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Victory RS Value Fund
  • The Fund seeks long-term capital appreciation by investing in mid-cap companies with strong management teams and attractive valuations.
  • Fundamental research is employed to identify and invest in durable companies with improving returns on invested capital to potentially achieve robust, risk-adjusted returns.
  • Typically, the Fund will hold 40-60 securities of companies with a market cap of between $1 billion and 120% of that of the largest company in the Russell Midcap® Index. The Fund may invest any portion of assets outside the U.S.
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Summary prospectus, prospectus, annual and semi-annual reports, and SAI

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What are risk measures?

Risk Measures

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Top 10 Holdings

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What are characteristics?

Characteristics

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Sector Diversification

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Asset Allocation

Fees and Expenses

RS Investments is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

Annual Fund Operating Expenses of the member shares of the Fund are listed below. The Expense Calculator is provided to help you assess the impact of operating expenses on the Fund’s potential returns.  The calculator allows you to assume that you have made a hypothetical investment of any amount for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and, for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses. Your actual costs may be higher or lower.

Fees and Expenses

RS Investments is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

Annual Fund Operating Expenses of the Class A, C, R, R6, Y, and member shares of the Fund (as applicable) are listed below.  (Use the button at the top of this page to select the share class you wish to view.)  The Expense Calculator allows you to assume that you have made a hypothetical investment of any amount for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s net operating expenses through Year 1 and 2 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and, for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses. Your actual costs may be higher or lower.

Annual Fund Operating Expense

Amount Invested($)

Fund Expense Calculator

Minimum Investment

Investment Approach 

 

The Victory RS Value Fund seeks to produce superior long-term risk adjusted returns by investing in durable mid-capitalization companies that are led by strong management teams and are attractively valued. 

 

Philosophy & Process 

 

The RS Value Team seeks to invest in good companies, led by strong management teams that are attractively valued. Our decision to invest in any company starts with business analysis and with understanding the company’s unit-level economics. Our work on unit-level economics helps us determine the quality of the business and the headwinds it may face in the future. We are Return on Invested Capital (ROIC) focused investors and seek to invest in companies that can create shareholder value, due to an improvement in the returns of the existing assets, or attractive reinvestment opportunities. We are long-term investors who use our investment time horizon as a competitive advantage and are attracted to out-of-favor and/or misunderstood companies in the market. 

 

The next step in our process is to assess the management team. Our evaluation of a company’s management team is critical to our investment decision. We regularly meet with management to gauge how they think about their business—Are they focused (and compensated) on growing earnings at any cost or do they understand return on invested capital and how value is created? Additionally, we perform detailed operational and strategic historical analyses of management’s decisions—looking at acquisitions and asset sales, repositioning of and changes to strategy, and measures of capital stewardship. This analysis provides us with the conviction to invest with strong management teams that are able to navigate through short-term market volatility and deliver long-term shareholder value. 

 

The final step in our analysis is valuation. To the RS Value Team, value investing is buying a business at a discount to what we believe it is actually worth. We determine what a company is worth by assessing a company’s current share price versus its future cash flow streams or long-term net asset value based upon the management team’s plan for value creation. Return on Invested Capital (ROIC) is the lens by which we analyze that value creation.  Our research has shown that, over time, stock price performance has a higher correlation to improving ROIC as opposed to traditional valuation measurements like price to earnings (P/E). We seek to invest in companies that can create shareholder value, due to an improvement in the returns of the existing assets, or attractive reinvestment opportunities. We pay close attention to a company’s financial strength, scrutinizing financial statements, and we run various financial models to understand our downside. This quantitative analysis gives us confidence in our investment thesis, and helps us determine at what stock price we are comfortable investing. 

 

Management Team

Robert J. Harris
Robert J. Harris

Chief Investment Officer

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