SJS Investment Boosts Ultra-Short Treasury Position by $6.39 Million

What happened

According to its SEC filing dated January 21, 2026, SJS Investment Consulting bought 84,687 shares of Vanguard Institutional Index Fund - 0-3 Months Treasury Bill ETF (NASDAQ:VBIL). The transaction’s estimated value is $6.39 million, based on the average closing price during the fourth quarter of 2025. The fund’s VBIL position ended the quarter with a total value of $9.07 million, up $6.38 million from the previous period.

What else to know

• This buy increased the fund’s VBIL stake to 1.15% of its 13F reportable assets under management.
• Top holdings after the filing:
  • NYSEMKT:DFAC: $360.73 million (45.6% of AUM)
  • NYSEMKT:DFIC: $65.15 million (8.2% of AUM)
  • NYSEMKT:DUSB: $32.56 million (4.1% of AUM)
  • NASDAQ:VCRB: $30.00 million (3.8% of AUM)
  • NYSEMKT:DFSD: $21.18 million (2.7% of AUM)
• As of January 20, 2026, VBIL shares were priced at $75.56, up 3.9% over the past year; the fund’s annualized dividend yield is 3.11%.
• VBIL closed 0.11% below its 52-week high as of January 20, 2026.
• SJS Investment Consulting Inc. reported 2,087 positions and total 13F reportable AUM of $790.38 million as of December 31, 2025.

Company Overview

Company Snapshot

• Offers exposure to short-term U.S. Treasury bills with maturities of three months or less, primarily through a passively managed exchange-traded fund structure.
• Operates by tracking a market value-weighted index, employing a sampling strategy to replicate the risk and return characteristics of the underlying benchmark.
• Serves institutional and individual investors seeking low-cost, liquid access to high-quality government securities.

Vanguard Institutional Index Fund - 0-3 Months Treasury Bill ETF provides investors with efficient access to the U.S. Treasury bill market, focusing on securities with ultra-short maturities to minimize interest rate risk and maintain high liquidity. The fund's disciplined, index-tracking approach is designed to deliver consistent returns that closely mirror its benchmark, appealing to those seeking low-cost, stable fixed income exposure. Its competitive advantage lies in its transparent structure and commitment to tracking high-quality, short-duration government debt instruments.

What this transaction means for investors

SJS Investment Consulting's move to more than double its Treasury bill position signals a defensive shift in cash management strategy. The firm, which concentrates heavily in actively managed ETFs with over $360 million in its largest equity holding, could be building up its shortest-duration holdings as a safe harbor.

VBIL holds Treasury bills maturing in one to three months, providing government-backed safety with yields that track short-term rates. The fund essentially functions as a higher-yielding alternative to money market funds, with the same zero credit risk and daily liquidity. Vanguard's rock-bottom fees and government backing have made VBIL a popular choice for advisors rotating out of riskier cash alternatives.

The fund currently yields around 3.6%, better than most savings accounts, and has pulled in billions from investors treating it as a cash alternative. VBIL works best for conservative investors who need capital preservation and quick access to funds, such as emergency reserves or money earmarked for near-term expenses. The ultra-short duration means virtually no interest rate risk, though yields will fall when the Fed cuts rates.

Sara Appino has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.