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Victory Capital

Victory Capital Parent Rating


As Victory Capital Management expands a roster of investment teams that runs the gamut, it retains an Average Parent rating.

Victory operates a multiaffiliate model. It centralizes operations, compliance, and distribution while giving its 12 franchises investment autonomy. The franchise lineup had long been composed of those primarily focused on small/mid-cap equities. But the 2019 acquisition of fixed-income shop USAA Investments (which was rebranded as Victory Income Investors in April 2023) represented a significant change to that model. The firm has continued to broaden from there, acquiring three new franchises since the start of 2021: THB Asset Management (an environmental, social, and governance specialist), New Energy Capital (an alternatives manager), and WestEnd Advisors (a third-party model strategist). Overall, Victory is as big and diverse as ever: Its assets under management as of March 2023 was $157.6 billion, much higher than the $52.8 billion level as of December 2018.

Victory’s bright spots include Sycamore Capital and Trivalent Investments, which boast strong investment cultures, good levels of manager ownership, and solid capacity management processes. But there are questions elsewhere. Victory Capital Solutions has made some questionable subadvisor changes and dubious exchange-traded fund launches in recent years; Victory Income Investors has seen several departures since the 2019 acquisition and will absorb another franchise, Incore, in September 2023.

Victory Capital Investments


US Open-end ex MM ex FoF ex Feeder

Total Net Assets

102.22 Bil

Investment Flows (TTM)

−5.64 Bil

Asset Growth Rate (TTM)


# of Share Classes

Morningstar Rating # of Share Classes
Not Rated 0

Exchange-Traded Funds

See All Victory Capital ETFs



Total Net Assets

7.37 Bil

Investment Flows (TTM)

−749.05 Mil

Asset Growth Rate (TTM)


# of Share Classes


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