Fund Evaluator:
Victory Precious Metals and Minerals (USAGX)
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Best Performing in Equity Precious Metals Over the Last Year
| 62.7% | US Global Investors World Prec Mnral (UNWPX) |
| 56.6% | US Global Investors Gld & Prec Mtls (USERX) |
| 55.0% | Sprott Gold Equity Investor (SGDLX) |
| 53.6% | Midas Discovery (MIDSX) |
| 52.6% | Rydex Precious Metals Inv (RYPMX) |
Fund Details
Victory Precious Metals and Minerals Overview
Victory Precious Metals and Minerals (USAGX) is an actively managed Sector Equity Equity Precious Metals fund. Victory Capital Management Inc. launched the fund in 1984.
The investment seeks long-term capital appreciation and to protect the purchasing power of capital against inflation. The fund normally invests at least 80% of its assets in equity securities of domestic and foreign companies (including those located in emerging markets) principally engaged in the exploration, mining, or processing of gold and other precious metals and minerals, such as platinum, silver, and diamonds. It is non-diversified.
About Victory Precious Metals and Minerals (USAGX)
There are 3 members of the management team with an average tenure of 5.92 years: Mannik Dhillon (2019), Elie Masri (2021), Lance Humphrey (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 MSCI ACWI Gold Miners IMI TR USD index with a weighting of 100%. Victory Precious Metals and Minerals has 35 securities in its portfolio. The top 10 holdings constitute 65.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory Precious Metals and Minerals is part of the Equity global asset class and is within the Sector Equity fund group. Victory Precious Metals and Minerals has 81.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 18.9%. There is 81.1% 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 Precious Metals and Minerals has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $873 million in total assets, which is above the $433 million average for the Equity Precious Metals 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.
USAGX 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 Precious Metals and Minerals expense ratio is high compared to funds in the Equity Precious Metals category. Victory Precious Metals and Minerals has an expense ratio of 1.04%, which is 19% lower than its category average, making the fund expense ratio grade a B. 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 Precious Metals and Minerals. By way of comparison, the average portfolio turnover is 55% for the Equity Precious Metals category.
Recently, in the month of June 2026, Victory Precious Metals and Minerals returned -14.7%, which earned it a grade of B, as the Equity Precious Metals category had an average return of -15.0%. 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 Precious Metals and Minerals has a trailing yield of 0.27%, which is below the 5.58% 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 Precious Metals and Minerals Grades
Year to date, the fund has returned -12.3%, 2.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 43.3% over the past year (grade of D), 36.8% over the past three years (grade of C) and 17.7% per year over the past five years (grade of C) and 10.6% per year over the past 10 years (grade of D).
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USAGX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| USAGX Return (NAV) | -14.7% | -17.5% | 43.3% | 36.8% | 17.7% | 10.6% |
| USAGX Grade | B | F | D | C | C | D |
| +/- Category | 0.3% | -1.8% | -5.6% | -2.0% | -0.1% | -0.6% |
| Equity Precious Metals Avg | -15.0% | -15.6% | 48.9% | 38.8% | 17.8% | 11.2% |
| USAGX Tax Cost Ratio | na | na | 0.1% | 0.4% | 0.4% | 0.4% |
USAGX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USAGX Return (NAV) | -12.3% | 156.1% | 10.8% | 6.7% | -11.8% | -10.1% | 25.9% | 43.0% | -12.3% | 9.7% | 46.3% |
| USAGX Grade | F | C | D | C | B | C | D | C | A | C | D |
| +/- Category | -2.7% | 2.4% | -3.4% | 2.1% | 1.7% | -0.7% | -6.1% | 0.9% | 2.1% | 0.5% | -5.2% |
| Equity Precious Metals Avg | -9.5% | 153.6% | 14.1% | 4.6% | -13.5% | -9.4% | 32.0% | 42.1% | -14.4% | 9.1% | 51.4% |
| Risk Measures | |
| Standard Deviation: | 35.6% |
| Total Risk Index: | 2.92 - High |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (60% Rank) |
| Beta: | 0.72 |
| R-Squared: | 7% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $970 Mil |
| Fund Total Assets: | $ 874 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 5.9 years | |||
| Managers (Year): Dhillon Mannik (2019), Masri Elie (2021), Humphrey Lance (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 65.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 81.1% |
Portfolio Allocation |
|
| Domestic Stock: | 18.9% |
| Foreign Stock: | 81.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | August 15, 1984 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.04% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.28% |
| Share Class: | Victory Precious Metals and Minerals |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
