Victory Capital Holdings, Inc.

Victory Capital Holdings, Inc. is a U.S.-based asset management firm that operates multiple investment franchises and a centralized solutions platform. Through its subsidiaries, it offers actively and passively managed funds, ETFs, separate accounts, model portfolios, and other investment vehicles to institutional, intermediary, retirement, and individual investors.

42,2 %

25,3 %

+46,2 %

— Victory Capital Holdings, Inc.
%
Mutual Funds35% Open-end mutual funds offered across retail and institutional share classes.
ETFs15% Actively managed and rules-based exchange-traded funds under the VictoryShares brand.
Institutional Separate Accounts20% Customized mandates managed for institutions and asset allocators.
Retirement and Intermediary Solutions20% SMAs, UMAs, wrap programs, VIPs, and retirement platform offerings.
Other Investment Vehicles10% CITs, UCITS, private funds, 529 plans, and third-party model strategies.

Victory Capital sells to institutions, intermediaries, retirement platforms, and individual investors...

  • Institutional clientsprimary

    Institutions and consultants buy separate accounts, CITs, and specialized mandates for portfolio construction and alpha exposure.

  • Intermediaries and advisorsprimary

    Broker-dealers, financial advisors, and RIA networks distribute Victory funds, ETFs, SMAs, and model portfolios.

  • Retirement platformssecondary

    401(k) platforms and retirement intermediaries use mutual funds, ETFs, and model-based solutions.

  • Direct investorssecondary

    Individual investors access Victory funds, ETFs, and direct-investor offerings.

  • International clientssecondary

    Non-U.S. clients access UCITS and other pooled vehicles for cross-border investment needs.

Victory Capital is headquartered in the United States and generates business primarily through U.S...

  • •U.S. is the core operating and distribution base
  • •U.S. retail channels represented 37% of total client assets
  • •Direct U.S. investors represented 20% of total client assets
  • •U.S. institutional clients represented 26% of total client assets
  • •International clients represented 17% of total client assets

Victory Capital’s strategy centers on combining autonomous investment franchises with a shared distribution, marketing,...

01
Grow assets through distribution breadthshort-term

The business is driven by client assets, so broader channel access supports asset gathering and retention.

02
Preserve investment autonomy across franchisesmedium-term

Distinct investment processes help differentiate strategies and support performance-based client retention.

03
Match strategies to preferred wrappersmedium-term

Clients often choose specific vehicles, so offering multiple wrappers improves addressable demand.

04
Strengthen centralized operating leveragelong-term

A shared platform supports scale while allowing boutique-style investment teams to focus on portfolios.

Victory Capital is exposed to asset-management-specific risks tied to market performance, client redemptions, and...

high

AUM sensitivity to market and flow changes

Most revenue is tied to assets under management, so lower markets or net outflows reduce fee revenue.

Scope
Investment management fees and distribution fees
Materiality
high
high

Dependence on third-party distributors

The firm relies on intermediaries, consultants, and platforms to reach investors.

Scope
Victory Funds and VictoryShares distribution
Materiality
high
high

Operational and cybersecurity risk

The platform depends on technology and integrated operations, so failures can disrupt trading and client service.

Scope
Distribution, ETF operations, and client servicing
Materiality
high
medium

Competitive pressure and industry consolidation

Asset managers compete on performance, fees, and distribution access, and larger firms may have more resources.

Scope
Client asset retention and new mandate wins
Materiality
high
medium

International and geopolitical exposure

Non-U.S. strategies face currency, tax, political, and market risks.

Scope
Global/non-U.S. equity and UCITS strategies
Materiality
medium
AUM-based fee recognition
Revenue and operating leverage
Contingent consideration fair value
Earnings volatility and balance sheet liabilities
Non-GAAP adjustments
Reported profitability presentation
Acquired intangibles and goodwill
Tax expense, amortization, and impairment sensitivity

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: 29/04/2026