Fund Evaluator:
Victory Pioneer CAT Bond A (ACBAX)
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Fund Details
Victory Pioneer CAT Bond A Overview
Victory Pioneer CAT Bond A (ACBAX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. Victory Capital Management Inc. launched the fund in 2023.
The investment seeks total return. Under normal circumstances, the fund invests at least 80% of its net assets in catastrophe (CAT) bonds. Catastrophe bonds, also known as event-linked or insurance-linked bonds, are structured securities whereby insurers or reinsurers transfer specific risks, typically those associated with severe events such as catastrophes or natural disasters, to capital market investors. The fund may, but is not required to, use derivatives, such as currency forward contracts and bond and interest rate futures. The fund is non-diversified.
About Victory Pioneer CAT Bond A (ACBAX)
There are 1 members of the management team with an average tenure of 3.65 years: Chin Liu (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Victory Pioneer CAT Bond A has 285 securities in its portfolio. The top 10 holdings constitute 19.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory Pioneer CAT Bond A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Victory Pioneer CAT Bond A has 55.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.6% (37.8% domestic bond, 55.9% foreign bond and 0.0% convertible bond). Victory Pioneer CAT Bond A has 6.4% of the portfolio in cash.
Assets Under Management
The fund has $13 million in total assets, which is below the $734 million average for the Miscellaneous Fixed Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ACBAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Victory Pioneer CAT Bond A expense ratio is high compared to funds in the Miscellaneous Fixed Income category. Victory Pioneer CAT Bond A has an expense ratio of 1.70%, which is 491% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Victory Pioneer CAT Bond A has a portfolio turnover rate of 11%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 115% for the Miscellaneous Fixed Income category.
Recently, in the month of July 2026, Victory Pioneer CAT Bond A returned 1.0%, which earned it a grade of A, as the Miscellaneous Fixed Income category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Victory Pioneer CAT Bond A has a trailing yield of 8.63%, which is above the 5.98% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Victory Pioneer CAT Bond A Grades
Year to date, the fund has returned 4.2%, 2.6 percentage points better than the category, which translates into a grade of A. The fund has returned 10.4% over the past year (grade of A) and 12.0% over the past three years (grade of A).
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ACBAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ACBAX Return (NAV) | 1.0% | 2.6% | 10.4% | 12.0% | na | na |
| ACBAX Grade | A | A | A | A | na | na |
| +/- Category | 1.6% | 2.3% | 4.6% | 5.3% | na | na |
| Miscellaneous Fixed Income Avg | -0.7% | 0.3% | 5.7% | 6.7% | 1.7% | 3.0% |
| ACBAX Tax Cost Ratio | na | na | 3.4% | 3.4% | na | na |
ACBAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ACBAX Return (NAV) | 4.2% | 10.8% | 15.4% | na | na | na | na | na | na | na | na |
| ACBAX Grade | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 2.6% | 3.0% | 9.1% | na | na | na | na | na | na | na | na |
| Miscellaneous Fixed Income Avg | 1.5% | 7.9% | 6.3% | 8.8% | -10.6% | 2.2% | 6.2% | 9.0% | 0.4% | 5.0% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 2.5% |
| Total Risk Index: | 0.21 - Low |
| Category Risk Index: | 0.49 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.00 |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 8.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2357 Mil |
| Fund Total Assets: | $ 13 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 11% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 3.7 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Liu Chin (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 285 |
| % in Top 10 Holdings: | 19.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 55.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 37.8% |
| Foreign Bond: | 55.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.4% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-225-6292 |
| Website: | www.pioneerinvestments.com |
| Status: | Open |
| Inception Date: | January 27, 2023 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.70% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.29% |
| Share Class: | Victory Pioneer CAT Bond Y |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
