IVA MONTHLY RECAP | Calm Markets, Stormy Politics

SEPTEMBER 2025 | A quiet stretch for stocks and bonds, a noisy one in Washington. Also, Vanguard was fined—again. Plus, IVA Portfolio notes, Distributions Ahead, the IVA Factor Tracker and a roundup of articles and analysis from the past month.

Judging by the numbers, August was a quiet month for investors.

U.S. stocks posted gains, with 500 Index (VFIAX) and SmallCap Index (VSMAX) returning 2.0% and 4.6%, respectively. Foreign stocks also rallied, with Total International Stock Index (VTIAX) gaining 4.2%.

Bond investors weren’t left out. Federal Money Market (VMFXX) inched ahead (up 0.4%), while Total Bond Market Index (VBTLX) gained 1.2%. Even alternatives pulled their weight, with Real Estate Index (VGSLX) and Commodity Strategy (VCMDX) gaining 3.4% and 2.9%, respectively

Source: U.S. Department of the Treasury and The IVA

Put it all together, and only three of Vanguard’s funds ended the month in the red—Utilities ETF (VPU), MidCap Growth Index (VMGMX) and Extended Duration Treasury ETF (EDV). The average Vanguard investor gained 2.2% in August and is now up 9.9% on the year.

A quiet month, right?

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