Here's Why This Firm Is Loading Up on Treasury ETFs
Key Points
Florida-based Moseley Investment Management bought 136,173 IBTI shares for an estimated $3 million in the third quarter.
The transaction value was equivalent to 0.9% of 13F reportable assets under management at the end of the period.
At quarter-end, Moseley reported holding 651,411 shares of IBTI valued at $14.6 million, making it the fund's second-largest position.
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On Monday, Florida-based Moseley Investment Management disclosed in an SEC filing that it purchased 136,173 additional shares of IBTI for the quarter ended September 30 for an estimated $3 million trade based on quarterly average pricing.
What Happened
Moseley Investment Management reported purchasing 136,173 additional shares of the iShares iBonds Dec 2028 Term Treasury ETF (NASDAQ:IBTI) in its latest quarterly disclosure, according to a filing with the Securities and Exchange Commission released Monday. The estimated value of these additional shares was approximately $3 million. The latest filing brings the fund's IBTI stake to 651,411 shares.
What Else to Know
This buy lifts IBTI to 4.4% of 13F reportable assets under management as of quarter-end, making it the fund's second-largest asset.
Top holdings after the filing:
- NASDAQ:AAPL: $18.6 million (5.7% of AUM)
- NASDAQ:IBTI: $14.6 million (4.4% of AUM)
- NASDAQ:IBTF: $14.2 million (4.3% of AUM)
- NASDAQ:GOOGL: $12.4 million (3.8% of AUM)
- NASDAQ:MSFT: $12.1 million (3.7% of AUM)
As of Monday, IBTI shares were priced at $22.44, up 1.6% over the past year, compared to an 18% gain for the S&P 500.
ETF Overview
| Metric | Value |
|---|---|
| 12-month trailing yield | 3.9% |
| Price (as of market close Monday) | $22.44 |
| 1-year total return | 3.4% |
ETF Snapshot
- IBTI seeks to track an index of U.S. Treasury securities maturing in 2028, providing targeted exposure to a defined segment of the Treasury market.
- The portfolio consists primarily of publicly issued U.S. Treasury bonds scheduled to mature between January 1 and December 15, 2028, with a non-diversified structure and at least 90% allocation to Treasuries.
- It offers a transparent, fixed-maturity ETF structure with a focus on low-cost access to U.S. government debt.
The iShares iBonds Dec 2028 Term Treasury ETF offers investors defined-maturity exposure to U.S. Treasury securities. The fund is designed for those seeking predictable income and principal return at maturity, with a portfolio concentrated in 2028-maturing Treasuries.
Foolish Take
Moseley Investment Management continued to ramp up its exposure to U.S. Treasuries last quarter, purchasing 136,173 additional shares of the iShares iBonds Dec 2028 Term Treasury ETF (IBTI) for roughly $3 million trade based on average quarterly pricing. The move builds on the purchase of IBTG, another term Treasury ETF maturing in 2026, in the same quarter, signaling a clear push toward duration management and predictable income amid rate uncertainty.
The firm’s latest filing shows IBTI now represents 4.4% of reportable assets, making it Moseley’s second-largest position after Apple. Together, IBTI and IBTG account for nearly 9% of total assets, underscoring a significant allocation shift toward fixed income even as the firm retains large equity stakes in tech heavyweights like Apple, Alphabet, and Microsoft.
IBTI holds Treasuries maturing between January and December 2028, offering a 3.48% yield to maturity, 2.5-year duration, and 0.07% expense ratio—a structure built for bond laddering and capital preservation. For long-term investors, Moseley’s strategy reflects a broader institutional playbook: using defined-maturity Treasury ETFs to lock in yields while moderating equity exposure as valuations stretch.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing certain equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Dividend yield: The annual dividend income expressed as a percentage of the investment's current price.
Defined-maturity ETF: An ETF with a set maturity date, at which point it returns principal and income to investors.
Non-diversified structure: A fund that invests in a limited number of securities or sectors, increasing exposure to specific risks.
U.S. Treasury securities: Debt instruments issued by the U.S. government to finance its operations, considered low-risk investments.
Principal return at maturity: The repayment of the original investment amount when a bond or similar instrument reaches its maturity date.
Annualized: A figure (such as yield or return) converted to a yearly rate, regardless of the actual period measured.
Portfolio allocation: The distribution of assets within an investment portfolio among different asset classes or securities.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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