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Name

As of 12/19/2024

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 Fund for Income, formerly Victory INCORE Fund for Income

VFFYX | Fund

$6.78

$342 M

4.50%

$0.31

0.72%

Vitals

YTD Return

3.4%

1 yr return

3.5%

3 Yr Avg Return

0.5%

5 Yr Avg Return

0.7%

Net Assets

$342 M

Holdings in Top 10

35.6%

52 WEEK LOW AND HIGH

$6.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.72%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/19/2024

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 Fund for Income, formerly Victory INCORE Fund for Income

VFFYX | Fund

$6.78

$342 M

4.50%

$0.31

0.72%

VFFYX - Profile

Distributions

  • YTD Total Return 3.4%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.40%
DIVIDENDS
  • Dividend Yield 4.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Victory Fund for Income, formerly Victory INCORE Fund for Income
  • Fund Family Name
    Victory Portfolios
  • Inception Date
    Jan 28, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Heidi Adelman

Fund Description

The Adviser pursues the Fund’s investment objective by investing primarily in securities issued by the U.S. government and its agencies or instrumentalities.Under normal circumstances, the Fund primarily invests in:◼Mortgage-backed obligations and collateralized mortgage obligations (“CMOs”) issued by the Government National Mortgage Association (“GNMA”), with an average effective maturity ranging from 2 to 10 years.◼Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.The goal of the Fund’s strategy is to provide high, reliable income by investing in securities backed 100% by the full faith and credit of the U.S. government. Portfolio construction consists of three factor-driven layers: (1) top-down, macro-economic; (2) mid-level, relative value; and (3) bottom-up, borrower characteristics. The greatest emphasis will generally be on the bottom-up factor, but the relative weightings of the three layers can and will vary over time, as each factor is reflective of the broad economic environment. The Adviser's sell discipline is driven by actual borrower prepayments, where bonds that exhibit either erratic or consistently fast prepayment speeds are sold first.The Fund may purchase or sell securities on a when-issued, to-be-announced or delayed delivery basis.The Fund’s average effective maturity is based on the value of a Fund's investments in securities with different maturity dates. This measures the sensitivity of the Fund to changes in interest rates. The value of a long-term debt security is more sensitive to interest rate changes than the value of a short-term security.There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.
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VFFYX - Performance

Return Ranking - Trailing

Period VFFYX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -0.2% 7.3% 49.37%
1 Yr 3.5% 0.0% 7.8% 50.63%
3 Yr 0.5%* -2.1% 3.1% 51.28%
5 Yr 0.7%* -0.9% 2.1% 60.81%
10 Yr 1.1%* -0.2% 2.5% 33.85%

* Annualized

Return Ranking - Calendar

Period VFFYX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.6% -1.6% 4.4% 97.47%
2022 -10.3% -10.4% -1.0% 93.59%
2021 -6.4% -6.4% -0.2% 97.44%
2020 -1.8% -1.8% 4.9% 97.30%
2019 -1.3% -1.4% 3.3% 97.22%

Total Return Ranking - Trailing

Period VFFYX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -0.2% 7.3% 49.37%
1 Yr 3.5% 0.0% 7.8% 50.63%
3 Yr 0.5%* -2.1% 3.1% 51.28%
5 Yr 0.7%* -0.9% 2.1% 60.81%
10 Yr 1.1%* -0.2% 2.5% 33.85%

* Annualized

Total Return Ranking - Calendar

Period VFFYX Return Category Return Low Category Return High Rank in Category (%)
2023 4.1% 2.4% 6.2% 58.23%
2022 -5.3% -9.3% 0.2% 55.13%
2021 -1.6% -3.1% 0.1% 74.36%
2020 3.0% 0.4% 6.0% 72.97%
2019 4.1% 1.1% 5.5% 18.06%

NAV & Total Return History

VFFYX - Holdings

Concentration Analysis

VFFYX Category Low Category High VFFYX % Rank
Net Assets 342 M 11.1 M 23.7 B 48.10%
Number of Holdings 479 7 1024 21.52%
Net Assets in Top 10 119 M 2 M 6.85 B 48.10%
Weighting of Top 10 35.59% 15.6% 100.0% 64.56%

Top 10 Holdings

  1. U S TREASURY BOND 12.35%
  2. U S TREASURY BILL 9.26%
  3. GOVERNMENT NATIONAL MORTGAGE CORPORATION 2.85%
  4. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.75%
  5. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.64%
  6. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.64%
  7. GOVERNMENT NATIONAL MORTGAGE CORPORATION 1.60%
  8. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.57%
  9. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.48%
  10. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1.45%

Asset Allocation

Weighting Return Low Return High VFFYX % Rank
Bonds 		99.50% 70.16% 127.20% 21.52%
Cash 		0.50% 0.00% 14.15% 67.09%
Stocks 		0.00% 0.00% 0.72% 91.14%
Preferred Stocks 		0.00% 0.00% 0.00% 91.14%
Other 		0.00% -25.01% 29.90% 83.54%
Convertible Bonds 		0.00% 0.00% 0.00% 91.03%

Bond Sector Breakdown

Weighting Return Low Return High VFFYX % Rank
Securitized 		81.52% 0.00% 100.00% 24.36%
Government 		18.46% 0.00% 99.96% 78.21%
Cash & Equivalents 		0.03% 0.00% 14.15% 70.89%
Derivative 		0.00% -0.95% 11.49% 79.75%
Corporate 		0.00% 0.00% 34.19% 92.31%
Municipal 		0.00% 0.00% 6.22% 93.59%

Bond Geographic Breakdown

Weighting Return Low Return High VFFYX % Rank
US 		99.50% 70.16% 127.20% 21.52%
Non US 		0.00% 0.00% 0.00% 91.14%

VFFYX - Expenses

Operational Fees

VFFYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.72% 0.03% 2.91% 49.37%
Management Fee 0.50% 0.03% 0.80% 83.33%
12b-1 Fee 0.00% 0.00% 1.00% 21.21%
Administrative Fee N/A 0.10% 0.45% 64.15%

Sales Fees

VFFYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 4.75% N/A
Deferred Load N/A 0.50% 1.00% N/A

Trading Fees

VFFYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 0.25% 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.

VFFYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 466.00% 21.21%

VFFYX - Distributions

Dividend Yield Analysis

VFFYX Category Low Category High VFFYX % Rank
Dividend Yield 4.50% 0.00% 5.67% 3.80%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

VFFYX Category Low Category High VFFYX % Rank
Net Income Ratio 0.40% -0.78% 3.29% 63.16%

Capital Gain Distribution Analysis

VFFYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

VFFYX - Fund Manager Analysis

Managers

Heidi Adelman

Start Date

Tenure

Tenure Rank

Mar 01, 2006

16.26

16.3%

Heidi Adelman is the CIO and lead portfolio manager of INCORE’s Short Government strategy. She is responsible for all asset-, commercial-, and mortgage-backed securities in taxable fixed income portfolios. She is also the lead portfolio manager on government and securitized-only portfolios. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise. Ms. Adelman joined Victory Capital in 1996 with two years prior investment experience. Before joining the firm, she held positions within KeyCorp in the audit, asset management compliance, and money market asset management areas. Ms. Adelman holds a Bachelor of Science from The Ohio State University.

Harriet Uhlir

Start Date

Tenure

Tenure Rank

Mar 01, 2013

9.25

9.3%

Harriet Uhlir is a portfolio manager with INCORE Capital Management. Ms. Uhlir helps devise and implement portfolio strategy by discussing and debating allocation decisions and making recommendations on security selection. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise. Prior to joining Victory Capital in February 2012, Ms. Uhlir was a senior portfolio manager in Securities Lending at Victory/Key from 2001 to 2012 specializing in mortgages. In addition to her investment experience, she spent three years as a consultant at SunGard Data Systems in Wayne, PA and three years at KeyCorp in Asset Accounting Services and Security Movement & Control. Ms. Uhlir earned a Bachelor of Arts in mathematics from the University of Cincinnati and a Master of Business Administration in finance from Case Western Reserve University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.49 32.44 10.48 7.33

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