Asset allocation is the split between kinds of asset — shares, bonds, cash, property — before you choose any particular one. It usually does more to set how bumpy the ride is than any single stock pick, because each kind behaves differently: shares have tended to grow more over long periods and fall harder along the way, while bonds and cash have tended to move less and grow less. The equity/bond split is the most common way of describing it.
What sets the limits is risk capacity: how big a fall you could live through without having to sell. That depends on when you'll need the money and what else you have, not on how brave you feel on a good day. There's no correct split, only a trade-off between growth and steadiness. In the app, the Balance Sheet widget lists the split between your holdings, cash, crypto and anything else you add, and a Pie Chart of Total assets draws it as a donut. Both count a fund as one holding; slice a Pie Chart of your stock portfolio by sector to see a fund's bonds and cash under Bonds and Cash.
Neither end is right. The split decides which trade-off you're making.
Educational content only. It is not personal financial advice.