Victory Capital (VCTR) investor relations material

Market environment and client trends

• Significant client allocation shifts toward ETFs, especially active and rules-based, across both equity and fixed income globally.

• Growing demand for multi-asset solutions and income-focused products as clients seek tailored exposures.

• Active management is regaining traction, particularly in global equities, capacity-constrained strategies, and fixed income.

Flows, growth, and distribution

• Recent acquisitions, notably Pioneer, marked an inflection point for organic growth and expanded product offerings.

• Investments in product development and distribution, including ETF launches and RIA teams, have strengthened market position.

• Expanded U.S. and non-U.S. distribution, including a 15-year partnership with Amundi, has increased global reach and access.

• U.S.-listed ETFs are now available in Asia and Latin America, leveraging Amundi’s network.

Product development and innovation

• SMA and model delivery platforms, including WestEnd, now represent about 10% of assets and are growing.

• Focus on tax efficiency and public-private hybrid products for future SMA growth.

• ETF suite exceeds $20 billion, with success attributed to demand-driven, competitively priced, and well-distributed products.

• Pipeline includes new active fixed income and equity ETFs, with ongoing evaluation of market needs.