Fund Evaluator:

Victory World Equity Overview

Victory World Equity (USAWX) is an actively managed International Equity Global Large-Stock Blend fund. Victory Capital Management Inc. launched the fund in 1992.

The investment seeks capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets (plus the amount of borrowings, if any, for investment purposes) in equity securities. The Advisor expects to invest at least 40% of its assets in non-U.S. securities. The “equity securities” in which the fund invests include common stocks, depositary receipts, preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks. The fund normally invests its assets in investments that are tied economically to a number of countries throughout the world.

About Victory World Equity (USAWX)

There are 10 members of the management team with an average tenure of 4.85 years: Jeffrey Sullivan (2020), John Peckham (2025), Jeffrey Sacknowitz (2025), Joseph Mainelli (2020), U-Wen Kok (2019), Robert Harris (2020), Mannik Dhillon (2019), Adam Mezan (2019), Brian Chen (2025), Peter Carpenter (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Lipper Gbl Fund index with a weighting of 100%. Victory World Equity has 330 securities in its portfolio. The top 10 holdings constitute 24.7% 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 World Equity is part of the Equity global asset class and is within the International Equity fund group. Victory World Equity has 38.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.7%. There is 38.3% 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 World Equity has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above 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.

USAWX 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 World Equity expense ratio is high compared to funds in the Global Large-Stock Blend category. Victory World Equity has an expense ratio of 1.03%, which is 2% 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. A portfolio turnover rate cannot be currently calculated for Victory World Equity. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.

Recently, in the month of July 2026, Victory World Equity returned 0.9%, which earned it a grade of C, as the Global Large-Stock Blend category had an average return of 0.8%. 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 World Equity has a trailing yield of 0.75%, which is below the 0.95% 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 World Equity Grades

Year to date, the fund has returned 12.3%, 2.5 percentage points better than the category, which translates into a grade of B. The fund has returned 23.7% over the past year (grade of B), 18.2% over the past three years (grade of A) and 10.5% per year over the past five years (grade of B) and 12.3% per year over the past 10 years (grade of A).

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