Report : Investment | July 28, 2023

TDF Quarterly Review Q2 2023

Meaningful changes for improved outcomes

Any change Vanguard makes to its glide path represents our belief in that change having a consistent, positive impact on investor outcomes. In this article, we outline how we assess potential changes to our glide path and sub-asset allocation to separate what’s meaningful from what’s simply marketing.

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"Meaningful vs. marketing: Assessing changes in glide-path design"

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Performance of key Vanguard index funds


Fund name

(Inception date)












Vanguard Total Bond Market Index Fund


-4.66% 1.67% 3.16% -0.90% -0.89%  

Vanguard Total International Bond Index Fund


-3.28% -0.02% 3.54% 0.18% 0.31%  

Vanguard Total Stock Market Index Fund


-4.46% 7.16% 7.15% 8.42% 18.94%  

Vanguard Total International Stock Index Fund


-10.52% 14.72% 6.65% 2.61% 12.33%  

Vanguard Short-Term Inflation-Protected Securities Index Fund


-2.64% 1.27% 2.28% -0.69% 0.14%  

Source of performance figures: Vanguard, Institutional share class, as of June 30, 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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