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Victory Sycamore Established Value Fund
  • The Victory Sycamore Established Value Fund seeks to optimize clients’ returns, with the goal of minimizing the risk of permanent capital loss.
  • The investment team employs a bottom-up, fundamental value investment process to build a diversified portfolio of mid-cap companies that they believe to be undervalued and offer above-average total return potential.
  • In building portfolios, Sycamore Capital’s investment team identifies companies that they believe possess each of the following attributes – a better business with above-average financial strength, an exploitable valuation disparity between the current market value for the shares versus their estimation of fair value and the prospect for improving fundamentals. The team believes that companies that exhibit all three of these attributes generally possess the most compelling risk/reward profile.
  • The Fund is managed by a seasoned and experienced investment team with a long history of mid-cap value investing.

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Past performance does not guarantee future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

Returns include reinvestment of dividends and capital gains. Performance for periods greater than one year is annualized.

Class A Shares at load reflect a maximum sales charge of 5.75%.

Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year. Class C at load for periods less than 1 year reflect the effect of the 1.00% CDSC.

Fee waivers and/or expense reimbursements were in place for some or all periods shown, without which, fund performance would have been lower.

Net expense ratios reflect the contractual waiver and/or reimbursement of management fees through October 31, 2025.

High, double-digit returns are highly unusual and cannot be sustained. Investors should be aware that these returns were primarily achieved during favorable market conditions. 

Calendar year returns are shown at NAV.

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Risk Measures

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Top 10 Holdings

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Holdings are subject to change and should not be considered purchase recommendations.

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Characteristics

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Sector Diversification

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Asset Allocation

Please note: Effective June 30, 2017, the Victory Sycamore Established Value Fund is generally closed to new investors. For more information, please see the prospectus. 

 

Investment Approach 



The Victory Sycamore Established Value Fund seeks long-term capital appreciation by investing primarily in common stock. The investment team employs a bottom-up, fundamental value approach to build a diversified portfolio of mid-cap companies that the team believes to be undervalued and offer above-average total return potential. The team utilizes elements of both deep and relative value to exploit the inefficiencies inherent in the mid-cap asset class, as well as the short-term nature of many market participants. 


Philosophy & Process 
 
The investment team, led by Chief Investment Officer Gary Miller, believes that long-term investment success begins with trying to limit the permanent loss of capital. The team identifies companies that they believe possess the following attributes – a better business with above-average financial strength, an exploitable valuation disparity between the current market value for the shares versus their estimation of fair value, and the prospect for improving fundamentals. The team believes that companies that exhibit all three of these attributes generally possess the most compelling risk/reward profile. 

Management Team

Gary Miller
Gary H. Miller

Chief Investment Officer – Sycamore Capital

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Portfolio Manager

Portfolio Manager

Portfolio Manager

Portfolio Manager
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The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible category wins the LSEG Lipper Fund Award.

Victory Sycamore Established Value Fund, Institutional was selected from among 71 funds and 217 share classes in the Mid-Cap Core Funds category over ten years for the period ending November 30, 2023.23.

LSEG Lipper Fund Award © 2024 LSEG. All rights reserved. Used under license.

Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus or summary prospectus containing this and other important information, visit www.vcm.com/prospectus. Read it carefully before investing.

All investing involves risk, including the potential loss of principal.

Other share classes are available. Not all share classes are available to all investors.

Investments in mid-cap companies typically exhibit higher volatility.

International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

The fund is also subject to liquidity risk, which is the risk that the Adviser may not be able to sell a security at an advantageous time or price, which may adversely affect the Fund. 

The value of your investment is also subject to geopolitical risks such as wars, terrorism, environmental disasters, and public health crises; the risk of technology malfunctions or disruptions; and the responses to such events by governments and/or individual companies.

The Russell Midcap® Value Index is a market-capitalization-weighted index that measures the performance of Russell Midcap® Index companies with relatively lower price-to-book ratios and lower forecasted growth.

Distributed by Victory Capital Services, Inc., an affiliate of Victory Capital Management Inc., the Fund's investment adviser.

©2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar RatingTM for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Fund performance used for the rankings reflects certain fee waivers, without which, Morningstar rankings would have been lower and Morningstar ratings may have been lower.

Investors should obtain relevant and specific professional advice before making any investment decision. Your use of this site is subject to the Victory Capital Online Agreement.

Not FDIC Insured • May Lose Value • No Bank Guarantee

20240314-3447697

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©2024 Victory Capital Management Inc.