Fund Evaluator:

Victory Global Energy Transition C Overview

Victory Global Energy Transition C (RGNCX) is an actively managed Sector Equity Natural Resources fund. Victory Capital Management Inc. launched the fund in 2007.

The investment seeks to provide long-term capital appreciation. The fund normally invests at least 80% of its assets in securities of companies that SailingStone Capital Partners LLC, the fund's sub-adviser, considers to be principally engaged in natural resources industries. It may invest in securities of issuers located anywhere in the world and normally will invest in securities of companies located in at least three countries, which may include the United States. The fund's investment team currently expects that the fund typically will hold between 15 and 30 securities positions. It is non-diversified.

About Victory Global Energy Transition C (RGNCX)

There are 3 members of the management team with an average tenure of 15.59 years: Kenneth Settles (2007), Brian Lively (2020), Mackenzie Davis (2005). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MSCI World Commodity Producers GR USD index with a weighting of 100%. Victory Global Energy Transition C has 30 securities in its portfolio. The top 10 holdings constitute 66.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.

Victory Global Energy Transition C is part of the Equity global asset class and is within the Sector Equity fund group. Victory Global Energy Transition C has 53.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 45.1%. There is 53.3% 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 Global Energy Transition C has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $3 million in total assets, which is below the $233 million average for the Natural Resources 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.

RGNCX 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 Global Energy Transition C expense ratio is high compared to funds in the Natural Resources category. Victory Global Energy Transition C has an expense ratio of 2.28%, which is 99% 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 Global Energy Transition C has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 61% for the Natural Resources category.

Recently, in the month of July 2026, Victory Global Energy Transition C returned -2.4%, which earned it a grade of D, as the Natural Resources category had an average return of 1.9%. 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 Global Energy Transition C has a trailing yield of 3.52%, which is above the 2.18% 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 Global Energy Transition C Grades

Year to date, the fund has returned 27.6%, 13.9 percentage points better than the category, which translates into a grade of A. The fund has returned 71.6% over the past year (grade of A), 25.7% over the past three years (grade of A) and 28.3% per year over the past five years (grade of A) and 11.3% per year over the past 10 years (grade of B).

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