Victory Pioneer CAT Bond Fund
Actively managed bond fund
As of its 2026 Q2 report, Victory Pioneer CAT Bond Fund held 302 positions with $2.03B in net assets. Its ten largest holdings made up 19.4% of the fund. The ACBAX share class costs 1.7% a year. Over the 12 months to May 2026, ACBAX returned 10.6%, with dividends reinvested. In 2026 Q3 it added 65 new positions and exited 45.
The Victory Pioneer CAT Bond Fund (the Fund) seeks total return.
The fund invests at least 80% of assets in catastrophe bonds and insurance-linked securities, which are structured to transfer insurance risks such as hurricanes, earthquakes, and other natural disasters to capital markets; the adviser selects these securities based on expected loss, probability of occurrence, trigger terms, sponsor quality, and deal structure. Because catastrophe bonds are typically unrated or below investment grade and contingent on the non-occurrence of specified trigger events, the fund may lose principal or forgo interest payments if a trigger event occurs. The fund has no limits on exposure to particular perils or geographic regions, though it may accumulate relatively larger positions in Florida hurricane bonds as a result of market availability.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Foundation Re IV Ltd. 7.19% floating · due 2034-01-05 | 2.96% | $60.16M | — |
BRIDGE STREET RE LTD 11.44% floating · due 2032-01-07 | 2.54% | $51.64M | — |
United States of America 0.00% · due 2026-06-04 | 2.21% | $44.85M | — |
United States of America 0.00% · due 2026-05-19 | 2.16% | $43.92M | — |
Ursa Re II Ltd. 11.26% floating · due 2028-06-07 | 2.04% | $41.49M | — |
Golden Bear Re Ltd. 13.30% floating · due 2029-01-08 | 2.00% | $40.65M | — |
RESIDENTIAL REINSURANCE LIMITED 6.94% floating · due 2029-12-06 | 1.46% | $29.60M | — |
Merna Re Companywide Ltd. 10.69% floating · due 2033-07-07 | 1.44% | $29.30M | — |
RESIDENTIAL REINSURANCE LIMITED 13.94% floating · due 2029-12-06 | 1.34% | $27.17M | — |
Ursa Re II Ltd. 8.51% floating · due 2029-12-07 | 1.22% | $24.79M | — |
The 200 largest of 302 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%.
| Bonds | 98.71% |
| Other | 0.01% |
| Derivatives | -0.04% |
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.
How it has done
ACBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.13%. 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 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.70% | +10.59% | — | — | — | |
| 1.31% | +11.04% | — | — | — | |
| 1.44% | +10.96% | — | — | — |
These classes hold the same portfolio, so the 0.45pp spread over 1 year is the cost difference between them — roughly 0.45pp a year — not a difference in what they own.
Fees & fund details
Victory Pioneer CAT Bond Fund is an actively managed bond fund.
- Asset class
- Bonds
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 1.31% – 1.70%· ACBAX 1.70%
- Portfolio turnover
- 11.00% a year · as of 2026 Q1
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.
65 new· the largest 7
45 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 87.6% |
| Zero-coupon or unclassified | 12.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 8.4% |
| 1-3y | 20.5% |
| 3-5y | 18.9% |
| 5-10y | 51.9% |
| 10y+ | 0.4% |
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
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction 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 | 99% |
| Credit spreads | 1% |
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 | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 3% |
| 1 yr | 0.66 yr | 60% |
| 5 yr | 0.40 yr | 37% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 0.00 yr | 1% |
| 1 yr | 0.01 yr | 60% |
| 5 yr | 0.00 yr | 39% |
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 | +0.00 | +0.00 | $16 | $0 |
| 1 yr | +0.66 | +0.01 | +0.00 | $1.3k | $0 |
| 5 yr | +0.40 | +0.00 | +0.00 | $868 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 1.09 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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