Summary
- The Victory RS Mid Cap Growth Fund returned 2.72% for the three months ended September 30, 2025, underperforming the Russell Midcap® Growth Index, which returned 2.78%.
- Fund performance relative to the benchmark was negatively impacted by stock selection in the Health Care sector; underperformance was partially offset by stock selection in the Producer Durables sector.
- We continue to believe technology-oriented companies are better positioned for the longer term, especially following the massive “test run” of technology-aided solutions people have leveraged.
- The biggest news during the third quarter was the Federal Reserve’s quarter-point rate cut in September, responding to an alarming decline in new jobs creation.
- We are confident that the market has stabilized in the third quarter, and the outlook for solid earnings growth in 2025 remains in place.
Quarterly Highlights
- The Victory RS Mid Cap Growth Fund (Class A Shares, without sales charge) returned 2.72% for the three months ended September 30, 2025, underperforming the Russell Midcap® Growth Index,1 which returned 2.78%.
- Fund
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