Fund Evaluator:
Vanguard LifeStrategy 20/80 Inv (VASIX)
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Best Performing in Global Conservative Allocation Over the Last Year
| 21.5% | Lincoln Inflation Plus A (LFTAX) |
| 10.0% | TOPS® Conservative ETF 2 () |
| 9.6% | Fidelity Advisor Asset Manager 20% Z (FIKVX) |
| 9.5% | Fidelity Asset Manager 20% (FASIX) |
| 9.1% | Invesco Select Risk: Conservative Inv Y (OYCIX) |
Fund Details
Vanguard LifeStrategy 20/80 Inv Overview
Vanguard LifeStrategy 20/80 Inv (VASIX) is an actively managed Allocation Global Conservative Allocation fund. Vanguard launched the fund in 1994.
The investment seeks current income and some capital appreciation. The fund invests in a mix of Vanguard mutual funds according to an asset-allocation strategy that reflects an allocation of approximately 80% of the fund’s assets to fixed-income securities and 20% to common stocks. It's indirect fixed-income holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.
About Vanguard LifeStrategy 20/80 Inv (VASIX)
There are 4 members of the management team with an average tenure of 3.62 years: Michael Roach (2023), Walter Nejman (2022), Aurélie Denis (2023), Roger Aliaga-Diaz (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 5 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, FTSE Global All Cap ex US TR USD index with a weighting of 8%, CRSP US Total Market TR USD index with a weighting of 12%, Bloomberg Gbl Agg x USD Fl Aj RIC TR USD index with a weighting of 24% and Bloomberg US Agg Float Adj TR USD index with a weighting of 56%. Vanguard LifeStrategy 20/80 Inv has 6 securities in its portfolio. The top 10 holdings constitute 99.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Vanguard LifeStrategy 20/80 Inv is part of the Allocation global asset class and is within the Allocation fund group. Vanguard LifeStrategy 20/80 Inv has 34.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.4%. There is 8.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 73.9% (48.5% domestic bond, 25.4% foreign bond and 0.0% convertible bond). Vanguard LifeStrategy 20/80 Inv has 5.0% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is above the $276 million average for the Global Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VASIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard LifeStrategy 20/80 Inv expense ratio is low compared to funds in the Global Conservative Allocation category. Vanguard LifeStrategy 20/80 Inv has an expense ratio of 0.10%, which is 90% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard LifeStrategy 20/80 Inv has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 56% for the Global Conservative Allocation category.
Recently, in the month of June 2026, Vanguard LifeStrategy 20/80 Inv returned 0.2%, which earned it a grade of C, as the Global Conservative Allocation category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Vanguard LifeStrategy 20/80 Inv has a trailing yield of 3.48%, which is above the 3.43% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard LifeStrategy 20/80 Inv Grades
Year to date, the fund has returned 3.2%, 0.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 7.5% over the past year (grade of D), 7.3% over the past three years (grade of D) and 2.4% per year over the past five years (grade of D) and 3.9% per year over the past 10 years (grade of D).
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VASIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VASIX Return (NAV) | 0.2% | 3.6% | 7.5% | 7.3% | 2.4% | 3.9% |
| VASIX Grade | C | D | D | D | D | D |
| +/- Category | 0.2% | 0.2% | -1.2% | -0.3% | -0.7% | -0.4% |
| Global Conservative Allocation Avg | -0.0% | 3.5% | 8.7% | 7.6% | 3.0% | 4.2% |
| VASIX Tax Cost Ratio | na | na | 1.6% | 1.6% | 1.4% | 1.2% |
VASIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VASIX Return (NAV) | 3.2% | 9.4% | 4.7% | 9.5% | -13.9% | 1.9% | 9.1% | 12.0% | -1.1% | 7.0% | 4.6% |
| VASIX Grade | D | C | D | A | D | F | B | B | A | C | D |
| +/- Category | -0.6% | -0.3% | -0.7% | 1.3% | -2.4% | -2.6% | 1.1% | 1.0% | 1.8% | -0.1% | -0.7% |
| Global Conservative Allocation Avg | 3.8% | 9.7% | 5.4% | 8.2% | -11.5% | 4.5% | 8.0% | 11.1% | -2.9% | 7.1% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (70% Rank) |
| Beta: | 0.60 |
| R-Squared: | 91% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4066 Mil |
| Fund Total Assets: | $4,066 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 4.4 years | |||
| Average Tenure: 3.6 years | |||
| Managers (Year): Nejman Walter (2022), Denis Aurélie (2023), Aliaga-Diaz Roger (2023), Roach Michael (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 99.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 34.0% |
Portfolio Allocation |
|
| Domestic Stock: | 12.4% |
| Foreign Stock: | 8.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 48.5% |
| Foreign Bond: | 25.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.0% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | September 30, 1994 |
| Min. Initial Purchase: | $3,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.10% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.02% |
| Share Class: | Vanguard LifeStrategy 20/80 Inv |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
