This Portfolio Cut $6 Million in T-Bills But Is Still Keeping Cash Alternatives on Hand
Key Points
Colorado-based Jim Saulnier & Associates sold 77,109 shares of VBIL in the fourth quarter; the estimated transaction size was $5.82 million based on quarterly average pricing.
As of December 31, the fund reported holding 141,880 VBIL shares valued at $10.70 million.
The position now represents 5.55% of the fund’s reportable AUM, placing it outside the fund's top five holdings.
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On January 29, Colorado-based Jim Saulnier & Associates disclosed a sale of 77,109 shares of the Vanguard 0-3 Month Treasury Bill ETF (NASDAQ:VBIL), an estimated $5.82 million trade based on quarterly average pricing.
What happened
According to a SEC filing dated January 29, Jim Saulnier & Associates sold 77,109 shares of the Vanguard 0-3 Month Treasury Bill ETF (NASDAQ:VBIL) during the fourth quarter. The estimated value of the shares sold was $5.82 million, calculated using the average unadjusted closing price for the quarter. Meanwhile, the fund’s position in VBIL decreased in value by $5.86 million, a figure that includes both the share sale and price moves.
What else to know
The VBIL stake now accounts for 5.55% of the fund’s $192.93 million in reportable AUM.
Top holdings after the filing:
- NYSEMKT:AOR: $25.49 million (13.2% of AUM)
- NYSEMKT:AOA: $17.19 million (8.9% of AUM)
- NASDAQ:VBIL: $10.70 million (5.6% of AUM)
- NYSEMKT:VEA: $7.31 million (3.8% of AUM)
- NYSEMKT:BIL: $3.92 million (2.0% of AUM)
As of January 28, VBIL shares were priced at $75.62, up 0.75% over the past year. The fund reported a 30-day SEC yield of 3.56%.
ETF overview
| Metric | Value |
|---|---|
| Price (as of January 28) | $75.62 |
| Market capitalization | $4.64 billion |
| 30-day SEC yield | 3.56% |
ETF snapshot
- VBIL offers an exchange-traded fund (ETF) that tracks an index of U.S. Treasury bills with maturities of three months or less.
- The fund generates income primarily through interest on short-term U.S. government securities, using a sampling strategy to closely mirror index performance.
- It serves institutional and retail investors seeking capital preservation, liquidity, and low-duration exposure to U.S. Treasury markets.
The Vanguard 0-3 Month Treasury Bill ETF provides investors with access to a diversified portfolio of short-term, investment-grade U.S. Treasury bills. The fund employs a disciplined, index-tracking approach designed to minimize risk and maintain high liquidity. Its focus on ultra-short maturities positions it as a low-volatility option for capital preservation in fluctuating interest rate environments.
What this transaction means for investors
With this move, Jim Saulnier & Associates, a financial planning firm, is effectively fine-tuning its liquidity rather than abandoning it. Unlike all-or-nothing cash exits, this trim keeps short-term Treasurys firmly in the portfolio while acknowledging that idle capital carries its own cost.
The Vanguard 0–3 Month Treasury Bill ETF remains a clear way to park cash. It charges a 0.06% expense ratio, carries effectively no credit risk, and recently offered a 30-day SEC yield of 3.56%, with price volatility barely registering over the past year. For liquidity and capital preservation, it does exactly what it says on the label.
Meanwhile, the firm’s broader portfolio is anchored by balanced and growth-oriented allocation funds, with broad global equity exposure doing most of the heavy lifting. Even after the reduction, cash-like holdings still account for over 5% of assets, a meaningful buffer in a diversified strategy. Ultimately, cash is not being chased or discarded here. It is being sized.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard FTSE Developed Markets ETF. The Motley Fool has a disclosure policy.
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