VCINX
International Growth Fund
VALIC Co I
Expense ratio1
0.82%
Net assets2
$359.67M
Holdings2
32
Category
International Equity
2025 return3
16.09%

Investment objective & strategy

As of Sept. 26, 2025 · prospectus

Objective. The Fund seeks capital appreciation.

Strategy. The Funds subadviser uses a proprietary investment strategy to invest in companies that it believes will increase in value over time. Under normal market conditions, the subadviser seeks to achieve the Funds objective by investing primarily in established companies on an international basis, with capitalizations within the range of companies included in the MSCI ACWI ex USA Index. As of July 31, 2025, the market capitalization range of the companies in the MSCI ACWI ex USA Index was approximately $119.56 million to $957.46 billion. The subadviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. In selecting securities for investment, the subadviser seeks high-quality, established companies that the subadviser believes are undervalued at the time … The Funds subadviser uses a proprietary investment strategy to invest in companies that it believes will increase in value over time. Under normal market conditions, the subadviser seeks to achieve the Funds objective by investing primarily in established companies on an international basis, with capitalizations within the range of companies included in the MSCI ACWI ex USA Index. As of July 31, 2025, the market capitalization range of the companies in the MSCI ACWI ex USA Index was approximately $119.56 million to $957.46 billion. The subadviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. In selecting securities for investment, the subadviser seeks high-quality, established companies that the subadviser believes are undervalued at the time of purchase. The subadviser typically favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social externalities and governance (also referred to as ESG). The subadviser generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria because the quality of the companys business deteriorates or the price relative to the companys intrinsic value is no longer attractive. The subadviser views incorporating ESG-related potential risks and opportunities within the investment process as important to ensure long-term stewardship of capital. Over extended time horizons, the subadviser believes that ESG risks are more likely to materialize and externalities not borne by the company are more likely to be priced into the value of securities. Since ESG risks could potentially impact the risk and reward profile of investment opportunities, the subadviser typically engages company management in constructive discussions on a range of ESG issues the subadviser deems materially important. The Fund may invest in foreign securities, which may include emerging market securities. Under normal circumstances, the Fund invests at least 40% of its net assets in the securities of issuers from at least three countries outside of the United States. The Fund considers an issuer to be from a particular country (including the United States) or geographic region if: (i) its principal securities trading market is in that country or geographic region; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in that country or geographic region or has at least 50% of its assets in that country or geographic region; or (iii) it is organized under the laws of, or has a principal office in, that country or geographic region. The Fund may invest up to 35% of its total assets (excluding cash) in securities of issuers located in emerging market countries. For purposes of maintaining exposure of at least 40% of the Funds assets to equity securities of issuers located or operating outside the United States, the Fund may also invest in American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other types of depositary receipts with respect to issuers located or operating outside the United States. The equity securities in which the Fund invests are denominated in both U.S. and non-U.S. currencies and include common stock. In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Funds total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Top holdings

As of Feb. 28, 2026 · N-PORT
SecurityTickerValue% of fund
TSMC $33.05M 9.19%
Hermes International SCA $26.70M 7.42%
ASML Holding NV $24.25M 6.74%
DSV PANALPINA A S DSV $22.74M 6.32%
MONCLER SPA $21.36M 5.94%
SPOTIFY TECHNOLOGY SA $18.93M 5.26%
SCHNEIDER ELECTR $18.19M 5.06%
KEYENCE CORP $18.15M 5.05%
L'OREAL SA ORD $16.78M 4.67%
MERCADOLIBRE INC $11.28M 3.14%
View all holdings →

Allocation by sector

As of February 28, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Nov 30, 2025 → Feb 28, 2026
Opened
1
Exited
2
Increased
1
Decreased
26
Unchanged
4

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
International Advantage Portfolio · MFAIX, MSALX, MFAPX, MSIAX, IDVSX 96% 0.89%
International Opportunity Portfolio · MIOIX, MIOLX, MIOPX, MNOPX, MSOCX, MRNPX 60% 0.94%
Morgan Stanley Europe Opportunity Fund Inc. · EUGAX, EUGCX, EUGDX, MSEEX 59% 1.05%
View all similar funds →

Advisers

As of May 31, 2025 · N-CEN
FirmRole
Morgan Stanley Investment Management Inc. Sub-adviser
The Variable Annuity Life Insurance Company Adviser

Footnotes

  1. Expense ratio as of September 26, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

Machine-readable: JSON · Markdown. Programmatic access via the agent surface.