Just not in your own company stock unless it's part of S&P 500 or total stock or something.
Luckily the company stock is part of the S&P 500. :)
I changed my elections though based off the replies:
EQUITY/STOCK
[company I work for stock] 15%
VEMPX - VANGUARD EXTENDED MARKET INDEX 16%
VIIIX - VANGUARD INSTITUTIONAL INDEX 59%
VTPSX - VANGUARD TOTAL INTL STK INDEX 10%
TOTAL - 100%
Even if it is it is only a 1% sliver, maybe 3% if you work for Apple. The biggest companies pay you partly in RSU's so you are already heavily invested in those. Otherwise best not to hold company stock since it is just hampering diversification.
Most of your indexes look fine to me.
It looks like your VIIIX and VEMPX are your attempt to mirror the US total stock market. A mid/small cap index mixed with the S&P 500 which is generally aligned with the total market all on its own. Considering comparing holdings of those indexes to these:
https://www.bogleheads.org/wiki/Approximating_total_stock_market.
This gives a few different index combinations to better approximate the market. Your mix there may already be pretty good since generally you just need to supplement the S&P 500 with a small cap index or a bit of small and mid.
Most investments recommend holding any where from 20%-40% in international stock for diversification. 10% is lower than I have seen recommended but again its is a personal preference. Most target retirement funds from Fidelity and Vanguard are all the way up at 36% international. Making 20% somewhat conservative. The index you are using there is good.
The 20% bonds. Again a really conservative investor like John Bogel recommends in his books 20% bonds when building your main portfolio. I have leaned more towards the 90/10 recommendation, but that is really up to you. Do some more reading and see if you like that strategy for the long term.
I don't know much about the use case of the VIPIX bond fund. Typically it is simpler to have the one total US bond index, maybe with an international version.
Every time you add an extra more specific fund like VIPIX you should be asking yourself why you are including this and what level of diversification is it bringing to the table. I wouldn't worry at all about historical or recent returns. If you did that you probably wouldn't buy any bonds at all are looking pretty bleak with interest rates on the rise. If it is not diversifying your portfolio it could be throwing off the weight of your other index causing you to be more heavily invested in one market sector over another which means you risk under or over performing the aggregate market.
The general advise for simple long term investing is to mirror the whole market as best you can, and keep costs as low as you can. Thats it. If you read one of John Bogel's books you will find it pretty much says this ad nauseum. If you have an index that is not expressly chosen for that purpose, odds are you should consider ditching it. Things like buying Value over a Growth index are all just forms of speculation and very few people can out speculate the total market over a 30 year + term.
In summary though being 22, I would ditch the VIPIX fund and divert that money to equities. And ditch the company stock and dump it into equities. Then you will probably be in great shape for at leas the next 20 years, before you need to consider bumping back up your bond allocations as you age.