Victory Capital Holdings, Inc. (NASDAQ:VCTR) reported on September 11 that assets under management reached $356.469 billion at August-end, up from $345.117 billion at July-end. Exchange-traded fund assets increased to $23.474 billion from $20.889 billion.
Those balances imply monthly growth of approximately 3.3% in total assets under management and 12.4% in ETFs. The $2.585 billion ETF increase accounted for roughly 23% of the total asset increase, lifting ETFs to approximately 6.6% of managed assets.
The investment question is whether Victory Capital Holdings, Inc. (NASDAQ:VCTR) is building a more durable source of management fees. August’s update provides asset balances without separating net client flows from investment performance and other changes.
Bull Case
Earlier disclosures provide evidence of customer demand. Victory Capital…
