Fund Evaluator:
Victory Small Cap Stock (USCAX)
Follow This Fund
Best Performing in Small Blend Over the Last Year
| 67.2% | Royce Micro-Cap Invmt (RYOTX) |
| 54.3% | River Oak Discovery (RIVSX) |
| 48.4% | North Star Small Cap Value Investor (WSCVX) |
| 46.5% | Paradigm Value (PVFAX) |
| 46.0% | Nuveen Quant Small Cap Equity I (TSCHX) |
Fund Details
Victory Small Cap Stock Overview
Victory Small Cap Stock (USCAX) is an actively managed U.S. Equity Small Blend fund. Victory Capital Management Inc. launched the fund in 1999.
The investment seeks long-term growth of capital. The fund normally invests at least 80% of its assets in equity securities of companies with small market capitalizations. Although the fund invests primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities including securities issued in emerging markets.
About Victory Small Cap Stock (USCAX)
There are 14 members of the management team with an average tenure of 6.75 years: David Rose (2015), Jeffrey Harrison (2015), Joe Gilbert (2021), J. Bryan Tinsley (2021), Joseph Mainelli (2020), Robert Harris (2020), Mannik Dhillon (2019), Richard Watson (2021), Daniel DeMonica (2021), Kelvin Jiang (2023), Andrew Beja (2012), Adam Friedman (2021), Daniel Bandi (2021), Michael Wayton (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Victory Small Cap Stock has 492 securities in its portfolio. The top 10 holdings constitute 7.2% 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 Small Cap Stock is part of the Equity global asset class and is within the U.S. Equity fund group. Victory Small Cap Stock has 4.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.7%. There is 4.2% 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 Small Cap Stock has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $614 million in total assets, which is below the $694 million average for the Small 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.
USCAX 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 Small Cap Stock expense ratio is high compared to funds in the Small Blend category. Victory Small Cap Stock has an expense ratio of 1.01%, which is 3% 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. Victory Small Cap Stock has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Small Blend category.
Recently, in the month of June 2026, Victory Small Cap Stock returned 8.3%, which earned it a grade of A, as the Small Blend category had an average return of 5.9%. 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 Small Cap Stock has a trailing yield of 0.23%, which is below the 0.41% 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 Small Cap Stock Grades
Year to date, the fund has returned 26.6%, 4.9 percentage points better than the category, which translates into a grade of A. The fund has returned 42.2% over the past year (grade of A), 16.2% over the past three years (grade of C) and 6.5% per year over the past five years (grade of D) and 11.5% per year over the past 10 years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Victory Small Cap Stock, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
USCAX 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 |
|
| USCAX Return (NAV) | 8.3% | 25.4% | 42.2% | 16.2% | 6.5% | 11.5% |
| USCAX Grade | A | A | A | C | D | B |
| +/- Category | 2.4% | 5.6% | 8.3% | -0.2% | -1.4% | 0.4% |
| Small Blend Avg | 5.9% | 19.8% | 33.9% | 16.4% | 7.9% | 11.2% |
| USCAX Tax Cost Ratio | na | na | 1.7% | 1.1% | 2.9% | 2.5% |
USCAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USCAX Return (NAV) | 26.6% | 9.2% | 5.4% | 17.3% | -20.0% | 18.1% | 22.2% | 29.0% | -9.9% | 10.1% | 18.9% |
| USCAX Grade | A | B | F | B | D | F | A | A | B | F | D |
| +/- Category | 4.9% | 1.3% | -6.1% | 0.9% | -3.5% | -5.1% | 7.9% | 3.5% | 1.9% | -3.9% | -1.3% |
| Small Blend Avg | 21.7% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 19.4% |
| Total Risk Index: | 1.60 - High |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (78% Rank) |
| Beta: | 1.16 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1000 Mil |
| Fund Total Assets: | $ 615 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 70% |
Management Team
| Number of Managers: 14 | |||
| Longest Tenure: 14.0 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Beja Andrew (2012), Rose David (2015), Harrison Jeffrey (2015), Dhillon Mannik (2019), Mainelli Joseph (2020), Harris Robert (2020), Gilbert Joe (2021), Tinsley J. Bryan (2021), Friedman Adam (2021), Bandi Daniel (2021), Wayton Michael (2021), DeMonica Daniel (2021), Watson Richard (2021), Jiang Kelvin (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 492 |
| % in Top 10 Holdings: | 7.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 94.7% |
| Foreign Stock: | 4.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | August 2, 1999 |
| 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 (%): | 1.01% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Victory Small Cap Stock |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
