Fund Evaluator:
Victory Pioneer Balanced Y (AYBLX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Victory Pioneer Balanced Y Overview
Victory Pioneer Balanced Y (AYBLX) is an actively managed Allocation Moderate Allocation fund. Victory Capital Management Inc. launched the fund in 1991.
The investment seeks capital growth and current income. The fund applies environmental, social and governance (ESG) criteria to its investments. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of issuers that the investment adviser believes adhere to the fund's ESG criteria.
About Victory Pioneer Balanced Y (AYBLX)
There are 4 members of the management team with an average tenure of 5.11 years: Howard Weiss (2022), Bradley Komenda (2016), Fergal Jackson (2022), Tyler Patla (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Victory Pioneer Balanced Y has 829 securities in its portfolio. The top 10 holdings constitute 27.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory Pioneer Balanced Y is part of the Allocation global asset class and is within the Allocation fund group. Victory Pioneer Balanced Y has 9.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 55.2%. There is 4.1% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 38.9% (34.0% domestic bond, 4.9% foreign bond and 0.0% convertible bond). Victory Pioneer Balanced Y has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $96 million in total assets, which is below the $2 billion average for the Moderate Allocation 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.
AYBLX 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 Balanced Y expense ratio is above average compared to funds in the Moderate Allocation category. Victory Pioneer Balanced Y has an expense ratio of 0.73%, which is 27% lower than its category average, making the fund expense ratio grade a B. 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 Balanced Y has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, Victory Pioneer Balanced Y returned 0.5%, which earned it a grade of F, as the Moderate Allocation category had an average return of 1.4%. 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 Balanced Y has a trailing yield of 1.68%, which is below the 1.95% category average. The fund normally distributes its income quarterly 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 Balanced Y Grades
Year to date, the fund has returned 13.7%, 5.7 percentage points better than the category, which translates into a grade of A. The fund has returned 24.6% over the past year (grade of A), 16.4% over the past three years (grade of A) and 8.9% per year over the past five years (grade of A) and 10.2% per year over the past 10 years (grade of A).
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AYBLX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AYBLX Return (NAV) | 0.5% | 0.2% | 24.6% | 16.4% | 8.9% | 10.2% |
| AYBLX Grade | F | F | A | A | A | A |
| +/- Category | -1.0% | -1.0% | 12.0% | 3.3% | 2.3% | 1.6% |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| AYBLX Tax Cost Ratio | na | na | 1.2% | 1.0% | 1.3% | 1.6% |
AYBLX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AYBLX Return (NAV) | 13.7% | 19.8% | 9.6% | 16.0% | -14.4% | 15.4% | 12.9% | 22.2% | -4.4% | 15.2% | 6.2% |
| AYBLX Grade | A | A | F | B | C | B | C | A | C | B | D |
| +/- Category | 5.7% | 6.4% | -2.6% | 1.7% | -0.4% | 1.1% | -0.0% | 2.4% | 0.7% | 1.4% | -1.5% |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 10.7% |
| Total Risk Index: | 0.88 - Average |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.06 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $498 Mil |
| Fund Total Assets: | $ 96 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 5.1 years | |||
| Managers (Year): Komenda Bradley (2016), Jackson Fergal (2022), Weiss Howard (2022), Patla Tyler (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 829 |
| % in Top 10 Holdings: | 27.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.0% |
Portfolio Allocation |
|
| Domestic Stock: | 55.2% |
| Foreign Stock: | 4.1% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 34.0% |
| Foreign Bond: | 4.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-225-6292 |
| Website: | www.pioneerinvestments.com |
| Status: | Open |
| Inception Date: | December 16, 1991 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.73% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Victory Pioneer Balanced Y |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
