Fund Evaluator:
VALIC Company I Government Securities (VCGSX)
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Fund Details
VALIC Company I Government Securities Overview
VALIC Company I Government Securities (VCGSX) is an actively managed Taxable Bond Intermediate Core Bond fund. VALIC launched the fund in 1986.
The investment seeks high current income and protection of capital through investments in intermediate and long-term U.S. government debt securities. The fund invests at least 80% of net assets in intermediate- and long-term U.S. government and government-sponsored debt securities. The fund may also invest in mortgage-backed securities, asset-backed securities, repurchase agreements, high quality corporate debt securities and high quality domestic money market securities. In addition, the fund may invest up to 20% of its net assets in high quality foreign investments payable in U.S. dollars.
About VALIC Company I Government Securities (VCGSX)
There are 2 members of the management team with an average tenure of 7.93 years: Edward Fitzpatrick (2025), Robert Manning (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Government TR USD index with a weighting of 100%. VALIC Company I Government Securities has 254 securities in its portfolio. The top 10 holdings constitute 24.4% 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 Government Securities is part of the Fixed Income global asset class and is within the Taxable Bond fund group. VALIC Company I Government Securities has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.7%. 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 98.6% (97.4% domestic bond, 1.2% foreign bond and 0.0% convertible bond). VALIC Company I Government Securities has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $201 million in total assets, which is below the $3 billion average for the Intermediate Core 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.
VCGSX 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 Government Securities expense ratio is average compared to funds in the Intermediate Core Bond category. VALIC Company I Government Securities has an expense ratio of 0.58%, which is 2% higher 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 Government Securities has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 150% for the Intermediate Core Bond category.
Recently, in the month of June 2026, VALIC Company I Government Securities returned 0.2%, which earned it a grade of C, as the Intermediate Core Bond category had an average return of 0.2%. 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 Government Securities has a trailing yield of 2.15%, which is below the 3.97% 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 Government Securities Grades
Year to date, the fund has returned 0.3%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.0% over the past year (grade of F), 3.5% over the past three years (grade of F) and -0.1% per year over the past five years (grade of C) and 1.0% per year over the past 10 years (grade of F).
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VCGSX 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 |
|
| VCGSX Return (NAV) | 0.2% | 0.3% | 3.0% | 3.5% | -0.1% | 1.0% |
| VCGSX Grade | C | F | F | F | C | F |
| +/- Category | -0.0% | -0.4% | -0.7% | -0.6% | -0.0% | -0.6% |
| Intermediate Core Bond Avg | 0.2% | 0.7% | 3.7% | 4.2% | -0.0% | 1.6% |
| VCGSX Tax Cost Ratio | na | na | 0.5% | 0.9% | 0.8% | 0.8% |
VCGSX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VCGSX Return (NAV) | 0.3% | 6.7% | 1.1% | 4.2% | -11.2% | -2.3% | 6.6% | 6.5% | 0.5% | 2.0% | 1.2% |
| VCGSX Grade | F | F | D | F | A | F | F | F | A | F | F |
| +/- Category | -0.3% | -0.4% | -0.4% | -1.4% | 2.0% | -0.8% | -1.5% | -2.0% | 0.9% | -1.6% | -1.6% |
| Intermediate Core Bond Avg | 0.6% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.3% |
| Total Risk Index: | 0.43 - Low |
| Category Risk Index: | 0.95 - Low |
| Category Risk Grade: | A (12% Rank) |
| Beta: | 0.94 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $201 Mil |
| Fund Total Assets: | $ 201 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 13% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.6 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): Manning Robert (2011), Fitzpatrick Edward (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 254 |
| % in Top 10 Holdings: | 24.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.4% |
| Foreign Bond: | 1.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | VALIC |
| Phone Number: | 800-448-2542 |
| Website: | www.valic.com |
| Status: | Open |
| Inception Date: | January 16, 1986 |
| 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 (%): | 0.58% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | VALIC Company I Government Securities |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
