Fund Evaluator:
Victory Cornerstone Conservative (USCCX)
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Best Performing in Global Conservative Allocation Over the Last Year
| 22.9% | Lincoln Inflation Plus A (LFTAX) |
| 9.3% | TOPS® Conservative ETF 2 () |
| 8.7% | Victory Cornerstone Conservative (USCCX) |
| 8.6% | Fidelity Asset Manager 20% (FASIX) |
| 8.5% | Fidelity Advisor Asset Manager 20% Z (FIKVX) |
Fund Details
Victory Cornerstone Conservative Overview
Victory Cornerstone Conservative (USCCX) is an actively managed Allocation Global Conservative Allocation fund. Victory Capital Management Inc. launched the fund in 2012.
The investment seeks current income; the fund also considers the potential for capital appreciation. The fund's principal investment strategy is to invest its assets in a selection of affiliated mutual funds and exchange-traded funds ("ETFs") ("underlying affiliated funds") consisting of a target asset class allocation of approximately 20% equity securities and 80% fixed-income securities. This is often referred to as a fund-of-funds investment strategy. The actual asset class allocation can deviate from time to time from these targets as market conditions warrant. It may invest in investment-grade and below-investment-grade fixed-income securities.
About Victory Cornerstone Conservative (USCCX)
There are 3 members of the management team with an average tenure of 7.43 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: MSCI ACWI Ex USA IMI NR USD index with a weighting of 8%, MSCI US REIT GR USD index with a weighting of 0%, Bloomberg US Universal TR USD index with a weighting of 78%, Bloomberg Commodity TR USD index with a weighting of 0%, 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% and MSCI USA IMI GR USD index with a weighting of 11%. Victory Cornerstone Conservative has 22 securities in its portfolio. The top 10 holdings constitute 85.9% 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 Cornerstone Conservative is part of the Allocation global asset class and is within the Allocation fund group. Victory Cornerstone Conservative has 22.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.4%. There is 18.0% allocated to foreign stock, and 0.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 67.9% (63.0% domestic bond, 4.9% foreign bond and 0.0% convertible bond). Victory Cornerstone Conservative has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $255 million in total assets, which is below the $272 million average for the Global 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.
USCCX 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 Conservative expense ratio is average compared to funds in the Global Conservative Allocation category. Victory Cornerstone Conservative has an expense ratio of 0.56%, which is 45% lower than its category average, making the fund expense ratio grade a A. 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 Conservative has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 49% for the Global Conservative Allocation category.
Recently, in the month of July 2026, Victory Cornerstone Conservative returned -0.3%, which earned it a grade of A, as the Global Conservative Allocation 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 Cornerstone Conservative has a trailing yield of 3.71%, which is above the 3.59% 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 Conservative Grades
Year to date, the fund has returned 3.7%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 8.7% over the past year (grade of A), 8.2% over the past three years (grade of A) and 3.6% per year over the past five years (grade of A) and 4.7% per year over the past 10 years (grade of A).
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USCCX 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 |
|
| USCCX Return (NAV) | -0.3% | 1.3% | 8.7% | 8.2% | 3.6% | 4.7% |
| USCCX Grade | A | A | A | A | A | A |
| +/- Category | 0.3% | 0.8% | 0.7% | 1.2% | 0.9% | 0.6% |
| Global Conservative Allocation Avg | -0.6% | 0.5% | 8.0% | 7.0% | 2.8% | 4.0% |
| USCCX Tax Cost Ratio | na | na | 1.8% | 1.7% | 1.6% | 1.4% |
USCCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USCCX Return (NAV) | 3.7% | 11.0% | 6.0% | 9.7% | -11.1% | 4.3% | 8.8% | 12.1% | -3.3% | 8.1% | 7.4% |
| USCCX Grade | B | A | B | A | C | B | B | B | D | A | A |
| +/- Category | 0.5% | 1.3% | 0.6% | 1.5% | 0.4% | -0.2% | 0.8% | 1.0% | -0.4% | 1.0% | 2.1% |
| Global Conservative Allocation Avg | 3.2% | 9.7% | 5.4% | 8.2% | -11.5% | 4.5% | 8.0% | 11.1% | -2.9% | 7.1% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 5.2% |
| Total Risk Index: | 0.42 - Low |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 0.53 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $255 Mil |
| Fund Total Assets: | $ 255 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 5% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.4 years | |||
| Average Tenure: 7.4 years | |||
| Managers (Year): Humphrey Lance (2016), Dhillon Mannik (2019), Dunlap Lela (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 22 |
| % in Top 10 Holdings: | 85.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 22.9% |
Portfolio Allocation |
|
| Domestic Stock: | 9.4% |
| Foreign Stock: | 18.0% |
| Preferred Stock: | 0.8% |
| Domestic Bond: | 63.0% |
| Foreign Bond: | 4.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | June 8, 2012 |
| Min. Initial Purchase: | $ 500 |
| 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 (%): | 0.56% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.02% |
| Share Class: | Victory Cornerstone Conservative |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
