Victory Growth Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Victory Growth Fund held 81 positions with $2.43B in net assets. Its ten largest holdings made up 56.6% of the fund. The USAAX share class costs 0.89% a year. Over the 12 months to May 2026, USAAX returned 22.5%, with dividends reinvested. In 2026 Q3 it added 6 new positions and exited 8.
The Victory Growth Fund (the Fund) seeks long-term growth of capital.
The fund invests in a diversified portfolio of equity securities selected by multiple managers for growth potential, with up to 20% of assets allocated to foreign securities including emerging markets. Because security selection depends on the managers' assessments of growth prospects, fund holdings will differ from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
13.74% | $334.24M | 1.7M | $199.57 | |
6.21% | $150.96M | 370.2K | $407.78 | |
AMZNAMAZON.COM, INC. | 6.12% | $148.85M | 561.6K | $265.06 |
5.26% | $127.92M | 209.1K | $611.91 | |
GOOGLALPHABET INC. | 5.07% | $123.28M | 320.4K | $384.80 |
AAPLAPPLE INC. | 4.78% | $116.36M | 428.8K | $271.35 |
GOOGALPHABET INC. | 4.21% | $102.42M | 268.2K | $381.94 |
TSLATESLA, INC. | 4.08% | $99.31M | 260.2K | $381.63 |
3.81% | $92.75M | 281.2K | $329.84 | |
NFLXNETFLIX, INC. | 3.28% | $79.77M | 852.1K | $93.61 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 81 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 96.61% |
| Other | 2.71% |
| Cash & short-term | 0.08% |
By sector
- Information Technology
- 42.1%
- Communication Services
- 17.3%
- Consumer Discretionary
- 12.3%
- Health Care
- 7.8%
- 6 other sectors
- 20.5%
- Information Technology
- 42.1%
- Communication Services
- 17.3%
- Consumer Discretionary
- 12.3%
- Health Care
- 7.8%
- Industrials
- 7.4%
- Financials
- 7.0%
- International
- 2.9%
- Consumer Staples
- 2.7%
- Energy
- 0.3%
- Cash
- 0.2%
How it has done
USAAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 16.87%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.89% | +22.46% | +91.21% | +81.45% | -12.51% | |
| 0.91% | +22.42% | +91.03% | +81.39% | -12.52% |
These classes hold the same portfolio, so the 0.06pp spread over 5 years is the cost difference between them — roughly 0.01pp a year — not a difference in what they own.
Fees & fund details
Victory Growth Fund is an actively managed U.S. equity fund. 29% of USAAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.89% – 0.91%· USAAX 0.89%
- Portfolio turnover
- 22.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
6 new
8 exited
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Understand how this fund fits with the rest.
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