8-K
Victory Capital Holdings, Inc. (VCTR)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
December 10, 2025
Date of Report (date of earliest event reported)
Victory Capital Holdings, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38388 | 32-0402956 |
|---|---|---|
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| 15935 La Cantera Parkway; San Antonio, TX | 78256 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
(216) 898-2400
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, Par Value $0.01 | VCTR | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01. Other Events.
On December 10, 2025, Victory Capital Holdings, Inc., (the “Company”) issued a press release reporting certain information about the Company’s assets under management (“AUM”) as of November 30, 2025. A copy of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | |
|---|---|
| Number | Description |
| 99.1 | Press release reporting November AUM dated December 10, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| --- | --- |
- 2 -
SIGNATURE(S)
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VICTORY CAPITAL HOLDINGS, INC. | ||
|---|---|---|
| Date: December 10, 2025 | By: | /s/ MICHAEL D. POLICARPO |
| Name: Michael D. Policarpo | ||
| Title: President, Chief Financial Officer and Chief Administrative Officer |
- 3 -
EX-99.1
Exhibit 99.1
| News Release |
|---|
Victory Capital Reports November 2025 Total Client Assets
San Antonio, Texas, December 10, 2025 ― 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.
| Victory Capital Holdings, Inc. | ||||
|---|---|---|---|---|
| Total Client Assets (unaudited; in millions) 1 | ||||
| --- | --- | --- | --- | --- |
| By Asset Class | ||||
| 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 Management | 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 |
All values are in US Dollars.
| By Region | ||||
|---|---|---|---|---|
| U.S. | $ | 263,706 | $ | 262,576 |
| Non-U.S. | 53,958 | 53,225 | ||
| Total Client Assets | $ | 317,664 | $ | 315,801 |
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 $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, visit www.vcm.com or follow us on Facebook, Twitter (X), and LinkedIn.
Contacts
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