Asset Allocation Fund
Aggressive allocation fund
As of its 2026 Q2 report, Asset Allocation Fund held 2,167 positions with $28.34B in net assets. Its ten largest holdings made up 26.9% of the fund. Its share classes cost 0.29%–0.79% a year. Over the 12 months to May 2026, it returned 20.5%, with dividends reinvested. In 2026 Q2 it added 286 new positions and exited 242.
The funds investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
The fund maintains a flexible allocation across equities, debt securities, and cash, adjusting the mix based on the investment adviser's assessment of relative value; it holds a diversified portfolio of common stocks, bonds including government securities, and money market instruments, with up to 15% in foreign equities and up to 25% of debt assets in lower-rated securities. The fund employs multiple portfolio managers, each overseeing segments of the portfolio and making security selections based on the adviser's judgment of long-term attractiveness and valuation. Because returns depend on the adviser's security selection decisions, fund performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
CMQXXCAPITAL GROUP CENTRAL CASH FUND | 6.20% | $1.76B | — | — |
AVGOBROADCOM INC | 4.57% | $1.29B | 3.4M | $377.75 |
TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 2.75% | $779.86M | 1.6M | $477.57 |
CCBFXCAPITAL GROUP CENTRAL CORPORATE BOND FUND | 2.63% | $744.43M | 88.8M | $8.38 |
2.36% | $669.39M | 579.9K | $1,154.29 | |
1.94% | $550.31M | 3.0M | $180.91 | |
AAPLAPPLE INC | 1.94% | $549.59M | 1.9M | $289.36 |
MSFTMICROSOFT CORP | 1.73% | $490.25M | 1.3M | $373.02 |
GOOGLALPHABET INC | 1.43% | $406.19M | 1.1M | $357.37 |
GOOGALPHABET INC | 1.31% | $371.20M | 1.1M | $353.33 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 2,167 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 61.66% |
| Bonds | 24.02% |
| Securitized | 9.35% |
| Cash & short-term | 6.50% |
| 2 smaller | 0.16% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Information Technology
- 16.3%
- Government
- 12.1%
- Securitized
- 9.2%
- International
- 9.0%
- 12 other sectors
- 53.5%
- Information Technology
- 16.3%
- Government
- 12.1%
- Securitized
- 9.2%
- International
- 9.0%
- Financials
- 8.6%
- Industrials
- 8.0%
- Health Care
- 6.6%
- Other
- 6.2%
- Cash
- 6.1%
- Communication Services
- 5.0%
- Consumer Discretionary
- 4.6%
- Consumer Staples
- 3.2%
- Utilities
- 1.7%
- Materials
- 1.4%
- Energy
- 1.4%
- Real Estate
- 0.6%
How it has done
C000023929 share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.92%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
Asset Allocation Fund is an aggressive allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.29% – 0.79%
- Portfolio turnover
- 115.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
286 new· the largest 3
242 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.6% |
| Floating rate | 8.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.6% |
| 1-3y | 16.5% |
| 3-5y | 19.5% |
| 5-10y | 21.5% |
| 10y+ | 40.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 76% |
| Credit spreads | 24% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.48 yr |
| High yield | +0.13 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.27 yr | 14% |
| 5 yr | 0.68 yr | 35% |
| 10 yr | 0.66 yr | 34% |
| 30 yr | 0.35 yr | 18% |
3 mo is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 1% |
| 1 yr | 0.08 yr | 13% |
| 5 yr | 0.25 yr | 42% |
| 10 yr | 0.19 yr | 31% |
| 30 yr | 0.08 yr | 13% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.01 | +0.00 | +0.00 | $8.4k | $3.5k |
| 1 yr | +0.27 | +0.06 | +0.02 | $156.2k | $69.5k |
| 5 yr | +0.68 | +0.17 | +0.08 | $487.1k | $230.3k |
| 10 yr | +0.66 | +0.17 | +0.02 | $494.0k | $48.1k |
| 30 yr | +0.35 | +0.08 | +0.00 | $212.9k | $11.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — this fund, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”