Report : Investment | January 31, 2024

TDF Quarterly Review Q4 2023

Strategic asset allocation still matters

Our conviction in setting a prudent strategic asset allocation as a key foundation for long-term investing success remains strong. In addition to the ongoing rigor that is applied to our Target Retirement Funds and portfolio construction methodology, strategic asset allocation is one of many decisions governed by Vanguard’s Strategic Asset Allocation Committee, an executive oversight committee composed of investment experts sitting in key leadership roles across investment research, behavioral research, portfolio management, and portfolio construction. 

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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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Investments in target-date funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in target-date funds is not guaranteed at any time, including on or after the target date. 

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