PIPIX Performance — Inflation Protection Fund, Institutional Class
Data updated: 2026-09-25
PIPIX returned +0.53% year to date and +2.45% over one year to Jul 2026. Annualised returns are +3.38% over 3 years and +0.11% over 5 years. The fund trailed its Intermediate Government Bond category average: $100 invested three years ago grew to $110, against $111 for the category, and to $102 over one year, against $103. Volatility over the past three years was 4.24% a year. In the 12 months to Jul 2026 the fund lost a net $105.2M, and assets reached $2.15B.
PIPIX Growth of $100
What $100 invested in Inflation Protection Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Government Bond category average over the same months.
| Period | PIPIX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $102 | $103 |
| 3 years (Aug 2023 – Jul 2026) | $110 | $111 |
| 5 years (Aug 2021 – Jul 2026) | $101 | $101 |
| Since data start (Aug 2019 – Jul 2026) | $118 | $112 |
PIPIX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.53% |
| 1 year | +2.45% |
| 3 years (annualised) | +3.38% |
| 5 years (annualised) | +0.11% |
PIPIX Annual Returns
Calendar-year total returns of Inflation Protection Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +0.53% |
| 2025 | +6.65% |
| 2024 | +1.64% |
| 2023 | +3.51% |
| 2022 | −12.08% |
| 2021 | +5.38% |
| 2020 | +10.60% |
| 2019 (Aug–Dec) | +1.77% |
PIPIX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.5% | +1.2% | −1.3% | +1.2% | +0.1% | −0.5% | −0.6% | — | — | — | — | — |
| 2025 | +1.2% | +2.1% | +0.6% | 0.0% | −0.5% | +1.0% | +0.1% | +1.7% | +0.4% | +0.2% | +0.1% | −0.5% |
| 2024 | +0.4% | −1.0% | +0.7% | −1.6% | +1.7% | +0.7% | +1.8% | +0.8% | +1.4% | −1.9% | +0.5% | −1.7% |
| 2023 | +2.1% | −1.4% | +3.0% | 0.0% | −1.1% | −0.4% | 0.0% | −0.9% | −2.1% | −0.8% | +2.8% | +2.4% |
| 2022 | −2.2% | +0.9% | −1.6% | −2.4% | −0.8% | −3.2% | +4.3% | −2.6% | −6.7% | +1.1% | +2.0% | −1.1% |
| 2021 | +0.3% | −2.2% | +0.2% | +1.5% | +1.1% | +0.7% | +2.3% | −0.1% | −0.6% | +0.7% | +1.0% | +0.4% |
| 2020 | +2.0% | +0.9% | −2.3% | +3.1% | +0.3% | +1.2% | +2.4% | +1.1% | −0.1% | −0.6% | +1.2% | +1.1% |
| 2019 | — | — | — | — | — | — | — | +2.1% | −1.5% | +0.5% | +0.2% | +0.5% |
PIPIX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 4.24%
- 3-year Sharpe ratio: -0.26 (vs 4.5% risk-free rate)
- Best month: +2.79% (Nov 2023)
- Worst month: −2.06% (Sep 2023)
PIPIX Fund Flows
Monthly money in and out of Inflation Protection Fund, from SEC Form N-PORT.
- 12-month net flow: −$105.2M
- 12-month gross sales (incl. reinvestments): $540.5M
- Sales ÷ redemptions: 0.84×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $55.9M | $38.4M | $17.5M |
| Jun 2026 | $16.9M | $33.1M | −$16.2M |
| May 2026 | $54.6M | $34.1M | $20.5M |
| Apr 2026 | $72.9M | $44.3M | $28.6M |
| Mar 2026 | $14.8M | $197.0M | −$182.2M |
| Feb 2026 | $36.5M | $27.8M | $8.7M |
| Jan 2026 | $9.7M | $56.7M | −$47.0M |
| Dec 2025 | $116.3M | $30.7M | $85.6M |
| Nov 2025 | $8.8M | $62.9M | −$54.1M |
| Oct 2025 | $90.5M | $28.4M | $62.1M |
| Sep 2025 | $53.8M | $66.6M | −$12.8M |
| Aug 2025 | $9.8M | $25.7M | −$15.9M |
PIPIX Assets Under Management
Net assets of Inflation Protection Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $2.15B |
| 2026-04-30 | $2.15B |
| 2026-01-31 | $2.27B |
| 2025-10-31 | $2.38B |
| 2025-07-31 | $2.30B |
| 2025-04-30 | $2.31B |
| 2025-01-31 | $2.17B |
| 2024-10-31 | $2.24B |
| 2024-07-31 | $1.85B |
| 2024-04-30 | $1.89B |
| 2024-01-31 | $1.52B |
| 2023-10-31 | $1.47B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.