Asset Allocation Fund
Data updated: 2026-08-27
C000023929 — Asset Allocation Fund. United States Large Cap Blend / Core Equity · $28.34B AUM. Holdings, fees, performance and SEC filings.
C000023929 Fund Overview
Asset Allocation Fund is a US mutual fund managed by American Funds Insurance Series, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: American Funds Insurance Series
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $28.34B
- 1-year return: 16.3%
- SEC CIK: 0000729528
- SEC series ID: S000008796
- Share class ID: C000023929
C000023929 Investment Objective and Strategy
Asset Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by American Funds Insurance Series.
Investment objective
The funds investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
Principal investment strategy
In seeking to pursue its investment objective, the fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the funds investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2025, the fund was approximately 65% invested in equity securities, 31% invested in debt securities and 4% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the fund varies with market conditions and the investment advisers assessment of their relative attractiveness as investment opportunities. The fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities including U.S.
government securities, and money market instruments (debt securities maturing in one year or less). The fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities tied economically to countries outside the United States. In addition, the fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the funds investment adviser or unrated but determined to be of equivalent quality by the funds investment adviser). Such securities are sometimes referred to as junk bonds. The investment adviser uses a system of multiple portfolio managers in managing the funds assets.
Under this approach, the portfolio of the fund is divided into segments managed by individual managers. The fund relies on the professional judgment of its investment adviser to make decisions about the funds portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.
C000023929 Holdings
Top 10 holdings of Asset Allocation Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Capital Group Central Cash Fund | 6.20% |
| Broadcom, Inc. | 4.57% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.75% |
| Capital Group Central Corporate Bond Fund | 2.63% |
| Micron Technology, Inc. | 2.36% |
| Philip Morris International, Inc. | 1.94% |
| Apple, Inc. | 1.94% |
| Microsoft Corp. | 1.73% |
| Alphabet, Inc. | 1.43% |
| Alphabet, Inc. | 1.31% |
C000023929 Portfolio Allocation
Asset-class allocation of Asset Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 64.3% |
| Fixed Income | 21.7% |
| Securitized | 9.3% |
| Cash & Equivalents | 6.2% |
| Loans | 0.1% |
C000023929 Performance
Total returns for C000023929 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 8.3% |
| 1 year | 16.3% |
| 3 years (annualised) | 16.2% |
| 5 years (annualised) | 8.9% |
C000023929 Risk Information
Risk metrics for C000023929, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.5%
C000023929 Costs and Fees
C000023929 costs about $29 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.29%
- Gross expense ratio: 0.29%
- Portfolio turnover: 115%
- Brokerage commissions: 0.81 bps of average net assets (SEC N-CEN)
C000023929 Cashflows
Over the 12 months to 2026-06, Asset Allocation Fund had net inflows of $2.74M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $2.82B |
| 2026-05 | −$251.29M |
| 2026-04 | −$249.27M |
| 2026-03 | −$281.57M |
| 2026-02 | −$230.83M |
| 2026-01 | −$291.56M |
C000023929 Debt Constituents
Largest debt holdings of Asset Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Treasury | 0.95% |
| United States Treasury | 0.88% |
| United States Treasury | 0.74% |
| United States Treasury | 0.65% |
| United States Treasury | 0.62% |
| United States Treasury | 0.59% |
| United States Treasury | 0.54% |
| United States Treasury | 0.50% |
| United States Treasury | 0.48% |
| United States Treasury | 0.48% |
C000023929 Prospectus and SEC Filings
Official Asset Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-30
- Prospectus (485BPOS) — filed 2024-04-30
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-17
Related Funds
Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.