Victory Pioneer Multi-Asset Income Fund
Moderate allocation fund
As of its 2026 Q2 report, Victory Pioneer Multi-Asset Income Fund held 593 positions with $8.48B in net assets. Its ten largest holdings made up 17.6% of the fund. The PMACX share class costs 1.61% a year. Over the 12 months to May 2026, PMACX returned 16.4%, with dividends reinvested. In 2026 Q3 it added 72 new positions and exited 80.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
4.76% | $404.01M | 7.6M | $53.46 | |
Samsung Electronics Co., Ltd. | 1.82% | $154.67M | 1.0M | $148.67 |
SANOFI SA | 1.75% | $148.86M | 1.6M | $93.68 |
1.54% | $130.24M | 2.1M | $60.59 | |
1.53% | $129.67M | 1.8M | $70.70 | |
Grupo Financiero Banorte, S.A.B. de C.V. | 1.33% | $112.97M | 10.4M | $10.86 |
USBU.S. BANCORP | 1.27% | $107.82M | 1.9M | $56.66 |
1.26% | $106.97M | 3.7M | $28.55 | |
SHELSHELL PLC | 1.23% | $104.18M | — | — |
1.14% | $97.04M | 1.1M | $91.50 |
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.
The 200 largest of 593 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%.
| 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.
By sector
- International
- 27.6%
- Other
- 18.5%
- Securitized
- 16.7%
- Financials
- 11.5%
- 11 other sectors
- 25.6%
- International
- 27.6%
- Other
- 18.5%
- Securitized
- 16.7%
- Financials
- 11.5%
- Information Technology
- 7.5%
- Government
- 4.0%
- Energy
- 3.3%
- Health Care
- 3.0%
- Utilities
- 2.3%
- Industrials
- 2.1%
- Communication Services
- 1.0%
- Consumer Discretionary
- 0.9%
- Real Estate
- 0.8%
- Materials
- 0.4%
- Consumer Staples
- 0.2%
How it has done
PMACX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.79%. 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 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.61% | +16.40% | — | — | — | |
| 0.55% | +17.50% | — | — | — | |
| 0.65% | +17.41% | — | — | — | |
| 0.84% | +17.16% | — | — | — |
These classes hold the same portfolio, so the 1.09pp spread over 1 year is the cost difference between them — roughly 1.09pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.55% – 1.61%· PMACX 1.61%
- Portfolio turnover
- 62.00% a year · as of 2025 Q4
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.
72 new· the largest 7
80 exited· the largest 7
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.
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.
Understand how this fund fits with the rest.
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