News Release - 2/17/2023

Victory Capital Ranked No. 2 in Barron’s Best Fund Families of 2022
Victory Funds Earns No. 1 Ranking in the Mixed Asset Category
Ranks 2nd in U.S. Equity Category
SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the“Company”) today announced that its Victory Funds ranked second in “Barron’s Best Fund Families” for the one-year
period ended December 31, 2022. Additionally, Victory Funds ranked first in the Mixed Asset category and second in U.S.
Equity category for the one-year period. The Company’s USAA® Mutual Funds ranked 26th overall for the one-year
period ended December 31, 2022. Its wholly owned investment adviser, Victory Capital Management Inc., is the adviser
for the Victory Funds, USAA Mutual Funds and VictoryShares ETFs.
“We are honored to be ranked second in Barron’s Best Fund Families for our investment results delivered in 2022,” said
David C. Brown, Chairman and Chief Executive Officer of Victory Capital. “This is a true testament to our investment
professionals, who seek to deliver for our clients and investors each day. Their expertise, tireless effort and commitment
to striving for excellent long-term, risk-adjusted returns is and will remain our top priority.”This is the highest ranking Victory Capital has achieved in Barron’s Best Fund Families, its 4th time to be ranked in thetop 10 and its 8th appearance in top 25.
About Victory Capital
Victory Capital is a diversified global asset management firm with $161.4 billion in assets under management as ofJanuary 31, 2023. It was ranked No. 55 on the Fortune 100 Fastest-Growing Companies list for 2022 and is one of only
24 companies to make the list for the second consecutive year. The Company operates a next-generation businessmodel combining boutique investment qualities with the benefits of a fully integrated, centralized operating anddistribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms andindividual investors. With 12 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a widearray of investment products, including mutual funds, ETFs, separately managed accounts, alternative investments, thirdparty ETF model strategies, collective investment trusts, private funds, and a 529 Education Savings Plan.
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The Fortune annual list ranks the top performing, publicly traded companies in revenues, profits and stock returns over
the three-year period ended April 30, 2022.
Past performance is not indicative of future results.
Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain aprospectus or summary prospectus containing this and other important information, visit
www.vcm.com/prospectus . Read it carefully before investing.
Investments involve risk including possible loss of principal.
Victory Capital means Victory Capital Management Inc., the investment adviser of the Victory Capital mutual funds, USAA
Mutual Funds and VictoryShares ETFs. Victory Capital mutual funds and USAA Mutual Funds are distributed by Victory
Capital Services, Inc. (VCS), an affiliate of Victory Capital. VictoryShares ETFs are distributed by Foreside Fund Services,LLC (Foreside). VCS and Foreside are members of FINRA. VCS and Victory Capital are not affiliated with Foreside.
USAA is not affiliated with Foreside, Victory Capital, or VCS. USAA and the USAA logos are registered trademarks andthe USAA Mutual Funds logo is a trademark of United Services Automobile Association and are being used by Victory
Capital and its affiliates under license.
Barron’s ranked Victory Capital Management Inc. 2nd out of 49 firms for the one-year period ended December 31, 2022,
and ranked 26th in the five-year period out of 49 firms, and 27th out of 47 firms for the 10-year period ended December
31, 2022. Barron’s ranked USAA Investments 26th out of 49 fund families overall for the one-year period ended
December 31, 2022. Victory Capital Management Inc. ranked 8th overall out of 51 fund families for the one-year period
ended December 31, 2021; 49th out of 53 firms for the one-year period ended December 31, 2020; 17th out of 55 firms
for the one-year period ended December 31, 2019; 9th out of 57 firms for the one-year period ended December 31, 2018;
10th out of 58firms for the one-year period ended December 31, 2017; 21st out of 61 firms for the one-year period ended
December 31, 2016; 25th out of 67 firms for the one-year period ended December 31, 2015; and 15th out of 65 firms forthe one-year period ended December 31, 2014.
How Barron’s Ranks the Fund Families
All mutual and exchange-traded funds are required to report their returns after fees are deducted—to regulators as wellas in advertising and marketing material—to better reflect what investors have actually experienced. But our aim is tomeasure manager skill, independent of expenses beyond annual management fees. That’s why we calculate returns
before any 12b-1 marketing fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation ofreturns.
Each fund’s performance is measured against all of the other funds in its Refinitiv Lipper category, with a percentile
ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fundfamily’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking; poor
performance in its biggest funds hurts a firm’s ranking.
To be included in the ranking, a firm must have at least three funds in the general equity category, one world equity, onemixed equity (such as a balanced or target-date fund), two taxable bond funds, and one national tax-exempt bond fund.
Single-sector and country equity funds are factored into the rankings as general equity. We exclude all passive index
funds, including pure index, enhanced index, and index-based, but include actively managed ETFs and so-called smartbeta ETFs, which are passively managed but created from active strategies.
Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Lipper universe offunds. The category weightings for the one-year results in 2022 were general equity, 36.1%; mixed asset, 22%; worldequity, 16%; taxable bond, 21.5%; and tax-exempt bond, 4.5%. (Weightings don’t always add up to 100% because ofrounding.)
The category weightings for the five-year results were general equity, 36.1%; mixed asset, 22.7%; world equity, 16%;
taxable bond, 21%; and tax-exempt bond, 4.3%. For the 10-year list, they were general equity, 36.6%; mixed asset, 23%;
world equity, 15.9%; taxable bond, 20.1%; and tax-exempt bond, 4.4%.
The scoring: Say a fund in the general U.S. equity category has $500 million in assets, accounting for half of the firm’sassets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be75 times 0.5, which comes to 37.5. That score is then multiplied by 36.1%, general equity’s overall weighting in Lipper’s
universe. So, it would be 37.5 times 0.361, which equals 13.5. Similar calculations are done for each fund in our study.
Then the numbers are added for each category and overall. The shop with the highest total score wins. The sameprocess is repeated to determine the five- and 10-year rankings.
Source: “Barron’s Top Fund Families of 2022”, February 16, 2023.
Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com
Media:Jessica Davila
Director, Global Communications
210-694-9693
jessica_davila@vcm.com
Source: Victory Capital Holdings, Inc.