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Victory INCORE Fund for Income
 
  • We strive to provide a high level of current income while preserving capital by investing primarily in securities backed by the 100% full faith and credit of the U.S. government.
  • Our team seeks borrowers making above-market payments who have proven either unable or unwilling to refinance efficiently.  This drives our goal of high, reliable income.
  • Our strategy aims to outperform the Bloomberg Barclays U.S. 1-5 Year Government Bond Index over a full market cycle with less risk by investing in securities with above-average yield and below-average prepayment sensitivity.
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Summary prospectus, prospectus, annual and semi-annual reports, and SAI

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What are risk measures?

Risk Measures

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Characteristics

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Duration Schedule

Quality Structure (%) ( As of 06/30/2020)

Quality Structure
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Full Faith and Credit

GNMA securities are backed by the same full faith and credit guarantee offered by U.S. Treasury securities which is an unconditional commitment to pay interest and principal on debt. This guarantee applies only to the underlying securities in the Fund and not to the Victory Fund for Income.

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Investment Approach 
 
The Victory INCORE Fund for Income fund seeks to provide a high level of current income, consistent with the preservation of investors’ capital, by investing primarily in securities issued by the U.S. Government and its agencies or instrumentalities. Our performance goal is to outperform the Bloomberg Barclays 1-5 Year U.S. Government Bond Index over a full market cycle with less risk. 
 
Philosophy & Process 
 
To provide a high level of current income, consistent with the preservation of investors’ capital, we focus on seasoned GNMA mortgage loans backed by the full faith and credit of the U.S. Government. We believe the bond market in general, and this niche segment in particular, is inherently inefficient due to market segmentation, imperfect information, and over-the-counter trading. This inefficiency creates opportunity which we seek to capitalize on in large part by conducting fundamental, bottom up analysis. We purchase securities with above average yield and below average prepayment sensitivity, resulting in holdings that are biased toward stability of cash flows. 

Management Team

Heidi Adelman
Heidi Adelman

Chief Investment Officer,Short Government Portfolio Manager

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