Victory Capital Reports December 2025 Total Client Assets

Key Terms

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

aum financial

Assets under management (AUM) is the total market value of investments that a financial firm or fund manages on behalf of clients. Investors watch AUM like the size of a shop: larger AUM can mean more fee revenue, greater market influence and perceived stability, while rapid changes in AUM signal growing popularity or redemptions that may affect future earnings and investment strategy.

money market financial

A money market is the part of the financial system where very short-term, low-risk loans and investments are made, such as government bills, bank certificates, and commercial paper. It matters to investors because it’s where cash is kept when safety and quick access matter—like a parking spot for money that earns a small return and can be moved fast—so changes in interest rates or market stress directly affect returns and liquidity.

etfs financial

ETFs, or exchange-traded funds, are investment funds that hold a collection of stocks, bonds, or other assets, and can be bought or sold on stock exchanges like individual shares. They offer investors an easy way to diversify their holdings and access different markets or sectors without buying multiple individual assets. Because they are traded throughout the day, ETFs provide flexibility and can help investors manage risk while pursuing their financial goals.

cits financial

CITs (Collective Investment Trusts) are pooled investment funds run by banks or trust companies that combine money from multiple retirement plans or institutional investors to buy stocks, bonds and other assets. They work like a private mutual fund for institutions: by pooling assets they lower costs and simplify management, which can mean lower fees and different tax or regulatory treatment that investors and plan sponsors watch closely when choosing where retirement savings are held.

umas financial

A UMA (Unified Managed Account) is a single investment account that combines multiple strategies, funds and holdings so an investor sees one consolidated portfolio instead of many separate accounts — like merging several playlists into one music app. It matters to investors because it simplifies reporting, can reduce redundant fees and makes it easier to rebalance or apply a single tax or investment plan across all holdings, improving oversight and efficiency.

ucits financial

UCITS is a European regulatory standard for pooled investment funds that sets common rules on how they are run, what they can invest in, and how they protect individual investors. Think of it like a certified recipe and passport for retail funds: it assures basic safeguards such as diversification, liquidity and clear reporting, which helps investors compare options, reduces risk of surprise practices, and makes funds easier to buy across borders.

regulatory assets under management regulatory

Regulatory assets under management are the total client funds and investments that a firm is required to report to regulators as being under its control or advisory responsibility. For investors, this number signals the firm’s scale and the fees it can earn, and it is used by regulators to monitor risk, compliance and potential conflicts — like a publicly listed headcount that shows how much responsibility a manager carries.

Schedules Fourth-Quarter Financial Results Conference Call for February 5

SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today reported Total Assets Under Management (AUM) of $313.8 billion, Other Assets of $2.8 billion, and Total Client Assets of $316.6 billion, as of December 31, 2025.

For the month of December, Average Total AUM was $314.5 billion, average Other Assets was $2.8 billion, and average Total Client Assets was $317.3 billion.

For the fourth quarter, the Company reported long-term AUM net flows of -$2.1 billion.

Victory Capital Holdings, Inc.
Total Client Assets (unaudited; in millions) 1
	As of:
By Asset Class	Dec. 31, 2025			Nov. 30, 2025
Solutions	$	91,228		$	90,131
Fixed Income		80,544			80,827
U.S. Mid Cap Equity		29,993			31,024
U.S. Small Cap Equity		11,179			12,242
U.S. Large Cap Equity		63,380			63,624
Global / Non-U.S. Equity		30,680			30,229
Alternative Investments		3,038			2,993
Total Long-Term Assets	$	310,042		$	311,070
Money Market / Short Term Assets		3,733			3,777
Total Assets Under Management2	$	313,775		$	314,846
By Vehicle
Mutual Funds3	$	172,203		$	173,496
Separate Accounts and Other Pooled Vehicles4		126,523			126,671
ETFs5		15,049			14,679
Total Assets Under Management2	$	313,775		$	314,846
Other Assets6
Institutional	$	2,846		$	2,818
Total Other Assets	$	2,846		$	2,818
Total Client Assets
Total Assets Under Management	$	313,775		$	314,846
Total Other Assets		2,846			2,818
Total Client Assets	$	316,621		$	317,664
By Region
U.S.	$	261,821		$	263,706
Non-U.S.		54,799			53,958
Total Client Assets	$	316,621		$	317,664

Fourth-Quarter Conference Call and Webcast Details

Victory Capital will report fourth-quarter 2025 financial results after the market closes on Wednesday, February 4, 2026. The Company will host a conference call the following morning, Thursday, February 5, at 8:00 a.m. ET to discuss the results. Victory Capital’s earnings release and supplemental materials will be available on the investor relations section of the Company’s website at https://ir.vcm.com before the conference call begins.

To participate in the conference call, please call 1-800-715-9871 (domestic) or 1-646-307-1963 (international), shortly before 8:00 a.m. ET and reference the Victory Capital Conference Call. A live, listen-only webcast will also be available via the investor relations section of the Company’s website at https://ir.vcm.com. For anyone who is unable to join the live event, an archive of the webcast will be available for replay, at the same location, shortly after the call concludes.

1Due to rounding, numbers presented in these tables may not add up precisely to the totals provided.

2Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes Other Assets.

3Includes institutional and retail share classes, money market and VIP funds.

4Includes wrap program accounts, CITs, UMAs, UCITS, private funds, and non-U.S. domiciled pooled vehicles.

5Represents only ETF assets held by third parties and excludes ETF assets held by other Victory Capital products.

6Includes low-fee (2 to 4 bps) institutional assets. These assets are included as part of Victory’s Regulatory Assets Under Management reported in Form ADV Part 1.

About Victory Capital

Victory Capital (NASDAQ: VCTR) is a diversified global asset management firm with $316.6 billion in total client assets, as of December 31, 2025. We serve institutional, intermediary, and individual clients through our Investment Franchises and Solutions Platform, which manage specialized investment strategies across traditional and alternative asset classes. Our differentiated approach combines the power of investment autonomy with the support of a robust, fully integrated operational and distribution platform. Clients have access to focused, top-tier investment talent equipped with comprehensive resources designed to deliver competitive long-term performance.

Victory Capital is headquartered in San Antonio, Texas. To learn more, visit www.vcm.com or follow us on Facebook, Twitter (X), and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260113722377/en/

Investors:

Matthew Dennis, CFA

Chief of Staff

Director, Investor Relations

216-898-2412

mdennis@vcm.com



Media:

Jessica Davila

Director of Global Communications

210-694-9693

Jessica_davila@vcm.com

Source: Victory Capital Holdings, Inc.