Fund Evaluator:
Victory Target Managed Allocation (UTMAX)
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Fund Details
Victory Target Managed Allocation Overview
Victory Target Managed Allocation (UTMAX) is an actively managed Allocation Global Moderate Allocation fund. Victory Capital Management Inc. launched the fund in 2015.
The investment seeks to maximize total return primarily through capital appreciation. The fund invests primarily in U.S. and/or foreign (to include emerging markets) equity securities, fixed-income securities, and real estate securities, including real estate investment trusts (REITs). Consistent with its investment strategy, the fund also may invest in derivatives, including futures and options contracts, as well as American depositary receipts (ADRs).
About Victory Target Managed Allocation (UTMAX)
There are 3 members of the management team with an average tenure of 6.75 years: Mannik Dhillon (2019), Lance Humphrey (2018), Lela Dunlap (2021). 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 Bloomberg US Universal TR USD index with a weighting of 100%. Victory Target Managed Allocation has 307 securities in its portfolio. The top 10 holdings constitute 41.8% 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 Target Managed Allocation is part of the Allocation global asset class and is within the Allocation fund group. Victory Target Managed Allocation has 21.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 74.4%. There is 21.3% 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 Target Managed Allocation has 4.5% of the portfolio in cash.
Assets Under Management
The fund has $103 million in total assets, which is below the $947 million average for the Global Moderate 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.
UTMAX 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 Target Managed Allocation expense ratio is above average compared to funds in the Global Moderate Allocation category. Victory Target Managed Allocation has an expense ratio of 0.68%, which is 35% 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. A portfolio turnover rate cannot be currently calculated for Victory Target Managed Allocation. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, Victory Target Managed Allocation returned 0.0%, which earned it a grade of B, as the Global Moderate Allocation category had an average return of 0.3%. 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 Target Managed Allocation has a trailing yield of 3.28%, which is above the 2.61% 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 Target Managed Allocation Grades
Year to date, the fund has returned 8.4%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 21.0% over the past year (grade of A), 14.0% over the past three years (grade of A) and 6.8% per year over the past five years (grade of B) and 8.6% per year over the past 10 years (grade of A).
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UTMAX 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 |
|
| UTMAX Return (NAV) | 0.0% | 2.6% | 21.0% | 14.0% | 6.8% | 8.6% |
| UTMAX Grade | B | B | A | A | B | A |
| +/- Category | -0.3% | 0.5% | 5.0% | 2.1% | 0.6% | 1.3% |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| UTMAX Tax Cost Ratio | na | na | 2.2% | 1.1% | 2.4% | 2.0% |
UTMAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UTMAX Return (NAV) | 8.4% | 15.2% | 13.9% | 14.4% | -20.4% | 21.8% | 13.4% | 22.6% | -9.0% | 13.5% | 8.4% |
| UTMAX Grade | B | C | A | B | F | A | B | A | F | D | B |
| +/- Category | 0.3% | -0.9% | 5.4% | 2.1% | -7.0% | 10.1% | 3.6% | 5.0% | -1.9% | -0.5% | 1.8% |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 11.6% |
| Total Risk Index: | 0.94 - Average |
| Category Risk Index: | 1.26 - High |
| Category Risk Grade: | F (108% Rank) |
| Beta: | 1.12 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $103 Mil |
| Fund Total Assets: | $ 103 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 8.2 years | |||
| Average Tenure: 6.7 years | |||
| Managers (Year): Humphrey Lance (2018), Dhillon Mannik (2019), Dunlap Lela (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 307 |
| % in Top 10 Holdings: | 41.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.3% |
Portfolio Allocation |
|
| Domestic Stock: | 74.4% |
| Foreign Stock: | 21.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 4.5% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | August 7, 2015 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 0.68% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Victory Target Managed Allocation |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
