Victory Pioneer CAT Bond Fund
Victory Portfolios IV · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| ACBAX | 1.83% | 1.70% |
| ACBKX | 1.31% | 1.31% |
| CBYYX | 1.44% | 1.44% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 11.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: United States of America ×2, TOMTIT RE 2026, GAMBOGE RE 2025, CAPE LOOKOUT RE LTD, PALM RE LTD, SANDERS RE III LTD, ADARE RE 2025 2
Largest exited: Dreyfus Government Cash Management, TOMTIT RE 2026, GAMBOGE RE 2025, LIGHTNING RE SERIES 2023, PI0059-Kettering, CAPE LOOKOUT RE LTD, PI0051-CHELTENHAM RE 2025, ADARE RE 2026
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 |
|---|---|---|---|---|---|
| +10.40% | — | — | 2.16% | — | |
| +10.84% | — | — | 2.15% | — | |
| +10.77% | — | — | 2.16% | — |
These classes hold the same portfolio, so the 0.44pp spread over 1 year is the cost difference between them — roughly 0.44pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Foundation Re IV Ltd.7.19% floating · due 2034-01-05 | 2.96% | $60.16M | — |
| — | BRIDGE STREET RE LTD11.44% floating · due 2032-01-07 | 2.54% | $51.64M | — |
| — | United States of America0.00% · due 2026-06-04 | 2.21% | $44.85M | — |
| — | United States of America0.00% · 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 LIMITED6.94% 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 LIMITED13.94% floating · due 2029-12-06 | 1.34% | $27.17M | — |
| — | Ursa Re II Ltd.8.51% floating · due 2029-12-07 | 1.22% | $24.79M | — |
Top 10 positions are 19.38% of net assets, top 25 32.66%, across 161 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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