Cash and short-term strategies




Money market


Fixed income
Stable value


Managing cash requirements is a balancing act that is central to the success of your day-to-day operations and investment portfolio. It's important that you can access your funds when you need them and that you have confidence they're invested in high-quality instruments.

Vanguard's focus on low costs and deep risk analysis offers you liquidity and minimizes risk to your principal with tight risk controls for quality and duration.

Credit management: Safety first

It's our long-held belief that short-term investments require a conservative approach emphasizing high-quality instruments. This philosophy and approach helped us successfully navigate the markets in 2008 and 2009.

Independent, expert credit analysis

The securities must pass a layered and rigorous screening process to be included in our portfolios. In addition to SEC requirements on the “floor” for the minimum allowable credit rating, Vanguard’s credit analysts perform an in-depth, independent analysis of each security.

Alignment of interests

Our unique ownership structure—Vanguard is owned by the Vanguard funds, which in turn are owned by their shareholders—means that we exist only to serve our clients, with no competing loyalties. That in turn means that we continuously strive to lower costs so that more of your investment return can be delivered to you.

Cash and short-duration strategies require robust risk management, liquidity, and low costs to provide a quality investment for our clients. Nafis Smith Senior Portfolio Manager, Head of Taxable Money Markets

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All investing is subject to risk, including the possible loss of the money you invest.