Fund Evaluator:
Victory Capital Growth (USCGX)
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Best Performing in Global Large-Stock Blend Over the Last Year
| 26.2% | Victory Cornerstone Equity (UCEQX) |
| 24.5% | Destinations Real Assets Z (DRAZX) |
| 23.8% | Victory Capital Growth (USCGX) |
| 23.7% | Destinations Real Assets I (DRAFX) |
| 23.7% | Victory World Equity (USAWX) |
Fund Details
Victory Capital Growth Overview
Victory Capital Growth (USCGX) is an actively managed International Equity Global Large-Stock Blend fund. Victory Capital Management Inc. launched the fund in 2000.
The investment seeks capital appreciation. The fund invests primarily in U.S. and foreign equity securities that are believed to be the most attractive in the global marketplace. It may invest up to 100% of its assets in foreign securities, including securities issued in emerging markets.
About Victory Capital Growth (USCGX)
There are 5 members of the management team with an average tenure of 7.09 years: Jeffrey Sullivan (2019), U-Wen Kok (2019), Mannik Dhillon (2019), Adam Mezan (2019), Peter Carpenter (2019). 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 Global Funds index with a weighting of 100%. Victory Capital Growth has 463 securities in its portfolio. The top 10 holdings constitute 23.2% 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 Capital Growth is part of the Equity global asset class and is within the International Equity fund group. Victory Capital Growth has 39.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.0%. There is 39.8% 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 Capital Growth has 0.2% 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.
USCGX 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 Capital Growth expense ratio is high compared to funds in the Global Large-Stock Blend category. Victory Capital Growth has an expense ratio of 1.09%, which is 4% 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 Capital Growth has a portfolio turnover rate of 57%, 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 July 2026, Victory Capital Growth returned 0.3%, 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 Capital Growth has a trailing yield of 0.88%, 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 Capital Growth Grades
Year to date, the fund has returned 11.5%, 1.8 percentage points better than the category, which translates into a grade of B. The fund has returned 23.8% over the past year (grade of B), 18.2% over the past three years (grade of A) and 11.4% per year over the past five years (grade of A) and 11.7% per year over the past 10 years (grade of B).
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USCGX 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 |
|
| USCGX Return (NAV) | 0.3% | 4.0% | 23.8% | 18.2% | 11.4% | 11.7% |
| USCGX Grade | C | C | B | A | A | B |
| +/- Category | -0.5% | 0.3% | 4.9% | 2.9% | 2.5% | 1.1% |
| Global Large-Stock Blend Avg | 0.8% | 3.7% | 18.8% | 15.3% | 8.9% | 10.7% |
| USCGX Tax Cost Ratio | na | na | 2.6% | 2.0% | 2.3% | 1.8% |
USCGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USCGX Return (NAV) | 11.5% | 21.8% | 16.4% | 18.4% | -13.4% | 23.0% | 10.0% | 20.1% | -11.5% | 23.9% | 7.7% |
| USCGX Grade | B | B | B | C | B | A | D | F | D | C | B |
| +/- Category | 1.8% | 1.8% | 3.2% | -0.4% | 2.8% | 5.5% | -4.6% | -5.8% | -1.1% | 0.9% | 1.1% |
| Global Large-Stock Blend Avg | 9.8% | 20.1% | 13.2% | 18.8% | -16.2% | 17.5% | 14.6% | 25.9% | -10.4% | 23.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 11.6% |
| Total Risk Index: | 0.95 - Average |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (20% Rank) |
| Beta: | 0.89 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1117 Mil |
| Fund Total Assets: | $1,115 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 57% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Sullivan Jeffrey (2019), Kok U-Wen (2019), Dhillon Mannik (2019), Mezan Adam (2019), Carpenter Peter (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 463 |
| % in Top 10 Holdings: | 23.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 39.8% |
Portfolio Allocation |
|
| Domestic Stock: | 60.0% |
| Foreign Stock: | 39.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | October 27, 2000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Victory Capital Growth |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
