Report : Investment | January 31, 2024

Index Funds Quarterly Review Q4 2023

Global markets finish strong in 2023

Despite a slow start to the fourth quarter, equities rallied following the release of positive economic and business reports. The bond market also finished the year with positive gains as optimism around central bank rate cuts in 2024 grew.

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Performance of key Vanguard index funds


Fund name

(Inception date)









1 year



Vanguard Total Bond Market Index Fund


3.16% -0.90% -3.08% 6.69% 5.72%  

Vanguard Total International Bond Index Fund


3.54% 0.18% -1.50% 6.54% 8.85%  

Vanguard Total Stock Market Index Fund


7.15% 8.42% -3.30% 12.17% 26.02%  

Vanguard Total International Stock Index Fund


6.65% 2.61% -4.01% 9.98% 15.53%  

Vanguard Short-Term Inflation-Protected Securities Index Fund


2.28% -0.69% 0.43% 2.55% 4.61%  

Source of performance figures: Vanguard, Institutional share class, as of December 31, 2023.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at Standard performance of the funds can be located in the Quarterly Review Appendix.

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