Fund Evaluator:
VALIC Company I Dynamic Allocation (VDAFX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
VALIC Company I Dynamic Allocation Overview
VALIC Company I Dynamic Allocation (VDAFX) is an actively managed Allocation Moderate Allocation fund. VALIC launched the fund in 2012.
The investment seeks capital appreciation and current income while managing net equity exposure. 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.
About VALIC Company I Dynamic Allocation (VDAFX)
There are 4 members of the management team with an average tenure of 7.32 years: Joshua Lisser (2012), Defne Ozaltun (2025), Benjamin Sklar (2012), Alla Harmsworth (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. VALIC Company I Dynamic Allocation has 34 securities in its portfolio. The top 10 holdings constitute 83.4% 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.
VALIC Company I Dynamic Allocation is part of the Allocation global asset class and is within the Allocation fund group. VALIC Company I Dynamic Allocation has 4.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 63.7%. There is 2.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 30.4% (28.8% domestic bond, 1.6% foreign bond and 0.0% convertible bond). VALIC Company I Dynamic Allocation has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $118 million in total assets, which is below the $2 billion average for the Moderate 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.
VDAFX 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 Dynamic Allocation expense ratio is high compared to funds in the Moderate Allocation category. VALIC Company I Dynamic Allocation has an expense ratio of 0.83%, which is 17% lower than its category average, making the fund expense ratio grade a C. 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 Dynamic Allocation has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of August 2026, VALIC Company I Dynamic Allocation returned 1.9%, which earned it a grade of A, as the Moderate Allocation category had an average return of 1.4%. 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 Dynamic Allocation has a trailing yield of 2.46%, which is above the 1.95% 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 Dynamic Allocation Grades
Year to date, the fund has returned 6.7%, 1.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.4% over the past year (grade of D), 12.1% over the past three years (grade of D) and 5.0% per year over the past five years (grade of F) and 7.7% per year over the past 10 years (grade of D).
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VDAFX 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 |
|
| VDAFX Return (NAV) | 1.9% | 0.3% | 10.4% | 12.1% | 5.0% | 7.7% |
| VDAFX Grade | A | F | D | D | F | D |
| +/- Category | 0.4% | -1.0% | -2.2% | -1.0% | -1.6% | -1.0% |
| Moderate Allocation Avg | 1.4% | 1.2% | 12.6% | 13.1% | 6.6% | 8.6% |
| VDAFX Tax Cost Ratio | na | na | 1.6% | 1.4% | 2.1% | 2.0% |
VDAFX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VDAFX Return (NAV) | 6.7% | 11.3% | 12.7% | 13.3% | -16.2% | 10.2% | 11.1% | 20.3% | -6.9% | 20.2% | 4.8% |
| VDAFX Grade | D | F | C | D | D | F | D | C | D | A | F |
| +/- Category | -1.3% | -2.0% | 0.5% | -1.0% | -2.2% | -4.2% | -1.8% | 0.5% | -1.8% | 6.4% | -2.9% |
| Moderate Allocation Avg | 8.0% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 9.7% |
| Total Risk Index: | 0.80 - Average |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (89% Rank) |
| Beta: | 1.00 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $118 Mil |
| Fund Total Assets: | $ 119 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 58% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.7 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Lisser Joshua (2012), Sklar Benjamin (2012), Harmsworth Alla (2025), Ozaltun Defne (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 83.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 63.7% |
| Foreign Stock: | 2.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 28.8% |
| Foreign Bond: | 1.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | VALIC |
| Phone Number: | 800-448-2542 |
| Website: | www.valic.com |
| Status: | Open |
| Inception Date: | December 19, 2012 |
| 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 (%): | 0.83% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | VALIC Company I Dynamic Allocation |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
