Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Victory Sycamore Established Value I  VEVIX
Release date as of 2024-02-29. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2024-02-29
Out of 377
Mid-Cap Value Funds
Morningstar®
Style Box™
What is this?
As of 2023-12-31
Total Fund Assets ($ Mil)
18,326.4
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks to provide long-term capital growth by investing primarily in common stocks.
Under normal circumstances, at least 80% of the fund's assets will be invested in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell Midcap® Value Index. It may invest a portion of its assets in equity securities of foreign companies traded in the U.S., including American Depositary Receipts and Global Depositary Receipts ("ADRs" and "GDRs").
  Morningstar Category: Mid-Cap Value
Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). 
  Performance
Growth of $10,000
(from 2014-01-01 to 2024-02-29)
Investment: Victory Sycamore Established Value I
Benchmark 1: S&P 500 TR USD
Benchmark 2: Russell Mid Cap Value TR USD
Category: Mid-Cap Value
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
Total Annualized Returns %
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 3.62 9.46 10.22 12.55 11.19 12.68
S&P 500 TR USD 7.11 30.45 11.91 14.76 12.70 11.44
Russell Mid Cap Value TR USD 2.90 10.87 6.80 8.94 8.19 ---
Category 2.17 10.54 8.32 9.32 7.80 10.47
Morningstar Rating --- --- ---
# of compared Mid-Cap Value funds covered (3 yrs : out of 377 funds) (5 yrs : out of 358 funds) (10 yrs : out of 274 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
Fees and Expenses
Total Annual Operating Expense 0.58%
Prospectus Net Expense Ratio 0.58%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
Waiver Data
Type Date %
--- --- --- ---
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 93.3
Bullet Non-U.S. Stocks Non-U.S. Stocks 5.4
Bullet Bonds Bonds 0.0
Bullet Cash Cash 1.4
Bullet Other Other 0.0
Asset Allocation Rescaled Graph
Data through 2023-12-31
Morningstar Equity Sectors
% of Stocks
Cyclical 43.34
Basic Materials 5.00
Consumer Cyclical 16.29
Financial Services 14.12
Real Estate 7.93
Sensitive 39.93
Communication Services 0.03
Energy 3.95
Industrials 22.98
Technology 12.97
Defensive 16.74
Consumer Defensive 4.02
Healthcare 9.22
Utilities 3.50
Data through 2023-12-31
Holding Status
Total Number of Stock Holdings 76
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 17.34
Turnover % (as of 2023-06-30) 28.00
30 Day SEC Yield % 1.18
Top Holdings
Sector P/E % of Net
Assets
Crown Holdings Inc 20.38 1.82
Quest Diagnostics Inc 16.67 1.75
Textron Inc 19.49 1.75
NNN REIT Inc --- 1.75
Leidos Holdings Inc 88.79 1.74
Alliant Energy Corp 17.18 1.73
Alexandria Real Estate Equities Inc --- 1.72
Lamar Advertising Co Class A --- 1.71
Packaging Corp of America 21.37 1.69
Xcel Energy Inc 16.41 1.68
Data through 2023-12-31
  Principal Risks   
Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Restricted/Illiquid Securities, Management, Mid-Cap
Show Risk Definitions
  Other Information
Inception Date: 2010-03-01
Portfolio Manager(s)
Jeffrey M. Graff   (2007-03-01)
Jeffrey Graff is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Graff joined Victory Capital in 2001 with six years’ prior investment experience. Previously, he was employed as an equity analyst with A.G. Edwards & Sons. He began his career in the investment industry as an equity research associate for Roulston & Company. Mr. Graff holds a B.B.A. from Cleveland State University and an M.Fin. from St. Louis University. He is a CFA® charterholder.Mr. Graff began his investment career in 1994.
James M. Albers   (2012-12-31)
James Albers is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Albers joined Victory Capital in 2005.Mr. Albers began his investment career in 1997. Previously, he worked as a consultant with Accenture and IBM Global Services. Mr. Albers earned a B.S. and an MBA from the University of Wisconsin. He is a CFA® charterholder.
Michael F. Rodarte   (2012-12-31)
Michael Rodarte is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Rodarte joined Victory Capital in 2006. Previously, he worked as an analyst with KeyBanc Capital Markets in its corporate and investment banking groups. Mr. Rodarte earned his B.B.A. in finance, economics, and international business from Ohio University. He is a CFA® charterholder.
Gregory M. Conners   (2002-03-01)
Greg Conners is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Conners joined Victory Capital in 1999 with four years’ prior investment experience as a small-cap research analyst with Carillon Advisers. Prior to his tenure as portfolio manager, he served as a research analyst for the Small Cap Value Equity strategy. Mr. Conners holds a B.S. in economics from College of Mount St. Joseph and an MBA from Xavier University.
Gary H. Miller   (1998-07-31)
Gary Miller is Chief Investment Officer of Sycamore Capital. He is also lead portfolio manager of the Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise. Mr. Miller joined Victory Capital in 1987. Prior to his tenure as portfolio manager, he served as an equity research analyst for the Small Cap Value and Mid Cap Value Equity strategies. Mr. Miller holds a B.B.A. in accounting from the University of Cincinnati and an MBA from Xavier University.
Investment Advisor(s)
Victory Capital Management Inc.
Issuer
Victory Capital
Show Data Definitions

© Copyright 2024 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. 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 any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Victory Sycamore Established Value I  VEVIX
Release date as of 2024-02-29. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Growth of $10,000 from 2014-01-01 to 2024-02-29  
Investment: Victory Sycamore Established Value I
Benchmark 1: S&P 500 TR USD
Benchmark 2: Russell Mid Cap Value TR USD
Category: Mid-Cap Value
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
  Calendar Year Total Returns
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 02-24
Total return % 12.4 1.0 21.0 16.0 -10.0 28.8 8.1 31.9 -2.5 10.3 3.6
S&P 500 TR USD 13.7 1.4 12.0 21.8 -4.4 31.5 18.4 28.7 -18.1 26.3 7.1
Russell Mid Cap Value TR USD 14.7 -4.8 20.0 13.3 -12.3 27.1 5.0 28.3 -12.0 12.7 2.9
Category 9.3 -5.4 18.1 13.2 -12.9 25.2 2.6 29.3 -8.0 13.9 2.2
% Rank in Cat 23 7 27 21 24 25 17 27 12 74 26
# of Funds 460 471 399 405 417 422 415 413 405 397 398
Data through 2024-02-29
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
  Total Annualized Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 3.62 9.46 10.22 12.55 11.19 12.68
S&P 500 TR USD 7.11 30.45 11.91 14.76 12.70 11.44
Russell Mid Cap Value TR USD 2.90 10.87 6.80 8.94 8.19 ---
Category 2.17 10.54 8.32 9.32 7.80 10.47
Morningstar Rating --- --- ---
# of compared Mid-Cap Value funds covered (3 yrs : out of 377 funds) (5 yrs : out of 358 funds) (10 yrs : out of 274 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
  Quarterly Trailing Average Annualized Total Returns
YTD 1-Year 3-Year 5-Year 10-Year Since Inception
Total Avg. Ann. Return % 10.31 10.31 12.36 14.58 10.97 12.55
Data through 2023-12-31
  Fees and Expenses
Total Annual Operating Expense 0.58%
Prospectus Net Expense Ratio 0.58%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
  Waiver Data
Type Date %
--- --- --- ---
Performance information may reflect historical or current expense waivers or reimbursements, without which, performance would have been lower.
Show Data Definitions

© Copyright 2024 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. 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 any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Victory Sycamore Established Value I  VEVIX
Release date as of 2024-02-29. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Ratings
Morningstar
Return
Morningstar
Risk
Morningstar
Rating
Number of
Funds
3-Year Above Avg Below Avg 377
5-Year High Below Avg 358
10-Year High Below Avg 274
Overall High Below Avg 377
Morningstar Category: Mid-Cap Value | Number of Funds in Category: 377
Data through 2024-02-29
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
  Volatility Measurements
Standard Deviation 17.63
Mean 10.22
Sharpe Ratio 0.48
Trailing 3-Yr as of 2024-02-29
  Modern Portfolio Theory Statistics
Best Fit Index
Russell Mid Cap Value TR USD
R-Squared 97
Beta 0.90
Alpha 3.43
Trailing 3-Yr as of 2024-02-29
  Principal Risks   
Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Restricted/Illiquid Securities, Management, Mid-Cap
Show Risk Definitions
Show Data Definitions

© Copyright 2024 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. 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 any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Victory Sycamore Established Value I  VEVIX
Release date as of 2024-02-29. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Style Box Details for Stock Holdings
Size
Average Mkt Cap $Mil 16,380
   
Market Capitalization % of Portfolio
Giant 0.00
Large 11.60
Medium 72.67
Small 15.73
Micro 0.00
   
Investment Valuation Stock
Portfolio
Forward P/E 15.7
Price/Book 2.3
Price/Sales 1.3
Price/Cash Flow 10.6
Dividend Yield 2.0
Long-Term Earnings 17.8
Historical Earnings 8.5
Sales Growth 10.9
Cash-Flow Growth 5.2
Book-Value Growth 7.2
As of 2023-12-31
Data as of 2023-12-31
  Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 93.3
Bullet Non-U.S. Stocks Non-U.S. Stocks 5.4
Bullet Bonds Bonds 0.0
Bullet Cash Cash 1.4
Bullet Other Other 0.0
Asset Allocation Rescaled Graph
Data through 2023-12-31
  Morningstar Equity Sectors
% of Stocks
Cyclical 43.34
Basic Materials 5.00
Consumer Cyclical 16.29
Financial Services 14.12
Real Estate 7.93
Sensitive 39.93
Communication Services 0.03
Energy 3.95
Industrials 22.98
Technology 12.97
Defensive 16.74
Consumer Defensive 4.02
Healthcare 9.22
Utilities 3.50
Data through 2023-12-31
  Top 25 Holdings
Total Number of Stock Holdings 76
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 17.34
Turnover % (as of 2023-06-30) 28.00
30 Day SEC Yield % 1.18
Top 25 Holdings
Sector P/E % of Net
Assets
Crown Holdings Inc 20.38 1.82
Quest Diagnostics Inc 16.67 1.75
Textron Inc 19.49 1.75
NNN REIT Inc --- 1.75
Leidos Holdings Inc 88.79 1.74
Alliant Energy Corp 17.18 1.73
Alexandria Real Estate Equities Inc --- 1.72
Lamar Advertising Co Class A --- 1.71
Packaging Corp of America 21.37 1.69
Xcel Energy Inc 16.41 1.68
Western Digital Corp --- 1.67
American Financial Group Inc 12.70 1.65
Skyworks Solutions Inc 18.60 1.64
Flex Ltd --- 1.63
JB Hunt Transport Services Inc 29.60 1.63
Ross Stores Inc 29.56 1.62
Westlake Corp 37.49 1.61
Global Payments Inc 34.40 1.59
MKS Instruments Inc --- 1.59
Bank of New York Mellon Corp 14.49 1.59
Old Republic International Corp 13.79 1.58
The Middleby Corp 20.53 1.57
Yum Brands Inc 24.76 1.56
The Hartford Financial Services Group Inc 12.03 1.56
FTI Consulting Inc 26.83 1.54
Data through 2023-12-31
Show Data Definitions

© Copyright 2024 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. 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 any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Victory Sycamore Established Value I  VEVIX
Release date as of 2024-02-29. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Fees and Expenses Taken from prospectus dated 2023-11-01  
Maximum Sales Fees
Maximum Sales Charge ---
Maximum Fees
Administrative ---
Management 0.65%
12b-1 ---
Actual Fees
12b-1 ---
Management 0.45%
Prospectus Net Expense Ratio 0.58%
Total Annual Operating Expense 0.58%
Waiver Data
Type Date %
--- --- --- ---
  Management
Inception Date: 2010-03-01
Mngr Name Jeffrey M. Graff
Mngr Start Date 2007-03-01
Biography
Jeffrey Graff is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Graff joined Victory Capital in 2001 with six years’ prior investment experience. Previously, he was employed as an equity analyst with A.G. Edwards & Sons. He began his career in the investment industry as an equity research associate for Roulston & Company. Mr. Graff holds a B.B.A. from Cleveland State University and an M.Fin. from St. Louis University. He is a CFA® charterholder.Mr. Graff began his investment career in 1994.
Mngr Name James M. Albers
Mngr Start Date 2012-12-31
Biography
James Albers is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Albers joined Victory Capital in 2005.Mr. Albers began his investment career in 1997. Previously, he worked as a consultant with Accenture and IBM Global Services. Mr. Albers earned a B.S. and an MBA from the University of Wisconsin. He is a CFA® charterholder.
Mngr Name Michael F. Rodarte
Mngr Start Date 2012-12-31
Biography
Michael Rodarte is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Rodarte joined Victory Capital in 2006. Previously, he worked as an analyst with KeyBanc Capital Markets in its corporate and investment banking groups. Mr. Rodarte earned his B.B.A. in finance, economics, and international business from Ohio University. He is a CFA® charterholder.
Mngr Name Gregory M. Conners
Mngr Start Date 2002-03-01
Biography
Greg Conners is a portfolio manager for the Sycamore Capital Small Cap Value Equity and Mid Cap Value Equity strategies. Mr. Conners joined Victory Capital in 1999 with four years’ prior investment experience as a small-cap research analyst with Carillon Advisers. Prior to his tenure as portfolio manager, he served as a research analyst for the Small Cap Value Equity strategy. Mr. Conners holds a B.S. in economics from College of Mount St. Joseph and an MBA from Xavier University.
Mngr Name Gary H. Miller
Mngr Start Date 1998-07-31
Biography
Gary Miller is Chief Investment Officer of Sycamore Capital. He is also lead portfolio manager of the Small Cap Value Equity and Mid Cap Value Equity strategies. The Victory Small Cap Value Equity and Mid Cap Value Equity team was renamed Sycamore Capital on April 1, 2015. Sycamore Capital is a Victory Capital investment franchise. Mr. Miller joined Victory Capital in 1987. Prior to his tenure as portfolio manager, he served as an equity research analyst for the Small Cap Value and Mid Cap Value Equity strategies. Mr. Miller holds a B.B.A. in accounting from the University of Cincinnati and an MBA from Xavier University.
Investment Advisor(s)
Victory Capital Management Inc.
Web Site
www.VictoryFunds.com
Issuer
Victory Capital
Show Data Definitions

© Copyright 2024 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. 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 any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Morningstar Investment Profilessm: Disclosure Statement
Performance
Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Due to market volatility, the investment's return may vary greatly over short periods of time.
For mutual funds, standardized total return is total return adjusted for sales charges. The sales charge utilized in the standard return calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index.
For separate accounts and commingled funds, Net-of-Fee returns are collected on a monthly and quarterly basis. Morningstar calculates total returns using the raw data collected from the asset management firm or plan provider. The performance data reported by the separate account managers or plan provider represents actual performance net of trading expenses, management fees, brokerage commissions or other expenses. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index. Clients should refer to the disclosure document of the separate account manager and their Summary Plan Description (SPD) for specific information regarding fees and expenses.
Growth of $10,000
Shows the growth of $10,000. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing investment expenses, and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.
Morningstar Rating, Risk and Return
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.
For private funds, the Morningstar Rating presented is hypothetical, because Morningstar does not independently analyze private funds. Rather, the rating is assigned as a means to compare these funds with the universe of mutual funds that Morningstar rates. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar.
Overall ratings represent a weighted average of specific time period (3-, 5- and 10-year) ratings.
The Morningstar Return rates a fund's performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Morningstar Risk evaluates a fund's downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Victory Sycamore Established Value I
Morningstar Ratings (Relative to Category)
  Morningstar ReturnMorningstar RiskMorningstar Rating# of Funds
3-year Above AvgBelow Avg377
5-year HighBelow Avg358
10-year HighBelow Avg274
Overall HighBelow Avg377
Morningstar Category : Mid-Cap Value | Number of Funds in Category: 377
Data through 2024-02-29
Risk Measures
R-squared reflects the percentage of an investment option's movements that are explained by movements in its benchmark index, showing the degree of correlation between the investment option and the benchmark.
Beta is a measure of an investment option's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between an investment option's actual returns and its expected performance, given its level of risk (as measured by beta).
The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.
Standard deviation is a statistical measure of the volatility of the investment option's returns.
Mean represents the annualized three-year geometric return.
Morningstar Style BoxTM
The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report.
For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). A darkened cell in the style box matrix indicates the weighted average style of the portfolio.
For portfolios holding fixed-income investments, a Fixed Income Style Box is calculated. The vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. There are three credit categories - "High", "Medium", and "Low"; and there are three interest rate sensitivity categories - "Limited", "Moderate", and "Extensive"; resulting in nine possible combinations. As in the Equity Style Box, the combination of credit and interest rate sensitivity for a portfolio is represented by a darkened square in the matrix. Morningstar uses credit rating information from credit rating agencies (CRAs) that have been designated Nationally Recognized Statistical Rating Organizations (NRSROs) by the Securities and Exchange Commission (SEC) in the United States. For a list of all NRSROs, please visit https://www.sec.gov/ocr/ocr-current-nrsros.html. Additionally, Morningstar will use credit ratings from CRAs which have been recognized by foreign regulatory institutions that are deemed the equivalent of the NRSRO designation. To determine the rating applicable to a holding and the subsequent holding weighted value of a portfolio two methods may be employed. First is a common methodology approach where if a case exists such that two CRAs have rated a holding, the lower rating of the two should be applied; if three or more CRAs have rated a holding, the median rating should be applied; and in cases where there are more than two ratings and a median rating cannot be determined, the lower of the two middle ratings should be applied. Alternatively, if there is more than one rating available an average can be calculated from all and applied. Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit rating on the fund. Credit ratings for any security held in a portfolio can change over time.
Morningstar uses the credit rating information to calculate a weighted-average credit quality value for the portfolio. This value is based only upon those holdings which are considered to be classified as "fixed income", such a government, corporate, or securitized issues. Other types of holdings such as equities and many, though not all, types of derivatives are excluded. The weighted-average credit quality value is represented by a rating symbol which corresponds to the long-term rating symbol schemas employed by most CRAs. Note that this value is not explicitly published but instead serves as an input in the Style Box calculation. This symbol is then used to map to a Style Box credit quality category of "low," "medium," or "high". Funds with a "low" credit quality category are those whose weighted-average credit quality is determined to be equivalent to the commonly used High Yield classification, meaning a rating below "BBB", portfolios assigned to the "high" credit category have either a "AAA" or "AA+" average credit quality value, while "medium" are those with an average rating of "AA-" inclusive to "BBB-". It is expected and intended that the majority of portfolios will be assigned a credit category of "medium".
For assignment to an interest-rate sensitivity category, Morningstar uses the average effective duration of the portfolio. From this value there are three distinct methodologies employed to determine assignment to category. Portfolio which are assigned to Morningstar municipal-bond categories employ static breakpoints between categories. These breakpoints are: "Limited" equal to 4.5 years or less, "Moderate" equal to 4.5 years to less than 7 years; and "Extensive" equal to more than 7 years. For portfolios assigned to Morningstar categories other than U.S. Taxable, including all domiciled outside the United States, static duration breakpoints are also used: "Limited" equals less than or equal to 3.5 years, "Moderate" equals greater than 3.5 years but less than or equal to 6 years, and "Extensive" is assigned to portfolios with effective durations of more than 6 years.
Note: Interest-rate sensitivity for non-U.S. domiciled portfolios (excluding those in Morningstar convertible categories) may be assigned using average modified duration when average effective duration is not available.
For portfolios Morningstar classifies as U.S. Taxable Fixed-Income, interest-rate sensitivity category assignment is based on the effective duration of the Morningstar Core Bond Index (MCBI). The classification assignment is dynamically determined relative to the benchmark index value. A "Limited" category will be assigned to portfolios whose average effective duration is between 25% to 75% of MCBI average effective duration, where the average effective duration is between 75% to 125% of the MCBI the portfolio will be classified as "Moderate", and those portfolios with an average effective duration value 125% or greater of the average effective duration of the MCBI will be classified as "Extensive".
Investment Risk
Foreign Securities Investment Options:/Emerging Market Investment Options: The investor should note that investment options that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.
Sector Investment Options: The investor should note that investment options that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.
Non-Diversified Investment Options: The investor should note that investment options that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.
Small Cap Investment Options: The investor should note that investment options that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.
Mid Cap Investment Options: The investor should note that investment options that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.
High-Yield Bond Investment Options: The investor should note that investment options that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.
Yield
The yield of an investment option refers to the income generated by an investment in that investment option over an identified period of time. The SEC 30-day yield refers to the income generated by an investment over an identified 30-day period. The SEC 30-day yield is calculated by dividing: (I) the net investment income per share of the investment option earned over a 30-day period; by (II) the maximum offering price per share of the investment option on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the 30-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The yield does not necessarily reflect income actually earned by investing in the investment option because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.