Fund Evaluator:
Victory Pioneer Global Equity C (GCSLX)
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Best Performing in Global Large-Stock Blend Over the Last Year
| 26.2% | Victory Cornerstone Equity (UCEQX) |
| 24.5% | Destinations Real Assets Z (DRAZX) |
| 23.8% | Victory Capital Growth (USCGX) |
| 23.7% | Destinations Real Assets I (DRAFX) |
| 23.7% | Victory World Equity (USAWX) |
Fund Details
Victory Pioneer Global Equity C Overview
Victory Pioneer Global Equity C (GCSLX) is an actively managed International Equity Global Large-Stock Blend fund. Victory Capital Management Inc. launched the fund in 2005.
The investment seeks long-term capital growth. The investment adviser seeks to identify companies with sustainable business models, including by evaluating environmental, social and governance (ESG) practices. 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 adhere to the fund's ESG criteria.
About Victory Pioneer Global Equity C (GCSLX)
There are 5 members of the management team with an average tenure of 7.28 years: John Peckham (2019), Jeffrey Sacknowitz (2022), Brian Chen (2019), Paul Jackson (2022), Marco Pirondini (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI World NR USD index with a weighting of 100%. Victory Pioneer Global Equity C has 88 securities in its portfolio. The top 10 holdings constitute 29.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Victory Pioneer Global Equity C is part of the Equity global asset class and is within the International Equity fund group. Victory Pioneer Global Equity C has 34.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 61.9%. There is 34.6% 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 Pioneer Global Equity C has 3.5% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $1 billion average for the Global Large-Stock Blend 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.
GCSLX 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 Global Equity C expense ratio is high compared to funds in the Global Large-Stock Blend category. Victory Pioneer Global Equity C has an expense ratio of 1.85%, which is 77% 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 Global Equity C has a portfolio turnover rate of 68%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.
Recently, in the month of July 2026, Victory Pioneer Global Equity C returned 0.7%, which earned it a grade of C, as the Global Large-Stock Blend category had an average return of 0.8%. 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 Global Equity C has a trailing yield of 1.05%, which is above the 0.95% category average. The fund normally distributes its income none 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 Global Equity C Grades
Year to date, the fund has returned 14.4%, 4.6 percentage points better than the category, which translates into a grade of A. The fund has returned 31.7% over the past year (grade of A), 21.9% over the past three years (grade of A) and 14.3% per year over the past five years (grade of A) and 13.2% per year over the past 10 years (grade of A).
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GCSLX 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 |
|
| GCSLX Return (NAV) | 0.7% | 3.6% | 31.7% | 21.9% | 14.3% | 13.2% |
| GCSLX Grade | C | D | A | A | A | A |
| +/- Category | -0.1% | -0.1% | 12.8% | 6.6% | 5.4% | 2.5% |
| Global Large-Stock Blend Avg | 0.8% | 3.7% | 18.8% | 15.3% | 8.9% | 10.7% |
| GCSLX Tax Cost Ratio | na | na | 3.0% | 1.7% | 2.3% | 1.6% |
GCSLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GCSLX Return (NAV) | 14.4% | 40.0% | 10.6% | 15.8% | -10.5% | 22.8% | 16.8% | 22.3% | -17.0% | 27.6% | 3.0% |
| GCSLX Grade | A | A | D | D | A | A | B | F | F | A | F |
| +/- Category | 4.6% | 20.0% | -2.5% | -3.0% | 5.8% | 5.3% | 2.2% | -3.6% | -6.7% | 4.6% | -3.6% |
| Global Large-Stock Blend Avg | 9.8% | 20.1% | 13.2% | 18.8% | -16.2% | 17.5% | 14.6% | 25.9% | -10.4% | 23.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 13.3% |
| Total Risk Index: | 1.08 - Above Average |
| Category Risk Index: | 1.07 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | 0.98 |
| R-Squared: | 86% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | None |
| Cap Gains Distribution: | Annually |
| Total Assets: | $873 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 68% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 15.9 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Pirondini Marco (2010), Peckham John (2019), Chen Brian (2019), Jackson Paul (2022), Sacknowitz Jeffrey (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 88 |
| % in Top 10 Holdings: | 29.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 34.6% |
Portfolio Allocation |
|
| Domestic Stock: | 61.9% |
| Foreign Stock: | 34.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.5% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-539-3863 |
| Website: | www.pioneerfunds.com |
| Status: | Open |
| Inception Date: | December 15, 2005 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Victory Pioneer Global Equity A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
