UTESX Performance — Victory Tax Exempt Short-Term Fund, Class A
Data updated: 2026-07-27
UTESX returned +0.93% year to date and +3.76% over one year to May 2026. Annualised returns are +3.83% over 3 years and +1.58% over 5 years. Against its Intermediate Municipal Bond category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $112, against $111 for the category, and to $104 over one year, against $106. Volatility over the past three years was 2.13% a year. In the 12 months to May 2026 the fund lost a net $28.8M, and assets reached $621.15M.
UTESX Growth of $100
What $100 invested in Victory Tax Exempt Short-Term Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | UTESX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $104 | $106 |
| 3 years (Jun 2023 – May 2026) | $112 | $111 |
| 5 years (Jun 2021 – May 2026) | $108 | $104 |
| Since data start (Apr 2020 – May 2026) | $113 | $110 |
UTESX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.93% |
| 1 year | +3.76% |
| 3 years (annualised) | +3.83% |
| 5 years (annualised) | +1.58% |
UTESX Annual Returns
Calendar-year total returns of Victory Tax Exempt Short-Term Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +0.93% |
| 2025 | +4.24% |
| 2024 | +2.95% |
| 2023 | +4.10% |
| 2022 | −4.23% |
| 2021 | +1.01% |
| 2020 (Apr–Dec) | +3.73% |
UTESX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.7% | +0.6% | −0.9% | +0.4% | +0.2% | — | — | — | — | — | — | — |
| 2025 | +0.6% | +0.8% | −0.3% | −0.3% | +0.5% | +0.7% | +0.5% | +0.6% | +0.5% | +0.1% | +0.1% | +0.2% |
| 2024 | −0.1% | +0.3% | +0.1% | −0.2% | 0.0% | +0.8% | +0.7% | +0.9% | +0.6% | −0.5% | +0.6% | −0.4% |
| 2023 | +1.4% | −1.2% | +1.2% | −0.2% | −0.5% | +0.6% | +0.5% | −0.3% | −1.0% | −0.1% | +2.4% | +1.1% |
| 2022 | −1.5% | −0.3% | −1.5% | −1.4% | +0.5% | −0.6% | +1.3% | −1.1% | −1.8% | −0.2% | +1.9% | +0.4% |
| 2021 | +0.5% | −0.6% | +0.4% | +0.4% | +0.2% | +0.1% | +0.4% | −0.1% | −0.3% | −0.2% | +0.3% | 0.0% |
| 2020 | — | — | — | −0.3% | +1.5% | +0.8% | +0.8% | −0.1% | +0.2% | −0.2% | +0.7% | +0.4% |
UTESX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 2.13%
- 3-year Sharpe ratio: -0.31 (vs 4.5% risk-free rate)
- Best month: +2.36% (Nov 2023)
- Worst month: −0.97% (Sep 2023)
UTESX Fund Flows
Monthly money in and out of Victory Tax Exempt Short-Term Fund, from SEC Form N-PORT.
- 12-month net flow: −$28.8M
- 12-month gross sales (incl. reinvestments): $76.5M
- Sales ÷ redemptions: 0.73×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $6.4M | $6.9M | −$497K |
| Apr 2026 | $4.5M | $8.3M | −$3.8M |
| Mar 2026 | $4.8M | $6.3M | −$1.6M |
| Feb 2026 | $5.1M | $6.3M | −$1.2M |
| Jan 2026 | $6.4M | $7.6M | −$1.2M |
| Dec 2025 | $4.6M | $13.4M | −$8.8M |
| Nov 2025 | $4.6M | $11.4M | −$6.8M |
| Oct 2025 | $6.5M | $6.6M | −$137K |
| Sep 2025 | $7.3M | $10.3M | −$3.0M |
| Aug 2025 | $10.0M | $9.4M | $688K |
| Jul 2025 | $7.2M | $9.7M | −$2.5M |
| Jun 2025 | $9.2M | $9.3M | −$120K |
UTESX Assets Under Management
Net assets of Victory Tax Exempt Short-Term Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $621.15M |
| 2026-02-28 | $633.35M |
| 2025-11-30 | $638.63M |
| 2025-08-31 | $648.05M |
| 2025-05-31 | $642.64M |
| 2025-02-28 | $650.61M |
| 2024-11-30 | $661.51M |
| 2024-08-31 | $676.44M |
| 2024-05-31 | $672.42M |
| 2024-02-29 | $694.85M |
| 2023-11-30 | $710.75M |
| 2023-08-31 | $735.87M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.