Victory Pioneer Multi-Asset Income Fund
Victory Portfolios IV · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Victory Pioneer Multi-Asset Income Fund is a moderate allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
Fund profile
As filed in the prospectus · 2025 Q4
The Victory Pioneer Multi-Asset Income Fund (the Fund) seeks a high level of current income.
The fund seeks high current income by investing across a broad range of debt and equity securities globally, including emerging markets, with no fixed allocation between asset classes. The adviser selects securities based on income prospects relative to perceived risk, favoring undervalued opportunities and considering factors such as yield, credit quality, earnings sustainability, and competitive position. The fund may invest without limit in below-investment-grade debt, mortgage-backed securities, equity-linked notes, and derivatives, and may allocate up to 30% of assets to emerging markets. Because the fund's debt and equity allocations shift based on the adviser's assessment of market conditions and individual security attributes, portfolio composition and risk exposure may change substantially over time.
| Share class | Gross | Net |
|---|---|---|
| PMACX | 1.61% | 1.61% |
| PMFKX | 0.55% | 0.55% |
| PMFYX | 0.66% | 0.65% |
| PMAIX | 0.85% | 0.84% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 62.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 46.10% |
| Bonds | 30.00% |
| Securitized | 20.26% |
| Cash & short-term | 2.38% |
| Loans | 0.09% |
| Derivatives | -0.39% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, one or more quarters before the direct holdings (2026Q2).
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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 31.9% |
| Securitized | 18.8% |
| Other | 13.9% |
| Financials | 10.5% |
| 11 smaller | 24.9% |
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
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 |
|---|---|---|---|---|---|
| +21.06% | — | — | 6.39% | — | |
| +22.32% | — | — | 6.32% | — | |
| +22.19% | — | — | 6.46% | — | |
| +22.01% | — | — | 6.46% | — |
These classes hold the same portfolio, so the 1.26pp spread over 1 year is the cost difference between them — roughly 1.26pp 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.
| Fixed rate | 72.8% |
| Zero-coupon or unclassified | 22.5% |
| Floating rate | 4.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 50.6% |
| 1-3y | 2.4% |
| 3-5y | 2.2% |
| 5-10y | 2.1% |
| 10y+ | 42.7% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 52% |
| Interest rates | 48% |
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 | +1.18 yr |
| High yield | +0.04 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 | 0.04 yr | 3% |
| 1 yr | 0.13 yr | 11% |
| 5 yr | 0.24 yr | 22% |
| 10 yr | 0.49 yr | 44% |
| 30 yr | 0.22 yr | 20% |
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.11 yr | 9% |
| 5 yr | 0.28 yr | 23% |
| 10 yr | 0.54 yr | 44% |
| 30 yr | 0.28 yr | 23% |
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 | +0.04 | +0.01 | +0.00 | $6.8k | $287 |
| 1 yr | +0.13 | +0.11 | +0.01 | $91.1k | $6.0k |
| 5 yr | +0.24 | +0.26 | +0.01 | $224.2k | $10.0k |
| 10 yr | +0.49 | +0.53 | +0.02 | $446.2k | $13.0k |
| 30 yr | +0.22 | +0.28 | +0.00 | $234.8k | $2.5k |
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 1.12 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 | Reported price | Value | Shares |
|---|---|---|---|---|---|
| BAC | BANK OF AMERICA CORPORATIONBAC | 4.76% | $53.46 | $404.01M | 7.6M |
| — | Samsung Electronics Co., Ltd. | 1.82% | $148.67 | $154.67M | 1.0M |
| — | SANOFI SA | 1.75% | $93.68 | $148.86M | 1.6M |
| BMY | BRISTOL-MYERS SQUIBB COMPANYBMY | 1.54% | $60.59 | $130.24M | 2.1M |
| ES | Eversource EnergyES | 1.53% | $70.70 | $129.67M | 1.8M |
| — | Grupo Financiero Banorte, S.A.B. de C.V. | 1.33% | $10.86 | $112.97M | 10.4M |
| USB | U.S. BANCORPUSB | 1.27% | $56.66 | $107.82M | 1.9M |
| RF | REGIONS FINANCIAL CORPORATIONRF | 1.26% | $28.55 | $106.97M | 3.7M |
| SHEL | SHELL PLCSHEL | 1.23% | — | $104.18M | — |
| CSCO | CISCO SYSTEMS, INC.CSCO | 1.14% | $91.50 | $97.04M | 1.1M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 17.64% of net assets, top 25 31.09%, across 256 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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