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Victory THB US Small Opportunities Fund
  • The fund seeks capital appreciation by utilizing a bottom-up approach.
  • The team focuses primarily on companies within the Russell Microcap Index that they believe are trading below their instrinsic value and have solid operating metrics.
  • The team's investment philosophy fully integrates environmental, social, and governance ("ESG") factors into its established quality assessment framework.

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Past performance does not guarantee future results. The performance quoted represents past performance and current performance may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

Performance information for the Fund prior to May 1, 2021 reflects the historical performance of THB Asset Management MicroCap Fund, a series of Advisors’ Inner Circle Fund, the predecessor fund managed by THB Asset Management, Inc. (the "Predecessor Fund"). The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those expected to be paid by the Fund.

Class A Shares at load reflect a maximum sales charge of 5.75%.

Returns include reinvestment of dividends and capital gains. Performance for periods greater than one year is annualized.

Fee waivers and/or expense reimbursements were in place for some or all periods shown, without which, fund performance would have been lower.

Net expense ratio reflects the contractual waiver and/or reimbursement of management fees through October 31, 2023.

High, double- and triple-digit returns are highly unusual and cannot be sustained. Investors should be aware that these returns were primarily achieved during favorable market conditions.

Calendar year returns are shown at NAV.

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Risk Measures

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Top 10 Holdings

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Characteristics

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Sector Diversification

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Asset Allocation

Investment Approach:

 

The Fund seeks long term capital appreciation by using a disciplined, risk averse, time-tested investment philosophy. We seek to identify and invest Fund assets in equity securities of smaller U.S. companies that, in our opinion, are undervalued in the market.

 

Philosophy & Process:

 

Our bottom up investment approach is “core” in nature and focuses on constructing a portfolio of companies that we feel meet our definition of higher quality, lower risk, and can self-finance their own growth through internally generated cash flow without expensing (i.e. diluting via share issuances or increased debt levels) us as equity owners. These companies typically have strong management teams, trade below their intrinsic value, and possess the ability to potentially generate superior operating metrics.

Management Team

Chris Cuesta
Christopher Cuesta, CFA

Chief Investment Officer

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Portfolio Manager
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Carefully consider a fund's investment objectives, risks, charges and expenses before investing. This and other information can be found in the fund's prospectus or, if available, the summary prospectus, which may be obtained by visiting the Mutual Fund and ETF prospectus pages at vcm.com. Read the prospectus carefully before investing.

All investing involves risk, including the potential loss of principal.

Other share classes are available. Not all share classes are available to all investors.

Micro-cap companies are subject to more risk of loss than larger, more established companies. They may have narrower markets and be difficult to buy and sell. Micro-cap companies may have limited markets, products or resources and may experience high failure rates that larger, more seasoned companies.

Investments concentrated in an industry or group of industries may face more risks and exhibit higher volatility than investments that are more broadly diversified over industries or sectors.

Technology companies may be adversely affected by economic downturns, short product cycles, aggressive pricing, market competition and government regulation. 

Investments in companies in the industrials sector may be adversely affected by changes in supply and demand for products and services, governmental regulation and changes spending policies, world events and economic conditions.

The fund is also subject to liquidity risk, which is the risk that the Adviser may not be able to sell certain securities at an advantageous time or price, which may adversely affect the Fund. 

The value of your investment is also subject to geopolitical risks such as wars, terrorism, environmental disasters, and public health crises; the risk of technology malfunctions or disruptions; and the responses to such events by governments and/or individual companies.

The Russell Microcap® Index is a capitalization weighted index of 2,000 stocks that captures the smallest 1,000 companies in the Russell 2000 and 1,000 smaller US based listed stocks. 

Distributed by Victory Capital Services, Inc.

©2022 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar RatingTM for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Fund performance used for the rankings reflects certain fee waivers, without which, Morningstar rankings would have been lower and Morningstar ratings may have been lower.

Not FDIC Insured • May Lose Value • No Bank Guarantee

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©2023 Victory Capital Management Inc.