Portfolio Series - American Funds Managed Risk Global Allocation Portfolio
Data updated: 2026-08-27
C000154337 — Portfolio Series - American Funds Managed Risk Global Allocation Portfolio. Holdings, fees, performance and SEC filings.
C000154337 Fund Overview
Portfolio Series - American Funds Managed Risk Global Allocation Portfolio 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: $357.99M
- 1-year return: 18.1%
- SEC CIK: 0000729528
- SEC series ID: S000048972
- Share class ID: C000154337
C000154337 Investment Objective and Strategy
Portfolio Series - American Funds Managed Risk Global Allocation Portfolio 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 while seeking to manage volatility and provide downside protection.
Principal investment strategy
The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded options and futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds. A portion of the funds assets may also be held in cash and/or U.S. Treasury futures. In seeking to pursue its investment objective, the fund, through its investments in the underlying funds, 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.
The proportion of equities, debt securities and money market instruments held by the fund through its investments in the underlying funds will vary with market conditions and the investment advisers assessment of the relative attractiveness of each asset type as an investment opportunity. As an asset allocation fund with a global scope, the fund seeks to invest, through its investments in the underlying funds, in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The fund will invest primarily in funds that invest significantly outside the United States. Through the underlying funds in which it invests, the fund will have significant exposure to investments outside the United States, including exposure to investments in at least three different countries.
The investment adviser believes that exposure to investments outside the United States can help provide diversification when seeking high total return, including capital gains and current income. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented and income-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. With respect to its fixed income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the funds investment adviser, or unrated but determined by the funds investment adviser to be of equivalent quality.
Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as junk bonds. Exposure to lower rated securities may help the fund achieve its objective of providing current income. The funds investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the funds investment objective of providing high total return (including income and capital gains) consistent with preservation of capital over the long term. In making this determination, the funds investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds.
The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments primarily exchange-traded futures contracts and/or exchange-traded put options to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds equity exposure. These instruments are selected based on the subadvisers analysis of the relation of various equity indexes to the underlying funds portfolios, taking into consideration each underlying funds allocation within the fund.
In addition, the subadviser will monitor liquidity levels of relevant options and futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the funds currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index.
Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises. The funds investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds.
The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the funds investment objective. The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the funds overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the funds net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions.
During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.
C000154337 Holdings
Top 10 holdings of Portfolio Series - American Funds Managed Risk Global Allocation Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Afis Global Growth Fund | 25.11% |
| Afis Capital World Growth And Income Fund | 25.11% |
| American Funds Insurance Series - Global Balanced Fund | 19.89% |
| American Funds Insurance Series - Capital World Bond Fund | 11.83% |
| American Funds Insurance Series - Asset Allocation Fund | 9.99% |
| American Funds Insurance Series - Capital Income Builder | 4.95% |
| State Street Institutional U.S. Government Money Market Fund - Premier Class | 2.75% |
| Spx US 12/18/26 P5225 | 0.11% |
| Spx US 09/18/26 P4750 | 0.06% |
| S&p500 Emini Fut Sep26 | 0.03% |
C000154337 Portfolio Allocation
Asset-class allocation of Portfolio Series - American Funds Managed Risk Global Allocation Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 96.9% |
| Cash & Equivalents | 2.7% |
| Derivatives | 0.3% |
C000154337 Performance
Total returns for C000154337 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 10.3% |
| 1 year | 18.1% |
| 3 years (annualised) | 12.4% |
| 5 years (annualised) | 4.8% |
C000154337 Risk Information
Risk metrics for C000154337, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.1%
C000154337 Costs and Fees
C000154337 costs about $103 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.03%
- Gross expense ratio: 1.03%
- Portfolio turnover: 21%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000154337 Cashflows
Over the 12 months to 2026-06, Portfolio Series - American Funds Managed Risk Global Allocation Portfolio had net outflows of $48.27M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $4.66M |
| 2026-05 | −$3.64M |
| 2026-04 | −$5.18M |
| 2026-03 | −$5.06M |
| 2026-02 | −$4.66M |
| 2026-01 | −$5.30M |
C000154337 Debt Constituents
No individual debt constituents are reported in Portfolio Series - American Funds Managed Risk Global Allocation Portfolio's latest SEC N-PORT filing.
C000154337 Prospectus and SEC Filings
Official Portfolio Series - American Funds Managed Risk Global Allocation Portfolio 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.