Fund Evaluator:

Victory Pioneer International Equ R6 Overview

Victory Pioneer International Equ R6 (PIEKX) is an actively managed International Equity Foreign Large Blend fund. Victory Capital Management Inc. launched the fund in 2022.

The investment seeks long-term capital growth. The fund normally invests at least 80% of its total assets in equity securities of non-U.S. issuers. Under normal circumstances, its assets will be invested in securities of companies domiciled in at least three different foreign countries. Generally, the fund's investments in any country are limited to 25% or less of its total assets. The fund may invest without limitation in securities of emerging market issuers, but generally will not invest more than 25% of its total assets in securities of issuers located in any one emerging market country.

About Victory Pioneer International Equ R6 (PIEKX)

There are 3 members of the management team with an average tenure of 9.39 years: Jeffrey Sacknowitz (2021), Brian Chen (2019), Marco Pirondini (2010). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI EAFE NR USD index with a weighting of 100%. Victory Pioneer International Equ R6 has 59 securities in its portfolio. The top 10 holdings constitute 30.1% 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 International Equ R6 is part of the Equity global asset class and is within the International Equity fund group. Victory Pioneer International Equ R6 has 89.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.1%. There is 89.2% 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 International Equ R6 has 1.7% of the portfolio in cash.

Assets Under Management

The fund has $148 million in total assets, which is below the $2 billion average for the Foreign Large 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.

PIEKX 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 International Equ R6 expense ratio is above average compared to funds in the Foreign Large Blend category. Victory Pioneer International Equ R6 has an expense ratio of 0.73%, which is 22% 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 International Equ R6 has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.

Recently, in the month of August 2026, Victory Pioneer International Equ R6 returned 3.0%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 2.0%. 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 International Equ R6 has a trailing yield of 1.52%, which is below the 2.13% 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 Pioneer International Equ R6 Grades

Year to date, the fund has returned 15.1%, 1.1 percentage points better than the category, which translates into a grade of B. The fund has returned 30.9% over the past year (grade of A), 22.3% over the past three years (grade of A) and 12.7% per year over the past five years (grade of A) and 11.1% per year over the past 10 years (grade of A).

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