Victory Short-Term Bond Fund
Victory Portfolios III · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Victory Short-Term 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
- Short duration
Fund profile
As filed in the prospectus · 2025 Q3
The Victory Short-Term Bond Fund (the Fund) seeks high current income consistent with preservation of principal.
The fund invests at least 80% of its assets in investment-grade debt securities with a dollar-weighted average maturity of three years or less, including government, mortgage-backed, asset-backed, and corporate obligations. It may hold up to 10% in below-investment-grade securities and up to 20% in foreign debt, including emerging markets. Because security selection depends on credit quality and maturity constraints rather than an index, the fund's composition and returns will differ from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| USSBX | 0.57% | 0.57% |
| UISBX | 0.47% | 0.47% |
| URSBX | 0.33% | 0.33% |
| UASBX | 0.78% | 0.75% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 41.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 62.10% |
| Securitized | 34.60% |
| Cash & short-term | 3.40% |
| Stocks | 0.21% |
| Loans | 0.05% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 34.5% |
| Other | 17.3% |
| Government | 11.4% |
| Financials | 10.9% |
| 12 smaller | 25.8% |
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: ENSTAR FINANCE LLC, GLOBAL PAYMENTS INC., MEDLINE BORROWER, LP, UBS Group AG, KEURIG DR PEPPER INC., STELLANTIS FINANCIAL SERVICES US CORP. ×2, GENUINE PARTS COMPANY
Largest exited: United States of America, Regal Rexnord Corporation, OVINTIV INC., WELLS FARGO & COMPANY, CALPINE CORPORATION, CROWN CASTLE INC., BOSTON PROPERTIES LIMITED PARTNERSHIP, SONOCO PRODUCTS COMPANY.
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 |
|---|---|---|---|---|---|
| +4.39% | +18.50% | +17.44% | 1.11% | -0.48% | |
| +4.62% | +18.87% | +17.96% | 1.25% | -0.50% | |
| +4.75% | +19.36% | +18.79% | 1.32% | -0.57% | |
| +4.22% | +17.87% | +16.34% | 1.14% | -0.50% |
These classes hold the same portfolio, so the 2.45pp spread over 5 years is the cost difference between them — roughly 0.49pp 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 | 96.5% |
| Floating rate | 3.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 11.1% |
| 1-3y | 27.0% |
| 3-5y | 30.9% |
| 5-10y | 16.7% |
| 10y+ | 14.3% |
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 nearly 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 | 52% |
| Credit spreads | 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 | +1.53 yr |
| High yield | +0.19 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 | 0.05 yr | 3% |
| 1 yr | 0.83 yr | 45% |
| 5 yr | 0.91 yr | 49% |
| 10 yr | 0.04 yr | 2% |
| 30 yr | 0.01 yr | 1% |
| 3 mo | 0.05 yr | 3% |
| 1 yr | 0.69 yr | 40% |
| 5 yr | 0.75 yr | 43% |
| 10 yr | 0.15 yr | 9% |
| 30 yr | 0.08 yr | 5% |
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 | +0.05 | +0.05 | +0.01 | $13.2k | $1.8k |
| 1 yr | +0.83 | +0.64 | +0.05 | $174.2k | $13.9k |
| 5 yr | +0.91 | +0.69 | +0.05 | $190.1k | $14.1k |
| 10 yr | +0.04 | +0.11 | +0.04 | $28.8k | $11.4k |
| 30 yr | +0.01 | +0.05 | +0.03 | $12.4k | $9.6k |
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 America4.00% · due 2031-01-31 | 2.04% | $55.94M | — |
| — | United States of America4.13% · due 2030-08-31 | 2.02% | $55.26M | — |
| — | United States of America1.63% · due 2029-08-15 | 1.70% | $46.49M | — |
| — | United States of America0.50% · due 2027-08-31 | 1.57% | $43.05M | — |
| — | United States of America4.00% · due 2028-06-30 | 1.46% | $40.09M | — |
| — | United States of America4.13% · due 2027-11-15 | 0.99% | $27.10M | — |
| — | United States of America3.75% · due 2028-12-31 | 0.76% | $20.91M | — |
| — | DEVON ENERGY CORPORATION5.25% · due 2027-10-15 | 0.49% | $13.33M | — |
| — | AMERICAN EXPRESS COMPANY3.55% · due 2199-12-31 | 0.48% | $13.16M | — |
| — | TEXAS CAPITAL BANCSHARES, INC.4.00% · due 2031-05-06 | 0.48% | $13.13M | — |
Top 10 positions are 11.99% of net assets, top 25 17.29%, across 560 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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