Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today reported Total Assets Under Management (AUM) of $314.8 billion, Other Assets of $2.8 billion, and Total Client Assets of $317.7 billion, as of November 30, 2025.

For the month of November, Average Total AUM was $312.4 billion, average Other Assets was $2.8 billion, and average Total Client Assets was $315.2 billion.

About Victory Capital

Victory Capital (NASDAQ: VCTR) is a diversified global asset management firm with $317.7 billion in total client assets, as of November 30, 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, visitwww.vcm.com Facebook Twitter (X)LinkedIn

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Victory Capital Holdings, Inc.
*Total Client Assets(unaudited; in millions)***¹
	As of:
By Asset Class	Nov. 30, 2025		Oct. 31, 2025
Solutions	$	90,131	$	88,725
Fixed Income		80,827		80,555
U.S. Mid Cap Equity		31,024		30,682
U.S. Small Cap Equity		12,242		12,230
U.S. Large Cap Equity		63,624		64,409
Global / Non-U.S. Equity		30,229		29,719
Alternative Investments		2,993		2,975
Total Long-Term Assets	$	311,070	$	309,294
Money Market / Short Term Assets		3,777		3,745
Total Assets Under Management²	$	314,846	$	313,039

By Vehicle
Mutual Funds³	$	173,496	$	173,579
Separate Accounts and Other Pooled Vehicles⁴		126,671		125,310
ETFs⁵		14,679		14,150
Total Assets Under Management²	$	314,846	$	313,039

Other Assets⁶
Institutional	$	2,818	$	2,762
Total Other Assets	$	2,818	$	2,762

Total Client Assets
Total Assets Under Management	$	314,846	$	313,039
Total Other Assets		2,818		2,762
Total Client Assets	$	317,664	$	315,801

By Region
U.S.	$	263,706	$	262,576
Non-U.S.		53,958		53,225
Total Client Assets	$	317,664	$	315,801

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

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

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

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

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

Includes 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 1.⁶