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).
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| Investment Options |
|---|
TIFF Multi-Asset Pool |
Growth |
Moderate Growth |
Conservative Growth |
Income |
| Investment Options |
|---|
Large-Cap Value |
Extended Market |
Short-Term TIPS |
Large-Cap Growth |
S&P 500 |
Balanced Index |
Total International Stock |
Total U.S. Stock |
Total Equity |
Total Bond |
Total International Bond |
Money Market |
Wellington |
European Stock |
Pacific Stock |
Emerging Markets |
Short-Term Bond |
| Investment Options |
|---|
ESG U.S. Stock |
ESG International Stock |
ESG Global Stock |
| Investment Options |
|---|
Large-Cap Value |
Extended Market |
Short-Term TIPS |
Large-Cap Growth |
S&P 500 |
TIFF Multi-Asset Pool |
Balanced Index |
Total International Stock |
Total U.S. Stock |
Total Equity |
Total Bond |
Total International Bond |
Growth |
Moderate Growth |
Conservative Growth |
Income |
Money Market |
Wellington |
European Stock |
Pacific Stock |
Emerging Markets |
ESG U.S. Stock |
ESG International Stock |
ESG Global Stock |
Short-Term Bond |
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.
Past investment performance reports
Footnotes
- 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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