Victory RS International Fund Q3 2025 Commentary (GUBGX)

Summary

  • International Equities (as measured by the MSCI EAFE Index) gained 4.77% in the third quarter of 2025.
  • The Victory RS International Fund (the “Fund”) returned +2.66% (Class A Shares without a sales charge) for the period.
  • With equity valuations above historical averages, opinions are mixed on whether a pullback or continued appreciation is more likely in the near term.
  • In our view, stock selection is a more sustainable path to positive excess returns than trying to make market timing calls.

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Market Review

International Equities (as measured by the MSCI EAFE Index) gained 4.77% in the third quarter of 2025, continuing their advance on a combination of easing trade tensions, solid corporate earnings, and investor optimism widely attributed to interest in

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