Core Bond Fund
Fund
VCBDX
Price as of:
$9.49
+ $0.01
+ 0.11%
Primary Theme
fund company
Name
As of 05/06/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-1.6%
1 yr return
2.0%
3 Yr Avg Return
-3.2%
5 Yr Avg Return
-0.6%
Net Assets
$2.64 B
Holdings in Top 10
13.7%
52 WEEK LOW AND HIGH
$9.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 39.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/06/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
VCBDX - Profile
Distributions
- YTD Total Return -1.6%
- 3 Yr Annualized Total Return -3.2%
- 5 Yr Annualized Total Return -0.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.73%
- Dividend Yield 3.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameCore Bond Fund
-
Fund Family NameVALIC Company
-
Inception DateSep 01, 2006
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRobert Vanden Assem
Fund Description
The Fund invests, under normal circumstances, at least 80% of net assets in medium- to high-quality fixed-income securities, including corporate debt securities of domestic and foreign companies, or in securities issued or guaranteed by the U.S. Government such as treasury obligations, including treasury coupon strips and treasury principal strips, and other U.S. Government securities, mortgage-related and mortgage-backed or non‑mortgage asset-backed securities. The Fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at the subadviser’s discretion, including securities issued or guaranteed by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) or the Government National Mortgage Association. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non‑agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage pass-through securities and cash and cash equivalents. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest.
Although the Fund invests primarily in medium-to high-quality fixed-income securities, which are considered investment-grade, up to 20% of its net assets may be invested in lower-quality fixed-income securities (often referred to as “junk bonds”), including “sub‑prime mortgages,” which are considered below investment-grade. A fixed-income security will be considered
investment-grade if it is rated Baa3 or higher by Moody’s Investor Services, Inc. or BBB‑or higher by S&P Global Ratings or determined to be of comparable quality by the subadviser. The Fund expects to invest no more than 10% of its assets in “sub‑prime” mortgage-related securities at the time of purchase.
Up to 40% of the Fund’s total assets may be invested in U.S. dollar-denominated fixed-income securities issued by foreign issuers, including fixed-income securities issued by issuers in emerging markets. Emerging market countries are countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed nations, and include most countries in the world except Australia, Canada, Japan, New Zealand, the U.S., the United Kingdom and most western European countries and Hong Kong. These fixed-income securities are rated investment grade or higher at the time of investment (or the unrated equivalent). However, the subadvisers are not required to dispose of a security if its rating is downgraded.
Up to 20% of the Fund’s net assets may be invested in interest-bearing short-term investments, such as commercial paper, bankers’ acceptances, bank certificates of deposit, and other cash equivalents and cash.
One subadviser’s, investment strategy relies on many short-term factors, including current information about a company, investor interest, price movements of a company’s securities and general market and monetary conditions.
The other subadviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the subadviser looks for individual fixed income investments that it believes will perform well over market cycles. The subadviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transaction.
Consequently, the Fund may engage in active and frequent trading of portfolio securities in an effort to achieve its investment objective.
In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
Investors will be given at least 60 days’ written notice in advance of any change to the Fund’s 80% investment policy set forth above.
VCBDX - Performance
Return Ranking - Trailing
| Period | VCBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.6% | -9.5% | 3.8% | 59.88% |
| 1 Yr | 2.0% | -10.1% | 15.1% | 25.15% |
| 3 Yr | -3.2%* | -11.0% | 25.3% | 43.53% |
| 5 Yr | -0.6%* | -7.0% | 190.9% | 88.52% |
| 10 Yr | 0.0%* | -2.6% | 73.4% | 98.51% |
* Annualized
Return Ranking - Calendar
| Period | VCBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.8% | -16.2% | 8.1% | 2.80% |
| 2022 | -16.1% | -34.7% | 131.9% | 53.01% |
| 2021 | -5.7% | -11.6% | 4.4% | 95.84% |
| 2020 | 5.2% | -10.1% | 946.1% | 27.56% |
| 2019 | 8.1% | -1.7% | 16.9% | 1.38% |
Total Return Ranking - Trailing
| Period | VCBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.6% | -9.5% | 3.8% | 59.88% |
| 1 Yr | 2.0% | -10.1% | 15.1% | 25.15% |
| 3 Yr | -3.2%* | -11.0% | 25.3% | 43.53% |
| 5 Yr | -0.6%* | -7.0% | 190.9% | 88.52% |
| 10 Yr | 0.0%* | -2.6% | 73.4% | 98.51% |
* Annualized
Total Return Ranking - Calendar
| Period | VCBDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.5% | -11.3% | 11.0% | 31.80% |
| 2022 | -14.3% | -32.2% | 131.9% | 72.52% |
| 2021 | -0.8% | -9.4% | 9.2% | 40.72% |
| 2020 | 5.2% | -1.9% | 1009.0% | 92.39% |
| 2019 | 8.1% | 1.1% | 21668.0% | 71.15% |
NAV & Total Return History
VCBDX - Holdings
Concentration Analysis
| VCBDX | Category Low | Category High | VCBDX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.64 B | 2.9 M | 314 B | 37.43% |
| Number of Holdings | 1249 | 1 | 17889 | 32.70% |
| Net Assets in Top 10 | 362 M | -106 M | 34.8 B | 49.50% |
| Weighting of Top 10 | 13.72% | 4.4% | 134.1% | 86.42% |
Top 10 Holdings
- State Street Institutional Liquid Reserves Fund 3.78%
- U.S. Treasury Notes 1.33%
- Fannie Mae Pool 1.31%
- Fannie Mae Pool 1.22%
- Fannie Mae Pool 1.17%
- U.S. Treasury Notes 1.11%
- Freddie Mac Pool 1.07%
- Freddie Mac Pool 0.97%
- State Street Navigator Securities Lending Government Money Market Portfolio 0.91%
- Fannie Mae Pool 0.86%
Asset Allocation
| Weighting | Return Low | Return High | VCBDX % Rank | |
|---|---|---|---|---|
| Bonds | 95.24% | 0.00% | 215.98% | 47.11% |
| Stocks | 4.06% | 0.00% | 99.83% | 4.79% |
| Convertible Bonds | 2.04% | 0.00% | 7.93% | 29.38% |
| Other | 1.34% | -13.23% | 50.66% | 68.10% |
| Cash | 0.91% | -54.51% | 79.52% | 80.60% |
| Preferred Stocks | 0.00% | 0.00% | 74.68% | 28.60% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | VCBDX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 85.65% |
| Technology | 0.00% | 0.00% | 43.45% | 80.38% |
| Real Estate | 0.00% | 0.00% | 99.26% | 80.38% |
| Industrials | 0.00% | 0.00% | 48.31% | 89.47% |
| Healthcare | 0.00% | 0.00% | 17.70% | 0.96% |
| Financial Services | 0.00% | 0.00% | 100.00% | 83.25% |
| Energy | 0.00% | 0.00% | 100.00% | 89.00% |
| Communication Services | 0.00% | 0.00% | 100.00% | 85.17% |
| Consumer Defense | 0.00% | 0.00% | 99.67% | 81.82% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 83.73% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 80.86% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | VCBDX % Rank | |
|---|---|---|---|---|
| US | 4.06% | 0.00% | 99.83% | 4.80% |
| Non US | 0.00% | 0.00% | 86.52% | 87.70% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | VCBDX % Rank | |
|---|---|---|---|---|
| Securitized | 44.28% | 0.00% | 98.40% | 16.70% |
| Corporate | 30.05% | 0.00% | 100.00% | 50.91% |
| Government | 14.41% | 0.00% | 86.23% | 75.55% |
| Cash & Equivalents | 0.91% | 0.00% | 76.23% | 74.80% |
| Derivative | 0.00% | -9.72% | 50.66% | 81.50% |
| Municipal | 0.00% | 0.00% | 100.00% | 97.69% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | VCBDX % Rank | |
|---|---|---|---|---|
| US | 95.24% | 0.00% | 215.98% | 42.30% |
| Non US | 0.00% | 0.00% | 33.48% | 92.40% |
VCBDX - Expenses
Operational Fees
| VCBDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.50% | 0.01% | 39.10% | 72.98% |
| Management Fee | 0.41% | 0.00% | 1.00% | 73.74% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.06% | 0.01% | 0.50% | 35.01% |
Sales Fees
| VCBDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| VCBDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| VCBDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 39.00% | 2.00% | 493.39% | 12.24% |
VCBDX - Distributions
Dividend Yield Analysis
| VCBDX | Category Low | Category High | VCBDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.70% | 0.00% | 10.11% | 58.08% |
Dividend Distribution Analysis
| VCBDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| VCBDX | Category Low | Category High | VCBDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.73% | -1.28% | 4.79% | 48.21% |
Capital Gain Distribution Analysis
| VCBDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 07, 2024 | $0.352 | OrdinaryDividend |
| Mar 07, 2023 | $0.220 | OrdinaryDividend |
| Mar 07, 2023 | $0.001 | CapitalGainShortTerm |
| Mar 07, 2023 | $0.021 | CapitalGainLongTerm |
| Mar 09, 2022 | $0.128 | OrdinaryDividend |
| Mar 09, 2022 | $0.053 | CapitalGainShortTerm |
| Mar 09, 2022 | $0.055 | CapitalGainLongTerm |
| May 13, 2021 | $0.287 | OrdinaryDividend |
| May 13, 2021 | $0.259 | CapitalGainShortTerm |
| May 13, 2021 | $0.053 | CapitalGainLongTerm |
VCBDX - Fund Manager Analysis
Managers
Robert Vanden Assem
Start Date
Tenure
Tenure Rank
Dec 31, 2002
19.43
19.4%
Robert A. Vanden Assem, CFA, is a Porfolio Manager, Managing Director and Head of Developed Markets Investment Grade Fixed Income. Robert joined PineBridge in 2001 and is a Managing Director and Head of Developed Markets Investment Grade Fixed Income. He is responsible for the management of high-grade institutional and retail fixed-income portfolios. He received a BS in Accounting from Fairleigh Dickinson University and an MBA in Finance from New York University. He is a CFA charterholder.
John Yovanovic
Start Date
Tenure
Tenure Rank
Feb 14, 2007
15.3
15.3%
Mr. Yovanovic joined PineBridge Investments, LLC with the acquisition of American General Investment Management (AGIM) in 2001. He is the director of high yield portfolio management and co-manages the high yield portfolios. Previously, he was head of high yield trading. He has also been a senior analyst and managed the high yield energy research group. Prior to joining AIGGIG, Mr.Yovanovic was a senior research analyst and trader at Mentor Investment Advisors and VanKampen Funds. He has a BBA from the University of Houston, 1991. He is a Chartered Financial Analyst charterholder.
Dana Burns
Start Date
Tenure
Tenure Rank
Dec 31, 2014
7.42
7.4%
Dana Burns, Managing Director, Investment Grade Fixed Income, joined the firm in 2007. He is currently a senior portfolio manager within the Investment Grade Credit Group and is responsible for the management of high grade institutional and retail fixed income portfolios. Mr. Burns’ primary focus at the firm is the management of investment grade total return portfolios and high quality insurance company assets. Prior to joining the firm, Mr. Burns was Vice President and co-manager of the Fixed Income Separately Managed Account Group at Morgan Stanley. Additionally, Mr. Burns managed assets for high net-worth individuals through Morgan Stanley’s Private Wealth Management Group (PWM). Mr. Burns’ investment industry experience began in 1997.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 33.43 | 6.81 | 1.16 |