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Victory Floating Rate Fund
  • Floating rate investments are debt obligations of companies that have interest rates that adjust or “float” periodically, normally on a daily, monthly, quarterly, or semiannual basis based on a lending rate (such as LIBOR) plus a premium.
  • The Fund’s floating rate loan investments are expected to be senior in the capital structure, although the Fund may invest in other types of loans. 

Risk Measures

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Top 10 Holdings

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Sector Diversification

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Quality Structure

Investment Approach 

The Fund’s management team seeks to provide higher current income than most short-term investments available to retail investors, while also providing some protection from rising interest rates and inflation by investing primarily in floating rate bank loans. Loans have adjustable rates, are secured by liens on assets, and are senior to bonds and other unsecured claims. The Fund may also hold select bonds and other floating rate investments of domestic or foreign issuers. The Fund’s holdings are typically U.S.-based and below investment grade. The Fund’s benchmark is the S&P/LSTA Leveraged Loan Index. 

Philosophy and Process

The investment team focuses on rigorous fundamental research that includes macroeconomic, company-specific and deal-specific factors.  The team researches the issuer, the assets backing each loan, and each loan’s structure and terms. We take a risk-conscious fundamental value approach that evaluates potential returns relative to risk. The Fund invests selectively and with conviction, holding a relatively small number of investments that our experienced, specialized leveraged credit analysts and portfolio managers know in depth. Concentration risks are mitigated by investing mostly in large, liquid loan deals, maintaining firm sell discipline and holding bonds, which typically are more liquid than loans. 

Management Team