The financial markets had another difficult quarter. Early on, stocks regained some lost ground amid signs of continuing strength in the labor market, corporate earnings that were more resilient than expected, and a moderation in inflation expectations as energy prices cooled.

 

Stocks reversed course, however, as broader price increases kept inflation stubbornly high, prompting more aggressive tightening by the Federal Reserve to bring it back in check and raising the odds of a global recession. Stocks overall declined for the period, with Europe and emerging markets among the laggards. 
U.S. stocks fared better but still ended in negative territory.

 

Bonds initially made gains as well, buoyed by the prospect that weak growth could pave the way for a moderate path forward for monetary policy. But as the quarter progressed, they also reversed course as inflation persisted.

 

Yields of U.S. Treasuries rose, and prices fell across the maturity spectrum, with more movement at the shorter end of the curve because of the steep rate hikes by the Fed. The broad U.S. investment-grade bond market declined by close to 5% (as measured by the Bloomberg U.S. Aggregate Float Adjusted Index).

Hidden

Pool Description

Vanguard Charitable is proud to partner with TIFF Investment Management to offer your account exclusive access to the TIFF Multi Asset Fund. This fund gives qualified donors access to a fully diversified portfolio of traditional and alternative strategies. The underlying managers are institutional quality and the Fund is actively managed by TIFF’s investment team.

Risk/granting time horizon

Risk level 3

Goal

Seeks capital appreciation, current income, and long-term growth of income.

Benchmark

Balanced Composite Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Active

Hidden

Pool Description

The Growth portfolio solution is designed for those with a longer-term philanthropic time horizon. This investment option provides greater exposure to equities (stocks) to support those with longer-term philanthropic goals. Philanthropists with an eye on the future may utilize this fund to help grow their giving legacy.

Risk/granting time horizon

Risk level 4

Goal

Seeks to provide capital appreciation and some current income through a target allocation of 80% stocks and 20% bonds.

Target Allocation

20.00% Bond
80.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Moderate Growth portfolio solution is designed for those who are willing to take on more risk to meet longer-term goals, while continuing to make current, ongoing grants. This option invests in both passive and actively managed funds.

Risk/granting time horizon

Risk level 3

Goal

Seeks to provide growth of capital and a reasonable level of current income through a target allocation of roughly 60-65% stocks and 35-40% bonds.

Target Allocation

40.00% Bond
60.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Active and Passive

Hidden

Pool Description

The Conservative Growth portfolio solution is designed for those with current, ongoing grants who are also seeking to invest for future grants in approximately 5-10 years. This investment option is intended to preserve a majority of principal while investing a moderate portion into equities (stocks).

Risk/granting time horizon

Risk level 3

Goal

Seeks to provide current income and low to moderate capital appreciation through a target allocation of 40% stocks and 60% bonds.

Target Allocation

60.00% Bond
40.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Income portfolio solution is designed for those seeking to maximize their charitable giving in the next 0-5 years, while maintaining or growing their account assets. This lower risk, multi-fund investment option is intended to preserve a majority of principal while investing a small portion of assets into equities (stocks).

Risk/granting time horizon

Risk level 2

Goal

Seeks to provide current income and some capital appreciation through a target allocation of 20% stocks and 80% bonds.

Target Allocation

80.00% Bond
20.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Large-Cap Value provides exposure to larger U.S. companies in market sectors that tend to grow at a slower pace than the broader market and may be temporarily undervalued by investors. 

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of CRSP US Large Cap Value Index, providing exposure to a broad range of U.S. value-oriented stocks as determined by a variety of value factors.

Benchmark

CRSP US Large-Cap Value Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Extended Market offers broad exposure to U.S. small- and mid-cap stocks.

Risk/granting time horizon

Risk level 5

Goal

Seeks to track the performance of the S&P Completion Index, providing broad exposure to U.S. small- and mid-cap stocks. 

Benchmark

S&P Completion Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Short-Term Treasury Inflation-Protected Securities may be utilized by donors with shorter-term giving goals and less risk tolerance who are seeking a measure of protection from "unexpected inflation".

Risk/granting time horizon

Risk level 1

Goal

Seeks to offer protection against inflation with reduced price volatility through exposure to shorter-duration inflation-protected treasury bonds.

Benchmark

Bloomberg U.S. 0-5 Year Treasury Inflation Protected Securities Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Large-Cap Growth provides exposure to larger U.S. companies in market sectors that tend to grow more quickly than the broader market. These stocks may be more volatile than their value counterparts. 

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of CRSP US Large Cap Growth Index, providing exposure to a broad range of U.S. growth-oriented stocks as determined by a variety of growth factors.

Benchmark

CRSP US Large Cap Growth Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The S&P 500 pool is a broadly diversified equity portfolio achieving exposure to US large-cap stocks and aligning with long-term giving goals. 

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of the Standard & Poor's 500 Index, which measures the investment return of large-cap stocks. 

Benchmark

Standard & Poor’s 500 Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Balanced Index uses an index sampling and passively managed approach, providing a low-cost option with moderate risk to philanthropists who are balancing short- and long-term giving goals.

Risk/granting time horizon

Risk level 3

Goal

Seeks capital appreciation, current income, and long-term growth of income.

Benchmark

Balanced Composite Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total International Stock provides greater diversification of equities, which increases both risk and potential return. Donors with long-term or open-ended philanthropic views may utilize this fund to work toward future giving and legacy goals.

Risk/granting time horizon

Risk level 5

Goal

Seeks to provide broad exposure across developed and emerging non-U.S. equity markets.  

Benchmark

Spliced Total International Stock Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total U.S. Stock is a broadly diversified equity portfolio and aligns with long-term giving goals. For donors looking to grow their charitable assets over time to plan for a large gift or personal legacy, this fund provides that opportunity through equity investments.

Risk/granting time horizon

Risk level 4

Goal

Seeks to provide exposure to large-, mid- and small-cap equities diversified across growth and value styles.  

Benchmark

Spliced Total Stock Market Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total Equity, a multi-fund investment option, provides broad diversification and offers exposure to market performance of both U.S. and non-U.S. equities. For donors seeking to design their own target asset allocation, or those with a higher risk threshold and long-term granting plans, this low-cost option may be appealing.

Risk/granting time horizon

Risk level 4

Goal

Seeks to provide growth of capital through a 100% allocation to U.S. and international stocks.

Benchmark

Composite benchmark return: 55% S&P 500 Index, 15% S&P Completion Index, and 30% Spliced Total International Stock Market Index.

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total Bond may be utilized by donors who are not planning a significant amount of immediate granting, but who are working toward giving goals approximately 2-10 years in the future.

Risk/granting time horizon

Risk level 2

Goal

Seeks to provide broad exposure to the investment-grade U.S. bond market.

Benchmark

Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total International Bond is designed to provide broad exposure to non-U.S. investment-grade bonds. This option offers diversification and can help reduce volatility of investment returns due to their low correlation to U.S. bonds. It can be aligned with both short-term and long-term goals.

Risk/granting time horizon

Risk level 2

Goal

Seeks to provide a diversified portfolio of U.S. dollar hedged, high-quality international bonds.

Benchmark

Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged)

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Money Market investment option can be utilized to maintain an account balance in preparation for immediate giving needs. While donors may grant from Money Market, it is not necessary to make grants solely from this investment option.

Risk/granting time horizon

Risk level 1

Goal

Seeks to provide income while maintaining liquidity and a stable share price. Invests primarily in U.S. government agency obligations.

Benchmark

US Gov't Money Market Funds Average

Management
more-info-iconFor more about investment management styles, see our FAQs.

Active

Hidden

Pool Description

The Vanguard Wellington™ Fund, founded in 1929, is the nation's oldest balanced mutual fund. Investment in Wellington, a low-cost, actively managed option, provides broad diversification across all economic sectors that can serve as a core portion of a donor's overall investment strategy for long-term philanthropy.

Risk/granting time horizon

Risk level 3

Goal

Seeks long-term capital appreciation and reasonable current income, with moderate risk.

Benchmark

Wellington Composite Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Active

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in European Stock provides a portfolio with a larger allocation of stocks in this region and introduces a higher level of risk inherent in international stock investments.

Risk/granting time horizon

Risk level 5

Goal

Targets European common stocks and is diversified across developed markets.

Benchmark

Spliced European Stock Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Pacific Stock provides a portfolio with a larger allocation of stocks in this region and introduces a higher level of risk inherent in international stock investments.

Risk/granting time horizon

Risk level 5

Goal

Targets Pacific-region common stocks.

Benchmark

Spliced Pacific Stock Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Emerging Markets provides a portfolio with a larger allocation of stocks in this region and introduces a higher level of risk inherent in international stock investments.

Risk/granting time horizon

Risk level 5

Goal

Targets emerging markets common stocks.

Benchmark

FTSE Emerging Markets All Cap China A Inclusion Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Donors with ongoing granting plans or current charitable goals may consider utilizing Short-Term Bond. This fund may be used as part of a diversified portfolio aligned to immediate and short-term giving goals.

Risk/granting time horizon

Risk level 1

Goal

Seeks current income with limited price volatility and provides exposure to short-term, investment-grade fixed income securities.

Benchmark

Bloomberg Barclays U.S. 1-5 Year Credit Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

ESG U.S. Stock allows donors to align charitable investments with personal values. Companies are screened for certain ESG criteria, and the fund utilizes three levels of restrictiveness for exclusions, as companies are screened on primary (i.e., producer/manufacturer) and, in most cases, secondary (i.e., retailer/supplier) involvement in the ESG exclusion categories using revenue-based thresholds. Least restrictive categories include adult entertainment, alcohol, and gambling. Moderately restrictive categories include tobacco, cannabis, and conventional (military) weapons. Most restrictive categories include controversial weapons, civilian firearms, nuclear power, and fossil fuels. The index fund also excludes stocks of certain companies that the index provider determines do not meet standards of U.N. global compact principles and companies that do not meet certain diversity criteria.

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of a benchmark index that measures the investment return of large-, mid-, and small-capitalization stocks of U.S. companies, while adhering to certain environmental, social, and corporate governance criteria.

Benchmark

FTSE U.S. All Cap Choice Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

ESG International Stock allows donors to align charitable investments with personal values. Companies are screened for certain ESG criteria, and the fund utilizes three levels of restrictiveness for exclusions, as companies are screened on primary (i.e., producer/manufacturer) and, in most cases, secondary (i.e., retailer/supplier) involvement in the ESG exclusion categories using revenue-based thresholds. Least restrictive categories include adult entertainment, alcohol, and gambling. Moderately restrictive categories include tobacco, cannabis, and conventional (military) weapons. Most restrictive categories include controversial weapons, civilian firearms, nuclear power, and fossil fuels. The index fund also excludes stocks of certain companies that the index provider determines do not meet standards of U.N. global compact principles and companies that do not meet certain diversity criteria.

Risk/granting time horizon

Risk level 5

Goal

Seeks to track the performance of a benchmark index that measures the investment return of large-, mid-, and small-capitalization companies located in developed and emerging markets outside of the United States, while adhering to certain environmental, social, and corporate governance criteria.

Benchmark

FTSE Global All Cap ex U.S. Choice Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

ESG Global Stock, a proprietary blend of ESG U.S. Stock and ESG International Stock, provides a broad diversification of equities, including a global investment allocation, in a passively managed index fund that is professionally rebalanced daily to maintain target allocation. For donors with a higher risk threshold and long-term granting plans, this low-cost and professionally-rebalanced values-driven fund may be an option.

Risk/granting time horizon

Risk level 4

Goal

Provides exposure to U.S. and International stocks screened for certain environmental, social, and corporate governance criteria through a targeted, professionally rebalanced allocation of 70% U.S. and 30% International equity.

Benchmark

70% FTSE U.S. All Cap Choice Index 30% FTSE Global All Cap ex U.S. Choice Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Large-Cap Value provides exposure to larger U.S. companies in market sectors that tend to grow at a slower pace than the broader market and may be temporarily undervalued by investors. 

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of CRSP US Large Cap Value Index, providing exposure to a broad range of U.S. value-oriented stocks as determined by a variety of value factors.

Benchmark

CRSP US Large-Cap Value Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Extended Market offers broad exposure to U.S. small- and mid-cap stocks.

Risk/granting time horizon

Risk level 5

Goal

Seeks to track the performance of the S&P Completion Index, providing broad exposure to U.S. small- and mid-cap stocks. 

Benchmark

S&P Completion Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Short-Term Treasury Inflation-Protected Securities may be utilized by donors with shorter-term giving goals and less risk tolerance who are seeking a measure of protection from "unexpected inflation".

Risk/granting time horizon

Risk level 1

Goal

Seeks to offer protection against inflation with reduced price volatility through exposure to shorter-duration inflation-protected treasury bonds.

Benchmark

Bloomberg U.S. 0-5 Year Treasury Inflation Protected Securities Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Large-Cap Growth provides exposure to larger U.S. companies in market sectors that tend to grow more quickly than the broader market. These stocks may be more volatile than their value counterparts. 

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of CRSP US Large Cap Growth Index, providing exposure to a broad range of U.S. growth-oriented stocks as determined by a variety of growth factors.

Benchmark

CRSP US Large Cap Growth Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The S&P 500 pool is a broadly diversified equity portfolio achieving exposure to US large-cap stocks and aligning with long-term giving goals. 

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of the Standard & Poor's 500 Index, which measures the investment return of large-cap stocks. 

Benchmark

Standard & Poor’s 500 Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Vanguard Charitable is proud to partner with TIFF Investment Management to offer your account exclusive access to the TIFF Multi Asset Fund. This fund gives qualified donors access to a fully diversified portfolio of traditional and alternative strategies. The underlying managers are institutional quality and the Fund is actively managed by TIFF’s investment team.

Risk/granting time horizon

Risk level 3

Goal

Seeks capital appreciation, current income, and long-term growth of income.

Benchmark

Balanced Composite Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Active

Hidden

Pool Description

Balanced Index uses an index sampling and passively managed approach, providing a low-cost option with moderate risk to philanthropists who are balancing short- and long-term giving goals.

Risk/granting time horizon

Risk level 3

Goal

Seeks capital appreciation, current income, and long-term growth of income.

Benchmark

Balanced Composite Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total International Stock provides greater diversification of equities, which increases both risk and potential return. Donors with long-term or open-ended philanthropic views may utilize this fund to work toward future giving and legacy goals.

Risk/granting time horizon

Risk level 5

Goal

Seeks to provide broad exposure across developed and emerging non-U.S. equity markets.  

Benchmark

Spliced Total International Stock Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total U.S. Stock is a broadly diversified equity portfolio and aligns with long-term giving goals. For donors looking to grow their charitable assets over time to plan for a large gift or personal legacy, this fund provides that opportunity through equity investments.

Risk/granting time horizon

Risk level 4

Goal

Seeks to provide exposure to large-, mid- and small-cap equities diversified across growth and value styles.  

Benchmark

Spliced Total Stock Market Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total Equity, a multi-fund investment option, provides broad diversification and offers exposure to market performance of both U.S. and non-U.S. equities. For donors seeking to design their own target asset allocation, or those with a higher risk threshold and long-term granting plans, this low-cost option may be appealing.

Risk/granting time horizon

Risk level 4

Goal

Seeks to provide growth of capital through a 100% allocation to U.S. and international stocks.

Benchmark

Composite benchmark return: 55% S&P 500 Index, 15% S&P Completion Index, and 30% Spliced Total International Stock Market Index.

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total Bond may be utilized by donors who are not planning a significant amount of immediate granting, but who are working toward giving goals approximately 2-10 years in the future.

Risk/granting time horizon

Risk level 2

Goal

Seeks to provide broad exposure to the investment-grade U.S. bond market.

Benchmark

Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Total International Bond is designed to provide broad exposure to non-U.S. investment-grade bonds. This option offers diversification and can help reduce volatility of investment returns due to their low correlation to U.S. bonds. It can be aligned with both short-term and long-term goals.

Risk/granting time horizon

Risk level 2

Goal

Seeks to provide a diversified portfolio of U.S. dollar hedged, high-quality international bonds.

Benchmark

Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged)

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Growth portfolio solution is designed for those with a longer-term philanthropic time horizon. This investment option provides greater exposure to equities (stocks) to support those with longer-term philanthropic goals. Philanthropists with an eye on the future may utilize this fund to help grow their giving legacy.

Risk/granting time horizon

Risk level 4

Goal

Seeks to provide capital appreciation and some current income through a target allocation of 80% stocks and 20% bonds.

Target Allocation

20.00% Bond
80.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Moderate Growth portfolio solution is designed for those who are willing to take on more risk to meet longer-term goals, while continuing to make current, ongoing grants. This option invests in both passive and actively managed funds.

Risk/granting time horizon

Risk level 3

Goal

Seeks to provide growth of capital and a reasonable level of current income through a target allocation of roughly 60-65% stocks and 35-40% bonds.

Target Allocation

40.00% Bond
60.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Active and Passive

Hidden

Pool Description

The Conservative Growth portfolio solution is designed for those with current, ongoing grants who are also seeking to invest for future grants in approximately 5-10 years. This investment option is intended to preserve a majority of principal while investing a moderate portion into equities (stocks).

Risk/granting time horizon

Risk level 3

Goal

Seeks to provide current income and low to moderate capital appreciation through a target allocation of 40% stocks and 60% bonds.

Target Allocation

60.00% Bond
40.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Income portfolio solution is designed for those seeking to maximize their charitable giving in the next 0-5 years, while maintaining or growing their account assets. This lower risk, multi-fund investment option is intended to preserve a majority of principal while investing a small portion of assets into equities (stocks).

Risk/granting time horizon

Risk level 2

Goal

Seeks to provide current income and some capital appreciation through a target allocation of 20% stocks and 80% bonds.

Target Allocation

80.00% Bond
20.00% Stock
Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

The Money Market investment option can be utilized to maintain an account balance in preparation for immediate giving needs. While donors may grant from Money Market, it is not necessary to make grants solely from this investment option.

Risk/granting time horizon

Risk level 1

Goal

Seeks to provide income while maintaining liquidity and a stable share price. Invests primarily in U.S. government agency obligations.

Benchmark

US Gov't Money Market Funds Average

Management
more-info-iconFor more about investment management styles, see our FAQs.

Active

Hidden

Pool Description

The Vanguard Wellington™ Fund, founded in 1929, is the nation's oldest balanced mutual fund. Investment in Wellington, a low-cost, actively managed option, provides broad diversification across all economic sectors that can serve as a core portion of a donor's overall investment strategy for long-term philanthropy.

Risk/granting time horizon

Risk level 3

Goal

Seeks long-term capital appreciation and reasonable current income, with moderate risk.

Benchmark

Wellington Composite Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Active

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in European Stock provides a portfolio with a larger allocation of stocks in this region and introduces a higher level of risk inherent in international stock investments.

Risk/granting time horizon

Risk level 5

Goal

Targets European common stocks and is diversified across developed markets.

Benchmark

Spliced European Stock Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Pacific Stock provides a portfolio with a larger allocation of stocks in this region and introduces a higher level of risk inherent in international stock investments.

Risk/granting time horizon

Risk level 5

Goal

Targets Pacific-region common stocks.

Benchmark

Spliced Pacific Stock Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

For donors with a long-term granting time horizon, an investment in Emerging Markets provides a portfolio with a larger allocation of stocks in this region and introduces a higher level of risk inherent in international stock investments.

Risk/granting time horizon

Risk level 5

Goal

Targets emerging markets common stocks.

Benchmark

FTSE Emerging Markets All Cap China A Inclusion Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

ESG U.S. Stock allows donors to align charitable investments with personal values. Companies are screened for certain ESG criteria, and the fund utilizes three levels of restrictiveness for exclusions, as companies are screened on primary (i.e., producer/manufacturer) and, in most cases, secondary (i.e., retailer/supplier) involvement in the ESG exclusion categories using revenue-based thresholds. Least restrictive categories include adult entertainment, alcohol, and gambling. Moderately restrictive categories include tobacco, cannabis, and conventional (military) weapons. Most restrictive categories include controversial weapons, civilian firearms, nuclear power, and fossil fuels. The index fund also excludes stocks of certain companies that the index provider determines do not meet standards of U.N. global compact principles and companies that do not meet certain diversity criteria.

Risk/granting time horizon

Risk level 4

Goal

Seeks to track the performance of a benchmark index that measures the investment return of large-, mid-, and small-capitalization stocks of U.S. companies, while adhering to certain environmental, social, and corporate governance criteria.

Benchmark

FTSE U.S. All Cap Choice Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

ESG International Stock allows donors to align charitable investments with personal values. Companies are screened for certain ESG criteria, and the fund utilizes three levels of restrictiveness for exclusions, as companies are screened on primary (i.e., producer/manufacturer) and, in most cases, secondary (i.e., retailer/supplier) involvement in the ESG exclusion categories using revenue-based thresholds. Least restrictive categories include adult entertainment, alcohol, and gambling. Moderately restrictive categories include tobacco, cannabis, and conventional (military) weapons. Most restrictive categories include controversial weapons, civilian firearms, nuclear power, and fossil fuels. The index fund also excludes stocks of certain companies that the index provider determines do not meet standards of U.N. global compact principles and companies that do not meet certain diversity criteria.

Risk/granting time horizon

Risk level 5

Goal

Seeks to track the performance of a benchmark index that measures the investment return of large-, mid-, and small-capitalization companies located in developed and emerging markets outside of the United States, while adhering to certain environmental, social, and corporate governance criteria.

Benchmark

FTSE Global All Cap ex U.S. Choice Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

ESG Global Stock, a proprietary blend of ESG U.S. Stock and ESG International Stock, provides a broad diversification of equities, including a global investment allocation, in a passively managed index fund that is professionally rebalanced daily to maintain target allocation. For donors with a higher risk threshold and long-term granting plans, this low-cost and professionally-rebalanced values-driven fund may be an option.

Risk/granting time horizon

Risk level 4

Goal

Provides exposure to U.S. and International stocks screened for certain environmental, social, and corporate governance criteria through a targeted, professionally rebalanced allocation of 70% U.S. and 30% International equity.

Benchmark

70% FTSE U.S. All Cap Choice Index 30% FTSE Global All Cap ex U.S. Choice Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

Hidden

Pool Description

Donors with ongoing granting plans or current charitable goals may consider utilizing Short-Term Bond. This fund may be used as part of a diversified portfolio aligned to immediate and short-term giving goals.

Risk/granting time horizon

Risk level 1

Goal

Seeks current income with limited price volatility and provides exposure to short-term, investment-grade fixed income securities.

Benchmark

Bloomberg Barclays U.S. 1-5 Year Credit Index

Management
more-info-iconFor more about investment management styles, see our FAQs.

Passive

U.S. bond market

  • The broad bond market returned –4.68% for the quarter, as measured by the Bloomberg U.S. Aggregate Float Adjusted Index. In general, higher-quality bonds with shorter maturities held up the best. Within the corporate sector, bonds of financial institutions (–4.24%) did better than those of industrials (–5.40%) and utilities (–5.96%).
  • The Federal Reserve approved interest rate increases of 0.75 percentage points in July and September, to a range of 3%–3.25%. The yield of the bellwether 10-year Treasury note finished the quarter at 3.83%, up from 3.01% three months earlier.
  • For the 12 months, the broad U.S. bond market returned –14.61%.

U.S. stock market

  • For the quarter, the broad-market Russell 3000 Index returned –4.46%. Small-capitalization stocks held up better than large-caps, and growth stocks outpaced value stocks.
  • For the 12 months that ended September 30, the Russell 3000 Index returned –17.63%, with technology, consumer discretionary, and industrials among the hardest-hit sectors.

Money Market

  • Money market yields rose during the quarter. As of September 30, the yield on Vanguard Federal Money Market Fund stood at nearly 3% with a weighted average life of 44 days. The fund maintained its high-quality portfolio and benefited from broad diversification and low fees.

International stock market

  • Emerging markets stocks (–9.93%) outpaced European stocks (–10.73%) for the quarter. Within developed markets, the Pacific region (–8.73%) also outpaced Europe.
  • For the 12 months, stocks outside the United States returned –24.76%, as measured by the FTSE All-World ex U.S. Index. Technology, industrials, and financials were among the worst-performing sectors.
  • Expense ratios are assessed by the Vanguard mutual funds/exchange-traded funds (ETFs) and vary based on allocation; Vanguard Charitable does not itself charge investment fees. While they may be invested in mutual funds or ETFs, the investment options are not themselves mutual funds, nor are they publicly traded. They are not available for investment by any individual or organization apart from Vanguard Charitable. As such, prospectuses only exist for the underlying mutual funds, and not for the Vanguard Charitable investment options.
  • Account expense ratios utilize the Institutional Plus or Institutional Select share class of the underlying Vanguard mutual funds where applicable.
  • Funds underlying Vanguard Charitable investment options may change without notice so long as the new underlying fund has similar characteristics and goals as the previous underlying fund.
  • Income benchmark: 80% Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 14% Spliced Total Stock Market Index, 6% Spliced Total International Stock Market Index. Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index: Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Spliced Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter. Spliced Total International Stock Market Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex US IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
  • Conservative Growth benchmark: 60% Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 30% Spliced Total Stock Market Index, and 10% Spliced Total International Stock Index. Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index: Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Spliced Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter. Spliced Total International Stock Market Index:Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex US IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
  • Moderate Growth benchmark: 60% Wilshire 5000 Index and 40% Lehman Aggregate Bond Index through December 31, 2009; 45% Balanced Composite Index, 45% Wellington Composite Index, and 10% Spliced Total International Stock Index thereafter. Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones Wilshire 5000 Index and 40% Lehman Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays Capital Aggregate Bond Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Wellington Composite Index: 65% S&P 500 Index and 35% Lehman Long Credit AA or Better Index through February 29, 2000; 65% S&P 500 Index and 35% Bloomberg Barclays Capital Credit A or Better Index thereafter. Spliced Total International Stock Market Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex US IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
  • Growth benchmark: 80% Wilshire 5000 Index and 20% Lehman Aggregate Bond Index through December 31, 2009; 55% Spliced Total Stock Market Index, 20% Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index, and 25% Spliced Total International Stock Market Index thereafter. Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index: Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Spliced Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter. Spliced Total International Stock Market Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex US IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
  • Short-Term Treasury Inflation-Protected Securities (Short-Term TIPS) benchmark: Bloomberg U.S. 0-5 YearTreasury Inflation Protected Securities Index.
  • Total Bond benchmark: Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index reflects the performance of the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter.
  • Total International Bond benchmark: Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index Hedged: Includes government, government agency, corporate, and securitized non-U.S. investment grade fixed-income investments, all issued in currencies other than the U.S. dollar and with maturities of more than one year.
  • Total Equity benchmark: 55% S&P 500 Index, 15% S&P Completion Index, and 30% Spliced Total International Stock Market Index. Spliced Total International Stock Market Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex US IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
  • Total U.S. Stock benchmark: Total U.S. Stock benchmark: Spliced Total Stock Market Index reflects the performance of the Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter.
  • S&P 500 benchmark: Standard & Poor’s 500 Index.
  • Large-Cap Value benchmark: CRSP US Large Cap Value Index.
  • Large-Cap Growth benchmark: CRSP US Large Cap Growth Index.
  • Total International Stock benchmark: Spliced Total International Stock Market Index reflects the performance of the Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex US IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
  • Extended Market benchmark: S&P Completion Index.
  • Balanced Index benchmark: Balanced Composite Index: Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter.
  • Wellington benchmark: Wellington Composite Index: 65% S&P 500 Index and 35% Lehman U.S. Long Credit AA or Better Bond Index through February 29, 2000; 65% S&P 500 Index and 35% Bloomberg Barclays U.S. Credit A or Better Bond Index thereafter.
  • TIFF MAP: An actively managed, globally diversified portfolio of traditional and alternative investments, MAP features an annualized expense ratio that is greater than that of passive portfolios or active/passive mixed portfolios. Performance is shown net of all fees and expenses. For the year-ended 12/31/2021, the annualized expense ratio was 1.51%. This fee includes 0.18% of performance fees paid to external managers and 0.35% of expenses for securities sold short. The Multi-Asset Pool is generally available to accounts with ongoing balances over $100,000. Refer to our Policies & Guidelines for more information.
  • European Stock benchmark: Spliced European Stock Index reflects performance of the MSCI Europe Index through March 26, 2013; FTSE Developed Europe Index through September 30, 2015; and FTSE Developed Europe All Cap Index thereafter.
  • Pacific Stock benchmark: Spliced Pacific Stock Index reflects performance of the MSCI Pacific Index through March 26, 2013; FTSE Developed Asia Pacific Index through September 30, 2015; and FTSE Developed Asia Pacific All Cap Index thereafter.
  • Emerging Markets benchmark: Spliced Emerging Markets Index reflects performance of the Select Emerging Markets Index through August 23, 2006; the MSCI Emerging Markets Index through January 9, 2013; the FTSE Emerging Transition Index through June 27, 2013; the FTSE Emerging Index through November 1, 2015; the FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016; and the FTSE Emerging Markets All Cap China A Inclusion Index thereafter.
  • Underlying funds for the Values-Driven Investment options are Vanguard exchange-traded funds. However, all Vanguard Charitable investment options are traded once daily and pricing is based on the NAV.
  • ESG U.S. Stock benchmark: FTSE U.S. All Cap Choice Index
  • ESG International Stock benchmark: FTSE Global All Cap ex U.S. Choice Index
  • ESG Global Stock Pool Benchmark: Weighted 70% FTSE U.S. All Cap Choice Index and 30% FTSE Global All Cap ex U.S. Choice Index.
  • The potential for risk in Vanguard funds can be categorized in levels from 1 to 5. Learn more in our FAQs.
  • Any Portfolio Solutions option can be combined with other Solutions, Portfolio Builders, and Values-Driven Investment options.
 

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