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Name

As of 04/15/2024

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 Target Managed Allocation Fund (Formerly USAA Target Managed Allocation Fund)

UTMAX | Fund

$10.06

$475 M

0.00%

0.73%

Vitals

YTD Return

5.6%

1 yr return

15.3%

3 Yr Avg Return

2.4%

5 Yr Avg Return

7.9%

Net Assets

$475 M

Holdings in Top 10

29.8%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.73%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 152.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/15/2024

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 Target Managed Allocation Fund (Formerly USAA Target Managed Allocation Fund)

UTMAX | Fund

$10.06

$475 M

0.00%

0.73%

UTMAX - Profile

Distributions

  • YTD Total Return 5.6%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 7.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.06%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Victory Target Managed Allocation Fund (Formerly USAA Target Managed Allocation Fund)
  • Fund Family Name
    Victory Portfolios III
  • Inception Date
    Sep 11, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lance Humphrey

Fund Description

The Fund invests primarily in U.S. and/or foreign (including emerging markets) equity securities, fixed-income securities, and real estate securities, including real estate investment trusts (“REITs”). Consistent with its investment strategy, the Fund also may invest in derivatives, including futures and options contracts, as well as American depositary receipts (“ADRs”). Derivatives investments typically are used as a liquid and economical means of managing tactical allocations to asset classes. The Fund also may use derivatives for hedging and risk-management purposes. As a result of the Fund’s investment strategy, the Fund may change the allocation of its portfolio holdings on a frequent basis. The Fund may invest, up to 10% of its total assets in the shares of exchange-traded funds (“ETFs”) to obtain desired investment exposures.
Read More

UTMAX - Performance

Return Ranking - Trailing

Period UTMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -4.2% 15.5% 7.52%
1 Yr 15.3% -8.4% 61.4% 14.22%
3 Yr 2.4%* -23.5% 8.6% 20.09%
5 Yr 7.9%* -11.7% 19.0% 6.73%
10 Yr N/A* -4.5% 9.7% N/A

* Annualized

Return Ranking - Calendar

Period UTMAX Return Category Return Low Category Return High Rank in Category (%)
2023 12.8% -18.9% 60.2% 17.62%
2022 -23.7% -48.5% 0.1% 88.99%
2021 -5.1% -19.0% 48.3% 80.97%
2020 7.0% -16.5% 52.8% 46.51%
2019 16.9% -8.5% 27.3% 8.57%

Total Return Ranking - Trailing

Period UTMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -4.2% 15.5% 7.52%
1 Yr 15.3% -8.4% 61.4% 14.22%
3 Yr 2.4%* -23.5% 8.6% 20.09%
5 Yr 7.9%* -11.7% 19.0% 6.73%
10 Yr N/A* -4.5% 9.7% N/A

* Annualized

Total Return Ranking - Calendar

Period UTMAX Return Category Return Low Category Return High Rank in Category (%)
2023 14.4% -11.7% 61.8% 20.70%
2022 -20.4% -48.5% 4.6% 88.55%
2021 22.0% -14.2% 48.3% 7.96%
2020 13.4% -11.7% 77.4% 21.40%
2019 22.6% -3.9% 30.2% 8.10%

NAV & Total Return History

UTMAX - Holdings

Concentration Analysis

UTMAX Category Low Category High UTMAX % Rank
Net Assets 475 M 1.98 M 13.3 B 34.93%
Number of Holdings 283 2 1954 12.23%
Net Assets in Top 10 138 M 1.26 M 10.4 B 44.10%
Weighting of Top 10 29.82% 0.4% 149.2% 89.08%

Top 10 Holdings

  1. VANGUARD FTSE EMERGING MARKETS ETF 6.96%
  2. APPLE INC 5.16%
  3. MICROSOFT CORP 5.12%
  4. ALPHABET INC CLASS A 2.71%
  5. AMAZON COM INC 2.47%
  6. NVIDIA CORP 2.13%
  7. BERKSHIRE HATHAWAY INC CLASS B 1.71%
  8. META PLATFORMS INC 1.33%
  9. TESLA INC 1.20%
  10. UNITEDHEALTH GROUP INC 1.02%

Asset Allocation

Weighting Return Low Return High UTMAX % Rank
Stocks 		75.34% 0.00% 137.56% 62.01%
Cash 		5.58% -33.22% 99.05% 39.74%
Other 		0.59% -29.71% 128.17% 19.65%
Preferred Stocks 		0.00% 0.00% 5.36% 17.03%
Convertible Bonds 		0.00% 0.00% 8.92% 54.15%
Bonds 		0.00% 0.00% 106.59% 42.36%

Stock Sector Breakdown

Weighting Return Low Return High UTMAX % Rank
Financial Services 		18.74% 0.00% 98.22% 13.33%
Technology 		15.46% 0.00% 85.77% 52.31%
Real Estate 		12.11% 0.00% 99.45% 17.44%
Industrials 		9.20% 0.00% 23.85% 49.23%
Consumer Cyclical 		8.26% 0.00% 25.83% 51.79%
Healthcare 		8.24% 0.00% 38.63% 74.36%
Basic Materials 		7.40% 0.00% 56.73% 14.87%
Energy 		7.04% 0.00% 60.89% 34.36%
Communication Services 		6.01% 0.00% 21.61% 43.08%
Consumer Defense 		4.84% 0.00% 37.51% 62.05%
Utilities 		2.69% 0.00% 91.12% 58.46%

Stock Geographic Breakdown

Weighting Return Low Return High UTMAX % Rank
US 		66.80% 0.00% 137.56% 61.57%
Non US 		8.55% -1.94% 41.50% 18.34%

UTMAX - Expenses

Operational Fees

UTMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.73% 0.49% 5.81% 94.76%
Management Fee 0.50% 0.00% 1.50% 17.47%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.05% 0.05% 0.70% 8.33%

Sales Fees

UTMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

UTMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

UTMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 152.00% 1.75% 441.00% 65.05%

UTMAX - Distributions

Dividend Yield Analysis

UTMAX Category Low Category High UTMAX % Rank
Dividend Yield 0.00% 0.00% 25.08% 60.70%

Dividend Distribution Analysis

UTMAX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Annual

Net Income Ratio Analysis

UTMAX Category Low Category High UTMAX % Rank
Net Income Ratio 1.06% -2.01% 13.72% 33.62%

Capital Gain Distribution Analysis

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

Distributions History

View More +

UTMAX - Fund Manager Analysis

Managers

Lance Humphrey

Start Date

Tenure

Tenure Rank

Jun 07, 2018

3.98

4.0%

Lance Humphrey is a Portfolio Manager for VictoryShares and Solutions. Mr. Humphrey has 10 years of investment experience, nine of which were with AMCO, which Victory Capital acquired in 2019. Lance Humphrey, CFA, is Executive Director of Global Multi Asset Portfolios at USAA Asset Management Company. Mr. Humphrey has started to engaged in investment since 2006. He holds a B.A. of Finance from Texas State University. He holds the CFA designation and is a member of the CFA Society of San Antonio.

Mannik Dhillon

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Mannik S. Dhillon serves as President of VictoryShares and Solutions for Victory Capital. In his role, he leads and oversees the firms' exchange-traded and solutions business. He is also responsible for setting the strategy and initiating the development and implementation of Victory's strategic beta-based offerings. Additionally, he manages the solutions provided by our investment franchises, which includes product enhancements, extensions and innovations designed to best meet the needs of clients. Mr. Dhillon also contributes to the evaluation of capabilities of potential new franchises as part of the firm's acquisition strategy.

Lela Dunlap

Start Date

Tenure

Tenure Rank

Aug 01, 2021

0.83

0.8%

Lela Dunlap, CFA, Associate Portfolio Manager, VictoryShares and Solutions, has co-managed the Fund since August 2021. Mrs. Dunlap has 14 years of investment management experience, five years of which were with AMCO, which was acquired by the Adviser’s parent company in 2019. She holds the CFA designation and is a member of the CFA Society of San Antonio.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.83 6.59 13.0

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