Oxbow Advisors Dumps 342,000 VBIL Shares Worth $25.8 Million

On Feb. 3, 2026, Oxbow Advisors, LLC reported selling 342,176 shares of Vanguard Institutional Index Funds - Vanguard 0-3 Month Treasury Bill ETF (NASDAQ:VBIL), an estimated $25.83 million trade based on quarterly average pricing.

What happened

According to a Feb. 3, 2026, SEC filing, Oxbow Advisors, LLC reduced its position in Vanguard Institutional Index Funds - Vanguard 0-3 Month Treasury Bill ETF by 342,176 shares. The estimated value of the shares sold was $25.83 million, calculated using the average price during the fourth quarter. The quarter-end value of the VBIL stake declined by $26.20 million, a figure that includes both trading activity and price changes.

What else to know

• VBIL now accounts for 11.53% of reportable assets under management after the trade.
• Top holdings after the filing:
  • Vanguard Institutional Index Funds - Vanguard 0-3 Month Treasury Bill ETF: $131.08 million (11.53% of AUM)
  • iShares Gold Trust: $65.13 million (5.7% of AUM)
  • Alphabet: $43.05 million (3.8% of AUM)
  • Enterprise Products Partners: $42.61 million (3.75% of AUM)
  • Microsoft: $37.8 million (3.3% of AUM)
• As of Feb. 3, 2026, VBIL shares were priced at $75.43.
• VBIL posted a 4% one-year total return.
• The ETF’s annualized dividend yield is 3.42%.

Company overview

Company snapshot

• Offers an exchange-traded fund (ETF) tracking U.S. Treasury bills with maturities of three months or less, utilizing a sampling strategy to closely replicate its benchmark index.
• Generates revenue primarily from investment income on short-term U.S. Treasury securities and related cash equivalents, with a focus on maintaining liquidity and capital preservation.
• Targets institutional and individual investors seeking low-risk, highly liquid exposure to the short end of the U.S. Treasury market.

Vanguard 0-3 Month Treasury Bill ETF provides investors with a cost-effective vehicle for accessing the U.S. Treasury bill market, focusing on securities with maturities of three months or less. The fund's disciplined sampling approach allows it to closely track its benchmark while maintaining a high degree of liquidity and minimal interest rate risk. This strategy appeals to risk-averse investors seeking stability and efficient cash management solutions.

What this transaction means for investors

Oxbow’s $25 million reduction in VBIL shares was a notable move after the exchange-traded fund gained 4% over the last year, in addition to generating regular income. VBIL remains a significant allocation in Oxbow’s portfolio, at 11.53% of its total assets under management, indicating the sale likely had more to do with a desire to rebalance the portfolio and lock in some gains, rather than a loss of conviction in VBIL as an investment.

As its name suggests, the Vanguard 0-3 Month Treasury Bill ETF holds a collection of U.S. Treasury bills at the shortest end of the duration spectrum. Backed by the U.S. government, Treasuries are considered the lowest-risk debt investments. Investing in short-duration T-bills often means more liquidity but less income generation, as they typically come with lower interest rates than long-term Treasury bills. Their short durations also shield them from interest rate risk.

While Treasuries are typically seen as boring and stable investments compared to the dynamic movements of the tech industry, these types of investments have been dealing with their own pressures lately. It will be important for investors in this space to continue to watch the moves of the Federal Reserve and the Treasury yield curve, which continues to steepen due to debt concerns.

Sarah Sidlow has positions in Alphabet and Microsoft. The Motley Fool has positions in and recommends Alphabet and Microsoft. The Motley Fool recommends Enterprise Products Partners. The Motley Fool has a disclosure policy.