Victory Capital Holdings, Inc. Class A Common Stock · NASDAQ:VCTR
Victory Capital Holdings, Inc. Class A Common Stock — WestEnd Advisors — Q4 2025 Earnings Presentation
17 slides from Victory Capital Holdings, Inc. Class A Common Stock's earnings presentation, Nov 20, 2025
Slide 1: Mid-Quarter Macro Update Q4 2025
Mid-Quarter Macro Update Q4 2025 20251120-5008480
Slide 2: Table of Contents
Table of Contents U.S. Equity Sector Allocations ………………………………………………………………………………………………… 2 International Equity and Fixed Income Allocations …………………………………………………………………………… 3 Economic & Market Backdrop U.S. Economy: High-frequency data held up during shutdown………………………………………………………… 5 U.S. Consumer: Low l
Slide 3: U.S. Equity Sector Allocations
U.S. Equity Sector Allocations WESTEND ETF STRATEGIES Current large-cap U.S. equity sector allocation and avoidance* Sector Sector Allocations Avoidance • Financials • Energy • Health Care • Industrials • Consumer Staples • Materials • Communication Services • Real Estate • Consumer Discretionary •
Slide 4: International Equity and Fixed Income Allocations
International Equity and Fixed Income Allocations WESTEND GLOBAL ETF STRATEGIES Current regional equity allocation positioning in global portfolios* Regional Equity Overweights Regional Equity Underweights • U.S.A. • Europe • Asia (Developed and EM) • Emerging Markets (ex-Asia) WESTEND BALANCED ETF
Slide 5: Economic & Market Backdrop
Economic & Market Backdrop westendadvisors.com | info@westendadvisors.com | 888.500.9025 Mid-Quarter Macro Update | Q4 2025 4 20251120-5008480
Slide 6: High-Frequency Data Held Up During Shutdown
High-Frequency Data Held Up During Shutdown HIGH FREQUENCY DATA IMPLIES RESILIENT GROWTH IN 2H 5.0 Year-Over-Year Growth (%) 4.0 Portfolio Impact: A government shutdown- 3.0 induced data blackout temporarily reduced visibility into the state of the economy. Our analysis of 2.0 alternative data sourc
Slide 7: Low Labor Demand May Limit Spending Growth
Low Labor Demand May Limit Spending Growth CYCLICAL HIRING REMAINS CHALLENGED 20% Portfolio Impact: Given the ongoing labor market Construction Payrolls 6 Month Annualized Growth slowdown, we are incrementally more cautious towards the 10% consumer after a multi-year period of healthy income growth
Slide 8: Quantifying Impact of the AI Infrastructure Boom
Quantifying Impact of the AI Infrastructure Boom AI GAINS HAVE BEEN HIGHLY CONCENTRATED 600% Portfolio Impact: Since the launch of ChatGPT in 2022, S&P 500 Semiconductors most of the earnings upside and investor enthusiasm around Cumulative Total Return 500% Hyperscalers 400% S&P 500 Index generativ
Slide 9: AI Growth Engine Fuels Key Mid-Phase Sectors
AI Growth Engine Fuels Key Mid-Phase Sectors COMPELLING GROWTH AND VALUATION SETUP FOR COMMS 20% 25 Portfolio Impact: Generative artificial intelligence (AI) has ushered in a powerful, multi-year investment cycle, driving 3Y Rev CAGR (Estimates) EV / EBITDA Valuation 20 15% record infrastructure spe
Slide 10: Positioning for Broader Market Leadership
Positioning for Broader Market Leadership SMALL-CAPS OFFER HISTORIC DISCOUNT TO LARGE-CAPS 2.5 More Expensive 2.0 1.5 Portfolio Impact: We have broadened exposure within our 1.0 global portfolios’ U.S. equity allocations by adding small-cap Value Score 0.5 U.S. equities to capture potential upside a
Slide 11: Improving Tailwinds for the Biotech Industry
Improving Tailwinds for the Biotech Industry HEALTH CARE POLICY UNCERTAINTY TRENDING LOWER 4 Portfolio Impact: Looking ahead, we believe biotechnology Health Care Policy Uncertainty 3 companies stand to benefit from waning policy uncertainty (Standardized Index) 2 across the broader Health Care sect
Slide 12: International Economic & Market Backdrop
International Economic & Market Backdrop westendadvisors.com | info@westendadvisors.com | 888.500.9025 Mid-Quarter Macro Update | Q4 2025 11 20251120-5008480
Slide 13: Opportunity in Asia for Global Investors
Opportunity in Asia for Global Investors U.S. AND ASIA HAVE STRONGEST EARNINGS MOMENTUM 10.0% 12M Blended Forward EPS Revision YTD 8.0% Portfolio Impact: Asia remains the most compelling 6.0% opportunity outside of the U.S., in our view. Improving 4.0% monetary conditions in China as well as fiscal
Slide 14: Fixed Income / Real Assets
Fixed Income / Real Assets westendadvisors.com | info@westendadvisors.com | 888.500.9025 Mid-Quarter Macro Update | Q4 2025 13 20251120-5008480
Slide 15: Yield Curve Normalization Can Continue, While Credit Remains Expensive
Yield Curve Normalization Can Continue, While Credit Remains Expensive DURATION MORE ATTRACTIVE AS CURVE STEEPENS 18% Portfolio Impact: We believe the yield curve re-steepening Long vs Short Duration Tsy 12M Fwd Return Current Long 16% Term process can continue. As the Federal Reserve recalibrates (
Slide 16: Asset Class Returns Driven by Macro Environment
Asset Class Returns Driven by Macro Environment MACRO CONDITIONS DRIVE ASSET CLASS DISPERSION 17.5% Average Monthly Return (Annualized)* 15.0% 12.5% Portfolio Impact: Given our outlook for a late-cycle 10.0% environment, we continue to avoid the most economically 7.5% 5.0% sensitive real asset expos
Slide 17: Footnotes & Disclosures
Footnotes & Disclosures WestEnd Advisors, LLC (“WestEnd”), an SEC-registered investment adviser, operates as an autonomous Victory Capital® Investment Franchise. WestEnd’s active principals are responsible for managing the firm and its day-to-day operations. Registration of an investment adviser doe