Dynamic Allocation Fund
Fund
VDAFX
Price as of:
$10.68
+ $0.03
+ 0.28%
Primary Theme
fund company
Name
As of 11/19/2024Price
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
14.1%
1 yr return
20.5%
3 Yr Avg Return
2.7%
5 Yr Avg Return
5.0%
Net Assets
$147 M
Holdings in Top 10
62.4%
52 WEEK LOW AND HIGH
$10.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.88%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 24.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/19/2024Price
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
VDAFX - Profile
Distributions
- YTD Total Return 14.1%
- 3 Yr Annualized Total Return 2.7%
- 5 Yr Annualized Total Return 5.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.57%
- Dividend Yield 2.5%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameDynamic Allocation Fund
-
Fund Family NameVALIC
-
Inception DateDec 19, 2012
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJoshua Lisser
Fund Description
The Fund seeks to achieve its objectives by investing under normal conditions approximately 70% to 90% of its assets in shares of the Underlying Funds, which are portfolios of VALIC Company I, (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”).The Fund-of-Funds Component will allocate approximately 50% to 80% of its assets to Underlying Funds investing primarily in equity securities and 20% to 50% of its assets to Underlying Funds investing primarily in fixed income securities and short-term investments, which may include mortgage- and asset-backed securities, to seek capital appreciation and generate income.The Variable Annuity Life Insurance Company is the Fund’s investment adviser (“VALIC” or the “Adviser”). The Fund is sub-advised by SunAmerica Asset Management, LLC (“SunAmerica”) and AllianceBernstein L.P. (“AllianceBernstein”). The Adviser will determine the allocation between the Fund-of-Funds Component and the Overlay Component. SunAmerica is responsible for managing the Fund-of-Funds Component’s investment in Underlying Funds, so it will determine the target allocation between Underlying Funds that invest primarily in equity securities and Underlying Funds that invest primarily in fixed income securities. SunAmerica performs an investment analysis of possible investments for the Fund and selects the universe of permitted Underlying Funds as well as the allocation to each Underlying Fund. The Adviser may change the Fund’s asset allocation between the Fund-of-Funds Component and the Overlay Component from time to time without prior notice. SunAmerica may change the Fund-of-Funds Component’s allocation among the Underlying Funds, and may invest in other funds not currently among the Underlying Funds, from time to time without prior notice to investors.The Fund-of-Funds Component seeks to achieve capital appreciation primarily through its investments in Underlying Funds that invest in equity securities of both U.S. and non-U.S. companies of all market capitalizations, but expects to invest to a lesser extent in Underlying Funds that invest primarily in small- and mid-cap U.S. companies and foreign companies. The Fund normally does not expect to have more than 25% of its total assets allocated to Underlying Funds investing primarily in foreign securities, and no more than 5% of its total assets to Underlying Funds investing primarily in emerging markets (an emerging market is any country that is included in the MSCI Emerging Markets Index). The Fund-of-Funds Component seeks to achieve current income through its investments in Underlying Funds that primarily invest in fixed income securities, including both U.S. and foreign investment grade securities, but the Fund normally does not expect to have more than 5% of total assets allocated to Underlying Funds investing primarily in high-yield, high-risk bonds (commonly known as “junk bonds”), which are considered speculative. Fund cash flows are expected to be used to maintain or move Underlying Fund exposure close to target allocations, but sales and purchases of Underlying Funds may also be used to change or remain near target allocations.The Overlay Component comprises the remaining 10%-30% of the Fund’s total assets. AllianceBernstein is responsible for managing the Overlay Component, which includes management of the derivative instruments, fixed income securities and short-term investments.AllianceBernstein may invest the Overlay Component in derivative instruments to increase or decrease the Fund’s overall net equity exposure and, therefore, its volatility and return potential. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. High levels of volatility may result from rapid and dramatic price swings. Through its use of derivative instruments, AllianceBernstein may adjust the Fund’s net equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Fund’s average net equity exposure over long term periods is expected to be approximately 60%-65%. The Fund’s net equity exposure is primarily adjusted through the use of derivative instruments, such as stock index futures and stock index options, and to a lesser extent options on stock index futures and stock index swaps, as the allocation among Underlying Funds in the Fund-of-Funds Component is expected to remain fairly stable. For example, when the market is in a state of higher volatility, AllianceBernstein may decrease the Fund’s net equity exposure by taking a short position in derivative instruments. A short sale involves the sale by the Fund of a security or instrument it does not own with the expectation of purchasing the same security or instrument at a later date at a lower price. The operation of the Overlay Component may therefore expose the Fund to leverage. Because derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly, the remainder of the assets in the Overlay Component will be invested in a variety of fixed income securities.The Fund’s performance may be lower than similar Funds that do not seek to manage their equity exposure. If AllianceBernstein increases the Fund’s net equity exposure and equity markets decline, the Fund may underperform traditional or static allocation funds. Likewise, if AllianceBernstein reduces the Fund’s net equity exposure and equity markets rise, the Fund may also underperform traditional or static allocation funds. Efforts to manage the Fund’s volatility may also expose the Fund to additional costs. In addition, AllianceBernstein will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Fund exposure to certain severe and unanticipated market events that could significantly detract from returns.In addition to managing the Fund’s overall net equity exposure as described above, AllianceBernstein will, within established guidelines, manage the Overlay Component in an attempt to generate income, manage Fund cash flows and liquidity needs, and manage collateral for the derivative instruments. AllianceBernstein will manage the fixed income investments of the Overlay Component by investing in securities rated investment grade or higher by a nationally recognized statistical ratings organization, or, if unrated, determined by AllianceBernstein to be of comparable quality. At least 50% of the Overlay Component’s fixed income investments will be invested in U.S. Government securities, cash, repurchase agreements, and money market securities. A portion of the Overlay Component may be held in short-term investments as needed, in order to manage daily cash flows to or from the Fund or to serve as collateral. AllianceBernstein may also invest the Overlay Component in derivative instruments to generate income and manage Fund’s cash flows and liquidity needs.The following chart sets forth the target allocations of the Fund on or about May 31, 2024, to equity and fixed income Underlying Funds and securities. These target allocations represent the Fund’s current goal for the allocation of its assets and does not take into account any change in net equity exposure from use of derivatives in the Overlay Component. The Fund’s actual allocations could vary substantially from the target allocations due to market valuation changes, changes in the target allocations and AllianceBernstein’s management of the Overlay Component in response to volatility changes.Asset Class% of Fund-of-Fund% of Total FundEquity75%60%U.S. Large Cap58.2%46.6%U.S. Small and Mid Cap5.8%4.7%Foreign Equity9.5%7.5%Alternatives (REITs)1.5%1.2%Fixed Income25%20%U.S. Investment Grade23.5%18.8%U.S. High Yield1.0%0.8%Foreign Fixed Income0.5%0.4%100.0%80.0%
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VDAFX - Performance
Return Ranking - Trailing
| Period | VDAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 14.1% | -2.2% | 80.8% | 28.05% |
| 1 Yr | 20.5% | -2.2% | 90.0% | 17.15% |
| 3 Yr | 2.7%* | -4.9% | 20.0% | 60.92% |
| 5 Yr | 5.0%* | -2.4% | 22.9% | 89.28% |
| 10 Yr | 2.7%* | 1.0% | 13.5% | 97.00% |
* Annualized
Return Ranking - Calendar
| Period | VDAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.1% | -12.2% | 23.9% | 90.43% |
| 2022 | -27.3% | -34.7% | 2.8% | 96.17% |
| 2021 | -1.7% | -11.9% | 18.1% | 90.44% |
| 2020 | 4.4% | -20.9% | 39.7% | 76.98% |
| 2019 | 11.7% | 0.8% | 25.7% | 74.35% |
Total Return Ranking - Trailing
| Period | VDAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 14.1% | -2.2% | 80.8% | 28.05% |
| 1 Yr | 20.5% | -2.2% | 90.0% | 17.15% |
| 3 Yr | 2.7%* | -4.9% | 20.0% | 60.92% |
| 5 Yr | 5.0%* | -2.4% | 22.9% | 89.28% |
| 10 Yr | 2.7%* | 1.0% | 13.5% | 97.00% |
* Annualized
Total Return Ranking - Calendar
| Period | VDAFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.3% | -12.2% | 26.8% | 54.49% |
| 2022 | -16.2% | -29.0% | 10.9% | 74.08% |
| 2021 | 10.2% | -3.0% | 27.3% | 79.82% |
| 2020 | 4.4% | -19.5% | 40.6% | 92.06% |
| 2019 | 11.7% | 2.2% | 32.7% | 98.69% |
NAV & Total Return History
VDAFX - Holdings
Concentration Analysis
| VDAFX | Category Low | Category High | VDAFX % Rank | |
|---|---|---|---|---|
| Net Assets | 147 M | 861 K | 235 B | 80.43% |
| Number of Holdings | 54 | 2 | 16015 | 50.00% |
| Net Assets in Top 10 | 90.2 M | 859 K | 69.8 B | 77.97% |
| Weighting of Top 10 | 62.41% | 10.8% | 122.7% | 47.25% |
Top 10 Holdings
- VALIC Company I - Core Bond Fund 12.75%
- VALIC Company I - Stock Index Fund 9.02%
- VALIC Co. I Systematic Value Fund 7.54%
- VALIC I - Systematic Core Fund 6.56%
- VALIC Co. I Dividend Value Fund 5.55%
- VALIC Company I - US Socially Responsible Fund 5.34%
- VALIC Company I - Large Capital Growth Fund 4.02%
- AB Fixed Income Shares, Inc. - Government Money Market Portfolio 3.99%
- VALIC Company I - Growth Fund 3.84%
- VALIC Company I - Capital Appreciation Fund 3.79%
Asset Allocation
| Weighting | Return Low | Return High | VDAFX % Rank | |
|---|---|---|---|---|
| Stocks | 81.43% | 0.00% | 100.16% | 45.94% |
| Bonds | 14.49% | 0.00% | 74.58% | 47.25% |
| Cash | 3.26% | -7.92% | 100.00% | 29.71% |
| Other | 0.95% | -42.55% | 113.97% | 20.14% |
| Convertible Bonds | 0.30% | 0.00% | 23.84% | 80.00% |
| Preferred Stocks | 0.00% | 0.00% | 23.91% | 51.45% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | VDAFX % Rank | |
|---|---|---|---|---|
| Technology | 22.14% | 0.00% | 44.21% | 27.96% |
| Financial Services | 15.46% | 0.00% | 38.77% | 39.24% |
| Healthcare | 13.25% | 0.00% | 29.35% | 64.57% |
| Consumer Cyclical | 11.25% | 0.00% | 19.36% | 27.82% |
| Industrials | 10.07% | 0.00% | 24.37% | 50.37% |
| Consumer Defense | 7.66% | 0.00% | 15.14% | 27.38% |
| Communication Services | 7.26% | 0.00% | 38.10% | 49.78% |
| Energy | 3.78% | 0.00% | 85.65% | 73.06% |
| Real Estate | 3.77% | 0.00% | 65.01% | 37.63% |
| Basic Materials | 3.45% | 0.00% | 25.57% | 68.23% |
| Utilities | 1.91% | 0.00% | 99.55% | 81.70% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | VDAFX % Rank | |
|---|---|---|---|---|
| US | 81.43% | 0.00% | 100.16% | 45.65% |
| Non US | 0.00% | 0.00% | 39.06% | 51.88% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | VDAFX % Rank | |
|---|---|---|---|---|
| Government | 49.56% | 0.00% | 97.26% | 7.59% |
| Securitized | 20.22% | 0.00% | 92.13% | 39.12% |
| Corporate | 12.56% | 0.00% | 98.21% | 93.28% |
| Cash & Equivalents | 3.26% | 0.00% | 99.92% | 28.70% |
| Derivative | 0.95% | -2.87% | 42.43% | 2.46% |
| Municipal | 0.05% | 0.00% | 24.80% | 59.42% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | VDAFX % Rank | |
|---|---|---|---|---|
| US | 14.49% | 0.00% | 74.58% | 47.10% |
| Non US | 0.00% | 0.00% | 15.37% | 44.35% |
VDAFX - Expenses
Operational Fees
| VDAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.88% | 0.03% | 17.63% | 60.09% |
| Management Fee | 0.25% | 0.00% | 1.83% | 42.16% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.06% | 0.01% | 0.83% | 34.76% |
Sales Fees
| VDAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| VDAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.00% | 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.
| VDAFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 24.00% | 0.83% | 343.00% | 32.20% |
VDAFX - Distributions
Dividend Yield Analysis
| VDAFX | Category Low | Category High | VDAFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.47% | 0.00% | 17.90% | 97.27% |
Dividend Distribution Analysis
| VDAFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Monthly | Annual |
Net Income Ratio Analysis
| VDAFX | Category Low | Category High | VDAFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.57% | -2.34% | 13.92% | 27.14% |
Capital Gain Distribution Analysis
| VDAFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Monthly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 07, 2024 | $0.262 | OrdinaryDividend |
| Mar 07, 2024 | $0.031 | CapitalGainShortTerm |
| Mar 07, 2024 | $0.340 | CapitalGainLongTerm |
| Mar 07, 2023 | $0.170 | OrdinaryDividend |
| Mar 07, 2023 | $0.236 | CapitalGainShortTerm |
| Mar 07, 2023 | $0.390 | CapitalGainLongTerm |
| Mar 09, 2022 | $0.388 | OrdinaryDividend |
| Mar 09, 2022 | $1.216 | CapitalGainLongTerm |
| Mar 10, 2021 | $0.242 | OrdinaryDividend |
| Mar 10, 2021 | $0.679 | CapitalGainShortTerm |
| Mar 10, 2021 | $0.549 | CapitalGainLongTerm |
VDAFX - Fund Manager Analysis
Managers
Joshua Lisser
Start Date
Tenure
Tenure Rank
Dec 19, 2012
9.45
9.5%
Joshua B. Lisser, Senior Vice President/Chief Investment Officer, Index Strategies and is a member of the Blend Solutions Team. He joined Alliance Capital in 1992 as a portfolio manager in the index strategies group and developed the international and global risk controlled equity services. Prior to joining Alliance Capital, Joshua was with Equitable Capital specializing in derivative investment strategies.
Ben Sklar
Start Date
Tenure
Tenure Rank
Dec 19, 2012
9.45
9.5%
Ben Sklar joined AllianceBernstein in 2006 as an associate portfolio manager in the Blend Strategies Group and was appointed to Portfolio Manager-Index Strategies in 2009, focusing on custom index and structured equity products. Prior to joining AllianceBernstein, he was a marketing associate at Doubleday Broadway Publishing Group, a division of Random House. Mr. Sklar received a BA in English literature from Trinity College, Hartford and is currently completing an MBA New York University’s Stern School. Location: New York.
Manisha Singh
Start Date
Tenure
Tenure Rank
Oct 01, 2017
4.67
4.7%
Ms. Singh joined AIG in 2017. Prior to joining AIG, Ms. Singh served as Director, Manager Research team in Wealth Management at Ameriprise Financial Services, Inc. She joined Ameriprise in 2008, where she served as a portfolio manager for a suite of discretionary fund-of-funds portfolios, and a senior manager research analyst for unaffiliated mutual funds and separately managed accounts.
Andrew Sheridan
Start Date
Tenure
Tenure Rank
Feb 01, 2021
1.33
1.3%
Mr. Sheridan, Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry. Prior to joining SunAmerica, he worked in the research department at U.S. Trust and the market research division of Greenwich Associates.
Robert Wu
Start Date
Tenure
Tenure Rank
Oct 01, 2021
0.66
0.7%
Robert Wu joined AIG in 2011, serving as Director of Manager Research and AVP Investments before his current role as Portfolio Manager in the Asset Allocation Team. Prior to joining AIG, Robert worked at Bjurman, Barry & Associates for over 11 years, where he served as Portfolio Manager and Senior Research Analyst managing growth equity portfolios.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 34.51 | 6.37 | 2.41 |