Fund Evaluator:
Victory Investment Grd Convert Mb (SBFMX)
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Best Performing in Convertibles Over the Last Year
| 24.2% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 24.1% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 24.0% | Fidelity Convertible Securities (FCVSX) |
| 23.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 21.1% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Victory Investment Grd Convert Mb Overview
Victory Investment Grd Convert Mb (SBFMX) is an actively managed Allocation Convertibles fund. Victory Capital Management Inc. launched the fund in 2020.
The investment seeks to provide a high level of current income together with long-term capital appreciation. Under normal circumstances, the fund will invest at least 80% of its assets in investment grade securities convertible into common stock and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities.
About Victory Investment Grd Convert Mb (SBFMX)
There are 2 members of the management team with an average tenure of 21.35 years: Mark Vucenovic (2014), James Kaesberg (1996). 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 ICE BofAML IG US Cvrt 5% Constnd TR USD index with a weighting of 100%. Victory Investment Grd Convert Mb has 57 securities in its portfolio. The top 10 holdings constitute 42.9% 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 Investment Grd Convert Mb is part of the Hybrid Securities global asset class and is within the Allocation fund group. Victory Investment Grd Convert Mb has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 8.9%. There is 0.0% allocated to foreign stock, and 20.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.8% (3.8% domestic bond, 0.0% foreign bond and 64.6% convertible bond). Victory Investment Grd Convert Mb has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $212 million average for the Convertibles 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.
SBFMX 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 Investment Grd Convert Mb expense ratio is high compared to funds in the Convertibles category. Victory Investment Grd Convert Mb has an expense ratio of 1.10%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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 Investment Grd Convert Mb has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of July 2026, Victory Investment Grd Convert Mb returned -0.9%, which earned it a grade of A, as the Convertibles category had an average return of -4.5%. 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 Investment Grd Convert Mb has a trailing yield of 2.13%, which is above the 1.71% category average. The fund normally distributes its income quarterly.
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 Investment Grd Convert Mb Grades
Year to date, the fund has returned 4.0%, 9.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.6% over the past year (grade of F), 7.1% over the past three years (grade of F) and 3.3% per year over the past five years (grade of F) and 7.3% per year over the past 10 years (grade of F).
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SBFMX 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 |
|
| SBFMX Return (NAV) | -0.9% | 0.7% | 5.6% | 7.1% | 3.3% | 7.3% |
| SBFMX Grade | A | C | F | F | F | F |
| +/- Category | 3.6% | -0.3% | -15.3% | -6.7% | -2.3% | -3.4% |
| Convertibles Avg | -4.5% | 1.1% | 20.9% | 13.8% | 5.6% | 10.7% |
| SBFMX Tax Cost Ratio | na | na | 1.1% | 1.0% | 1.6% | na |
SBFMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SBFMX Return (NAV) | 4.0% | 5.3% | 9.6% | 8.1% | -11.5% | 11.2% | 11.3% | 19.8% | -0.4% | 18.5% | 5.4% |
| SBFMX Grade | F | F | D | D | A | A | F | F | B | A | D |
| +/- Category | -9.1% | -10.8% | -1.6% | -0.6% | 6.3% | 6.3% | -31.1% | -3.1% | 1.1% | 4.7% | -2.7% |
| Convertibles Avg | 13.0% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.51 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.54 |
| R-Squared: | 72% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $237 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 30.3 years | |||
| Average Tenure: 21.3 years | |||
| Managers (Year): Kaesberg James (1996), Vucenovic Mark (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 57 |
| % in Top 10 Holdings: | 42.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 8.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 20.4% |
| Domestic Bond: | 3.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 64.6% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.VictoryFunds.com |
| Status: | Open |
| Inception Date: | November 2, 2020 |
| Min. Initial Purchase: | $3,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Victory Investment Grd Convert A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
