Fund Evaluator:

Victory Cornerstone Moderately Cnsrv Overview

Victory Cornerstone Moderately Cnsrv (UCMCX) is an actively managed Allocation Global Moderately Conservative Allocation fund. Victory Capital Management Inc. launched the fund in 2012.

The investment seeks current income with a secondary focus on capital appreciation. The fund invests in equity securities, bonds, money market instruments, and other instruments including derivatives. It has a target asset class allocation of approximately 40% equity securities and 60% fixed-income securities. The actual asset class allocation can deviate from time to time from these targets as market conditions warrant. The implementation of the asset allocation may involve the extensive use of equity and fixed-income ETFs.

About Victory Cornerstone Moderately Cnsrv (UCMCX)

There are 3 members of the management team with an average tenure of 7.34 years: Mannik Dhillon (2019), Lance Humphrey (2016), Lela Dunlap (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 7 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100%, Bloomberg US Treasury Bill 1-3 M TR USD index with a weighting of 2%, MSCI USA IMI GR USD index with a weighting of 23%, MSCI ACWI Ex USA IMI NR USD index with a weighting of 15%, MSCI US REIT GR USD index with a weighting of 1%, Bloomberg US Universal TR USD index with a weighting of 58% and Bloomberg Commodity TR USD index with a weighting of 1%. Victory Cornerstone Moderately Cnsrv has 112 securities in its portfolio. The top 10 holdings constitute 64.5% 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 Cornerstone Moderately Cnsrv is part of the Allocation global asset class and is within the Allocation fund group. Victory Cornerstone Moderately Cnsrv has 19.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 27.9%. There is 16.1% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 53.3% (49.8% domestic bond, 3.6% foreign bond and 0.0% convertible bond). Victory Cornerstone Moderately Cnsrv has 1.3% of the portfolio in cash.

Assets Under Management

The fund has $211 million in total assets, which is below the $304 million average for the Global Moderately Conservative Allocation 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.

UCMCX 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 Cornerstone Moderately Cnsrv expense ratio is high compared to funds in the Global Moderately Conservative Allocation category. Victory Cornerstone Moderately Cnsrv has an expense ratio of 1.18%, which is 20% 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 Cornerstone Moderately Cnsrv has a portfolio turnover rate of 72%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Global Moderately Conservative Allocation category.

Recently, in the month of June 2026, Victory Cornerstone Moderately Cnsrv returned 0.8%, which earned it a grade of A, as the Global Moderately Conservative Allocation category had an average return of 0.2%. 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 Cornerstone Moderately Cnsrv has a trailing yield of 2.92%, which is below the 3.06% category average. The fund normally distributes its income quarterly 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 Cornerstone Moderately Cnsrv Grades

Year to date, the fund has returned 7.7%, 2.1 percentage points better than the category, which translates into a grade of A. The fund has returned 14.9% over the past year (grade of A), 10.0% over the past three years (grade of B) and 4.4% per year over the past five years (grade of C) and 5.4% per year over the past 10 years (grade of D).

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