Markets Recon

Victory Capital

201-500 employees Investment Management

About Victory Capital

Victory Capital is a diversified global asset management firm. The Company employs a next-generation business strategy that combines boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With 11 autonomous Investment Franchises and a Solutions Business, Victory Capital offers a wide array of investment products and services, including mutual funds, ETFs, separately managed accounts, alternative investments, third-party ETF model strategies, collective investment trusts, private funds, a 529 Education Savings Plan, and brokerage services.

Victory Capital is headquartered in San Antonio, Texas, with offices and investment professionals in the U.S. and around the world. To learn more please visit www.vcm.com.

Important disclosures: https://investor.vcm.com/social-media-guidelines-and-disclosures

Expertise

Domestic Equity, International Equity, Fixed Income, and Mixed Asset Class

Integrity Monthly Commentary: September 2026

08 Oct 2026

We feel like we have been calling for small caps to reassert themselves over and over again.

By Victory Capital In Equities

Integrity Monthly Commentary: August 2026

04 Sep 2026

Small-cap stocks have been the blue-collar 9 to 5 workers of the market this year, doing all the work and getting no credit.

By Victory Capital In Equities, Fixed Income

Integrity Monthly Commentary: December 2025

08 Jan 2026

Around mid-year 2024, value characteristics started to underperform significantly. That trend continued through 2025.

By Victory Capital In Equities

Victory Income Investors’ Year in Review & 2026 Outlook

29 Dec 2025

In the second half of 2025 we saw uncertainty surrounding monetary policy continue. While economic data signaled a weaker labor market and inflation persisted above target, risk assets consistently...

By Victory Capital In Portfolio Construction, Macro, Equities, Fixed Income

Victory Income Investors’ Fixed Income Monthly Update Commentary: November 2025

05 Dec 2025

October’s CPI report was cancelled in late November following the government shutdown given the Bureau of Labor Statistics was unable to retroactively collect the data. November’s CPI report has al...

By Victory Capital In Fixed Income, Hedge Funds, Macro, Portfolio Construction

WestEnd Advisors' Mid-Quarter Macro Update Q4 2025

20 Nov 2025

A government shutdown-induced data blackout temporarily reduced visibility into the state of the economy. Our analysis of alternative data sources, such as high-frequency data, suggests that econom...

By Victory Capital In Hedge Funds, Macro

Victory Income Investors’ Fixed Income Monthly Update Commentary: October 2025

05 Nov 2025

September CPI, reported in October, rose to 3.0% year-over-year and Core CPI declined to 3.0% year-over-year. In October the Federal Reserve (the Fed) cut rates, meeting market expectations. The ra...

By Victory Capital In Fixed Income, Macro

Integrity Monthly Commentary: September 2025

08 Oct 2025

Our Mid Cap Value and SMID Value strategies beat their respective benchmarks for the third quarter of 2025. However, I don’t recall a quarter in the years we have been managing money where we under...

By Victory Capital In Equities, Macro

Integrity Monthly Commentary: August 2025

10 Sep 2025

Finance class will tell you the price of anything is the sum of its discounted cashflows. Pretty simple. That same class will tell you that the stock market is a real-time discounting mechanism mak...

By Victory Capital In Thematic / Megatrends, Equities