Fund Evaluator:
Victory Income Stock (USISX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Victory Income Stock Overview
Victory Income Stock (USISX) is an actively managed U.S. Equity Large Value fund. Victory Capital Management Inc. launched the fund in 1987.
The investment seeks current income with the prospect of increasing dividend income and the potential for capital appreciation. The fund normally invests at least 80% of its assets in common stocks, with at least 65% of the fund's assets normally invested in common stocks of companies that pay dividends. 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 Income Stock (USISX)
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: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Victory Income Stock has 150 securities in its portfolio. The top 10 holdings constitute 20.4% 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 Income Stock is part of the Equity global asset class and is within the U.S. Equity fund group. Victory Income Stock has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.8%. There is 0.0% 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 Income Stock 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 Large Value 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.
USISX 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 Income Stock expense ratio is above average compared to funds in the Large Value category. Victory Income Stock has an expense ratio of 0.75%, which is 19% 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 Income Stock has a portfolio turnover rate of 76%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, Victory Income Stock returned 3.4%, which earned it a grade of A, as the Large Value category had an average return of 1.6%. 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 Income Stock has a trailing yield of 1.71%, which is above the 1.25% 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 Income Stock Grades
Year to date, the fund has returned 15.3%, 4.2 percentage points better than the category, which translates into a grade of A. The fund has returned 25.6% over the past year (grade of B), 17.4% over the past three years (grade of B) and 11.8% per year over the past five years (grade of B) and 11.3% per year over the past 10 years (grade of C).
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USISX 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 |
|
| USISX Return (NAV) | 3.4% | 10.6% | 25.6% | 17.4% | 11.8% | 11.3% |
| USISX Grade | A | C | B | B | B | C |
| +/- Category | 1.8% | 0.8% | 4.7% | 1.5% | 1.5% | -0.1% |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| USISX Tax Cost Ratio | na | na | 2.7% | 3.0% | 2.9% | 2.4% |
USISX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USISX Return (NAV) | 15.3% | 13.9% | 13.6% | 12.0% | -4.2% | 26.5% | 0.3% | 23.6% | -5.5% | 16.6% | 14.1% |
| USISX Grade | A | D | C | C | B | C | D | D | B | C | C |
| +/- Category | 4.2% | -1.3% | -0.6% | 0.2% | 1.8% | 0.7% | -3.5% | -2.0% | 3.0% | 0.2% | -0.5% |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 12.1% |
| Total Risk Index: | 1.00 - Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (55% Rank) |
| Beta: | 0.68 |
| R-Squared: | 54% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2803 Mil |
| Fund Total Assets: | $1,997 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 76% |
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: | 150 |
| % in Top 10 Holdings: | 20.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.8% |
| Foreign Stock: | 0.0% |
| 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: | May 4, 1987 |
| 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 (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Victory Income Stock |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
