Homrich & Berg says inflation-ready bond portfolios should limit TIPS exposure, favor short-duration credit

• Homrich & Berg flagged uneven inflation protection from TIPS, citing the TIP ETF often failing to match CPI over its 22-year history.
• TIPS returns tracked moves in real yields more than inflation, outperforming in 2007-08 when real yields fell 77bp.
• Rising real yields can overwhelm inflation accretion, with 2022 cited as ~8% accretion offset by ~17% real-rate repricing.
• The analysis favored short duration credit as an inflation-mitigation tool, stressing reinvestment at higher yields when rates rise.
• It recommended limited TIPS use, mainly held to maturity, near new issue, in tax-deferred accounts, matched to a known liability.

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