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Victory Global Natural Resources Fund
  • The Fund seeks to provide long-term capital appreciation by investing in companies operating in natural resources industries, such as mining and energy
  • The team analyzes companies at the project level to discover “advantaged assets,” low-cost producers of a given commodity that the adviser believes can achieve higher returns on capital relative to their cost of capital and the returns of other producers.
  • The Fund may invest in issuers based anywhere in the world, and normally will invest in companies located in at least three countries, which may include the U.S.
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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.

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

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

Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year. Class C at load for periods less than 1 year reflect the effect of the 1.00% CDSC.

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 April 30, 2021.

High, double-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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Characteristics

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Sector Diversification

Fees and Expenses

We are committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

Annual Fund Operating Expenses of the member shares of the Fund are listed below. The Expense Calculator is provided to help you assess the impact of operating expenses on the Fund’s potential returns.  The calculator allows you to assume that you have made a hypothetical investment of any amount for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and, for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses. Your actual costs may be higher or lower.

Fees and Expenses

We are committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

Annual Fund Operating Expenses of the Class A, C, R, R6, Y, and member shares of the Fund (as applicable) are listed below.  (Use the button at the top of this page to select the share class you wish to view.)  The Expense Calculator allows you to assume that you have made a hypothetical investment of any amount for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and, for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses. Your actual costs may be higher or lower.

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Investment Approach 

 

The Victory Global Natural Resources Fund is sub-advised by SailingStone Capital Partners LLC. The management team seeks to provide long-term capital appreciation, by investing in companies believed to have the ability to compound economic value for their shareholders. SailingStone conducts fundamental analysis focused on the following factors: supply cost curve of a given commodity, asset location along that curve to identify “advantaged assets,” inventory of future projects which provide the basis for future value creation management team quality to determine capital allocation discipline and history of value creation, and country risk. “Advantaged assets” are the low cost producers of a given commodity that SailingStone believes offer a competitive advantage in the form of achieving higher returns on capital relative to their cost of capital and the returns of other producers. The investment team uses a long term time horizon when evaluating investment opportunities, and the portfolio is intended to represent a broad array of commodities in a concentrated, high conviction strategy. 

 

Philosophy & Process 

 

Apply a Unique Analytical Lens. The investment team studies companies at the project level, using a long-term, private equity-like approach. The team believe that cumulative knowledge, established over years of site visits and analysis across numerous commodities, is the foundation of their  long-term returns. 

 

Exploit Market Inefficiencies. Although stocks and the underlying commodities are highly correlated over short periods of time, changes in commodity prices are difficult to predict. Rather than speculate on a source of returns related to changes in commodity prices, the investment team focuses on company-specific value creation, which the team believes to be a meaningful and less correlated source of returns over longer periods. The team seeks to take advantage of market volatility, establishing ownership positions in targeted companies when they believe the risk of capital impairment is low and when the expected future value creation is not reflected in the share price. The typical investment horizon is at least 3-5 years, reflecting the durable nature of portfolio companies' competitive advantages. 

 

Invest Counter-Cyclically. The investment team believes the most attractive investment opportunities typically arise when the market is concerned about the short-term outlook for a commodity. In a highly volatile and deeply cyclical space, the team adheres to the value investing tenet "the time is right when the price is right." Thus, portfolio allocation and investment results will vary meaningfully from an index or the market. The objective is to generate superior long-term returns, which the team believes is best achieved by investing counter-cyclically. 

Management Team

Carefully consider a fund's investment objectives, risks, charges and expenses before investing. Download a prospectus or summary prospectus containing this and other important information. Read it carefully before investing.

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

International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

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.

Investments in companies in natural resources industries may involve risks including changes in commodities prices, changes in demand for various natural resources, changes in energy prices, and international political and economic developments. 

Investments in small- and mid-cap companies typically exhibit higher volatility.

The Fund is non-diversified, which means that it may invest a large portion of its assets in a small number of issuers. Non-diversified funds may be more susceptible to economic or credit risks than diversified funds.

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 MSCI World Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. Constituents are selected from the equity universe of MSCI World, the parent index, which covers large- and mid-cap securities across developed markets.

SailingStone Capital Partners LLC is the subadviser to the Fund.  The Fund is distributed by Victory Capital Services, Inc. (“VCS”). Victory Capital Management Inc. ("VCM"), an affiliate of VCS, is the investment advisor to the Fund. Neither VCS nor VCM are affiliated with SailingStone Capital Partners LLC.

©2020 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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©2021 Victory Capital Management Inc.