I've using the tools available at the Vanguard website under the Voyager Services for quite a number of years to keep track of my AA and to rebalance occasionally as the "bumpers" are reached (Currently my equities band is 55-65%)
I am now at 62% equities and just for the fun of it and since my wife has an account with Fidelity I entered all my fund info into the Fidelity retirement module and much to my surprise it came up with an equities allocation of 55%. My interest really motivated now I went ahead and put the same fund data into Morningstar which gave me an equities allocation very close to Fidelity at 56%.
Poking some more into how the large discrepancy with Vanguard comes about it appears at first glance that Vanguard is not tracking the cash in individual mutual funds as cash but actually as either equities or bonds depending on the primary flavor of the fund.
Is this impression correct? if so, on first blush Vanguard's approach kind of makes sense in that the cash held in individual funds is not available to me as cash so maybe it should not be treated as such for AA purposes. On the other hand it really is cash within the fund so I've managed to autoconfuse myself as usual
How should this cash be tracked (if the reason for the discrepancy is indeed the cash in the funds)?