Orser Capital Loads Up on Short-Term Treasuries

Orser Capital Management, LLC disclosed a buy of Vanguard Short-Term Treasury ETF (NASDAQ:VGSH), with an estimated $5.40 million trade, based on the average closing price for the quarter.

What happened

According to a filing with the Securities and Exchange Commission dated October 07, 2025, Orser Capital increased its position in Vanguard Short-Term Treasury ETF by 91,975 shares. The purchase took its total holdings to 269,000 VGSH shares, valued at $15.83 million. The ETF continues to be Orser's second-biggest holding.

What else to know

Orser Capital Management executed a buy, raising its VGSH stake to 8.3% of 13F AUM as of September 30, 2025.

Top holdings after the filing:

• Nvidia (NASDAQ:NVDA): $17.35 million (9.1% of AUM)
• Vanguard Short-Term Treasury ETF: $15.83 million (8.3% of AUM)
• iShares MSCI Intl Quality Factor ETF (NYSEMKT:IQLT): $9.4 million (4.9% of AUM)
• Apple (NASDAQ:AAPL): $8.6 million (4.5% of AUM)
• Alphabet (NASDAQ:GOOGL): $7.3 million (3.9% of AUM)

As of October 6, 2025, VGSH shares were priced at $58.71, up 0.36% over the past year. VGSH offered a trailing twelve-month dividend yield of 4.1% as of October 7, 2025.

ETF overview

ETF snapshot

The Vanguard Short-Term Treasury ETF offers investors targeted exposure to short-term U.S. Treasury securities, emphasizing liquidity and capital preservation. The fund's indexing approach and large asset base support efficient tracking and broad diversification within its segment.

• The Vanguard Short-Term Treasury ETF employs a passive investment strategy designed to track the Bloomberg US Treasury 1-3 Year Index, focusing on short-term U.S. Treasury securities.
• Portfolio consists primarily of U.S. Treasury bonds with maturities between 1 and 3 years, excluding inflation-protected and floating-rate securities.
• Structured as an exchange-traded fund, it provides access to short-duration government debt.

Foolish take

Orser Capital's total AUM increased by almost $50 million between Q2 and Q3 2025. In that context, its $5 million-plus purchase of Vanguard Short-Term Treasury ETF shares looks more like rebalancing than a major shift in sentiment. Even so, it is noteworthy that Orser now holds over 8% of its total investments in short-term treasuries. All the more so given that it did not hold any VGSH in Q1.

Orser also slightly decreased its exposure to big tech in Q3. Nvidia, Apple, Alphabet, Microsoft (NASDAQ:MSFT), and Amazon (NASDAQ:AMZN) now make up 24% of its portfolio, down from 28% in Q2. The investment adviser also reduced its position in Carpenter Technology Group (NYSE:CRS). The firm may be taking profits, given that all have performed extremely well in the past year.

Short-term treasuries are extremely low risk and highly liquid. Orser's shift to a slightly more conservative position could be a defensive move. It may also mean the firm wants to diversify and keep some dry powder ready to deploy if it sees an opportunity.

Glossary

ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
AUM (Assets Under Management): The total market value of assets a fund or investment manager oversees on behalf of clients.
Passive investment strategy: An approach aiming to replicate the performance of a market index rather than outperform it.
Bloomberg US Treasury 1-3 Year Index: A benchmark tracking U.S. Treasury bonds with maturities between 1 and 3 years.
Short-term U.S. Treasury securities: Government-issued debt with maturities typically between one and three years.
Capital preservation: An investment goal focused on preventing loss of principal while earning modest returns.
Quarterly average price: The average price of a security over a three-month period.
Trailing twelve-month dividend yield: The percentage of income paid out as dividends over the past 12 months, relative to the current price.
Indexing approach: A strategy where a fund aims to match the performance of a specific market index.
13F AUM: Assets under management reported in a fund manager’s quarterly SEC Form 13F filing.
Short-duration government debt: Bonds issued by the government that mature in a relatively short period, usually less than three years.
Diversification: Spreading investments across various assets to reduce risk.

Emma Newbery has positions in Amazon, Apple, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Microsoft, and Nvidia. 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.