Victory Capital Management Cuts Stake in Five Below Retailer

Institutional investor reduces holdings in specialty discount chain by 29.2% in Q3

Published on Mar. 10, 2026

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Victory Capital Management Inc. lowered its stake in shares of Five Below, Inc. (NASDAQ:FIVE) by 29.2% during the 3rd quarter, according to the company's recent 13F filing with the SEC. The institutional investor owned 131,923 shares of the specialty retailer's stock after selling 54,440 shares during the quarter.

Why it matters

Five Below is a popular discount retailer focused on trend-driven products priced at $5 or below, targeting tweens, teens and beyond. Victory Capital Management's reduced stake in the company could signal a shift in investor sentiment or portfolio strategy for the institutional investor.

The details

According to the 13F filing, Victory Capital Management Inc. now owns 0.24% of Five Below, worth $20.4 million at the end of the third quarter. Other hedge funds also made changes to their Five Below positions during the quarter, with CI Investments Inc. increasing its stake by 44.3% and American Century Companies Inc. adding 332,615 shares.

  • Victory Capital Management Inc. lowered its stake in Five Below during the 3rd quarter of 2026.

The players

Victory Capital Management Inc.

An institutional investment management firm.

Five Below, Inc.

An American specialty discount retailer offering a broad assortment of merchandise priced primarily at $5 or below.

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The takeaway

Victory Capital Management's reduced stake in Five Below could signal a shift in investor sentiment towards the discount retailer, though the overall market remains bullish on the company's growth prospects.