Fund Evaluator:
DFA Inflation-Protected Securities I (DIPSX)
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Fund Details
DFA Inflation-Protected Securities I Overview
DFA Inflation-Protected Securities I (DIPSX) is an actively managed Taxable Bond Inflation-Protected Bond fund. Dimensional Fund Advisors launched the fund in 2006.
The investment seeks to provide inflation protection and earn current income consistent with inflation-protected securities. As a non-fundamental policy, under normal circumstances, the Portfolio will invest at least 80% of its net assets in inflation-protected securities. Inflation-protected securities (also known as inflation-indexed securities) are securities whose principal and/or interest payments are adjusted for inflation, unlike conventional debt securities that make fixed principal and interest payments.
About DFA Inflation-Protected Securities I (DIPSX)
There are 3 members of the management team with an average tenure of 14.91 years: David Plecha (2006), Alan Hutchison (2016), Joseph Kolerich (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury US TIPS TR USD index with a weighting of 100%. DFA Inflation-Protected Securities I has 28 securities in its portfolio. The top 10 holdings constitute 70.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA Inflation-Protected Securities I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. DFA Inflation-Protected Securities I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.8% (99.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA Inflation-Protected Securities I has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $5 billion in total assets, which is above the $869 million average for the Inflation-Protected Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DIPSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA Inflation-Protected Securities I expense ratio is low compared to funds in the Inflation-Protected Bond category. DFA Inflation-Protected Securities I has an expense ratio of 0.11%, which is 85% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA Inflation-Protected Securities I has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 72% for the Inflation-Protected Bond category.
Recently, in the month of July 2026, DFA Inflation-Protected Securities I returned -0.7%, which earned it a grade of B, as the Inflation-Protected Bond category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA Inflation-Protected Securities I has a trailing yield of 3.94%, which is below the 4.20% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA Inflation-Protected Securities I Grades
Year to date, the fund has returned 0.5%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 2.3% over the past year (grade of C), 3.7% over the past three years (grade of B) and 0.2% per year over the past five years (grade of C) and 2.4% per year over the past 10 years (grade of B).
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DIPSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DIPSX Return (NAV) | -0.7% | -1.0% | 2.3% | 3.7% | 0.2% | 2.4% |
| DIPSX Grade | B | C | C | B | C | B |
| +/- Category | 0.1% | 0.1% | -0.0% | 0.2% | 0.2% | 0.3% |
| Inflation-Protected Bond Avg | -0.8% | -1.2% | 2.4% | 3.4% | -0.0% | 2.1% |
| DIPSX Tax Cost Ratio | na | na | 1.6% | 1.4% | 1.8% | 1.4% |
DIPSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DIPSX Return (NAV) | 0.5% | 7.0% | 2.0% | 3.9% | -12.2% | 5.6% | 11.7% | 8.5% | -1.3% | 3.3% | 4.7% |
| DIPSX Grade | B | B | B | B | C | B | B | B | B | B | B |
| +/- Category | 0.2% | 0.3% | 0.2% | 0.6% | 0.0% | 0.5% | 0.6% | 0.4% | 0.6% | 0.3% | 0.2% |
| Inflation-Protected Bond Avg | 0.2% | 6.7% | 1.8% | 3.4% | -12.3% | 5.1% | 11.1% | 8.0% | -1.9% | 2.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.97 - Above Average |
| Category Risk Grade: | D (68% Rank) |
| Beta: | 0.72 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5014 Mil |
| Fund Total Assets: | $5,015 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 19.9 years | |||
| Average Tenure: 14.9 years | |||
| Managers (Year): Plecha David (2006), Kolerich Joseph (2012), Hutchison Alan (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 28 |
| % in Top 10 Holdings: | 70.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | September 18, 2006 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.11% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | DFA Inflation-Protected Securities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
