Fund Evaluator:

Victory Global Managed Volatility Overview

Victory Global Managed Volatility (UGMVX) is an actively managed International Equity Global Large-Stock Blend fund. Victory Capital Management Inc. launched the fund in 2013.

The investment seeks to attain long-term capital appreciation while attempting to reduce volatility during unfavorable market conditions. The fund's principal strategy is to combine a portfolio of domestic and foreign equity securities, including emerging markets securities, designed to provide growth with lower volatility. It primarily invests in stocks that exhibit high-quality characteristics such as high levels of profitability and stable earnings, which may lower volatility in the fund’s returns.

About Victory Global Managed Volatility (UGMVX)

There are 2 members of the management team with an average tenure of 8.76 years: Mannik Dhillon (2019), Lance Humphrey (2016). Management tenure is more important for actively managed funds than passive index funds.

The fund has 3 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100%, Bloomberg US Treasury Bill 1-3 M TR USD index with a weighting of 30% and MSCI ACWI NR USD index with a weighting of 70%. Victory Global Managed Volatility has 257 securities in its portfolio. The top 10 holdings constitute 25.7% 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 Global Managed Volatility is part of the Equity global asset class and is within the International Equity fund group. Victory Global Managed Volatility has 34.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 64.8%. There is 34.8% 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 Managed Volatility has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $12 million in total assets, which is below the $1 billion average for the Global Large-Stock Blend 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.

UGMVX 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 Managed Volatility expense ratio is high compared to funds in the Global Large-Stock Blend category. Victory Global Managed Volatility has an expense ratio of 0.90%, which is 14% 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 Global Managed Volatility has a portfolio turnover rate of 37%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.

Recently, in the month of August 2026, Victory Global Managed Volatility returned 1.7%, which earned it a grade of D, as the Global Large-Stock Blend 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 Managed Volatility has a trailing yield of 0.80%, which is below the 0.93% 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 Managed Volatility Grades

Year to date, the fund has returned 15.4%, 3.6 percentage points better than the category, which translates into a grade of A. The fund has returned 21.3% over the past year (grade of B), 17.6% over the past three years (grade of C) and 9.7% per year over the past five years (grade of C) and 10.4% per year over the past 10 years (grade of D).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Victory Global Managed Volatility, including its riskiness, submit your email to unlock the rest of the article.