Fund Evaluator:

VALIC Company I Large Cap Core Overview

VALIC Company I Large Cap Core (VLCGX) is an actively managed U.S. Equity Large Growth fund. VALIC launched the fund in 2004.

The investment seeks to provide long-term growth of capital. The fund seeks to meet its objective by investing, normally, at least 80% of its net assets in securities of large-cap companies. In complying with this 80% investment requirement, the fund will invest primarily in equity securities, which may include common stocks and depositary receipts. Generally, large-cap companies will include companies whose market capitalizations, at the time of purchase, are equal to or greater than the market capitalization of the smallest company in the S&P 500® Index during the most recent 12-month period.

About VALIC Company I Large Cap Core (VLCGX)

There are 5 members of the management team with an average tenure of 0.84 years: Jason(Jay) Nogueira (2025), Ann Holcomb (2025), Scott Davis (2025), Jason Polun (2025), Shilpee Raina (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Growth TR USD index with a weighting of 100%. VALIC Company I Large Cap Core has 321 securities in its portfolio. The top 10 holdings constitute 40.8% 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 Large Cap Core is part of the Equity global asset class and is within the U.S. Equity fund group. VALIC Company I Large Cap Core has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.6%. There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VALIC Company I Large Cap Core has 1.0% of the portfolio in cash.

Assets Under Management

The fund has $787 million in total assets, which is below the $2 billion average for the Large Growth 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.

VLCGX 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 Large Cap Core expense ratio is above average compared to funds in the Large Growth category. VALIC Company I Large Cap Core has an expense ratio of 0.66%, which is 31% 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 Large Cap Core has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.

Recently, in the month of July 2026, VALIC Company I Large Cap Core returned -0.9%, which earned it a grade of B, as the Large Growth category had an average return of -3.1%. 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 Large Cap Core has a trailing yield of 0.24%, which is above the 0.06% 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 Large Cap Core Grades

Year to date, the fund has returned 6.7%, 2.9 percentage points better than the category, which translates into a grade of B. The fund has returned 10.7% over the past year (grade of B), 12.5% over the past three years (grade of F) and 7.9% per year over the past five years (grade of D) and 14.0% per year over the past 10 years (grade of D).

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