Victory High Yield VIP Series
Data updated: 2025-08-28
C000168426 — Victory High Yield VIP Series. Intermediate Corporate Bond · $17.57M AUM · 0.93% expense ratio. Holdings, fees, performance and SEC filings.
C000168426 Fund Overview
Victory High Yield VIP Series is a US mutual fund managed by Victory Variable Insurance Funds, categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Victory Variable Insurance Funds
- Category: Intermediate Corporate Bond
- Assets under management: $17.57M
- 1-year return: 10.3%
- SEC CIK: 0001068663
- SEC series ID: S000053590
- Share class ID: C000168426
C000168426 Investment Objective and Strategy
Victory High Yield VIP Series describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Victory Variable Insurance Funds.
Investment objective
"The High Yield VIP Series (""Fund"") seeks to provide current income."
Principal investment strategy
"The Fund invests primarily in securities, including high-yield corporate bonds, convertible bonds, and other debt securities, that are rated below investment grade by nationally recognized statistical ratings organizations (commonly known as ""high-yield"" securities or ""junk bonds"") at the time of purchase or, if unrated, have been determined by Park Avenue Institutional Advisers LLC, the Fund's sub-adviser, (""Park Avenue"") to be of comparable quality. Park Avenue considers several factors in purchasing and selling securities, such as the price of the security and the earnings patterns, the financial history, the management structure, and the general prospects of the issuer. Park Avenue considers the duration and the maturity of the Fund's portfolio; however, these factors are a lesser consideration than credit and yield considerations due to the nature of the high-yield securities in which the Fund invests.
There is no lower limit on the rating of securities that may be held by the Fund. Some of the securities that the Fund buys and holds may be in default. Park Avenue may sell investments when it believes that they no longer offer attractive potential future returns compared to other investment opportunities or that they present undesirable risks, or in an attempt to limit losses on investments that may decline or have declined in value. The Fund invests, under normal circumstances, at least 80% of its assets in debt securities and other investments that, at the time of purchase, are rated below investment grade. An investment will be considered to be rated below investment grade if it is rated Ba1 or lower by Moody's Investors Service, Inc. and BB+ or lower by Standard & Poor's Ratings Group or, if unrated, has been determined by Park Avenue to be of comparable quality.
The debt securities and other investments in which the Fund invests may include, for example, corporate bonds, mortgage-backed and asset-backed securities, zero-coupon bonds, ""payment-in-kind"" securities, and convertible bonds. The Fund may invest in loans and corporate bonds issued in connection with highly leveraged transactions such as mergers, leveraged buy-outs, re-capitalizations, and acquisitions. The Fund may invest in loans of any maturity and credit quality. The Fund may invest in common and preferred stocks, warrants to purchase common stocks, bonds, or other securities; typically, not more than 20% of the Fund's assets will be invested in these types of securities. The Fund also may invest up to 35% of the value of its total assets in foreign securities and so-called Yankee securities, which include debt securities issued by non-U.S.
corporate or government entities but denominated in U.S. dollars. The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts, options on futures, and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and option transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund's sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation.
As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%."
C000168426 Holdings
Top 10 holdings of Victory High Yield VIP Series by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Lithia Motors, Inc. | 1.90% |
| Opal Bidco Sas | 1.74% |
| Cco Holdings, LLC | 1.60% |
| Hsbc US Government Money Market Fund | 1.47% |
| Goldman Sachs Financial Square Government Fund | 1.47% |
| MSILF Government Portfolio | 1.47% |
| Invesco Government & Agency Portfolio | 1.47% |
| Clear Channel Outdoor Holdings, Inc. | 1.42% |
| Viking Ocean Cruises Ship Vii Ltd. | 1.42% |
| Frontier Communications Holdings, LLC | 1.31% |
C000168426 Portfolio Allocation
Asset-class allocation of Victory High Yield VIP Series by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 83.8% |
| Loans | 7.3% |
| Cash & Equivalents | 5.9% |
| Other | 0.7% |
| Securitized | 0.2% |
C000168426 Performance
Total returns for C000168426 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.3% |
| 3 years (annualised) | 8.6% |
| 5 years (annualised) | 5.8% |
C000168426 Risk Information
Risk metrics for C000168426, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.0%
C000168426 Costs and Fees
C000168426 costs about $93 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.93%
- Gross expense ratio: 1.09%
- Portfolio turnover: 109%
- Brokerage commissions: 2.82 bps of average net assets (SEC N-CEN)
C000168426 Cashflows
Over the 12 months to 2025-06, Victory High Yield VIP Series had net outflows of $2.55M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-06 | −$176.76K |
| 2025-05 | −$613.67K |
| 2025-04 | −$243.73K |
| 2025-03 | −$309.56K |
| 2025-02 | −$448.83K |
| 2025-01 | −$596.55K |
C000168426 Debt Constituents
Largest debt holdings of Victory High Yield VIP Series by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Lithia Motors, Inc. | 1.90% |
| Opal Bidco Sas | 1.74% |
| Cco Holdings, LLC | 1.60% |
| Clear Channel Outdoor Holdings, Inc. | 1.42% |
| Viking Ocean Cruises Ship Vii Ltd. | 1.42% |
| Frontier Communications Holdings, LLC | 1.31% |
| NOVA Chemicals Corporation | 1.23% |
| Central Parent LLC | 1.18% |
| Albertsons Companies, Inc. | 1.17% |
| Technipfmc PLC | 1.14% |
C000168426 Prospectus and SEC Filings
Official Victory High Yield VIP Series filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-04-14
- Prospectus (485BPOS) — filed 2024-04-15
- Prospectus (485BPOS) — filed 2023-04-14
- Portfolio holdings (N-PORT) — filed 2025-08-28
- Portfolio holdings (N-PORT) — filed 2025-05-29
- Portfolio holdings (N-PORT) — filed 2025-02-27
- Annual census (N-CEN) — filed 2025-03-13
- Annual census (N-CEN) — filed 2024-03-15
Related Funds
Other Intermediate Corporate Bond 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.