Fund Evaluator:

Victory Pioneer Equ Premium Income A Overview

Victory Pioneer Equ Premium Income A (PMARX) is an actively managed Nontraditional Equity Derivative Income fund. Victory Capital Management Inc. launched the fund in 2010.

The investment seeks total return; including high current income. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities and equity-related investments. Equity securities and equity-related investments include common and preferred stocks, depositary receipts, warrants, rights, equity-linked notes (ELNs), master limited partnerships, equity interests in real estate trusts (REITs) and other equity interests, such as securities of other investment companies that invest primarily in equity securities.

About Victory Pioneer Equ Premium Income A (PMARX)

There are 3 members of the management team with an average tenure of 6.48 years: Howard Weiss (2012), Fergal Jackson (2024), Cory Robart (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Victory Pioneer Equ Premium Income A has 149 securities in its portfolio. The top 10 holdings constitute 17.5% 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 Pioneer Equ Premium Income A is part of the Equity global asset class and is within the Nontraditional Equity fund group. Victory Pioneer Equ Premium Income A has 36.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 23.4%. There is 20.3% allocated to foreign stock, and 21.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 17.7% (2.1% domestic bond, 15.7% foreign bond and 15.3% convertible bond). Victory Pioneer Equ Premium Income A has 1.8% of the portfolio in cash.

Assets Under Management

The fund has $67 million in total assets, which is below the $233 million average for the Derivative Income 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.

PMARX 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 Equ Premium Income A expense ratio is high compared to funds in the Derivative Income category. Victory Pioneer Equ Premium Income A has an expense ratio of 1.20%, which is 7% 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 Equ Premium Income A has a portfolio turnover rate of 65%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 114% for the Derivative Income category.

Recently, in the month of July 2026, Victory Pioneer Equ Premium Income A returned 1.9%, which earned it a grade of B, as the Derivative Income category had an average return of 1.7%. 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 Equ Premium Income A has a trailing yield of 10.35%, which is above the 4.47% 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 Equ Premium Income A Grades

Year to date, the fund has returned 8.4%, 0.4 percentage points better than the category, which translates into a grade of C. The fund has returned 15.0% over the past year (grade of C), 12.9% over the past three years (grade of C) and 4.9% per year over the past five years (grade of F) and 6.5% per year over the past 10 years (grade of F).

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