Victory Capital Holdings Inc

Price remains in Stage 2 advance with HH/HL intact and moving averages rising. The blow-off top flagged extreme overbought conditions, and price is pulling back into the rising EMAs. The medium-term bias stays bullish, but short-term timing is neutral given overextension. We will stalk for entries into the EMAs support zone upon acceptance.

• ↑Record Q1 revenue $388M (+77% YoY) and Adjusted EBITDA $204M (52.6% margin)
• ↑ETF AUM rose 53% YoY; Q4 2025 net ETF flows hit $1B
• ↓Long-term net outflows of $2.1B and Q1 net outflows $457M raise flow concerns