Fund Evaluator:
VALIC Company I Core Bond (VCBDX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 3.0% | Weitz Core Plus Income Investor (WCPNX) |
| 2.9% | Diamond Hill Core Plus Bond Y (DHNYX) |
| 2.8% | Diamond Hill Core Plus Bond I (DHNIX) |
| 2.8% | Performance Trust Total Return Bd Inst (PTIAX) |
| 2.8% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
VALIC Company I Core Bond Overview
VALIC Company I Core Bond (VCBDX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. VALIC launched the fund in 1998.
The investment seeks the highest possible total return consistent with conservation of capital through investments in medium- to high-quality fixed-income securities. 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.
About VALIC Company I Core Bond (VCBDX)
There are 7 members of the management team with an average tenure of 9.18 years: John Yovanovic (2007), Edward Fitzpatrick (2024), Richard Figuly (2024), Andrew Melchiorre (2024), Justin Rucker (2024), Robert Vanden Assem (2002), Dana Burns (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. VALIC Company I Core Bond has 1877 securities in its portfolio. The top 10 holdings constitute 16.5% 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.
VALIC Company I Core Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. VALIC Company I Core Bond has 9.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.9%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.6% (87.9% domestic bond, 9.7% foreign bond and 0.0% convertible bond). VALIC Company I Core Bond has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $1 billion average for the Intermediate Core-Plus Bond 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.
VCBDX 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 VALIC Company I Core Bond expense ratio is average compared to funds in the Intermediate Core-Plus Bond category. VALIC Company I Core Bond has an expense ratio of 0.48%, which is 38% lower than its category average, making the fund expense ratio grade a B. 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. VALIC Company I Core Bond has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 169% for the Intermediate Core-Plus Bond category.
Recently, in the month of August 2026, VALIC Company I Core Bond returned 0.4%, which earned it a grade of C, as the Intermediate Core-Plus Bond category had an average return of 0.4%. 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.
VALIC Company I Core Bond has a trailing yield of 4.13%, which is below the 4.34% category average. The fund normally distributes its income annually 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.
VALIC Company I Core Bond Grades
Year to date, the fund has returned -0.3%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 1.8% over the past year (grade of D), 4.5% over the past three years (grade of C) and -0.2% per year over the past five years (grade of D) and 1.7% per year over the past 10 years (grade of C).
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VCBDX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VCBDX Return (NAV) | 0.4% | -0.8% | 1.8% | 4.5% | -0.2% | 1.7% |
| VCBDX Grade | C | D | D | C | D | C |
| +/- Category | 0.0% | -0.1% | -0.1% | -0.0% | -0.2% | -0.1% |
| Intermediate Core-Plus Bond Avg | 0.4% | -0.7% | 1.9% | 4.5% | -0.1% | 1.8% |
| VCBDX Tax Cost Ratio | na | na | 0.9% | 1.1% | 0.9% | 1.0% |
VCBDX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VCBDX Return (NAV) | -0.3% | 7.6% | 1.7% | 6.5% | -14.3% | -0.8% | 8.7% | 10.4% | -2.0% | 4.6% | 3.4% |
| VCBDX Grade | D | B | D | C | D | C | C | A | F | C | D |
| +/- Category | -0.1% | 0.3% | -0.6% | 0.4% | -0.9% | -0.2% | 0.2% | 1.3% | -1.1% | 0.1% | -0.9% |
| Intermediate Core-Plus Bond Avg | -0.2% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.5% | 4.4% |
| Risk Measures | |
| Standard Deviation: | 6.1% |
| Total Risk Index: | 0.50 - Below Average |
| Category Risk Index: | 1.09 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | 1.08 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2531 Mil |
| Fund Total Assets: | $2,531 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 23.7 years | |||
| Average Tenure: 9.2 years | |||
| Managers (Year): Vanden Assem Robert (2002), Yovanovic John (2007), Burns Dana (2014), Fitzpatrick Edward (2024), Figuly Richard (2024), Melchiorre Andrew (2024), Rucker Justin (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1877 |
| % in Top 10 Holdings: | 16.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 87.9% |
| Foreign Bond: | 9.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Fund Family: | VALIC |
| Phone Number: | 800-448-2542 |
| Website: | www.valic.com |
| Status: | Open |
| Inception Date: | September 21, 1998 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 0.48% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | VALIC Company I Core Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
