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Data through June 30, 2016 FINRA members: For internal or institutional use only.
USAA World Growth Ticker
USAWX
Yield
0.7%
Total Assets
$1,161 mil
Mstar Category
World Stock
Benchmark 1: MSCI ACWI NR USD
Benchmark 2: MSCI ACWI Ex USA NR USD
Morningstar Analyst Rating 07-05-16
„
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ¶ Neutral
Price ¶ Neutral
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which its
analysts believe lead to funds that are more likely to outperform over the
long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
Historical Profile
Return
Risk
Rating
High
Average
QQQQQ
Highest
7 7 7 7 7 7 7 7 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& ( & ( ( * & * * ( * Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 06-16 History
19.96 20.31 12.86 16.81 18.70 17.72 21.66 27.03 27.33 26.14 26.82 NAV
23.96 9.32 -34.00 31.36 12.19 -4.35 23.41 27.74 3.71 -1.62 2.60 Total Return %
3.00 -2.35 8.20 -3.26 -0.48 3.00 7.28 4.94 -0.45 0.74 1.37 +/- Bmark 1
-2.69 -7.34 11.53 -10.08 1.03 9.36 6.58 12.45 7.58 4.04 3.62 +/- Bmark 2
2.55 0.95 1.08 0.65 0.92 0.88 1.12 0.87 1.05 0.72 0.00 Income Return %
21.41 8.37 -35.08 30.71 11.26 -5.23 22.29 26.87 2.66 -2.34 2.60 Capital Return %
14 53 13 57 54 26 4 35 38 51 29 Total Rtn % Rank Cat
0.42 0.18 0.21 0.08 0.15 0.16 0.20 0.19 0.28 0.19 0.00 Income $
1.71 1.35 0.31 0.00 0.00 0.00 0.01 0.44 0.43 0.56 0.00 Capital Gains $
1.26 1.30 1.24 1.42 1.34 1.29 1.30 1.25 1.19 1.17 . Expense Ratio %
2.15 1.31 1.01 1.31 0.76 0.95 0.96 0.93 0.75 0.91 . Income Ratio %
44 29 28 20 15 17 12 12 9 9 . Turnover Rate %
506 563 351 460 549 571 724 1,054 1,137 1,120 1,139 Net Assets $mil
Performance 06-30-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 14.33 -5.28 7.40 6.10 23.41
2013 8.86 0.34 8.28 7.99 27.74
2014 0.55 4.01 -3.86 3.14 3.71
2015 3.04 -0.25 -7.73 3.73 -1.62
2016 2.03 0.56 — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 0.56 -0.43 1.21 57 10,056
6 Mo 2.60 1.37 3.62 29 10,260
1 Yr -1.80 1.93 8.45 28 9,820
3 Yr Avg 6.97 0.94 5.81 28 12,242
5 Yr Avg 7.95 2.57 7.84 9 14,656
10 Yr Avg 6.67 2.41 4.80 5 19,081
15 Yr Avg 6.83 1.85 1.71 16 26,951
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 6.25 18 0.67 31
5 Yr (estimated) 7.37 6 0.53 31
10 Yr (estimated) 5.88 3 0.74 36
Potential Capital Gain Exposure: 31% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -1.80
3 Yr 6.97 +Avg Avg QQQQ
5 Yr 7.95 +Avg Avg QQQQ
10 Yr 6.67 High -Avg QQQQQ
Incept 7.73
Other Measures Standard Index Best Fit Index
Alpha 5.8 1.0
Beta 0.84 0.99
R-Squared 84 94
Standard Deviation 12.11
Mean 6.97
Sharpe Ratio 0.61
Portfolio Analysis 02-29-16
Total Stocks: 94
Share change since 11-30-15 Sector Country % Assets
YThermo Fisher Scientific Hlth Care United States 2.72
YNestle SA Cnsmr Def Switzerland 2.67
YHoneywell International I Industrl United States 2.51
TTime Warner Inc Cnsmr Cyc United States 2.50
YAccenture PLC A Technology United States 2.48
YReckitt Benckiser Group P Cnsmr Def United Kingdom 2.47
YWalt Disney Co Cnsmr Cyc United States 2.36
TBayer AG Hlth Care Germany 2.22
YVisa Inc Class A Finan Svcs United States 2.14
TMedtronic PLC Hlth Care United States 2.02
YDiageo PLC Cnsmr Def United Kingdom 1.99
YDanone SA Cnsmr Def France 1.89
YLVMH Moet Hennessy Louis Cnsmr Cyc France 1.89
TStryker Corp Hlth Care United States 1.85
YCanadian National Railway Industrl Canada 1.82
YKellogg Co Cnsmr Def United States 1.81
State Street Corp Finan Svcs United States 1.81
Y3M Co Industrl United States 1.79
YOracle Corp Technology United States 1.78
YSvenska Cellulosa AB B Cnsmr Def Sweden 1.78
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 38.3
Large 51.1
Mid 9.9
Small 0.8
Micro 0.0
Avg $mil:
39,097
Value Measures Rel Category
Price/Earnings 17.12 0.97
Price/Book 2.60 1.13
Price/Sales 2.04 1.29
Price/Cash Flow 10.62 1.24
Dividend Yield % 2.36 0.89
Growth Measures % Rel Category
Long-Term Erngs 8.72 0.84
Book Value 2.05 0.61
Sales 3.77 34.21
Cash Flow 4.47 2.29
Historical Erngs 4.42 1.63
Composition - Net
Cash 0.0 Bonds 0.0
Stocks 98.6 Other 1.4
Foreign (% of Stock) 44.0
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 37.15 1.02
r BasicMat 5.99 1.17
t CnsmrCyc 16.52 1.48
y FinanSvcs 14.64 0.88
u Real Est 0.00 0.00
j Sensitive 26.60 0.72
i CommSrvs 2.20 0.43
o Energy 1.51 0.22
p Industrl 13.86 1.32
a Technlgy 9.03 0.64
k Defensive 36.24 1.34
s CnsmrDef 18.34 1.67
d Hlthcare 17.90 1.44
f Utilities 0.00 0.00
Regional Exposure % Stock
UK/W. Europe 38 N. America 58
Japan 1 Latn America 1
Asia X Japan 1 Other 1
Country Exposure % Stock
United States 56
UK 11
France 8
Switzerland 8
Germany 6
Morningstar's Take by William Samuel Rocco 07-05-16
The management team at USAA World Growth won’t be
as strong after an upcoming retirement as it is now. But
the team still will be much better than average after the
transition, and this fund’s other strengths remain intact.
The fund retains its Morningstar Analyst Rating of Silver.
David Mannheim, who has run the fund with various
comanagers as well as on his own since mid-2002, will
retire in 12-24 months. Roger Morley, who became a
comanager on the fund in 2009, will remain in place, and
Ryan McAllister will become a comanager on this fund
on Sept. 30, 2016. Mannheim is exceptionally seasoned
and skilled, and McAllister has no portfolio-management
experience yet, so the team won’t be as robust once
Mannheim leaves. (Mannheim,Morley,andMaAllisterall
work for MFS, which has subadvised the fund since
mid-2002.)
That said, the team will remain above-average after
Mannheim retires. Morley is quite experienced and
talented. McAllister has good credentials and will serve
as a comanager for at least nine months before
Mannheim departs, providing a good transition period.
And the managers will be supported by the same sizable
and strong team of MFS stock analysts--which currently
includes 28 U.S. specialists and 35 foreign experts—as
the current team.
Finally, this fund's attractive and conservative blue-
chip-oriented strategy will remain the same after
McAllister joins the team and after Mannheim leaves.
Specifically, the managers will continue to focus on firms
with strong franchises, cash flows, and balance sheets,
as well as talented management teams and strong,
sustainable growth rates. They will continue to favor
steady-growth industries, spread the portfolio over
80-100 names, and move at a very measured pace. This
quality-oriented growth strategy has also earned good
long-term risk-adjusted results at Silver-rated MFS
Institutional International Equity MIEX--a foreign large
growth fund that is undergoing a similar manager
transition.
Address: Usaa Mutual Funds Trust Minimum Purchase: $3000 Add: $50 IRA: —
San Antonio, TX78288 Min Auto Inv Plan: — Add: —
800-531-8722 Sales Fees: No-load
Web Address: Management Fee: 0.75%, 0.15%A
Inception: 10-01-92 Actual Fees: Mgt:0.78% Dist:—
Advisor: USAA Asset Management Company Expense Projections: 3Yr:$372 5Yr:$644 10Yr:$1420
Subadvisor: MFS Investment Management Income Distribution: Annually
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