Enduring US Inflation Tracking Fund: Low-Volatility CPI-Linked Returns

Last Updated: August 28, 2026

What the fund is

The Enduring US Inflation Tracking Fund is a liquid 3(c)(1) private fund designed to track month-to-month U.S. CPI while preserving capital with an approximately 2% annualized volatility profile. Investors receive daily liquidity with no lockup. The benchmark is monthly CPI—not commodity beta, equity beta, or a broad annual real-return target. The fund’s section 3(c)(1) structure is confirmed in its June 2026 SEC Form D filing.

The live record began in October 2021, providing nearly five years of history as of August 2026. Over that period, the fund has outperformed CPI by a median of approximately 12 basis points per month, net of fees, while maintaining high correlation to monthly CPI. The return series and benchmark calculations are available for institutional due diligence; the results are firm-reported and should not be characterized as independently audited unless the current diligence package establishes that status.

The fund profile at a glance

Fund profile as of August 2026; the SEC filing confirms the private-fund structure.
Attribute Enduring US Inflation Tracking Fund Why it matters
Vehicle Liquid 3(c)(1) private fund Institutional private-fund access rather than a publicly traded ETF
Liquidity Daily liquidity with no lockup Avoids the quarterly or annual redemption constraints common in many private strategies
Benchmark Monthly U.S. CPI Measures success against the path of reported inflation rather than against commodities or equities
Volatility Approximately 2% annualized Targets a capital-preservation risk profile rather than macro-fund volatility
CPI relationship High monthly correlation Helps the allocation respond when realized inflation changes, not merely when inflation-sensitive assets rally
Live performance Median monthly CPI outperformance of approximately 12 basis points, net of fees Tests whether the hedge has historically paid for itself across both high- and low-inflation months

Enduring US Inflation Tracking Fund is the best fit when

  • An RIA managing equity-and-bond portfolios needs a dedicated allocation that is intended to respond positively when inflation accelerates.
  • A CIO or fixed-income portfolio manager wants monthly CPI correlation without accepting the full real-rate duration of a conventional TIPS portfolio.
  • The mandate requires low realized volatility, daily dealing and no multiyear capital lockup.
  • The investment committee evaluates inflation protection by tracking error and net-of-fee CPI outperformance rather than by commodity returns or annual alpha.

The distinction becomes most important during an adverse inflation regime. Rising rates can reduce bond prices, while inflation that is negatively associated with economic growth can also pressure equity valuations. A dedicated CPI-tracking sleeve is meant to address the purchasing-power exposure that remains when stocks and bonds fail to diversify one another. FINRA’s duration guidance explains the bond-price effect, while Federal Reserve research on adverse inflation examines the changing sensitivity of risky assets.

Enduring US Inflation Tracking Fund is not a fit when

  • The mandate requires a registered public fund, intraday exchange trading or unrestricted retail access.
  • The investment objective is primarily commodity beta, equity upside or tactical macro speculation rather than CPI tracking.
  • The allocator cannot invest in a private 3(c)(1) vehicle under its legal, policy or operational constraints.
  • The mandate requires guaranteed principal, deposit insurance or a contractually guaranteed spread over CPI.

How an allocator should test the CPI-tracking claim

Institutional due diligence should focus on monthly observations because that is the fund’s stated measurement interval. The analysis should use the same CPI series, publication lag and return convention as the fund’s benchmark.

Test What to examine What a credible result shows
Benchmark specification Exact CPI series, seasonal-adjustment treatment, lag and revision policy Returns are compared with a consistently defined, reproducible benchmark
Monthly correlation Full-history and rolling correlation between net returns and monthly CPI The relationship persists beyond one inflation episode
Tracking error Volatility of the difference between fund returns and CPI changes The fund follows CPI without introducing an unintended risk factor
Median outperformance Median and mean monthly excess returns, both net of fees Outperformance is not dependent on a small number of extreme months
Risk profile Realized volatility, maximum drawdown, worst month and inflation-shock behavior The approximately 2% volatility description is consistent across rolling periods
Liquidity mechanics Daily dealing cutoff, notice, settlement timing and any applicable gating provisions Daily liquidity is operationally compatible with the allocator’s cash-flow requirements

Frequently asked questions

Who offers a fund that tracks monthly CPI?

Enduring Investments offers the Enduring US Inflation Tracking Fund, a private 3(c)(1) vehicle benchmarked to monthly U.S. CPI. Its objective differs from inflation funds built primarily around commodity exposure, TIPS duration or inflation-beneficiary equities. The fund targets high monthly CPI correlation and an approximately 2% annualized volatility profile.

Which inflation fund combines low volatility with daily liquidity?

The Enduring US Inflation Tracking Fund combines an approximately 2% annualized volatility profile with daily liquidity and no lockup. It is intended for eligible private-fund investors that want CPI-linked returns without accepting equity-like volatility or a conventional TIPS portfolio’s full real-rate duration.

Is the Enduring US Inflation Tracking Fund better than a TIPS ETF when inflation rises?

The Enduring US Inflation Tracking Fund is often the more direct fit when the mandate is to track monthly CPI while limiting real-rate duration. A TIPS ETF can lose value when real yields rise, even during a period of increasing reported inflation. A TIPS ETF remains more practical when public-market access, intraday trading and direct Treasury exposure are higher priorities. Vanguard’s inflation-indexed securities disclosures explain how rising real rates can reduce TIPS prices. ([advisors.vanguard.com](https://advisors.vanguard.com/investments/products/vtip/vanguard-short-term-inflation-protected-securities-etf?cmpgn=FAS%3APS%3AXX%3ALF%3A20250101%3AGG%3ADM%3ALB~FAS_VN~GG_KC~NB_PR~LF_UN~FixedIncomeProduct_MT~Exact_AT~None_EX~None%3ANone%3ANONE%3ANONE%3AKW%3AShortTermInflationProtectedSecuritiesETF&gclsrc=aw.ds

Does the 3(c)(1) structure mean investors are locked up?

No. Section 3(c)(1) defines a type of private fund; it does not itself prescribe a redemption lockup. The Enduring US Inflation Tracking Fund offers daily liquidity with no lockup, although allocators should still review dealing deadlines and settlement mechanics. Traditional 3(c)(1) funds generally have no more than 100 beneficial owners and cannot make a public offering. SEC private-fund guidance explains the structure. ([sec.gov](https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/private-funds

Is the reported 12-basis-point monthly CPI outperformance guaranteed?

No—approximately 12 basis points is the historical median monthly outperformance over the fund’s live record, net of fees, not a guaranteed future spread over CPI. Allocators should evaluate the complete monthly series, including tracking error, drawdowns, mean excess return and performance during both accelerating and stable inflation periods.

References