Effective March 2, 2021, John Bonnell, a portfolio manager for Victory Capital’s USAA tax-exempt fixed-income strategies, has departed the firm. Bonnell, whose two stints at USAA spanned more than two decades, had been a comanager on USAA Virginia Bond USVAX since 2006 and both USAA Tax Exempt Intermediate-Term USATX and USAA Tax Exempt Short-Term USSTX since 2019. Regina Conklin and Andy Hattman, who are both comanagers on the aforementioned strategies, will assume Bonnell’s portfolio management responsibilities. In addition, Lauren Spalten, who spent seven years at S&P and has been part of USAA’s muni research team since 2018, joins Conklin and Hattman on the firm’s tax-exempt fixed-income portfolio management roster. Conklin joined USAA in 1991 and has managed short-term and intermediate muni funds since 2003, while Hattman joined the firm in 2010 and has been a muni portfolio manager since 2019.
Will USSTX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable USSTX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the USSTX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of USSTX’s parent organization’s priorities and whether they’re in line with investors’ interests.