NVIT Managed American Funds Asset Allocation Fund
Data updated: 2026-08-26
C000138646 — NVIT Managed American Funds Asset Allocation Fund. Alternative · $2.60B AUM · 0.95% expense ratio. Holdings, fees, performance and SEC filings.
C000138646 Fund Overview
NVIT Managed American Funds Asset Allocation Fund is a US mutual fund managed by Nationwide Variable Insurance Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Nationwide Variable Insurance Trust
- Category: Alternative
- Assets under management: $2.60B
- 1-year return: 12.9%
- SEC CIK: 0000353905
- SEC series ID: S000044581
- Share class ID: C000138646
C000138646 Investment Objective and Strategy
NVIT Managed American Funds Asset Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Nationwide Variable Insurance Trust.
Investment objective
The NVIT Managed American Funds Asset Allocation Fund (the Asset Allocation Fund or the Fund) seeks to provide a high total return (including income and capital gains) consistent with preservation of capital over the long term.
Principal investment strategy
The Fund consists of two main components. First, a majority of the portfolio, referred to herein as the Core Sleeve, operates as a fund-of-funds that invests in a portfolio of unaffiliated mutual funds that are sponsored by Capital Research and Management Company SM and are series of American Funds or American Funds Insurance Series (the Underlying Funds). The portfolio of Underlying Funds is designed for investors seeking both capital appreciation and income. The remainder of the Fund, referred to herein as the Volatility Overlay, invests in short-term fixed-income securities (or mutual funds that themselves invest in such securities) or is held in cash. In an attempt to manage the volatility of the Funds portfolio over a full market cycle, the Fund buys and sells stock index futures, which are derivatives.
The Funds short-term fixed-income securities and cash may be used to meet margin requirements and other obligations on the Funds derivatives positions. The combination of the Core Sleeve and Volatility Overlay is intended to result in a single Fund that is designed to offer an asset allocation investment approach blended with a strategy that seeks to mitigate risk and manage the Funds volatility over a full market cycle. The Volatility Overlay may not be successful in reducing volatility, in particular, frequent or short-term volatility with little or no sustained market direction, and it is possible that the Volatility Overlay may result in underperformance or losses greater than if the Fund did not implement the Volatility Overlay. The level of volatility of the Funds portfolio reflects the degree to which the value of the Funds portfolio may be expected to rise or fall within a period of time.
A high level of volatility means that the Funds value may be expected to increase or decrease significantly over a period of time. A lower level of volatility means that the Funds value is not expected to fluctuate so significantly. The Fund is intended to be used primarily in connection with guaranteed benefits available through variable annuity contracts issued by Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, Nationwide Life), and is designed to help reduce a contract owners exposure to equity investments when equity markets are more volatile. The purpose of the Volatility Overlay is to minimize the costs and risks to Nationwide Life of supporting these guaranteed benefits. Although the reduction of equity exposure during periods of higher volatility is designed to decrease the risk of loss to your investment, it may prevent you from achieving higher investment returns.
Further, the Funds use of leverage in its strategies may cause the Funds performance to be more volatile than if the Fund had not been leveraged. The Underlying Funds invest directly in 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), as appropriate to their respective investment objectives and strategies. Although certain Underlying Funds may focus on investments in medium- to larger-capitalization companies, the Underlying Funds investments are not limited to a particular capitalization size. Certain Underlying Funds may invest in common stocks and other equity securities of issuers domiciled outside the United States and in debt securities of issuers domiciled outside the United States.
Additionally, certain Underlying Funds may invest in lower-quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the Underlying Funds investment adviser or unrated but determined to be of equivalent quality by the Underlying Funds investment adviser). Such securities are sometimes referred to as junk bonds. The Underlying Funds investment adviser uses a system of multiple portfolio counselors in managing each Underlying Funds assets. Under this approach, the portfolio of each Underlying Fund is divided into segments managed by individual counselors who decide how their respective segments will be invested. The Underlying Funds rely on the professional judgment of their investment adviser to make decisions about each Underlying Funds portfolio investments.
The basic philosophy of the Underlying Funds investment adviser is to seek to invest in securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Underlying Funds investment adviser believes that they no longer represent relatively attractive investment opportunities. The Funds investment adviser allocates Fund assets to the Underlying Funds. Under normal market conditions, the Funds investment adviser expects (but is not required) to invest in Underlying Funds that maintain an overall investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities, and 0%-40% in money market instruments (including cash). As of December 31, 2025, the combined portfolio of Underlying Funds was 66% invested in equity securities, 31% invested in debt securities and 3% invested in money market instruments and cash.
The proportion of equity, debt and money market securities held by the Underlying Funds varies with market conditions and the investment advisers assessment of their relative attractiveness as investment opportunities. Although the amount of the Funds assets allocated to the Core Sleeve was approximately 94% as of December 31, 2025, this amount may fluctuate within a general range of 90%-100% of the Funds overall portfolio. Similarly, the amount of the Funds assets allocated to the Volatility Overlay may fluctuate within a general range of 0%-10% in inverse correlation with the Core Sleeve, although this amount was approximately 6% as of December 31, 2025. The Funds investment adviser generally sells shares of the Underlying Funds in order to meet or change target allocations or in response to shareholder redemption activity.
The Volatility Overlay is designed to manage the volatility of the Funds portfolio over a full market cycle by using stock index futures to hedge against stock market risks and/or to increase or decrease the Funds overall exposure to equity markets. The Volatility Overlay also invests in short-term fixed-income securities (or mutual funds that themselves invest in such securities) or holds cash that may be used to meet margin requirements or other obligations of the Funds futures positions and/or to reduce the Funds overall equity exposure. When volatility is high or stock market values are falling, the Volatility Overlay will typically seek to decrease the Funds equity exposure by holding fewer stock index futures or by taking short positions in stock index futures. When volatility is low or stock market values are rising, the Volatility Overlay may use stock index futures with the intention of maximizing stock market gains.
These strategies may expose the Fund to leverage. Therefore, even though the Core Sleeve has approximately 40%-80% of its assets exposed to equity investments, the Volatility Overlay will be used to increase or decrease the Funds overall equity exposure within a general range of 0%-80%, depending on market conditions. Nationwide Fund Advisors (NFA) is the investment adviser to the Fund and is also responsible for managing the Core Sleeves investments in the Underlying Funds. Nationwide Asset Management, LLC, the Funds subadviser, is responsible for managing the Volatility Overlay. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., one or more Underlying Funds). However, the Underlying Funds in which the Fund invests are diversified.
C000138646 Holdings
Top 5 holdings of NVIT Managed American Funds Asset Allocation Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| American Balanced Fund | 28.55% |
| American Funds Growth Fund | 28.49% |
| American Funds Washington Mutual Investors Fund | 19.11% |
| Bond Fund of America (The) | 14.23% |
| American Funds U.S. Government Securities Fund | 4.75% |
C000138646 Portfolio Allocation
Asset-class allocation of NVIT Managed American Funds Asset Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Other | 95.1% |
C000138646 Performance
Total returns for C000138646 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 4.9% |
| 1 year | 12.9% |
| 3 years (annualised) | 13.1% |
| 5 years (annualised) | 7.1% |
C000138646 Risk Information
Risk metrics for C000138646, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.1%
C000138646 Costs and Fees
C000138646 costs about $95 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.95%
- Gross expense ratio: 0.95%
- Portfolio turnover: 18%
- Brokerage commissions: 0.26 bps of average net assets (SEC N-CEN)
C000138646 Cashflows
Over the 12 months to 2026-06, NVIT Managed American Funds Asset Allocation Fund had net outflows of $464.23M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$48.69M |
| 2026-05 | −$39.18M |
| 2026-04 | −$30.09M |
| 2026-03 | −$30.89M |
| 2026-02 | −$35.16M |
| 2026-01 | −$39.62M |
C000138646 Debt Constituents
No individual debt constituents are reported in NVIT Managed American Funds Asset Allocation Fund's latest SEC N-PORT filing.
C000138646 Prospectus and SEC Filings
Official NVIT Managed American Funds Asset Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-16
- Prospectus (485BPOS) — filed 2025-04-17
- Prospectus (485BPOS) — filed 2024-04-18
- Portfolio holdings (N-PORT) — filed 2026-08-26
- Portfolio holdings (N-PORT) — filed 2026-05-18
- Portfolio holdings (N-PORT) — filed 2026-02-23
- Annual census (N-CEN) — filed 2026-03-09
- Annual census (N-CEN) — filed 2025-03-05
Related Funds
Other Alternative 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.