How Victory Capital’s Amundi UCITS Expansion Could Shape International Scale And Margins For VCTR Investors

• In December 2025, Victory Capital Holdings, Inc. reported that it had added three new UCITS funds via its partnership with Amundi, bringing its UCITS lineup to 22 and expanding its international asset management footprint through RS Investments’ Global Equity and US Value teams.
• This expansion deepens Victory Capital’s access to European and cross-border investors while showcasing how its franchise model and Amundi alliance are being used to scale specialized equity strategies globally.
• Next, we’ll explore how this UCITS expansion with Amundi may influence Victory Capital’s international growth thesis and margin improvement narrative.

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Victory Capital Holdings Investment Narrative Recap

To own Victory Capital, you need to believe its multi-boutique model and Amundi alliance can offset fee pressure, competition from passive products, and recent net outflows by driving sustained, higher-margin asset growth. The latest UCITS additions support the international growth angle but do not, on their own, materially change the near term risk that ongoing outflows and fee compression could weigh on revenue and earnings.

Among recent updates, the Q3 2025 results stand out, with revenue rising to US$361.2 million and net income to US$96.54 million, even as EPS declined year on year. That mix of higher scale but pressured profitability frames how investors might weigh the Amundi UCITS expansion as a potential volume catalyst against the risk that new flows arrive at structurally lower fee rates.

Yet behind the appeal of global expansion and higher forecast earnings growth, investors should also be aware of rising regulatory and compliance costs, which...

Read the full narrative on Victory Capital Holdings (it's free!)

Victory Capital Holdings' narrative projects $1.8 billion revenue and $735.1 million earnings by 2028. This requires 20.4% yearly revenue growth and about a $470.5 million earnings increase from $264.6 million today.

Uncover how Victory Capital Holdings' forecasts yield a $73.67 fair value, a 15% upside to its current price.

Exploring Other Perspectives

Three fair value estimates from the Simply Wall St Community span roughly US$65.88 to US$73.67, showing how differently individual investors assess Victory Capital’s potential. You can weigh these against the company’s push into Amundi backed UCITS, which could support asset growth but still leaves fee compression and competitive pressure as important constraints on future performance.

Explore 3 other fair value estimates on Victory Capital Holdings - why the stock might be worth just $65.88!

Build Your Own Victory Capital Holdings Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Victory Capital Holdings research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free Victory Capital Holdings research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Victory Capital Holdings' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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