Morningstar

Vanguard Inflation-Protected Securities Fund Investor Shares VIPSX

Morningstar Medalist Rating
Unlock
Medalist Rating as of See Vanguard Investment Hub

Morningstar’s Analysis VIPSX

Will VIPSX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VIPSX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VIPSX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VIPSX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A new manager and a broader toolkit.

Principal Maciej Kowara

Maciej Kowara

Principal

Summary

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.

by Maciej Kowara
Rated on Published on

Unlock our full analysis with Morningstar Investor

Sponsor Center