Victory Capital Holdings, Inc. (NASDAQ: VCTR)

Victory Capital Holdings, Inc. is a diversified global asset management firm that offers specialized investment strategies through multiple independent investment franchises and a solutions platform. As of December 31 2025 the firm managed 313.8 billion dollars in assets under management and 316.6 billion dollars in total client assets. Its business model blends boutique investment qualities with the benefits of a scaled integrated centralized operating and distribution platform.

The firm generates revenue primarily from investment management fees based on the level of client assets it manages. It earns fees from a range of products including actively and passively managed mutual funds rules based and active exchange traded funds institutional separate accounts variable insurance products alternative investments private closed end funds and a 529 education savings plan. Revenues also come from third party distribution arrangements such as mutual funds third party ETF model strategies retail separately managed accounts unified managed accounts collective investment trusts and undertakings for collective investment in transferable securities.

The company operates through the following segments.

• Integrity Asset Management: This segment employs a dynamic value oriented approach to U. S mid and small capitalization companies conducting fundamental stock research to find attractive firms trading at discounts to prevailing market conditions. Based in Rocky River Ohio it managed 6.0 billion dollars in AUM as of December 31 2025 and has a team of ten investment professionals with average industry experience of approximately twenty six years.

• New Energy Capital: This segment manages alternative investments in private closed end funds focusing on clean energy and infrastructure projects providing growth capital across the capital structure from credit to equity and hybrid financing. Based in Hanover New Hampshire it managed less than 1.0 billion dollars in AUM as of December 31 2025 and has a team of four investment professionals with average industry experience of approximately twenty one years.

• Pioneer Investments: This segment uses a conviction driven active management approach across all asset classes including U. S equities global equities multi asset and fixed income. Based in Boston Massachusetts and Durham North Carolina it managed 132.3 billion dollars in AUM as of December 31 2025 and has a team of seventy four investment professionals with average industry experience of approximately twenty four years.

• RS Investments: This segment consists of three teams RS Value RS Growth and RS Global. RS Value and RS Growth apply an original proprietary fundamental approach to U. S equity value and growth strategies while RS Global uses a disciplined quantitative approach to core oriented global and international equity strategies. Based in San Francisco California it managed 19.8 billion dollars in AUM as of December 31 2025 and has a team of eighteen investment professionals with average industry experience of approximately twenty three years.

• Sycamore Capital: This segment applies a quality value oriented approach to U. S mid and small capitalization companies seeking firms with strong high quality balance sheets that are undervalued relative to peers. Based in Cincinnati Ohio it managed 28.4 billion dollars in AUM as of December 31 2025 and has a team of eighteen members including twelve investment professionals with average industry experience of approximately eighteen years.

• Trivalent Investments: This segment follows a disciplined quantitative stock selection process across international and emerging markets seeking to isolate performance to stock selection. Based in Boston Massachusetts it managed 8.5 billion dollars in AUM as of December 31 2025 and has a team of seven investment professionals with average industry experience of approximately twenty nine years.

• Victory Income Investors: This segment follows a rigorous bottom up credit and yield focused fixed income process building portfolios bond by bond through fundamental analysis. Based in San Antonio Texas it managed 35.6 billion dollars in AUM as of December 31 2025 and has a team of thirty nine members including thirty investment professionals with average industry experience of approximately twenty five years.

• WestEnd Advisors: This segment provides turnkey core model allocation strategies as a third party ETF strategist offering holistic solutions and complementary sources of alpha. Based in Charlotte North Carolina it had assets under advisement and AUM totaling 26.9 billion dollars as of December 31 2025 and has a team of twenty eight members including seven investment professionals with average industry experience of approximately seventeen years.

• Solutions Platform: This segment offers multi asset multi manager quantitative rule based factor based and customized portfolios designed to achieve specific return characteristics through separate accounts mutual funds UMAs and rule based and active ETFs under the VictoryShares brand. Based in San Antonio Texas it managed 55.8 billion dollars in AUM as of December 31 2025 and has a team of twenty members including fourteen investment professionals with average industry experience of approximately seventeen years.

Victory Capital Holdings Inc holds a strong position among U. S asset managers due to its diversified platform of independent franchises and a centralized support structure. The firm competes with large players such as BlackRock Vanguard State Street and other boutique managers but differentiates itself by allowing each franchise to retain investment autonomy while benefiting from shared distribution technology and operations. Its competitive advantages include a proven acquisition model that integrates new teams without disrupting their processes a 15 year exclusive global distribution agreement with Amundi and a revenue share compensation structure that aligns employee interests with client performance.

The firm serves a broad mix of clients including institutions intermediaries retirement platforms and individual investors. As of December 31 2025 approximately 37 percent of its total client assets came from U. S retail and retirement investors 20 percent from U. S direct investors 26 percent from U. S institutional clients and 17 percent from clients outside the United States. Within these channels the client base comprises broker dealers registered investment advisors wealth managers sub advisory relationships corporate and public entities insurance companies 529 education savings plan participants Taft Hartley plans endowments family offices and various global jurisdictions.