Victory Portfolios Schedule of Portfolio Investments Victory RS International Fund September 30, 2020 (Unaudited)
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Victory Portfolios Schedule of Portfolio Investments Victory RS International Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (95.6%) Australia (5.7%): Financials (1.3%): Macquarie Group Ltd. 48,034 $ 4,162,931 Health Care (1.5%): CSL Ltd. 23,928 4,941,706 Materials (2.0%): BHP Group Ltd. 250,230 6,463,004 Real Estate (0.9%): Scentre Group 1,850,629 2,945,867 18,513,508 Belgium (0.9%): Information Technology (0.9%): Melexis NV 37,110 2,887,013 China (2.1%): Communication Services (1.2%): Tencent Holdings Ltd. 57,500 3,883,870 Financials (0.9%): China Merchants Bank Co. Ltd., Class H 629,500 2,987,336 6,871,206 Denmark (1.4%): Consumer Staples (1.4%): Royal Unibrew A/S 43,853 4,520,904 France (9.4%): Consumer Discretionary (4.2%): Cie Generale des Etablissements Michelin SCA 30,130 3,233,984 Faurecia SE 80,697 3,477,968 LVMH Moet Hennessy Louis Vuitton SE 14,821 6,933,902 13,645,854 Energy (1.7%): Gaztransport Et Technigaz SA 23,471 2,237,981 TOTAL SE 93,104 3,197,036 5,435,017 Information Technology (1.8%): Capgemini SE 46,184 5,924,464 Materials (1.7%): Arkema SA 52,318 5,546,293 30,551,628 Germany (8.9%): Financials (1.6%): Allianz SE 27,192 5,218,312 Industrials (2.9%): Siemens AG, Registered Shares 57,049 7,203,779 Washtec AG (a) 50,742 2,200,140 9,403,919 Information Technology (2.7%): SAP SE 55,553 8,649,547 Real Estate (1.5%): Vonovia SE 69,438 4,759,596 Victory Portfolios Schedule of Portfolio Investments — continued Victory RS International Fund September 30, 2020 (Unaudited) Security Description Shares Value Utilities (0.2%): Siemens Energy AG (a) 27,607 $ 744,355 28,775,729 Hong Kong (2.1%): Financials (1.1%): AIA Group Ltd. 360,000 3,578,551 Real Estate (1.0%): CK Asset Holdings Ltd. 640,500 3,147,349 6,725,900 Ireland (1.1%): Industrials (1.1%): Experian PLC 94,516 3,550,709 Italy (4.5%): Financials (1.1%): Banca Generali SpA (a) 113,327 3,446,240 Health Care (1.2%): Recordati Industria Chimica e Farmaceutica SpA 79,594 4,076,703 Utilities (2.2%): Enel SpA 829,803 7,198,413 14,721,356 Japan (22.7%): Communication Services (1.8%): Capcom Co. Ltd. 52,400 2,924,784 Kakaku.com, Inc. 108,200 2,852,980 5,777,764 Consumer Discretionary (3.3%): Hikari Tsushin, Inc. 10,500 2,505,539 Toyota Motor Corp. 124,200 8,244,329 10,749,868 Consumer Staples (2.0%): Kobe Bussan Co. Ltd. 51,400 2,831,060 Toyo Suisan Kaisha Ltd. 68,500 3,617,741 6,448,801 Financials (1.8%): JAFCO Group Co. Ltd. 41,300 1,744,206 Mitsubishi UFJ Financial Group, Inc. 554,900 2,214,854 Tokio Marine Holdings, Inc. 45,300 1,982,364 5,941,424 Health Care (2.9%): Hoya Corp. 53,900 6,087,056 Shionogi & Co. Ltd. 63,200 3,383,214 9,470,270 Industrials (5.1%): en-japan, Inc. 86,300 2,184,249 Fuji Electric Co. Ltd. 80,400 2,549,095 Hitachi Construction Machinery Co. Ltd. (b) 76,800 2,783,452 ITOCHU Corp. (b) 103,800 2,658,265 OKUMA Corp. 62,800 2,947,067 Sanwa Holdings Corp. 334,200 3,544,146 16,666,274 Information Technology (4.0%): Fujitsu Ltd. 46,500 6,353,625 Oracle Corp. 39,800 4,298,090 Victory Portfolios Schedule of Portfolio Investments — continued Victory RS International Fund September 30, 2020 (Unaudited) Security Description Shares Value Ulvac, Inc. 60,100 $ 2,190,369 12,842,084 Real Estate (0.8%): Sumitomo Realty & Development Co. Ltd. 80,700 2,389,312 Utilities (1.0%): Chubu Electric Power Co., Inc. 275,000 3,345,427 73,631,224 Macau (0.3%): Consumer Discretionary (0.3%): Wynn Macau Ltd. (a)(b) 592,400 950,717 Netherlands (3.9%): Communication Services (1.2%): Koninklijke KPN NV 1,719,330 4,033,599 Financials (0.9%): ING Groep NV (a) 408,051 2,911,847 Industrials (1.8%): Wolters Kluwer NV 66,578 5,678,568 12,624,014 New Zealand (1.0%): Health Care (1.0%): Fisher & Paykel Healthcare Corp. Ltd. 145,624 3,212,792 Norway (1.3%): Energy (0.4%): Aker BP ASA 88,583 1,385,535 Financials (0.9%): SpareBank 1 SMN 324,583 2,935,763 4,321,298 Spain (1.1%): Communication Services (0.9%): Telefonica SA 849,558 2,909,862 Financials (0.2%): Banco Santander SA (b) 274,385 511,734 3,421,596 Sweden (1.8%): Industrials (1.8%): Atlas Copco AB, Class B 94,290 3,936,741 Epiroc AB, Class B 147,684 2,050,814 5,987,555 Switzerland (12.8%): Consumer Staples (4.6%): Nestle SA, Registered Shares 124,549 14,826,855 Financials (1.9%): Cembra Money Bank AG 24,194 2,872,349 UBS Group AG, Registered Shares 313,892 3,508,038 6,380,387 Health Care (6.3%): Novartis AG, Registered Shares 102,073 8,864,825 Roche Holding AG 33,929 11,625,214 20,490,039 41,697,281 Victory Portfolios Schedule of Portfolio Investments — continued Victory RS International Fund September 30, 2020 (Unaudited) Security Description Shares Value United Kingdom (14.6%): Consumer Discretionary (1.3%): Next PLC 56,310 $ 4,316,312 Consumer Staples (4.1%): Diageo PLC 146,536 5,032,373 Imperial Brands PLC 222,181 3,923,754 Unilever PLC 71,932 4,434,003 13,390,130 Energy (1.6%): BP PLC 872,266 2,522,100 Royal Dutch Shell PLC, Class A 214,181 2,673,189 5,195,289 Financials (2.3%): Close Brothers Group PLC 174,178 2,290,626 HSBC Holdings PLC 384,893 1,505,517 Legal & General Group PLC 1,474,651 3,596,679 7,392,822 Health Care (0.9%): Smith & Nephew PLC 145,890 2,857,349 Industrials (1.0%): RELX PLC 143,625 3,196,212 Materials (3.4%): Croda International PLC 20,018 1,614,462 Evraz PLC 486,927 2,167,822 Rio Tinto PLC 121,917 7,334,664 11,116,948 47,465,062 Total Common Stocks (Cost $306,241,041) 310,429,492 Exchange-Traded Funds (1.5%) United States (1.5%): iShares MSCI EAFE ETF 75,807 4,825,115 Total Exchange-Traded Funds (Cost $4,430,272) 4,825,115 Collateral for Securities Loaned^ (1.4%) United States (1.4%): BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 0.13% (c) 100,995 100,995 Fidelity Investments Money Market Government Portfolio, Class I, 0.03% (c) 1,578,640 1,578,640 Goldman Sachs Financial Square Prime Obligations Fund, Institutional Class, 0.09% (c) 702,319 702,319 JPMorgan Prime Money Market Fund, Capital Class, 0.19% (c) 401,887 401,887 Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.16% (c) 1,806,961 1,806,961 Total Collateral for Securities Loaned (Cost $4,590,802) 4,590,802 Total Investments (Cost $315,262,115) — 98.5% 319,845,409 Other assets in excess of liabilities — 1.5% 4,731,736 NET ASSETS - 100.00% $324,577,145 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Rate disclosed is the daily yield on September 30, 2020. ETF—Exchange-Traded Fund PLC—Public Limited Company Victory Portfolios Schedule of Portfolio Investments Victory RS Global Fund September 30, 2020 (Unaudited) Security Description Shares Value Common Stocks (97.1%) Australia (2.0%): Financials (0.9%): Macquarie Group Ltd. 15,480 $ 1,341,595 Health Care (1.1%): CSL Ltd. 7,995 1,651,159 2,992,754 Belgium (0.7%): Information Technology (0.7%): Melexis NV 13,120 1,020,685 Bermuda (1.1%): Industrials (1.1%): Triton International Ltd. 39,330 1,599,551 Canada (1.7%): Energy (0.5%): Parex Resources, Inc. (a) 67,388 710,120 Industrials (0.8%): Canadian Pacific Railway Ltd. 3,730 1,134,773 Materials (0.4%): Kirkland Lake Gold Ltd. 14,182 692,376 2,537,269 China (3.7%): Communication Services (1.8%): Tencent Holdings Ltd. 39,300 2,654,541 Consumer Staples (1.0%): Foshan Haitan Flavouring & Food Co. Ltd., Class A 59,949 1,432,557 Financials (0.9%): Industrial & Commercial Bank of China Ltd., Class H 2,657,000 1,384,065 5,471,163 Denmark (1.0%): Consumer Staples (1.0%): Royal Unibrew A/S 14,179 1,461,745 France (3.9%): Consumer Discretionary (1.2%): Faurecia SE 28,726 1,238,065 LVMH Moet Hennessy Louis Vuitton SE 1,063 497,317 1,735,382 Energy (1.1%): Gaztransport Et Technigaz SA 10,847 1,034,271 TOTAL SE 16,778 576,129 1,610,400 Financials (0.7%): BNP Paribas SA 28,329 1,024,662 Materials (0.9%): Arkema SA 12,719 1,348,356 5,718,800 Germany (0.5%): Industrials (0.5%): Washtec AG (a)(b) 16,031 695,094 Schedule of Portfolio Investments — Victory Portfolios continued Victory RS Global Fund September 30, 2020 (Unaudited) Security Description Shares Value Hong Kong (0.7%): Energy (0.7%): CNOOC Ltd. 1,099,957 $ 1,058,059 India (0.8%): Consumer Staples (0.8%): Nestle India Ltd. 5,539 1,195,444 Indonesia (0.6%): Communication Services (0.6%): PT Telekomunikasi Indonesia Persero Tbk 5,259,100 910,504 Ireland (1.5%): Industrials (1.5%): Eaton Corp.