Target Retirement 2020 Fund
Data updated: 2020-11-20
C000066374 — Target Retirement 2020 Fund. Target Date / Glide Path Allocation · $511.37M AUM. Holdings, fees, performance and SEC filings.
C000066374 Fund Overview
Target Retirement 2020 Fund is a US mutual fund managed by Victory Portfolios III, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Victory Portfolios III
- Category: Target Date / Glide Path Allocation
- Assets under management: $511.37M
- 1-year return: 6.2%
- SEC CIK: 0000908695
- SEC series ID: S000022884
- Share class ID: C000066374
C000066374 Investment Objective and Strategy
Target Retirement 2020 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Victory Portfolios III.
Investment objective
The USAA Target Retirement 2020 Fund (the Fund) provides capital appreciation and current income consistent with its current investment allocation.
Principal investment strategy
"The Fund invests in a selection of USAA mutual funds and exchange-traded funds (ETFs) (underlying USAA Funds) in a manner consistent with its current asset allocation as depicted in the ""lifestyle transition path,"" based on the years left until retirement. The lifestyle transition path depicts how the asset allocation strategy shifts the Fund's assets among asset classes as the Fund becomes more conservative over time. The lifestyle transition path reflects the need for reduced investment risks and lower volatility as retirement approaches. The Fund's asset allocation strategy is designed for investors planning to start withdrawing funds for retirement in or within a few years of the Fund's specific target date (2020). In general, the Fund's asset allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65.
However, the Fund should not be selected solely on the basis of an investor's age or the target date. The Fund does not provide guaranteed income for retirement. Although the underlying USAA Funds are categorized generally as equity investments (equity securities or alternative asset classes) or fixed-income investments, many of these underlying USAA Funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying USAA Funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund's portfolio will be rebalanced on a regular basis, taking into account transaction costs.
We may adjust the Fund's actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. It is currently anticipated that at its target date, the Fund's target asset allocation will consist of approximately 35% of the Fund's net assets allocated to equity investments; and approximately 65% of the Fund's net assets allocated to fixed-income investments. The Fund's target asset allocation will not change after the target date has been reached unless approved by the Fund's Board of Trustees (Board)."
C000066374 Holdings
Top 10 holdings of Target Retirement 2020 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares | 25.21% |
| USAA Mutual Funds Trust: Income Fund; Institutional Class Shares | 15.91% |
| USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares | 13.90% |
| USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares | 8.66% |
| USAA Mutual Funds Trust: Target Managed Allocation Fund | 7.71% |
| Victory Portfolios II: VictoryShares USAA MSCI USA Value Momentum ETF | 3.62% |
| Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares | 3.19% |
| Victory Portfolios II: VictoryShares USAA MSCI International Value Momentum ETF | 2.57% |
| USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares | 2.42% |
| Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares | 2.11% |
C000066374 Portfolio Allocation
Asset-class allocation of Target Retirement 2020 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Other | 99.6% |
C000066374 Performance
Total returns for C000066374 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 6.2% |
C000066374 Risk Information
Risk metrics for C000066374, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.2%
C000066374 Costs and Fees
C000066374 costs about $57 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.57%
- Gross expense ratio: 0.57%
- Portfolio turnover: 20%
- Brokerage commissions: 0.23 bps of average net assets (SEC N-CEN)
C000066374 Cashflows
Over the 12 months to 2020-09, Target Retirement 2020 Fund had net inflows of $233.15M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-09 | $11.50M |
| 2020-08 | $11.81M |
| 2020-07 | $18.53M |
| 2020-06 | $14.15M |
| 2020-05 | $14.11M |
| 2020-04 | $11.80M |
C000066374 Debt Constituents
No individual debt constituents are reported in Target Retirement 2020 Fund's latest SEC N-PORT filing.
C000066374 Prospectus and SEC Filings
Official Target Retirement 2020 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-18
- Prospectus (485BPOS) — filed 2019-05-09
- Prospectus supplement (497) — filed 2019-07-18
- Portfolio holdings (N-PORT) — filed 2020-11-20
- Portfolio holdings (N-PORT) — filed 2020-08-26
- Portfolio holdings (N-PORT) — filed 2020-05-28
- Annual census (N-CEN) — filed 2020-03-16
- Annual census (N-CEN) — filed 2019-03-15
Related Funds
Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.