VCTR Filings — Victory Capital Holdings, Inc. - FilingSpy
VCTR
Victory Capital Holdings, Inc.
A global asset manager that runs eight investment teams, or "franchises," including Pioneer Investments and Sycamore Capital, offering hundreds of strategies in stocks, bonds, and alternatives. Its roots reach back to the Cleveland Trust Company, founded in 1894, and it became an independent firm in 2013 when private investors bought the business from its longtime parent, KeyCorp. A 2025 deal with the French firm Amundi added the storied Pioneer Investments brand as its largest franchise.
Victory Capital AUM rose 10.5% sequentially to $342.5B on $4.1B in net inflows, the first quarter of positive flows since the Pioneer acquisition.
Net flows turned positive for the first time since the Pioneer deal closed. rose 24% to $435.4 million and more than doubled to $139.4 million, as acquisition-related costs fell $26.4 million and average climbed 16% to $331.3 billion. The quarter leaves the company with $342.5 billion in AUM and an of 55.8%, its widest in over two years.
Key takeaways
Total reached $342.5 billion, up 10.5% from March 31, 2026, driven by $4.1 billion in net inflows — the first quarter of positive net flows since the Pioneer Investments acquisition closed in April 2025 — and $28.6 billion in market appreciation.
Net inflows were led by Solutions ($3.0 billion), Fixed Income ($2.7 billion), and Global/Non-U.S. Equity ($2.0 billion), offsetting continued redemptions in U.S. Equity.
rose 24% to $435.4 million, as investment management fees increased 28% to $362.2 million on a 16% rise in average to $331.3 billion.
Section summaries
Management's Discussion and Analysis
Revenue rose 24% YoY to $435M on higher average AUM from the Pioneer acquisition and market gains, while net income more than doubled.
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Total increased 24% to $435.4M for Q2 2026, driven by a 28% rise in investment management fees to $362.2M on a 16% increase in average to $331.3B.
surged 137% to $139.4M, aided by a $26.4M drop in acquisition-related costs and an $11.4M decline in restructuring expenses versus the prior-year period.
rose 137% to $139.4 million, helped by a $26.4 million decline in acquisition-related costs and an $11.4 million drop in restructuring expenses compared with the prior-year quarter, when the Pioneer integration was underway.
expanded to 55.8% from 50.8% a year earlier, as growth outpaced a 15% increase in personnel costs.
was $135.4 million for the quarter, bringing the first-half total to $256.4 million, up from $74.5 million in the first half of 2025.
What changed
Q1 FY2026 flagged the $0.7 billion net outflow to watch for a widening or reversal: net flows swung to a $4.1 billion inflow in Q2, the first positive quarter since the Pioneer acquisition.
The , flagged at 48 in Q1 FY2026, was not updated in this filing's narrative; the company disclosed a 32 bps rate for Separate Accounts and Other Pooled Vehicles in its market-risk sensitivity analysis.
on $968.0 million in , flagged as a watch item at the repriced SOFR margin, was not separately quantified in the provided Q2 narrative but remains a sensitivity under the amended 2019 Credit Agreement.
Share repurchases, flagged after $126.8 million in Q1 FY2026, continued at an elevated pace: financing outflows rose to $363.4 million for the first half, driven by higher repurchases and debt refinancing activity.
What to watch
Q3 FY2026 net flows to see if the $4.1 billion Q2 inflow sustains or reverses, particularly in Solutions and Fixed Income.
Movement in the as the mix of acquired low-fee Pioneer and Amundi US assets continues to integrate.
on $968.0 million in under the amended 2019 Credit Agreement as interest rates move.
Further share repurchases and any change to the quarterly , given the $363.4 million in first-half financing outflows.
reached $342.5B, up 10.5% sequentially, with $4.1B in net inflows led by Solutions ($3.0B), Fixed Income ($2.7B), and Global/Non-U.S. Equity ($2.0B).
margin expanded to 55.8% from 50.8% a year ago, reflecting as growth outpaced a 15% increase in personnel costs.
strengthened to $256.4M for the first half of 2026 from $74.5M, while financing outflows rose to $363.4M due to higher share repurchases and debt refinancing activity.
Quantitative and Qualitative Disclosures About Market Risk
A 10% AUM change impacts annual revenue by $164M; FX and interest-rate risks are also disclosed with sensitivity figures.
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Substantially all comes from fees based on market value, so AUM directly reduces revenue and .
A 10% decline in total Victory would lower annualized by approximately $164.2 million, with Victory Funds contributing $112.2 million of that impact.
Separate Accounts and Other Pooled Vehicles would see a $45.7 million annualized impact from a 10% change, reflecting a 32 weighted-average fee rate.
Assuming 10% of is in non-USD securities, a 10% strengthening of the U.S. dollar would reduce AUM fair value by about $3.7 billion and annualized by roughly $17.9 million.
Interest rate risk arises from amounts outstanding under the 2019 Credit Agreement, as amended.
From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company is not currently a party to any material legal proceedings.
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From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company is not currently a party to any material legal proceedings.
For a discussion of our potential risks and uncertainties, see the risk factors previously disclosed in our 2025 Annual Report as filed with the SEC and the information contained in this report. The declaration, payment and determination of the amount of our quarterly dividends…
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For a discussion of our potential risks and uncertainties, see the risk factors previously disclosed in our 2025 Annual Report as filed with the SEC and the information contained in this report. The declaration, payment and determination of the amount of our quarterly dividends may change at any time. In making decisions regarding our quarterly dividends, we consider general economic and business conditions, our strategic plans and prospects, our businesses and investment opportunities, our financial condition and operating results, working capital requirements and anticipated cash needs, contractual restrictions (including under the terms of our 2019 Credit Agreement as amended) and legal, tax, regulatory and such other factors as we may deem relevant. There have been no material changes to the risk factors in our 2025 Annual Report.