Victory Pioneer Bond Fund
Victory Portfolios IV · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Victory Pioneer Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Victory Pioneer Bond Fund (the Fund) seeks current income and total return.
The fund seeks current income and total return by investing primarily in bonds, with up to 20% of assets in non-U.S. securities and up to 5% in emerging market securities.
| Share class | Gross | Net | As of |
|---|---|---|---|
| PBFRX | 1.10% | 1.11% | 2025 Q1 |
| PICYX | 0.47% | 0.47% | 2025 Q1 |
| PBFKX | 0.36% | 0.36% | 2025 Q1 |
| PIOBX | 0.81% | 0.81% | 2025 Q1 |
| PCYBX | 1.45% | 1.46% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 44.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 60.23% |
| Securitized | 40.18% |
| Cash & short-term | 1.99% |
| Stocks | 0.44% |
| Loans | 0.05% |
| Derivatives | -0.19% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
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
| Securitized | 40.9% |
| Government | 17.6% |
| International | 13.4% |
| Financials | 9.1% |
| 11 smaller | 18.9% |
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: United States of America ×2, Federal National Mortgage Association ×5, Freddie Mac
Largest exited: United States of America ×3, Federal National Mortgage Association ×5
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 |
|---|---|---|---|---|---|
| +4.71% | — | — | 3.58% | — | |
| +5.34% | — | — | 3.68% | — | |
| +5.47% | — | — | 3.58% | — | |
| +5.02% | — | — | 3.64% | — | |
| +4.37% | — | — | 3.59% | — |
These classes hold the same portfolio, so the 1.11pp spread over 1 year is the cost difference between them — roughly 1.11pp 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
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.0% |
| Floating rate | 9.6% |
| Zero-coupon or unclassified | 4.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.3% |
| 1-3y | 4.6% |
| 3-5y | 16.0% |
| 5-10y | 24.8% |
| 10y+ | 51.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 62% |
| Credit spreads | 38% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.59 yr |
| High yield | +0.18 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.68 yr | 11% |
| 5 yr | 2.04 yr | 33% |
| 10 yr | 2.40 yr | 38% |
| 30 yr | 1.13 yr | 18% |
3 mo is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.40 yr | 11% |
| 5 yr | 1.34 yr | 36% |
| 10 yr | 1.57 yr | 42% |
| 30 yr | 0.45 yr | 12% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.03 | +0.01 | +0.00 | $6.8k | $473 |
| 1 yr | +0.68 | +0.36 | +0.03 | $193.2k | $17.4k |
| 5 yr | +2.04 | +1.24 | +0.10 | $655.8k | $54.4k |
| 10 yr | +2.40 | +1.53 | +0.04 | $808.6k | $22.5k |
| 30 yr | +1.13 | +0.44 | +0.00 | $235.2k | $1.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States of America4.38% · due 2043-08-15 | 2.42% | $128.18M | — |
| — | United States of America0.00% · due 2026-07-28 | 2.26% | $119.67M | — |
| — | BANK OF AMERICA | 1.99% | $105.29M | — |
| — | United States of America4.13% · due 2036-02-15 | 1.93% | $101.95M | — |
| — | Federal National Mortgage Association5.00% · due 2055-08-25 | 1.84% | $97.46M | — |
| — | United States of America4.00% · due 2031-01-31 | 1.42% | $75.34M | — |
| — | Federal National Mortgage Association4.50% · due 2055-08-25 | 1.28% | $67.96M | — |
| — | United States of America4.63% · due 2045-11-15 | 1.20% | $63.59M | — |
| — | Federal National Mortgage Association5.50% · due 2041-07-25 | 1.19% | $62.98M | — |
| — | United States of America3.63% · due 2053-02-15 | 1.11% | $58.68M | — |
Top 10 positions are 16.64% of net assets, top 25 28.15%, across 480 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.
Sign in free