Vanguard Inflation-Protected Securities Fund Institutional Shares VIPIX

Vanguard has changed both who runs this fund and how much latitude it has, and the two moves belong together. Brian Quigley joined Vanguard Inflation-Protected Securities as comanager on April 16, 2026, and became sole named manager in May, when John Madziyire left this and several other active rates funds to return to the UK and join Vanguard's global bond index team. Then, effective Sept. 29, 2026, Vanguard began letting this fund use the 20% of assets outside Treasury Inflation-Protected Securities that its prospectus had long permitted but its internal guidelines kept nearly off-limits. The firm describes the change as the result of an internal review of whether its mandates still serve investors, and it fits a broader effort to draw a sharper line between Vanguard's active and passive lineups. With low-cost index TIPS options now plentiful, including Vanguard's own, an active fund that hugs its benchmark has to justify its place. The TIPS market alone offers thin opportunity to do so.