News Release

Victory Capital Completes THB Asset Management Acquisition
San Antonio, Texas – March 1, 2021 – Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“VictoryCapital” or the “Company”) today announced that it has completed the previously announced
acquisition of certain assets of THB Asset Management (“THB”).
Founded in 1982, THB is based in Norwalk, CT, and will remain in its current location. With
approximately $555 million in equity assets, as of January 31, 2021, the team manages strategies
in the U.S. micro-cap, small-cap and mid-cap asset classes as well as international small cap andglobal small cap portfolios. THB serves clients in the U.S. and in Europe and Australia throughlong-established partnerships with Carolon Capital and Brookvine, providing Victory Capital withadditional offshore distribution relationships and opportunities.
“THB is an early adopter of socially responsible investment practices and manages investment
strategies in capacity constrained asset classes in which we have substantial experience,” said
David Brown, Chairman and CEO. “The team has a stellar investment performance track record.
The THB strategies have consistently outperformed their respective benchmarks over the one-,
three- and five-year periods ended December 31, 2020. We are pleased to welcome THB as our10th Investment Franchise.”
Table: THB Investment Performance
THB Asset Management Peer Rankings and Excess Returns vs. Benchmarks, as of Dec 31, 2020
International
Micro-Cap1
Small-Cap2
Mid-Cap3
Opportunities4
Peer Rank (%)
14%
10%
20%
6%
1-Year# of Observations in Universe30
1907069
Excess Return vs. Benchmark+909 bps+1,037 bps+646 bps+1,000 bps
Peer Rank (%)
21%
32%
13%
7%
3-Year# of Observations in Universe
29188
7066
Excess Return vs. Benchmark+279 bps+134 bps+464 bps+479 bps
Peer Rank (%)
12%
23%
19%2%
5-Year# of Observations in Universe
27176
65
36
Excess Return vs. Benchmark+395 bps+162 bps+284 bps+916 bps
Peer Rank (%)
24%
70%
NANA
10-Year # of Observations in Universe
18147
NANA
Excess Return vs. Benchmark+193 bps-18 bps
NANA
Jun 1998
Jan 1992
Feb 2014
Apr 2015
Since Inception
Excess Return vs. Benchmark+608 bps+155 bps+274 bps+895 bps
Past performance is no guarantee of future results. Performance results do not reflect the deduction of investment
advisory fees. Returns shown would be lower when reduced by the advisory fees and other expenses incurred in themanagement of an investment advisory account. Advisory fees are available upon request and also may be found in Part
II of Victory Capital Management Inc.'s Form ADV.
Benchmark Indexes: 1) Russell Microcap; 2) Russell 2000; 3) Russell Midcap®, and, 4) MSCI World ex-U.S. Small Cap.
1) Since Inception Index Return is the Wilshire U.S. Micro-Cap Index from Jun-98 to Jun-00, and Russell Microcap Index
thereafter.
eVestment universe rankings reflect the following independent category classifications: 1) U.S. Micro Cap Core Equity; 2)
U.S. Small Cap Core Equity; 3) U.S. Mid Cap Core Equity; and 4) EAFE Small Cap Core Equity.

About Victory Capital
Victory Capital is a diversified global asset management firm with $146.2 billion in assets undermanagement as of January 31, 2021. The Company operates a next-generation business model
combining 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 10 autonomous Investment Franchises and aSolutions Platform, Victory Capital offers a wide array of investment styles and investment
vehicles including, actively managed mutual funds, separately managed accounts, active ETFs,
multi-asset class strategies, custom-designed solutions and a 529 College Savings Plan.
For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn
Contacts:
Investors:
Matthew Dennis, CFA
Chief of StaffDirector, Investor Relations
216-898-2412
mdennis@vcm.com
Media:Tricia Ross
310-622-8226
tross@finprofiles.com