SCHEDULE: Victory Capital Management Discloses 4.08% Stake in Bath & Body Works

Victory Capital Management, Inc. has reported a 4.08% beneficial ownership stake in Bath & Body Works, Inc. common stock, held in the ordinary course of business.

Summary

• Victory Capital Management, Inc. beneficially owns 8,405,430 shares of Bath & Body Works, Inc. common stock.
• This ownership represents 4.08% of the outstanding class of securities.
• Victory Capital Management, Inc. holds sole voting power over 8,240,779 shares.
• Victory Capital Management, Inc. holds sole dispositive power over 8,405,430 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• The filing is an Amendment No. 2 to a previous Schedule 13G filing.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of passive beneficial ownership by an institutional investor, providing factual information without expressing positive or negative sentiment about the issuer's performance or prospects.

Positives

• The disclosure provides transparency regarding institutional ownership in Bath & Body Works, Inc.
• Victory Capital Management, Inc. is a recognized investment adviser, indicating professional interest in the issuer's stock.

Negatives

• The filing does not indicate any activist intent, as the stake is below 5% and certified as held in the ordinary course of business.

Risks

• No specific risks related to the issuer's operations or financial health are disclosed in this beneficial ownership report.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or operations.

Management Comments

• Sean Fox, Chief Compliance Officer of Victory Capital Management, Inc., certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Industry Context

This filing reflects a passive investment by an institutional asset manager in a publicly traded retail company. Such disclosures are routine for investment advisers holding less than 5% of a company's outstanding shares, indicating ongoing portfolio management rather than a strategic or activist move.

Comparison to Industry Standards

• This Schedule 13G filing is standard for an investment adviser like Victory Capital Management, Inc. when reporting beneficial ownership below the 5% threshold, consistent with regulatory requirements for passive investors.
• The reported 4.08% stake is a common level of institutional ownership, not typically indicative of a significant strategic shift or activist position, unlike larger stakes that might trigger a Schedule 13D filing.

Stakeholder Impact

• Shareholders of Bath & Body Works, Inc. gain transparency regarding the holdings of a significant institutional investor.
• The filing confirms a passive investment approach by Victory Capital Management, Inc., which may reassure other investors that no immediate control changes are being sought.

Next Steps

• Victory Capital Management, Inc. will continue to monitor its investment in Bath & Body Works, Inc. and file amendments as required by SEC regulations if its ownership percentage changes significantly.

Key Dates

Keywords

Bath & Body Works, Victory Capital Management, Common Stock, Beneficial Ownership, Schedule 13G, Institutional Investor, Retail, Personal Care