GUIQX — Victory INCORE Investment Quality Bond Fund
Data updated: 2022-11-29
GUIQX — Victory INCORE Investment Quality Bond Fund. Developed ex-US Equity · $18.97M AUM · 0.90% expense ratio. Holdings, fees, performance and SEC filings.
GUIQX Fund Overview
GUIQX — Victory INCORE Investment Quality Bond Fund is a US mutual fund managed by Victory Portfolios, categorised as Developed ex-US Equity. 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
- Category: Developed ex-US Equity
- Assets under management: $18.97M
- 1-year return: -14.8%
- Ticker: GUIQX
- SEC CIK: 0000802716
- SEC series ID: S000053569
- Share class ID: C000168363
GUIQX Investment Objective and Strategy
Victory INCORE Investment Quality Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Victory Portfolios.
Investment objective
The Fund seeks to provide a high level of current income and capital appreciation without undue risk to principal.
Principal investment strategy
"The Fund invests, under normal circumstances, at least 80% of its assets in investment-grade debt securities. The Fund's debt securities may include without limitation: convertible bonds, U.S. government securities, including securities issued by agencies or instrumentalities of the U.S. government; long- and short-term corporate debt obligations; mortgage-backed securities, including collateralized mortgage obligations (CMOs) and commercial mortgage-backed securities (CMBS); asset-backed securities, including collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs); and U.S. dollar-denominated obligations of foreign governments, corporations and banks (i.e., Yankee Bonds). The Adviser uses bond market sector allocation, comprehensive credit analysis and yield curve positioning to select securities for the Fund.
Under normal market conditions, the average duration of the Fund's portfolio is expected to be between 3 and 10 years but it may lengthen or shorten its duration within the intermediate range to reflect changes in the overall composition of the investment-grade debt markets. Duration is a measure of a bond price's sensitivity to changes in interest rates. An investment-grade security is one that is rated Baa3 and higher by Moody's Investors Service, Inc. or BBB- and higher by Standard & Poor's Ratings Group or, if unrated, has been determined by the Adviser to be of comparable quality. The Fund may invest up to 20% of its total assets in below investment grade debt securities, commonly known as ""high-yield"" securities or ""junk bonds."" The Adviser regularly reviews the Fund's investments and may sell investments when it believes the securities are no longer attractive due to valuation, changes in the fundamental outlook of the company or other investments are considered more attractive.
Although the Fund will primarily be invested in domestic securities, up to 20% of the Fund's assets may be invested in foreign securities, which may be denominated in foreign currencies. The Fund may purchase or sell securities on a when-issued, to-be-announced (TBA), delayed delivery or forward commitment basis and may engage in short-term trading of portfolio securities. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund may also utilize dollar roll transactions to obtain market exposure to certain types of securities, particularly mortgage-backed securities. The Adviser may invest in loans of any maturity and credit quality. The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts (both long and short positions), 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. The Adviser may invest in investment companies, including exchange-traded funds (ETFs), for cash management purposes or to seek exposure to a particular asset class.
As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%."
GUIQX Holdings
Top 10 holdings of Victory INCORE Investment Quality Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Federal National Mortgage Association | 2.99% |
| Federal National Mortgage Association | 2.75% |
| Fidelity Government Portfolio | 2.47% |
| Federal National Mortgage Association | 2.08% |
| Kerry Group Financial Services Unlimited Company | 1.80% |
| Federal National Mortgage Association | 1.75% |
| Msilf Prime Portfolio | 1.57% |
| Federal National Mortgage Association | 1.34% |
| Highwoods Realty Limited Partnership | 1.28% |
| Barry Callebaut Services N.v. | 1.26% |
GUIQX Portfolio Allocation
Asset-class allocation of Victory INCORE Investment Quality Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 63.4% |
| Securitized | 35.8% |
| Equity | 5.1% |
| Cash & Equivalents | 4.5% |
GUIQX Performance
Total returns for GUIQX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -14.8% |
| 3 years (annualised) | -2.9% |
GUIQX Risk Information
Risk metrics for GUIQX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.0%
GUIQX Costs and Fees
GUIQX costs about $90 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.90%
- Gross expense ratio: 1.29%
- Portfolio turnover: 67%
- Brokerage commissions: 0.67 bps of average net assets (SEC N-CEN)
GUIQX Cashflows
Over the 12 months to 2022-09, Victory INCORE Investment Quality Bond Fund had net inflows of $6.81M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-09 | $623.33K |
| 2022-08 | $495.30K |
| 2022-07 | $256.28K |
| 2022-06 | $257.87K |
| 2022-05 | $492.95K |
| 2022-04 | $331.22K |
GUIQX Debt Constituents
Largest debt holdings of Victory INCORE Investment Quality Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Kerry Group Financial Services Unlimited Company | 1.80% |
| Highwoods Realty Limited Partnership | 1.28% |
| Barry Callebaut Services N.v. | 1.26% |
| Pioneer Natural Resources Company | 1.12% |
| Federal Home Loan Banks | 1.07% |
| United States of America | 1.04% |
| Morgan Stanley | 0.91% |
| Nxp B.v. | 0.91% |
| Ford Motor Credit Company LLC | 0.89% |
| Hillenbrand, Inc. | 0.89% |
GUIQX Prospectus and SEC Filings
Official Victory INCORE Investment Quality Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-04-27
- Prospectus (485BPOS) — filed 2021-04-29
- Prospectus supplement (497) — filed 2020-08-07
- Portfolio holdings (N-PORT) — filed 2022-11-29
- Portfolio holdings (N-PORT) — filed 2022-08-26
- Portfolio holdings (N-PORT) — filed 2022-05-25
- Annual census (N-CEN) — filed 2022-03-15
- Annual census (N-CEN) — filed 2021-03-16
Related Funds
Other Developed ex-US Equity 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.