Vault-13

VICTORY PORTFOLIOS II USVM

USAA MSCI USA SM · ETP · CUSIP 92647N568

41 institutional holders -2 vs Q1 2025
10,774,94610.8m shares reported held*
$917.3mreported value*
7 new 16 added 11 reduced 9 sold out net bought ≈ $89.7m (+1.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $85.13.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 21Q4 22: 23Q1 23: 19Q2 23: 21Q3 23: 18Q4 23: 16Q1 24: 18Q2 24: 22Q3 24: 19Q4 24: 25Q1 25: 43Q2 25: 4141Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202221
Q4 202223
Q1 202319
Q2 202321
Q3 202318
Q4 202316
Q1 202418
Q2 202422
Q3 202419
Q4 202425
Q1 202543
Q2 202541

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 8 bought or addedQ3 23: 10 cut or sold outQ4 23: 4 bought or addedQ4 23: 10 cut or sold outQ4 23Q1 24: 8 bought or addedQ1 24: 9 cut or sold outQ2 24: 14 bought or addedQ2 24: 7 cut or sold outQ2 24Q3 24: 11 bought or addedQ3 24: 11 cut or sold outQ4 24: 15 bought or addedQ4 24: 5 cut or sold outQ4 24Q1 25: 33 bought or addedQ1 25: 6 cut or sold outQ2 25: 23 bought or addedQ2 25: 20 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023810
Q4 2023410
Q1 202489
Q2 2024147
Q3 20241111
Q4 2024155
Q1 2025336
Q2 20252320

Biggest buyers

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Added +750,761+750.8k
Cerity Partners LLC Added +249,822+249.8k
Retirement Planning Group, LLC Added +53,791+53.8k
TRUIST FINANCIAL CORP New +51,128+51.1k
CITADEL ADVISORS LLC Added +33,720+33.7k
VICTORY CAPITAL MANAGEMENT INC Added +27,000+27.0k
Systelligence, LLC Added +8,796+8.8k
Steward Partners Investment Advisory, LLC New +8,303+8.3k
NorthCrest Asset Manangement, LLC Added +7,908+7.9k
RAYMOND JAMES FINANCIAL INC Added +6,905+6.9k

Biggest sellers

TWO SIGMA INVESTMENTS, LP Sold out -75,500-75.5k
GOLDMAN SACHS GROUP INC Sold out -20,795-20.8k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -15,828-15.8k
BANK OF AMERICA CORP /DE/ Reduced -12,917-12.9k
MML INVESTORS SERVICES, LLC Sold out -9,606-9.6k
Trilogy Capital Inc. Reduced -7,704-7.7k
ENVESTNET ASSET MANAGEMENT INC Reduced -5,239-5.2k
TWO SIGMA SECURITIES, LLC Sold out -2,920-2.9k
Blue Trust, Inc. Sold out -2,821-2.8k
UBS Group AG Sold out -1,462-1.5k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 1.06% of their portfolio PLYMOUTH, MN 7,468,9667.5m $639.8m $639.8m 1.06% Added +750.8k +750,761
2 Cerity Partners LLC 0.20% of their portfolio NEW YORK, NY 1,364,6141.4m $114.5m $114.5m 0.20% Added +249.8k +249,822
3 VICTORY CAPITAL MANAGEMENT INC 0.07% of their portfolio San Antonio, TX 1,221,4161.2m $102.5m $102.5m 0.07% Added +27.0k +27,000
4 Systelligence, LLC 1.95% of their portfolio BLOOMINGTON, MN 125,487125.5k $10.5m $10.5m 1.95% Added +8.8k +8,796
5 Anderson Financial Strategies, LLC 4.61% of their portfolio DAYTON, OH 85,86585.9k $7.2m $7.2m 4.61% Reduced -920 -920
6 Vise Technologies, Inc. 0.29% of their portfolio NEW YORK, NY 84,05284.1k $7.1m $7.1m 0.29% First filing
7 Retirement Planning Group, LLC 0.25% of their portfolio LEAWOOD, KS 70,74770.7k $5.9m $5.9m 0.25% Added +53.8k +53,791
8 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 51,12851.1k $4.3m $4.3m 0.01% New
9 Beacon Financial Advisory LLC 1.01% of their portfolio CLEVELAND, OH 46,33546.3k $3.9m $3.9m 1.01% Reduced -1.2k -1,178
10 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 41,38741.4k $3.5m $3.5m 0.00% Added +33.7k +33,720
11 NorthCrest Asset Manangement, LLC 0.08% of their portfolio PLYMOUTH, MN 36,72336.7k $3.1m $3.1m 0.08% Added +7.9k +7,908
12 Trilogy Capital Inc. 0.14% of their portfolio IRVINE, CA 34,32234.3k $2.9m $2.9m 0.14% Reduced -7.7k -7,704
13 EWG Elevate Inc. 0.82% of their portfolio ROSEVILLE, CA 31,53831.5k $2.6m $2.6m 0.82% Added +5.1k +5,087
14 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 24,82724.8k $2.1m $2.1m 0.00% Reduced -12.9k -12,917
15 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 14,75514.8k $1.2m $1.2m 0.00% Added +6.9k +6,905
16 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 11,01211.0k $924.0k $924.0k 0.00% Reduced -15.8k -15,828
17 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 8,3038.3k $696.7k $696.7k 0.01% New
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,7516.8k $566.5k $566.5k 0.00% Added +4.2k +4,217
19 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 5,8705.9k $493.0k $493.0k 0.00% New
20 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 4,7004.7k $394.4k $394.4k 0.00% Reduced -145 -145
21 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 4,4764.5k $375.6k $375.6k 0.00% Added +2.8k +2,786
22 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 4,4374.4k $372.3k $372.3k 0.00% Reduced -5.2k -5,239
23 Atria Wealth Solutions, Inc. 0.01% of their portfolio NEW YORK, NY 4,2864.3k $366.7k $366.7k 0.01% New
24 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 4,1904.2k $351.6k $351.6k 0.00% Added +1.4k +1,384
25 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 3,3333.3k $279.7k $279.7k 0.00% Added +651 +651
26 OneDigital Investment Advisors LLC 0.00% of their portfolio OVERLAND PARK, KS 3,3153.3k $278.2k $278.2k 0.00% Reduced -95 -95
27 Redhawk Wealth Advisors, Inc. 0.03% of their portfolio MINNEAPOLIS, MN 2,8022.8k $235.1k $235.1k 0.03% Reduced -148 -148
28 COMERICA BANK 0.00% of their portfolio DALLAS, TX 2,5602.6k $214.8k $214.8k 0.00% Added +1.1k +1,069
29 Comprehensive Financial Planning, Inc./PA 0.11% of their portfolio EAST PETERSBURG, PA 1,6491.6k $138.4k $138.4k 0.11% Reduced -550 -550
30 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,6131.6k $135.3k $135.3k 0.00% Added +1.5k +1,534
31 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,2501.2k $104.0k $104.0k 0.00% Added +910 +910
32 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 1,1251.1k $94.0k $94.0k 0.00% New
33 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 718718 $60.2k $60.2k 0.00% Reduced -87 -87
34 Golden State Wealth Management, LLC 0.00% of their portfolio SANTA ANA, CA 113113 $9.5k $9.5k 0.00% Unchanged
35 FMR LLC 0.00% of their portfolio BOSTON, MA 107107 $9.0k $9.0k 0.00% Unchanged
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 102102 $8.6k $8.6k 0.00% New
37 Bogart Wealth, LLC 0.00% of their portfolio MCLEAN, VA 5959 $4.9k $4.9k 0.00% Unchanged
38 Family Capital Trust Co 0.00% of their portfolio PEABODY, MA 1212 $1.0k $1.0k 0.00% Unchanged
39 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $76 $76 0.00% Unchanged
40 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
41 Sound Income Strategies, LLC 0.00% of their portfolio FT LAUDERDALE, FL 00 $19 $19 0.00% New