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Primary Article

TIPS as an Asset Class

Peng Chen and Matt Terrien
The Journal of Investing Summer 2001, 10 (2) 73-81; DOI: https://doi.org/10.3905/joi.2001.319464
Peng Chen
A vice president of research at Ibbotson Associates in Chicago, IL.
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Matt Terrien
A vice president in the Consulting Services Group at First Union Securities in Richmond, VA.
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Abstract

In the design of investment portfolios, the authors maintain that Treasury Inflation Protection Securities should be evaluated as a separate and distinct asset class. These securities have unique characteristics that are not directly available through other investment vehicles. Their most significant benefit lies in the fact that they provide a direct hedge against one specific measure of inflation (i.e., the non-seasonally adjusted Consumer Price Index for all urban consumers, which allows investors to maintain real purchasing power and hedge against future nominal increases in the overall domestic price level. TIPS may also appeal to a broader audience by virtue of their relatively low correlation with other traditional asset classes. The authors demonstrate that TIPS offer potentially significant diversification benefits, establishing them as a viable asset class in a long-term asset allocation policy.

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The Journal of Investing
Vol. 10, Issue 2
Summer 2001
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TIPS as an Asset Class
Peng Chen, Matt Terrien
The Journal of Investing May 2001, 10 (2) 73-81; DOI: 10.3905/joi.2001.319464

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TIPS as an Asset Class
Peng Chen, Matt Terrien
The Journal of Investing May 2001, 10 (2) 73-81; DOI: 10.3905/joi.2001.319464
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