MICYX
Victory Trivalent International Fund - Core Equity
Victory Portfolios
Expense ratio1
0.70%
Net assets2
$287.65M
Holdings2
202
Category
International Equity
2025 return3
37.18%

Investment objective & strategy

As of Oct. 24, 2025 · prospectus

Objective. The Victory Trivalent International Fund Core Equity (the Fund) seeks to provide long-term growth of capital.

Strategy. The Adviser pursues the Fund's investment objective by investing primarily in securities of companies in countries represented in the MSCI ACWI ex USA Index (Index), but also may invest in companies from other countries. Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities. The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing (RI) profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, … The Adviser pursues the Fund's investment objective by investing primarily in securities of companies in countries represented in the MSCI ACWI ex USA Index (Index), but also may invest in companies from other countries. Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities. The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing (RI) profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process. The Fund's investment allocation to countries and sectors tends to approximate the country and sector allocations of the Index, which may focus its exposure in one or more countries, regions, or sectors. The Index captures large- and mid-cap representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. The Index covers approximately 85% of the global equity opportunity set outside the United States. The Fund normally invests in a minimum of 10 countries. There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund's investments may include small-, mid-, and large-capitalization companies.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
TSMC $10.93M 3.80%
ASML Holding NV $5.64M 1.96%
Novartis AG (Registered) NVSEF $4.92M 1.71%
SK HYNIX INC $4.76M 1.66%
ASTRAZENECA PLC $4.30M 1.49%
BANCO SANTANDER SA $3.74M 1.30%
SAMSUNG ELECTRONICS CO LTD $3.30M 1.15%
TENCENT HOLDINGS LTD $3.29M 1.14%
SIEMENS ENERGY AG $3.26M 1.13%
STANDARD CHARTER $3.21M 1.11%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
21
Exited
23
Increased
164
Decreased
15
Unchanged
6

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
Victory International Fund · USIFX, UIIFX, URITX 40% 0.61%
Calvert International Responsible Index Fund · CDHAX, CDHIX, CDHRX 33% 0.26%
Calvert International Responsible Index ETF · CVIE 32% 0.18%
View all similar funds →

Advisers

As of June 30, 2025 · N-CEN
FirmRole
Victory Capital Management Inc. Adviser

Footnotes

  1. Expense ratio as of October 24, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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