Victory Market Neutral Income Fund
Actively managed global stock fund
As of its 2026 Q2 report, Victory Market Neutral Income Fund held 433 positions with $3.27B in net assets. Its ten largest holdings made up 5.7% of the fund. The CBHAX share class costs 0.76% a year. Over the 12 months to May 2026, CBHAX returned 8.9%, with dividends reinvested. In 2026 Q2 it added 36 new positions and exited 36.
The Victory Market Neutral Income Fund's (the Fund) objective is high current income.
The fund seeks high current income by holding long positions in dividend-paying equities while using short equity index futures and ETFs to hedge market risk, creating a market-neutral portfolio. Because the fund relies on futures positions to offset equity exposure, divergence between those hedges and the fund's long holdings could leave the fund exposed to market movements.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NASDAQ 100 E MINI FUTURE SEP26 | 1.38% | $45.14M | — | — |
ORLEN SPOLKA AKCYJNA | 0.55% | $17.82M | 529.7K | $33.64 |
0.53% | $17.17M | 306.5K | $56.04 | |
AMBEV S.A. | 0.52% | $17.00M | 5.4M | $3.16 |
SCB X PUBLIC COMPANY LIMITED | 0.49% | $16.07M | 3.6M | $4.47 |
BB Seguridade Participacoes S.A. | 0.47% | $15.33M | 2.0M | $7.59 |
0.47% | $15.19M | 293.0K | $51.83 | |
TAIWAN MOBILE CO., LTD. | 0.46% | $14.97M | 4.1M | $3.66 |
POSTE ITALIANE - SOCIETA PER AZIONI | 0.45% | $14.73M | 450.0K | $32.73 |
0.44% | $14.44M | 174.8K | $82.63 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 433 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 | 89.09% |
| Cash & short-term | 1.08% |
| Derivatives | 0.71% |
| Other | 0.59% |
These positions come to 91.47% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 47.9%
- Financials
- 12.0%
- Utilities
- 11.1%
- Energy
- 5.6%
- 10 other sectors
- 23.4%
- International
- 47.9%
- Financials
- 12.0%
- Utilities
- 11.1%
- Energy
- 5.6%
- Consumer Staples
- 5.4%
- Consumer Discretionary
- 4.5%
- Industrials
- 4.0%
- Health Care
- 2.6%
- Other
- 1.8%
- Materials
- 1.6%
- Communication Services
- 1.4%
- Cash
- 1.2%
- Information Technology
- 0.8%
- Government
- 0.1%
How it has done
CBHAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.71%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is 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 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.76% | +8.94% | +22.63% | +24.30% | -3.16% | |
| 1.51% | +8.20% | +20.01% | +19.83% | -3.36% | |
| 0.41% | +9.33% | +24.03% | +26.52% | -3.06% | |
| 0.56% | +9.16% | +23.50% | +25.52% | -3.12% |
These classes hold the same portfolio, so the 6.69pp spread over 5 years is the cost difference between them — roughly 1.34pp a year — not a difference in what they own.
Fees & fund details
Victory Market Neutral Income Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.41% – 1.51%· CBHAX 0.76%
- Portfolio turnover
- 60.00% a year · as of 2025 Q4
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.
36 new· the largest 8
36 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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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