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Victory INCORE Investment Grade Convertible Fund
  • The strategy is primarily invested in investment-grade convertible securities with options exchangeable into common stock.  Our essential differentiating risk parameter is the portfolio’s   overall credit quality must maintain an investment grade rating and the portfolio’s non-investment grade holdings are limited to a maximum of 20%.
  • The team uses bottom-up fundamental analysis to identify opportunities in U.S. convertibles where the issuing company exhibits strong fundamental credit quality, balanced with potential long-term capital appreciation.
  • The team seeks to provide a superior level of current income and long-term capital appreciation by balancing three broad categories of convertible securities — equity sensitive, total return and defensive.
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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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Quality Structure

Investment Approach 

 

The Victory INCORE Investment Grade Convertible fund’s approach is centered on bottom up research and has remained consistent over the last 25 years.  The objective is to provide a high level of current income together with long-term capital appreciation and achieve superior risk-adjusted returns over full market cycles utilizing high quality convertible securities.  We seek to invest in convertible securities which possess: 1)strong underlying equity potential, 2)solid fixed income fundamentals, and 3)compelling convertible characteristics.  Our performance goal is to outperform the ICE BofAML Investment Grade US Convertible 5% Constrained Index (VX5C).   

 

Philosophy & Process   

 

We screen all US convertible securities including bonds and preferred securities.  The convertible valuation process focuses on the intrinsic value of the underlying common stock, the fixed income component and the convertible security itself.   Additional risk control is provided by focusing on high credit quality securities and by constructing portfolios that focus on providing balance between the 3 broad categories of convertibles – equity sensitive, total return, and defensively structured convertibles. 

Management Team

Edward Goard
Edward Goard

Chief Investment Officer – INCORE Capital Management

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