Victory Tax-Exempt Fund (GUTEX)
The investment seeks to maximize current income exempt from federal income taxes, consistent with the preservation of capital. The fund invests primarily in investment-grade municipal obligations, the interest on which is, in the opinion of the issuer's bond counsel, exempt from federal income tax including the federal alternative minimum tax ("AMT"). Under normal circumstances at least 80% of the value of the fund's assets will be invested in tax-exempt municipal obligations.
Fund Info
| ISIN | US92647K3178 |
|---|---|
| CUSIP | 92647K317 |
| Issuer | Victory Capital |
| Inception Date | Feb 15, 1993 |
| Category | Municipal Bonds |
| Min. Investment | $2,500 |
| Asset Class | Bond |
Expense Ratio
GUTEX features an expense ratio of 0.80%, falling within the medium range.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Victory Tax-Exempt Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
Victory Tax-Exempt Fund had a return of 4.12% year-to-date (YTD) and 9.92% in the last 12 months. Over the past 10 years, Victory Tax-Exempt Fund had an annualized return of 2.52%, while the S&P 500 had an annualized return of 10.88%, indicating that Victory Tax-Exempt Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 4.12% | 18.13% |
| 1 month | 1.01% | 1.45% |
| 6 months | 4.07% | 8.81% |
| 1 year | 9.92% | 26.52% |
| 5 years (annualized) | 1.77% | 13.43% |
| 10 years (annualized) | 2.52% | 10.88% |
Monthly Returns
The table below presents the monthly returns of GUTEX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -0.74% | 0.43% | 0.30% | -1.47% | 0.56% | 2.01% | 1.39% | 0.78% | 4.12% | ||||
| 2023 | 3.48% | -2.99% | 2.03% | -0.16% | -0.51% | 1.29% | 0.54% | -1.93% | -3.33% | -1.80% | 7.87% | 2.72% | 6.87% |
| 2022 | -2.40% | -0.59% | -3.32% | -3.01% | 0.28% | -2.56% | 2.75% | -2.09% | -3.91% | -1.85% | 4.96% | -0.27% | -11.71% |
| 2021 | 1.80% | -1.94% | 1.10% | 1.17% | 0.59% | 0.85% | 0.74% | -0.33% | -0.63% | -0.45% | 0.96% | 0.06% | 3.94% |
| 2020 | 2.61% | 2.05% | -7.55% | -2.79% | 3.25% | 2.83% | 2.76% | -0.65% | -0.25% | -0.33% | 2.34% | 1.57% | 5.40% |
| 2019 | 0.42% | 0.49% | 2.41% | 0.29% | 1.74% | 0.07% | 0.80% | 2.21% | -0.54% | 0.10% | 0.37% | 0.17% | 8.84% |
| 2018 | -1.41% | -0.23% | 0.73% | -0.42% | 1.25% | 0.10% | 0.00% | 0.62% | -0.63% | -1.24% | 0.83% | 1.14% | 0.71% |
| 2017 | 1.05% | 0.81% | 0.12% | 0.73% | 1.35% | -0.21% | 1.14% | 1.53% | -0.11% | 0.11% | -0.20% | 1.44% | 8.02% |
| 2016 | 1.11% | 0.09% | 0.36% | 0.75% | 0.36% | 1.20% | 0.08% | 0.09% | -0.48% | -1.23% | -4.47% | 0.50% | -1.76% |
| 2015 | 1.64% | -0.91% | 0.26% | -0.56% | -0.38% | -0.01% | 0.65% | 0.18% | 0.66% | 0.27% | 0.36% | -1.69% | 0.43% |
| 2014 | 1.81% | 1.02% | 0.15% | 1.21% | 1.29% | -0.03% | 0.16% | 1.00% | 0.08% | 0.82% | 0.17% | 0.45% | 8.41% |
| 2013 | 0.23% | 0.23% | -0.76% | 1.42% | -1.56% | -3.50% | -1.07% | -1.58% | 1.93% | 0.44% | -0.32% | -0.13% | -4.67% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of GUTEX is 54, suggesting that the investment has average results relative to other mutual funds in terms of risk-adjusted performance. This ranking is determined by the cumulative values of the indicators listed below.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Victory Tax-Exempt Fund (GUTEX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
Victory Tax-Exempt Fund granted a 3.70% dividend yield in the last twelve months. The annual payout for that period amounted to $0.32 per share.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.32 | $0.32 | $0.37 | $0.55 | $0.42 | $0.46 | $0.50 | $0.49 | $0.71 | $0.35 | $0.33 | $0.32 |
Dividend yield | 3.70% | 3.78% | 4.49% | 5.58% | 4.19% | 4.63% | 5.32% | 4.93% | 7.41% | 3.30% | 3.01% | 3.06% |
Monthly Dividends
The table displays the monthly dividend distributions for Victory Tax-Exempt Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.21 | |||
| 2023 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.32 |
| 2022 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.09 | $0.37 |
| 2021 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.26 | $0.55 |
| 2020 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.12 | $0.42 |
| 2019 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.15 | $0.46 |
| 2018 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.18 | $0.50 |
| 2017 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.15 | $0.49 |
| 2016 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.40 | $0.71 |
| 2015 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.35 |
| 2014 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.33 |
| 2013 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.32 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Worst Drawdowns
The table below displays the maximum drawdowns of the Victory Tax-Exempt Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Victory Tax-Exempt Fund was 16.57%, occurring on Oct 26, 2022. The portfolio has not yet recovered.
The current Victory Tax-Exempt Fund drawdown is 2.24%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -16.57% | Aug 4, 2021 | 311 | Oct 26, 2022 | — | — | — |
| -15.51% | Oct 18, 1993 | 286 | Nov 21, 1994 | 268 | Nov 30, 1995 | 554 |
| -15.47% | Mar 10, 2020 | 10 | Mar 23, 2020 | 189 | Dec 18, 2020 | 199 |
| -11.57% | Sep 12, 2008 | 24 | Oct 15, 2008 | 60 | Jan 12, 2009 | 84 |
| -8.46% | Dec 10, 2012 | 186 | Sep 5, 2013 | 248 | Aug 29, 2014 | 434 |
Volatility
Volatility Chart
The current Victory Tax-Exempt Fund volatility is 0.63%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.