The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes. The unprecedented scale of the fiscal and monetary stimulus implemented by Congress and the Federal Reserve in response to the COVID-19 pandemic was the most influential driver of the market's … For the period, the Granahan Investment Management growth-oriented portion of the fund solidly outperformed its benchmark, driven by stock selection. The unprecedented scale of the fiscal and monetary stimulus implemented by Congress and the Federal Reserve in response to the COVID-19 pandemic was the most influential driver of the market's rebound. During the second quarter, the USAA Small Cap Stock Fund posted a strong total return and outperformed its primary benchmark. Learn more about mutual funds at fidelity.com. USAA Small Cap Stock Fund seeks long-term capital growth by investing in equity securities of companies with small market capitalizations. Terms of Use Privacy Policy Disclosures Member User Agreement Corrections Cookies, | 1-Day Return as of Nov 11, 2020, 11:09 PM GMT+00:00, Muni National Intermediate-Term Bond Funds. At the end of the period, Wellington Management's largest overweights were to the industrials, information technology, and real estate sectors, while financials, utilities, and consumer discretionary were the largest underweights. This was partially offset by underweight positions in consumer discretionary and health care. Past performance is no guarantee of future results. Unlock our full analysis with Morningstar Premium. Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. universe to create the Morningstar Quantitative Rating (denoted on this page by a The machine-learning model is then applied to the “uncovered” fund These quantitative rating predictions make up what we call the Lastly, Congressional leaders prepared for contentious negotiations in July regarding another fiscal stimulus package. Holdings, if any, are subject to change without notice. USAA Small Cap Stock Fund. Let Us Recommend Your Investment Portfolio, Download a prospectus or summary prospectus. To expand the number of funds we cover, we have developed a machine-learning model that uses the decision-making processes of our analysts, USD | NAV as of Nov 11, 2020 | 1-Day Return as of Nov 11, 2020, 11:09 PM GMT+00:00. During the second quarter of 2020, an extraordinary market rally drove U.S. stocks to their largest quarterly gains in a decade. An index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with the active management of an actual portfolio. Call 800-235-8396 for performance data current to the most recent month-end. In addition, tensions between the United States and China reignited in May as China was widely criticized for its plans to impose a national security law on Hong Kong. Privacy Policy and Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. their past ratings decisions, and the data used to support those decisions. Victory Capital Management does not give financial, tax or legal advice, and nothing contained herein should be construed as such advice. The Process Pillar is our assessment of how sensible, clearly defined, and repeatable USCAX’s performance objective and investment process is for both security selection and portfolio construction. Underweight allocations to utilities and financials were the largest contributors to relative performance. Learn How to Read a Morningstar Analyst Report. You can change your choices at any time by visiting Your Privacy Controls. Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds. An underweight in real estate and a slight overweight to energy added to returns. Their portfolio's underweight position in the industrials sector also contributed to relative performance, as did a lack of exposure to utilities and consumer staples. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds logo is a trademark of United Services Automobile Association and is being used by Victory Capital and its affiliates under license. The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating. Victory Capital Management Inc. is the investment advisor for USAA Mutual Funds. Quote Fund Analysis Performance Risk Price Portfolio People Parent NAV / 1-Day Return. The fund normally invests at least 80% of its assets in equity securities of companies with small market capitalizations. The fund was incepted in August 1999 and is managed by USAA Investment Management Company. (Fund performance for the quarter and various other time periods, as well as respective fund expenses, can be viewed here.). Morningstar Quantitative Rating™ for funds. This site is protected by reCAPTCHA and the Google The Wellington Management value-oriented portion of the fund underperformed during the period, driven primarily by stock selection. There were several other developments that supported equities, including promising news regarding potential coronavirus vaccines, optimism regarding the reopening of the U.S. economy, and declining coronavirus infections in a number of states. © Copyright 2020 Morningstar, Inc. All rights reserved. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Click here for more on how to use these ratings. Analyze the Fund USAA Small Cap Stock Fund having Symbol USCAX for type mutual-funds and perform research on other mutual funds. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Some income for tax-exempt investments may be subject to state or local taxes or the federal alternative minimum tax. Additional risks to a fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Terms of Service apply. assign to the fund if an analyst covered the fund. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps.
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