Victory Growth Fund Institutional Shares (UIGRX) is an open-end mutual fund that seeks long-term growth of capital by investing primarily in a diversified portfolio of equity securities selected for their growth potential; although the fund focuses mainly on U.S. securities, it may allocate up to 20% of its total assets to foreign securities, including those issued in emerging markets. The fund offers institutional-class shares alongside retail-class shares (USAAX), with a net expense ratio of 0.89% and a large-growth investment style targeting companies with strong growth prospects across market and economic cycles. Managed as part of Victory Capital's mutual fund lineup, it provides investors with exposure to primarily domestic large-cap growth equities, supplemented by limited international holdings.
The fund traces its origins to April 5, 1971, and was originally part of the USAA Mutual Funds Trust, headquartered in San Antonio, Texas. Following Victory Capital's 2019 acquisition of USAA Asset Management Company, the USAA Growth Fund was rebranded as Victory Growth Fund effective April 24, 2023, with no changes to its investment objective, strategy, management team, or processes. Victory Capital, the fund's investment adviser, is headquartered in San Antonio, Texas, after relocating from Cleveland, Ohio in 2019, and operates as a diversified global asset manager overseeing approximately $300 billion in assets post recent expansions.
In a major strategic development, Victory Capital completed a combination with Amundi US in early 2025, following a definitive agreement signed in July 2024 and initially announced in April 2024; this transaction made Amundi a strategic shareholder with a 26.1% economic stake in Victory Capital and established 15-year distribution and services agreements to enhance U.S. investment solutions and global reach. The partnership bolsters Victory Capital's platform without altering UIGRX's operations, portfolio, or franchise teams, aligning with ongoing efforts to drive long-term growth amid record 2024 financial results. UIGRX serves institutional and intermediary investors seeking growth-oriented equity exposure, with portfolio holdings typically concentrated in high-potential U.S. large-growth stocks.