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VICTORY FUND HOLDINGS As of June 30, 2021 VICTORY VIF SOPHUS EMERGING MARKETS MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) % ALIBABA GROUP HOLDING LTD ADR 1,972,532.44 4.25% BAIDU, INC. ADR 501,186.20 1.08% CEMEX DA - ADR 425,787.60 0.92% BANCO DE CREDITO E INVERSIONES 42.24 0.00% BANCO DE CHILE 222,461.14 0.48% CONTROLADORA VUELA CIA-ADR 252,035.20 0.54% VALE SA 519,202.93 1.12% GRUPO FINANCIERO BANORTE SAB DE CV 53,844.63 0.12% ALSEA SAB DE CV 191,300.90 0.41% PETROBRAS DISTRIBUIDORA SA 280,040.22 0.60% HDFC BANK, LTD. ADR 295,770.40 0.64% INFOSYS TECHNOLOGIES ADR 917,463.43 1.98% JD.COM INC 462,259.52 1.00% MYTILINEOS HOLDINGS SA 231,598.89 0.50% ASM PACIFIC TECHNOLOGY LIMITED 289,896.61 0.63% WALSIN TECHNOLOGY CORP 358,898.56 0.77% HINDUSTAN PETROLEUM CORP LTD 420,901.59 0.91% LIC HOUSING FINANCE LTD 347,677.95 0.75% TATA STEEL LTD 279,822.18 0.60% NMDC LTD 371,024.87 0.80% DB INSURANCE CO LTD 248,435.54 0.54% CJ CORP 218,169.43 0.47% CHINA AIRLINES LTD 237,394.11 0.51% NANYA TECHNOLOGY CORP 437,286.77 0.94% LG UPLUS CORP 400,318.87 0.86% INBODY CO LTD 147,250.34 0.32% EVERGREEN MARINE CORP TAIWAN LTD 550,999.17 1.19% FORMOSA PLASTICS CORP 266,092.71 0.57% FOSCHINI GROUP LTD/THE 78,224.61 0.17% SIAM COMMERCIAL BANK P-NVDR 302,348.74 0.65% MEDIATEK INC 586,318.72 1.26% SAMSUNG SECURITIES CO LTD 272,600.80 0.59% DR. REDDY'S LABORATORIES LIMITED 276,405.40 0.60% NETEASE INC ADR 609,903.00 1.32% PTT PCL 328,169.46 0.71% YUANTA FINANCIAL HOLDING CO LTD 444,938.83 0.96% HON HAI PRECISION INDUSTRY CO LTD 333,275.48 0.72% CAPITEC BANK HOLDINGS LTD 292,846.60 0.63% SK HYNIX INC 756,433.51 1.63% HYUNDAI ENGINEERING & CONSTRUCTION CO LTD 365,468.38 0.79% CHINA GAS HOLDINGS LTD 134,040.57 0.29% Page 1 of 4 VICTORY FUND HOLDINGS As of June 30, 2021 VICTORY VIF SOPHUS EMERGING MARKETS MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) % CJ LOGISTICS CORPORATION 204,176.76 0.44% BOC HONG KONG HOLDINGS LTD 362,665.68 0.78% LG CORP 277,525.63 0.60% NAVER CORP 508,060.76 1.10% CHINA OILFIELD SERVICES LTD 236,509.39 0.51% MTN GROUP LTD 475,945.82 1.03% DIVI'S LABORATORIES LTD 271,347.89 0.59% AP THAILAND PCL - NVDR 241,947.58 0.52% BANK NEGARA INDONESIA PERSER 196,970.02 0.42% SAMSUNG ELECTRONICS CO LTD 2,250,539.00 4.85% HANWHA TECHWIN CO LTD 317,690.44 0.69% ROSNEFT PJSC 260,413.15 0.56% TAIWAN SEMICONDUCTOR MANUFACTU 2,762,694.41 5.96% SEA LTD-ADR 249,886.00 0.54% TERNIUM SA 385,984.56 0.83% RANDON PARTICIPACOES SA-PREF 212,287.06 0.46% PUBLIC BANK BERHAD 223,745.07 0.48% PING AN INSURANCE GROUP CO OF CHINA LTD 366,586.88 0.79% PACIFIC BASIN SHIPPING LTD 254,634.35 0.55% ANADOLU EFES BIRACILIK VE MALT SANAYII AS 169,515.70 0.37% LOGO YAZILIM SANAYI VE TICAR 159,506.64 0.34% TURK SISE VE CAM 197,403.97 0.43% YATAS YATAK VE YORGAN SANAYI VE TICARET AS 0.74 0.00% COSCO SHIPPING HOLDINGS CO LTD 447,303.21 0.96% HANA FINANCIAL GROUP INC 397,367.68 0.86% CHINA MERCHANTS BANK CO LTD 741,101.88 1.60% IMPALA PLATINUM HOLDINGS LTD 392,890.94 0.85% CHINA MOLYBDENUM CO LTD 263,104.98 0.57% ANGLO AMERICAN PLC 421,441.03 0.91% SLC AGRICOLA SA 242,503.82 0.52% DURATEX SA 236,889.73 0.51% TURK TELEKOMUNIKASYON AS 213,735.34 0.46% CHINA HONGQIAO GROUP LTD 324,992.69 0.70% CHINA LONGYUAN POWER GROUP CORP LTD 241,045.82 0.52% AIRTAC INTERNATIONAL GROUP 308,187.20 0.66% ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO 325,537.91 0.70% PAREX RESOURCES INC 222,315.39 0.48% GOURMET MASTER CO LTD 189,669.45 0.41% SBERBANK OF RUSSIA ADR 587,759.80 1.27% TOPKEY CORP 50,700.55 0.11% CHINA YONGDA AUTOMOBILES SERVICES HOLDINGS LTD 245,196.95 0.53% Page 2 of 4 VICTORY FUND HOLDINGS As of June 30, 2021 VICTORY VIF SOPHUS EMERGING MARKETS MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) % CORP INMOBILIARIA VESTA SAB DE 244,991.96 0.53% CHINASOFT INTERNATIONAL LTD 534,762.95 1.15% WUS PRINTED CIRCUIT KUNSHAN CO LTD 270,916.39 0.58% BY-HEALTH CO LTD 209,137.09 0.45% LUXSHARE PRECISION INDUSTRY CO LTD 261,874.86 0.56% WULIANGYE YIBIN CO LTD-A 317,547.61 0.68% POSTAL SAVINGS BANK OF CHINA CO LTD 391,401.17 0.84% NEPI ROCKCASTLE PLC 7.09 0.00% NEOENERGIA SA 182,669.31 0.39% DALMIA BHARAT LTD 167,645.91 0.36% FEDERAL BANK LTD 309,724.11 0.67% ABSA GROUP LTD 282,409.25 0.61% NATIONAL BANK OF GREECE SA 212,447.71 0.46% XIAOMI CORP 291,456.72 0.63% REGIONAL SAB DE CV 99,981.35 0.22% B3 SA- BRASIL BOLSA BALCAO 433,250.62 0.93% WOORI FINANCIAL GROUP INC 419,038.77 0.90% MEITUAN 561,030.29 1.21% KLABIN SA-UNIT 238,867.13 0.52% CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY 326,290.34 0.70% CHINA FEIHE LTD 241,480.81 0.52% PHARMARON BEIJING CO LTD-H 298,219.77 0.64% JS GLOBAL LIFESTYLE CO LTD 229,453.32 0.49% WUXI BIOLOGICS CAYMAN INC 538,244.93 1.16% JIUMAOJIU INTERNATIONAL HOLD 269,768.70 0.58% LOJAS QUERO QUERO S/A 177,357.64 0.38% SIMPAR SA 258,270.86 0.56% SHIMAO SERVICES HOLDINGS LTD 349,956.12 0.75% TENCENT HOLDINGS LTD 2,788,153.47 6.01% HYGEIA HEALTHCARE HOLDINGS CO LTD 354,470.32 0.76% MR DIY GROUP M BHD 220,392.21 0.48% TIM SA 211,336.19 0.46% WANHUA CHEMICAL GROUP CO-A 363,525.05 0.78% YONYOU NETWORK TECHNOLOGY CO LTD 222,141.91 0.48% SAUDI NATIONAL BANK 248,219.23 0.54% SKCKOLONPI INC 304,405.23 0.66% DETSKY MIR PJSC 324,677.76 0.70% SAMSUNG BIOLOGICS CO LTD 251,130.17 0.54% HANGCHA GROUP CO LTD -A 159,844.74 0.34% MR PRICE GROUP LTD 269,373.15 0.58% HUGEL INC 250,965.80 0.54% Page 3 of 4 VICTORY FUND HOLDINGS As of June 30, 2021 VICTORY VIF SOPHUS EMERGING MARKETS MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) % BETTERWARE DE MEXICO SAB DE CV 154,861.92 0.33% 100.00% Portfolio holdings are subject to change, are unaudited, and do not represent any type of recommendation. The Funds are distributed by Victory Capital Services, Inc. Shares of the Fund may be subject to sales charges and other fees. Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus or summary prospectus containing this and other important information, visit www.vcm.com/prospectus. Read it carefully before investing. Page 4 of 4.
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    Actualización conjunta de nuestro universo de cobertura Mercado accionario Análisis fundamental en medio de la pandemia colombiano Dirección de Investigaciones Económicas, Sectoriales y de Mercados Julio de 2020 Análisis fundamental en medio de la pandemia 47% sobreponderar, 5% Neutral, 37% subponderar y 11% Bajo Revisión La incertidumbre y el miedo hacen una mezcla explosiva para los mercados financieros, generando descalces de valor como los que, en nuestra opinión, vivimos en la actualidad. Esta sobrerreacción a las noticias económicas negativas en medio del pánico (covid-19) es normal en el corto plazo, abriendo oportunidades de inversión desde un punto de vista fundamental para portafolios que quieran apostarle a la recuperación económica. Actualizamos nuestro universo de cobertura realizando diferentes ajustes a nuestra metodología de valoración, entre las que destacamos ajustes en la tasa de descuento, expectativas de crecimiento en los diferentes sectores económicos, al igual que nuevas proyecciones macroeconómicas para Colombia y los países de la región. Con base en lo anterior, concluimos que el mercado colombiano presenta un atractivo descuento fundamental, con un índice COLCAP que presenta un potencial de valorización del 38,9%. Es importante tener presente que ninguna compañía nos arroja un potencial de valorización negativo, en otras palabras, la recomendación de Subponderar obedece a que dichos activos rentarán un 5% menos que la expectativa fundamental del índice Colcap Nunca antes el trabajo de un analista fundamental había sido tan complejo, pues las compañías de cara a la coyuntura han dejado de dar su visión de expectativa de resultados para 2020, lo que incrementa el nivel de riesgo de nuestras recomendaciones.