Victory Market Neutral Income Fund
Victory Portfolios II · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Gross | Net |
|---|---|---|
| CBHAX | 0.76% | 0.76% |
| CBHCX | 1.77% | 1.51% |
| CBHIX | 0.58% | 0.41% |
| CBHMX | 0.74% | 0.56% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 60.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 48.0% |
| Financials | 12.0% |
| Utilities | 11.1% |
| Energy | 5.4% |
| 10 smaller | 23.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: NASDAQ 100 E MINI FUTURE SEP26, S P 500 EMINI FUTURE SEP26, USB, SINGAPORE AIRLINES LIMITED, RUSSELL 2000 MINI INDEX FUTURE SEP26, BANCA MEDIOLANUM SPA, RRR, Companhia Paranaense de Energia - Copel
Largest exited: NASDAQ 100 E MINI FUTURE JUN26, S P 500 EMINI FUTURE JUN26, MINI MSCI EMERGING MARKETS INDEX FUTURE JUN26, Endesa, Sociedad Anonima, Banco do Brasil S.A, GOLAR LNG LIMITED, BOC HONG KONG (HOLDINGS) LIMITED, OVERSEA-CHINESE BANKING CORPORATION LIMITED
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +9.43% | +22.17% | +24.69% | 3.73% | -3.16% | |
| +8.56% | +19.53% | +20.20% | 3.83% | -3.36% | |
| +9.81% | +23.42% | +26.91% | 3.87% | -3.06% | |
| +9.64% | +23.03% | +26.05% | 3.86% | -3.12% |
These classes hold the same portfolio, so the 6.71pp spread over 5 years is the cost difference between them — roughly 1.34pp a year — not a difference in what they own.
May 2026 and Jun 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.
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
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | NASDAQ 100 E MINI FUTURE SEP26 | 1.38% | — | $45.14M | — |
| — | ORLEN SPOLKA AKCYJNA | 0.55% | $33.64 | $17.82M | 529.7K |
| NJR | NEW JERSEY RESOURCES CORPORATIONNJR | 0.53% | $56.04 | $17.17M | 306.5K |
| — | AMBEV S.A. | 0.52% | $3.16 | $17.00M | 5.4M |
| — | SCB X PUBLIC COMPANY LIMITED | 0.49% | $4.47 | $16.07M | 3.6M |
| — | BB Seguridade Participacoes S.A. | 0.47% | $7.59 | $15.33M | 2.0M |
| POR | PORTLAND GENERAL ELECTRIC COMPANYPOR | 0.47% | $51.83 | $15.19M | 293.0K |
| — | TAIWAN MOBILE CO., LTD. | 0.46% | $3.66 | $14.97M | 4.1M |
| — | POSTE ITALIANE - SOCIETA PER AZIONI | 0.45% | $32.73 | $14.73M | 450.0K |
| AWR | AMERICAN STATES WATER COMPANYAWR | 0.44% | $82.63 | $14.44M | 174.8K |
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.
Top 10 positions are 5.75% of net assets, top 25 11.90%, across 433 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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