGNX - Performance

Return Ranking - Trailing

Period USGNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -3.8% 21.5% 15.52%
1 Yr 0.8% -4.0% 20.9% 14.66%
3 Yr -2.7%* -9.4% 9.6% 3.54%
5 Yr 0.7%* -5.4% 15.6% 6.48%
10 Yr 1.0%* -2.0% 8.0% 10.65%

* Annualized

Return Ranking - Calendar

Period USGNX Return Category Return Low Category Return High Rank in Category (%)
2022 -10.0% -20.4% -5.8% 3.03%
2021 -3.9% -7.1% 16.6% 76.11%
2020 2.5% -1.3% 8.8% 62.10%
2019 3.0% 0.3% 7.1% 61.11%
2018 -1.2% -5.4% 0.2% 20.39%

Total Return Ranking - Trailing

Period USGNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -3.8% 21.5% 15.52%
1 Yr 0.8% -4.0% 20.9% 14.66%
3 Yr -2.7%* -9.4% 9.6% 3.54%
5 Yr 0.7%* -5.4% 15.6% 6.48%
10 Yr 1.0%* -2.0% 8.0% 10.65%

* Annualized

Total Return Ranking - Calendar

Period USGNX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.0% -18.5% -3.3% 3.90%
2021 -0.8% -4.5% 25.3% 25.66%
2020 5.5% -1.3% 113.7% 63.47%
2019 5.6% 1.8% 11.3% 63.89%
2018 1.0% -2.2% 2.3% 6.31%

NAV & Total Return History

USGNX - Holdings

Concentration Analysis

USGNX Category Low Category High USGNX % Rank
Net Assets 928 M 3.48 M 113 B 45.69%
Number of Holdings 336 17 13025 60.34%
Net Assets in Top 10 190 M 5.5 M 39.8 B 53.02%
Weighting of Top 10 20.13% 6.6% 98.1% 90.09%

Top 10 Holdings

  1. U S TREASURY NOTE 3.42%
  2. U S TREASURY NOTE 3.17%
  3. FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.30%
  4. U S TREASURY NOTE 1.83%
  5. U S TREASURY NOTE 1.79%
  6. FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH 1.76%
  7. GOVERNMENT NATIONAL MORTGAGE CORPORATION 1.57%
  8. FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH 1.53%
  9. U S TREASURY NOTE 1.51%
  10. U S TREASURY NOTE 1.25%

Asset Allocation

Weighting Return Low Return High USGNX % Rank
Bonds 		100.14% 0.11% 151.14% 50.00%
Other 		0.63% -15.39% 14.44% 54.31%
Cash 		0.06% -29.69% 28.31% 79.31%
Stocks 		0.00% 0.00% 95.04% 25.86%
Preferred Stocks 		0.00% 0.00% 0.11% 25.43%
Convertible Bonds 		0.00% 0.00% 3.29% 27.16%

Bond Sector Breakdown

Weighting Return Low Return High USGNX % Rank
Government 		44.03% 0.00% 100.00% 39.22%
Securitized 		43.74% 0.00% 99.79% 67.24%
Municipal 		5.24% 0.00% 5.24% 0.43%
Cash & Equivalents 		0.06% -29.63% 33.75% 78.45%
Derivative 		0.00% -15.39% 4.98% 50.43%
Corporate 		0.00% 0.00% 9.48% 47.41%

Bond Geographic Breakdown

Weighting Return Low Return High USGNX % Rank
US 		100.14% 0.11% 151.14% 50.00%
Non US 		0.00% 0.00% 12.01% 27.16%

USGNX - Expenses

Operational Fees

USGNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.53% 0.03% 3.55% 67.53%
Management Fee 0.20% 0.00% 0.85% 13.79%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.45% 82.73%

Sales Fees

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

Trading Fees

USGNX 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.

USGNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 15.00% 3.35% 948.00% 9.52%

USGNX - Distributions

Dividend Yield Analysis

USGNX Category Low Category High USGNX % Rank
Dividend Yield 3.51% 0.00% 4.46% 59.91%

Dividend Distribution Analysis

USGNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

USGNX Category Low Category High USGNX % Rank
Net Income Ratio 2.04% -0.80% 2.96% 3.03%

Capital Gain Distribution Analysis

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

Distributions History

View More +

USGNX - Fund Manager Analysis

Managers

R.Neal Graves

Start Date

Tenure

Tenure Rank

Oct 01, 2013

8.67

8.7%

R. Neal Graves, CFA, CPA, Victory Capital Senior Portfolio Manager–USAA Investments, A Victory Capital Investment Franchise, has co-managed the Fund since July 2019. Education: Master in Professional Accounting, University of Texas at Austin and a B.B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

James Jackson

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

James F. Jackson, Jr., CFA, Victory Capital Senior Portfolio Manager and Head of Fixed Income Portfolio Management–USAA Investments, A Victory Capital Investment Franchise. Mr. Jackson has investment management experience since 2000, including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan and a B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.43 7.35

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