Fund Evaluator:
Victory Trivalent International Sm-Cp C (MCISX)
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Best Performing in Foreign Small/Mid Blend Over the Last Year
| 28.5% | Goldman Sachs Intl Sm Cp Insghts Inv (GIRLX) |
| 22.6% | Nuveen Quant Intl Small Cap Eq I (TAISX) |
| 16.0% | Vanguard FTSE All-Wld ex-US SmCp Idx Adm (VFSAX) |
| 12.5% | Fidelity Advisor Intl Small Cap Z (FIQIX) |
| 12.4% | Fidelity International Small Cap (FISMX) |
Fund Details
Victory Trivalent International Sm-Cp C Overview
Victory Trivalent International Sm-Cp C (MCISX) is an actively managed International Equity Foreign Small/Mid Blend fund. Victory Capital Management Inc. launched the fund in 2007.
The investment seeks long-term growth of capital. The adviser pursues the fund's investment objective by investing primarily in equity securities of companies principally in countries represented in the S&P® Developed ex-U.S. SmallCap Index. Under normal circumstances, at least 80% of the fund's assets will be invested in securities of small-capitalization companies.
About Victory Trivalent International Sm-Cp C (MCISX)
There are 2 members of the management team with an average tenure of 18.97 years: Daniel LeVan (2007), John Evers (2007). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P Developed Ex US Small TR USD index with a weighting of 100%. Victory Trivalent International Sm-Cp C has 229 securities in its portfolio. The top 10 holdings constitute 9.5% 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 Trivalent International Sm-Cp C is part of the Equity global asset class and is within the International Equity fund group. Victory Trivalent International Sm-Cp C has 96.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.7%. There is 96.9% 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 Trivalent International Sm-Cp C has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $623 million in total assets, which is below the $540 million average for the Foreign Small/Mid 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.
MCISX 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 Trivalent International Sm-Cp C expense ratio is high compared to funds in the Foreign Small/Mid Blend category. Victory Trivalent International Sm-Cp C has an expense ratio of 2.10%, which is 84% 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 Trivalent International Sm-Cp C has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 63% for the Foreign Small/Mid Blend category.
Recently, in the month of July 2026, Victory Trivalent International Sm-Cp C returned -1.7%, which earned it a grade of D, as the Foreign Small/Mid Blend category had an average return of -1.3%. 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 Trivalent International Sm-Cp C has a trailing yield of 0.93%, which is below the 2.74% 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 Trivalent International Sm-Cp C Grades
Year to date, the fund has returned 8.5%, 1.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 20.7% over the past year (grade of B), 16.5% over the past three years (grade of B) and 6.2% per year over the past five years (grade of C) and 8.6% per year over the past 10 years (grade of C).
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MCISX 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 |
|
| MCISX Return (NAV) | -1.7% | -2.6% | 20.7% | 16.5% | 6.2% | 8.6% |
| MCISX Grade | D | F | B | B | C | C |
| +/- Category | -0.4% | -2.8% | 3.0% | 2.3% | 0.4% | 0.5% |
| Foreign Small/Mid Blend Avg | -1.3% | 0.2% | 17.8% | 14.2% | 5.8% | 8.1% |
| MCISX Tax Cost Ratio | na | na | 1.4% | 0.6% | 0.8% | 0.5% |
MCISX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MCISX Return (NAV) | 8.5% | 40.5% | 3.5% | 14.1% | -24.0% | 11.1% | 14.1% | 26.4% | -21.1% | 35.6% | -1.8% |
| MCISX Grade | D | A | B | D | F | D | B | A | D | B | D |
| +/- Category | -1.1% | 10.5% | 1.3% | -0.9% | -4.8% | -1.1% | 3.3% | 4.2% | -1.8% | 2.0% | -4.2% |
| Foreign Small/Mid Blend Avg | 9.6% | 30.0% | 2.3% | 15.0% | -19.1% | 12.2% | 10.8% | 22.2% | -19.4% | 33.6% | 2.4% |
| Risk Measures | |
| Standard Deviation: | 16.0% |
| Total Risk Index: | 1.30 - Above Average |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (83% Rank) |
| Beta: | 1.08 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4443 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 19.0 years | |||
| Average Tenure: 19.0 years | |||
| Managers (Year): LeVan Daniel (2007), Evers John (2007) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 229 |
| % in Top 10 Holdings: | 9.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 96.9% |
Portfolio Allocation |
|
| Domestic Stock: | 1.7% |
| Foreign Stock: | 96.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.3% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-539-3863 |
| Website: | www.VictoryFunds.com |
| Status: | Closed |
| Inception Date: | August 17, 2007 |
| 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 (%): | 2.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.14% |
| Share Class: | Victory Trivalent International Sm-Cp I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
