Vanguard Inflation-Protected Securities Fund Admiral Shares
VAIPX
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USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Jun 10, 2005
- CIK
- 0000794105
- Website
- vanguard.com
- Similar Companies
- Business
- Vanguard Inflation-Protected Securities Fund Admiral Shares (VAIPX) is an open-end mutual fund that seeks to provide inflation protection and income consistent with investment in inflation-indexed securities. The fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations; all bonds purchased are rated investment grade or equivalent, with a dollar-weighted average maturity expected in the range of 7 to 20 years. It primarily holds U.S. Treasury Inflation-Protected Securities (TIPS), comprising over 96% of the portfolio as of September 2025, supplemented by small positions in nominal Treasuries for liquidity (typically under 5%) and, more recently, Consumer Price Index (CPI) swaps; top holdings include multiple United States Treasury Notes. Managed by Vanguard since inception, the fund closely tracks the Bloomberg U.S. Treasury Inflation-Protected Securities Index, with a net expense ratio of 0.10%, total net assets of approximately $27 billion, and a turnover rate of 74.7%. Headquartered in Malvern, Pennsylvania, the fund traces its origins to June 2000, with Admiral Shares launched on June 10, 2005. It serves investors seeking real return protection in the inflation-protected bond category, targeting high credit quality and moderate interest-rate sensitivity, with an effective duration of about 6.5 years. Geographically focused on U.S. markets, the fund operates within Vanguard Group, Inc., emphasizing low-cost, index-like strategies for institutional and individual clients requiring minimum investments of $50,000 for Admiral Shares. In 2024, Vanguard expanded the fund's investment toolkit by incorporating CPI swaps, enhancing managerial flexibility to express views on inflation breakevens and capitalize on market imbalances between TIPS, nominal Treasuries, and swaps. This strategic enhancement supports active adjustments in duration and yield-curve positioning while adhering to tight internal guidelines limiting non-TIPS holdings to preserve tracking error discipline. As of mid-2025, the portfolio maintained neutral yield-curve positioning relative to the benchmark following earlier anticipations of curve steepening, underscoring ongoing adaptations to liquidity challenges and inflation dynamics.