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
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 %
| % | |
|---|---|
| Mutual Funds | 35% Open-end mutual funds offered across retail and institutional share classes. |
| ETFs | 15% Actively managed and rules-based exchange-traded funds under the VictoryShares brand. |
| Institutional Separate Accounts | 20% Customized mandates managed for institutions and asset allocators. |
| Retirement and Intermediary Solutions | 20% SMAs, UMAs, wrap programs, VIPs, and retirement platform offerings. |
| Other Investment Vehicles | 10% 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...
Dependence on third-party distributors
The firm relies on intermediaries, consultants, and platforms to reach investors.
- Scope
- Victory Funds and VictoryShares distribution
- Materiality
- 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
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
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
: 29.4.2026