Morningstar

VALIC Company I Government Securities Fund VCGSX

Morningstar Medalist Rating
Medalist Rating as of | See VALIC Investment Hub
  • NAV / 1-Day Return 9.37  /  −0.43 %
  • Total Assets 198.3M
  • Adj. Expense Ratio
    0.580%
  • Expense Ratio 0.640%
  • Distribution Fee Level Average
  • Share Class Type No Load
  • Category Intermediate Core Bond
  • Credit Quality / Interest Rate Sensitivity High/Moderate
  • Min. Initial Investment 0
  • Status Open
  • TTM Yield 2.15%
  • Effective Duration 6.07 years

USD | NAV as of Jun 06, 2026 | 1-Day Return as of Jun 06, 2026, 2:29 AM GMT+0

Morningstar’s Analysis VCGSX

Will VCGSX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VCGSX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VCGSX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VCGSX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Senior Analyst Paul Olmsted

Paul Olmsted

Senior Analyst

Summary

A manager transition doesn't dent this fund's appeal. Longtime lead manager Michael Sais plans to retire in April 2026 but will remain on the fund until then. That plus J.P. Morgan's depth of talent and a thoughtful transition plan here keeps the fund's appeal intact.

by Paul Olmsted
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Portfolio Holdings VCGSX

More VCGSX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 24.7
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

10 Year Treasury Note Future June 26

3.79 8M
Government

Fixed Inc Clearing Corp.Repo

3.32 7M
Cash and Equivalents

United States Treasury Notes 3.75%

3.03 6M
Government

U.S. Treasury Security Stripped Interest Security 0%

2.75 6M
Government

United States Treasury Notes 3.5%

2.73 6M
Government

Us 5yr Note (Cbt) Jun26 Xcbt 20260630

2.50 5M
Government

United States Treasury Notes 3.625%

2.21 5M
Government

United States Treasury Notes 4%

2.09 4M
Government

United States Treasury Notes 4.125%

1.93 4M
Government

United States Treasury Notes 3.5%

1.89 4M
Government

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