Fund Evaluator:
Victory Market Neutral Income A (CBHAX)
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Fund Details
Victory Market Neutral Income A Overview
Victory Market Neutral Income A (CBHAX) is an actively managed Alternative Equity Market Neutral fund. Victory Capital Management Inc. launched the fund in 2012.
The investment seeks high current income. The Adviser pursues the fund’s investment objective by implementing a proprietary, “market neutral” investment strategy designed to seek income from its investments while maintaining a low correlation to the foreign and domestic equity and bond markets.
About Victory Market Neutral Income A (CBHAX)
There are 4 members of the management team with an average tenure of 4.36 years: Mannik Dhillon (2018), Lance Humphrey (2022), Lela Dunlap (2024), Scott Kefer (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 Bloomberg US Trsy Bellwethers 3M TR USD index with a weighting of 100%. Victory Market Neutral Income A has 425 securities in its portfolio. The top 10 holdings constitute 661.7% 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 Market Neutral Income A is part of the Alternative Strategies global asset class and is within the Alternative fund group. Victory Market Neutral Income A has 191.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -123.3%. There is 191.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Victory Market Neutral Income A has 32.4% of the portfolio in cash.
Assets Under Management
The fund has $44 million in total assets, which is below the $635 million average for the Equity Market Neutral 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.
CBHAX 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 Market Neutral Income A expense ratio is above average compared to funds in the Equity Market Neutral category. Victory Market Neutral Income A has an expense ratio of 0.76%, which is 62% lower than its category average, making the fund expense ratio grade a A. 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 Market Neutral Income A has a portfolio turnover rate of 60%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 144% for the Equity Market Neutral category.
Recently, in the month of July 2026, Victory Market Neutral Income A returned 1.2%, which earned it a grade of D, as the Equity Market Neutral category had an average return of 2.1%. 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 Market Neutral Income A has a trailing yield of 3.34%, which is above the 2.52% category average. The fund normally distributes its income monthly 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 Market Neutral Income A Grades
Year to date, the fund has returned 10.4%, 5.8 percentage points better than the category, which translates into a grade of B. The fund has returned 11.6% over the past year (grade of B), 7.4% over the past three years (grade of C) and 5.1% per year over the past five years (grade of C) and 4.4% per year over the past 10 years (grade of C).
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CBHAX 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 |
|
| CBHAX Return (NAV) | 1.2% | 2.6% | 11.6% | 7.4% | 5.1% | 4.4% |
| CBHAX Grade | D | B | B | C | C | C |
| +/- Category | -0.9% | -0.4% | 1.7% | -2.9% | -3.2% | -0.5% |
| Equity Market Neutral Avg | 2.1% | 3.1% | 10.0% | 10.3% | 8.2% | 5.0% |
| CBHAX Tax Cost Ratio | na | na | 1.2% | 1.3% | 1.9% | 1.6% |
CBHAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CBHAX Return (NAV) | 10.4% | 6.2% | 0.9% | 9.6% | -3.0% | 3.0% | 4.5% | 2.5% | 2.9% | 6.8% | 4.0% |
| CBHAX Grade | B | F | F | C | F | C | A | C | A | B | B |
| +/- Category | 5.8% | -4.2% | -8.9% | 1.3% | -7.5% | -3.9% | 6.1% | 0.7% | 3.3% | 1.1% | 3.4% |
| Equity Market Neutral Avg | 4.6% | 10.5% | 9.8% | 8.3% | 4.5% | 6.9% | -1.6% | 1.7% | -0.4% | 5.7% | 0.6% |
| Risk Measures | |
| Standard Deviation: | 3.5% |
| Total Risk Index: | 0.29 - Low |
| Category Risk Index: | 0.63 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | -0.11 |
| R-Squared: | 15% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3389 Mil |
| Fund Total Assets: | $ 44 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 60% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 8.2 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Dhillon Mannik (2018), Humphrey Lance (2022), Kefer Scott (2022), Dunlap Lela (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 425 |
| % in Top 10 Holdings: | 661.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 191.0% |
Portfolio Allocation |
|
| Domestic Stock: | -123.3% |
| Foreign Stock: | 191.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 32.4% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-539-3863 |
| Website: | www.CompassEMPFunds.com |
| Status: | Open |
| Inception Date: | November 19, 2012 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.76% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.99% |
| Share Class: | Victory Market Neutral Income I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
