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Wednesday, October 21, 2009

Vanguard's Volpert Talks TIPS

News summary by MFWire's editors

Vanguard Group's Kenneth Volpert is predicting that the supply of Treasury inflation-protected securities will top $100 billion next year, Min Zeng reports in the Wednesday edition of the Wall Street Journal Fund Track column. Volpert co-runs the world's largest TIPS fund, the $26 billion Vanguard Inflation-Protected Securities Fund.

Volpert expects the price of TIPS to increase from an average of 6 billion to $7 billion this year to $9 billion to $10 billion next year.

As the government increases the sales of the securities to alleviate budget concerns, TIPS have already seen a yearly return of 10 percent for investors, while the Treasury experienced a 2.4 percent outflow.

"There is definitely a lot of more demand than supply," Volpert told Zeng. "If they announce monthly auctions and increase supply, they would be supporting the continuation of the TIPS program, leading to greater liquidity and market support for TIPS."

The WSJ article also mentions that PIMCO's Bill Gross has been busily selling mortgage-related securities, and so far has removed $30 billion in assets from his Pimco Total Return Fund

Edited by: Daniel Tovrov

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