Fund Evaluator:
Victory Pioneer International Equ A (PIIFX)
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Best Performing in Foreign Large Blend Over the Last Year
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Fund Details
Victory Pioneer International Equ A Overview
Victory Pioneer International Equ A (PIIFX) is an actively managed International Equity Foreign Large Blend fund. Victory Capital Management Inc. launched the fund in 1993.
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 A (PIIFX)
There are 3 members of the management team with an average tenure of 9.30 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 A has 66 securities in its portfolio. The top 10 holdings constitute 32.9% 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 A is part of the Equity global asset class and is within the International Equity fund group. Victory Pioneer International Equ A has 90.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.2%. There is 90.9% 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 Pioneer International Equ A has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $126 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.
PIIFX 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 A expense ratio is high compared to funds in the Foreign Large Blend category. Victory Pioneer International Equ A has an expense ratio of 1.12%, which is 19% higher than its category average, making the fund expense ratio grade a D. 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 A 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 July 2026, Victory Pioneer International Equ A returned 2.9%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 0.7%. 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 A has a trailing yield of 1.28%, which is below the 2.17% 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 Pioneer International Equ A Grades
Year to date, the fund has returned 11.5%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 32.4% over the past year (grade of A), 19.0% over the past three years (grade of A) and 12.1% per year over the past five years (grade of A) and 10.7% per year over the past 10 years (grade of A).
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PIIFX 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 |
|
| PIIFX Return (NAV) | 2.9% | 3.6% | 32.4% | 19.0% | 12.1% | 10.7% |
| PIIFX Grade | A | D | A | A | A | A |
| +/- Category | 2.2% | -0.9% | 8.2% | 3.1% | 3.7% | 1.6% |
| Foreign Large Blend Avg | 0.7% | 4.4% | 24.2% | 15.9% | 8.4% | 9.1% |
| PIIFX Tax Cost Ratio | na | na | 1.4% | 0.9% | 1.4% | 1.1% |
PIIFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PIIFX Return (NAV) | 11.5% | 42.9% | 4.2% | 19.3% | -13.6% | 13.5% | 12.3% | 20.8% | -17.6% | 27.1% | -0.7% |
| PIIFX Grade | C | A | C | A | A | A | B | D | F | C | D |
| +/- Category | -0.1% | 12.3% | -0.7% | 3.0% | 2.8% | 3.3% | 0.5% | -2.1% | -2.4% | 0.7% | -1.7% |
| Foreign Large Blend Avg | 11.6% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 14.9% |
| Total Risk Index: | 1.22 - Above Average |
| Category Risk Index: | 1.16 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.02 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2088 Mil |
| Fund Total Assets: | $ 126 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 58% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.9 years | |||
| Average Tenure: 9.3 years | |||
| Managers (Year): Pirondini Marco (2010), Chen Brian (2019), Sacknowitz Jeffrey (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 66 |
| % in Top 10 Holdings: | 32.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 90.9% |
Portfolio Allocation |
|
| Domestic Stock: | 5.2% |
| Foreign Stock: | 90.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-225-6292 |
| Website: |
| Status: | Open |
| Inception Date: | March 25, 1993 |
| 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 (%): | 1.12% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Victory Pioneer International Equ A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
