A Florida-based fund, Moseley Investment Management, disclosed acquiring 154,978 shares of the iShares iBonds Dec 2026 Term Treasury ETF (IBTG) for approximately $3.5 million in its third-quarter filing with the SEC.
The Transaction
The fund increased its stake in IBTG by 154,978 shares during the quarter, bringing its total holdings to 366,533 shares valued at $8.4 million. The purchase, calculated at the quarter’s average price, reflects a strategic move toward fixed-income instruments with defined maturity dates.
Portfolio Composition
The fund’s top holdings include major equities such as Apple, Microsoft, and Alphabet, alongside Treasury-focused ETFs. These allocations suggest a balancing act between growth-oriented assets and risk-averse strategies.
- 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)
IBTG’s share price of $22.94 has risen 0.3% year-to-date, lagging behind the S&P 500’s 18% gain. Yet its 4.1% trailing yield and 3.6% one-year return highlight its role as a defensive asset.
ETF Metrics
| Metric | Value |
|---|---|
| Price (as of market close Monday) | $22.94 |
| 12-month trailing yield | 4.1% |
| 1-year total return | 3.6% |
Fund Structure
- IBTG tracks U.S. Treasury securities maturing in 2026, with at least 90% of assets in Treasuries.
- As a term ETF, it liquidates upon maturity, offering predictable duration and risk profiles.
- Expense ratio remains undisclosed, though its low-risk structure appeals to capital-preserving investors.
The fund’s strategy of locking in yields through Treasury securities aligns with a broader trend among institutional investors. By prioritizing capital preservation, Moseley’s move signals a cautious stance amid uncertain equity markets.
Strategic Implications
The purchase of IBTG, alongside additions to short-term Treasury ETFs like IBTI, suggests a defensive posture. Yet the continued presence of tech giants in the portfolio indicates a readiness to capitalize on growth opportunities.
For long-term investors, such allocations reflect a pragmatic approach: balancing the need for income with the potential for capital appreciation. The fund’s defined maturity and transparent rules-based process make it a tool for managing duration risk, particularly in an environment where equity valuations remain stretched.
Glossary
13F reportable assets: Securities held by institutional managers that must be disclosed to the SEC.
Assets under management (AUM): Total value of investments managed by a fund.
ETF (Exchange-Traded Fund): A fund traded on stock exchanges, tracking a specific index or asset class.
Term ETF: An ETF with a fixed maturity date, at which point it returns principal to investors.
U.S. Treasury securities: Government-issued debt instruments considered low-risk.
Duration: A measure of a bond’s sensitivity to interest rate changes.
Capital preservation: A strategy focused on protecting principal rather than maximizing returns.
Rules-based process: An investment approach guided by predefined criteria.
Expense ratio: The annual fee charged by a fund to cover operational costs.
Index: A benchmark representing a group of securities for performance comparison.
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2025-10-28 09:18