Style
CoreTurnover
Orientation
Diversified activeVictory Capital Management employs an active growth style with low turnover, reflecting a conviction-driven approach to long-term capital appreciation. The portfolio is heavily concentrated in mega-cap technology, with NVIDIA (3.7%), Apple (3.0%), and Microsoft (2.5%) as the largest holdings, collectively representing over 9% of assets, while Technology leads sector allocation at 24.3%. Meaningful positions in Financial Services (10.7%), Industrials (10.5%), and Consumer Cyclical (9.7%) show deliberate diversification beyond tech, yet the top 15 holdings account for only about 21.6% of the portfolio, indicating broad diversification across 2,565 positions. Despite AUM fluctuations from $101.7B in Q4 2024 to $156.1B in Q1 2026, the consistent low turnover and stable sector weights demonstrate disciplined adherence to a bottom-up growth philosophy, favoring high-conviction names over short-term trading.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Nvidia Corporation(NVDA) | 34,853,857 | $7.0B | 3.91% |
| 2 | Apple Inc(AAPL) | 18,748,292 | $5.4B | 3.04% |
| 3 | Microsoft Corp(MSFT) | 11,231,028 | $4.2B | 2.35% |
| 4 | Alphabet Inc(GOOGL) | 10,538,377 | $3.8B | 2.11% |
Latest filing, equity positions only
| 5 |
| Amazon COM Inc(AMZN) |
| 15,743,243 |
| $3.8B |
| 2.10% |
| 6 | ELI Lilly & Co(LLY) | 2,141,447 | $2.6B | 1.44% |
| 7 | Advanced Micro Devices Inc(AMD) | 4,325,880 | $2.5B | 1.41% |
| 8 | Alphabet Inc(GOOG) | 6,181,965 | $2.2B | 1.22% |
| 9 | Broadcom Inc(AVGO) | 5,555,094 | $2.1B | 1.18% |
| 10 | Bank of Amer Corp(BAC) | 31,441,932 | $1.8B | 1.00% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 25% | 28.31% | +3.31% |
| Consumer Cyclical | 9.81% | 8.93% | -0.88% |
| Consumer Defensive | 4.21% | 3.38% | -0.83% |
| Energy | 5.14% | 4.53% | -0.61% |
| Basic Materials | 4.09% | 3.53% | -0.56% |
| Financial Services | 10.94% | 10.58% | -0.36% |
| Utilities | 3.96% | 3.73% | -0.23% |
| Unclassified | 8.79% | 8.94% | +0.15% |
| Healthcare | 9.07% | 9.2% | +0.13% |
| Real Estate | 2.13% | 2.01% | -0.12% |
| Industrials | 10.55% | 10.58% | +0.03% |
| Communication Services | 6.31% | 6.28% | -0.03% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Large Cap | 48.61% | 47.08% | -1.53% |
| Mega Cap | 29.74% | 31.89% | +2.15% |
| Mid Cap | 11.41% | 10.59% | -0.82% |
| Unclassified | 8.79% | 8.94% | +0.15% |
| Small Cap | 1.43% | 1.44% | +0.01% |
| Micro Cap | 0.02% | 0.06% | +0.04% |
Quarter-over-quarter position changes