Fund Evaluator:
Victory Floating Rate A (RSFLX)
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Best Performing in Bank Loan Over the Last Year
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Fund Details
Victory Floating Rate A Overview
Victory Floating Rate A (RSFLX) is an actively managed Taxable Bond Bank Loan fund. Victory Capital Management Inc. launched the fund in 2009.
The investment seeks to provide a high level of current income. The fund normally invests at least 80% of its assets in floating rate loans and other floating rate investments. Park Avenue Institutional Advisers LLC, the fund's sub-adviser, expects that most or all of the investments held by the fund typically will be below investment grade. It may invest up to 100% of its assets in obligations of foreign issuers, including sovereign and private issuers.
About Victory Floating Rate A (RSFLX)
There are 2 members of the management team with an average tenure of 1.26 years: Jonathan Sharkey (2025), Timothy Cassidy (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar LSTA US LL TR USD index with a weighting of 100%. Victory Floating Rate A has 204 securities in its portfolio. The top 10 holdings constitute 21.9% 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 Floating Rate A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Victory Floating Rate A has 16.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.5% (76.7% domestic bond, 16.8% foreign bond and 0.0% convertible bond). Victory Floating Rate A has 6.5% of the portfolio in cash.
Assets Under Management
The fund has $114 million in total assets, which is below the $344 million average for the Bank Loan 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.
RSFLX 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 Floating Rate A expense ratio is high compared to funds in the Bank Loan category. Victory Floating Rate A has an expense ratio of 1.03%, which is 2% lower 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 Floating Rate A has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Bank Loan category.
Recently, in the month of July 2026, Victory Floating Rate A returned -0.1%, which earned it a grade of F, as the Bank Loan category had an average return of 0.6%. 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 Floating Rate A has a trailing yield of 6.93%, which is above the 6.73% category average. The fund normally distributes its income monthly and its capital gains semi-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 Floating Rate A Grades
Year to date, the fund has returned 3.4%, 1.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.8% over the past year (grade of A), 7.3% over the past three years (grade of B) and 4.2% per year over the past five years (grade of F) and 4.6% per year over the past 10 years (grade of C).
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RSFLX 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 |
|
| RSFLX Return (NAV) | -0.1% | 0.2% | 5.8% | 7.3% | 4.2% | 4.6% |
| RSFLX Grade | F | F | A | B | F | C |
| +/- Category | -0.7% | -1.0% | 2.0% | 0.6% | -1.0% | 0.1% |
| Bank Loan Avg | 0.6% | 1.2% | 3.8% | 6.6% | 5.2% | 4.4% |
| RSFLX Tax Cost Ratio | na | na | 2.8% | 3.4% | 3.1% | 2.6% |
RSFLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RSFLX Return (NAV) | 3.4% | 6.8% | 8.3% | 9.0% | -7.0% | 3.9% | 4.8% | 9.4% | 0.4% | 3.8% | 12.4% |
| RSFLX Grade | A | A | C | F | F | D | A | A | A | C | A |
| +/- Category | 1.5% | 1.7% | 0.1% | -3.0% | -4.7% | -0.8% | 3.6% | 1.9% | 0.8% | 0.1% | 3.1% |
| Bank Loan Avg | 1.9% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 2.8% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 1.40 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 0.14 |
| R-Squared: | 8% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $334 Mil |
| Fund Total Assets: | $ 114 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.3 years | |||
| Average Tenure: 1.3 years | |||
| Managers (Year): Sharkey Jonathan (2025), Cassidy Timothy (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 204 |
| % in Top 10 Holdings: | 21.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 76.7% |
| Foreign Bond: | 16.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.5% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-539-3863 |
| Website: | www.VictoryFunds.com |
| Status: | Open |
| Inception Date: | December 31, 2009 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.03% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Victory Floating Rate Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
