Small-Cap Shuffle: TBH Buys In. What’s the Deal?

by

So, TBH Global Asset Management – and honestly, the name itself is a little much, isn’t it? – they dropped sixteen million bucks into this iShares S&P Small-Cap 600 Growth ETF. I mean, 113,339 shares. It’s not like they’re buying a yacht, but it’s something. And now everyone’s supposed to care? It’s just…a lot of money to put into something with “Growth” in the title. Like they’re promising it’ll grow. That feels… presumptuous.

What Happened, Exactly?

Apparently, on January 28th – a perfectly unremarkable day, I assure you – TBH decided to increase their stake in this IJT thing. Another 113,339 shares. The numbers are just… assaulting my sensibilities. Sixteen-point-oh-four million. They could have just given it to a charity. Or, you know, invested in a decent bagel shop. Their quarter-end stake was already eleven-point-eighteen million. So, they’re up ten-point-six-two million. Including price movement. Of course. Like the market cares about their feelings.

The Bigger Picture (Or Lack Thereof)

Post-buy, IJT represents 1.87% of TBH’s AUM. AUM! As if anyone actually knows what that means. It’s like they’re trying to impress me with acronyms. And it’s not even a significant percentage. It’s like saying you’ve added a single olive to a giant pizza. Does it really change anything? Let’s look at what else they’re holding.

  • NASDAQ: AAPL: $66.16 million (11.0% of AUM)
  • NASDAQ: GOOGL: $35.64 million (5.9% of AUM)
  • NYSEMKT: IVW: $27.71 million (4.6% of AUM)
  • NYSEMKT: JMUB: $23.67 million (3.9% of AUM)
  • NYSE: BRK-B: $19.44 million (3.2% of AUM)

So, Apple, Google, a bunch of other things…and then this little sliver of small-cap growth. It’s a portfolio built on contradictions. Like a person who claims to be minimalist but owns seventeen pairs of shoes.

As of January 28th, shares of IJT were at $148.74. Fine. Good for them. Does it solve world hunger? No. Does it make my commute any faster? Also no.

The ETF Itself: A Deep Dive (Not Really)

Metric Value
AUM $6.29 billion
Price (as of January 28) $148.74
Dividend yield 0.9%
1-year total return 7.01%

IJT, they say, tracks the S&P SmallCap 600 Growth Index. Which means… what, exactly? That it tries to be like other things that are like it? It holds small-cap growth stocks. At least 80% of the assets are in index constituents. The rest are in cash or derivatives. Efficient portfolio management, they call it. I call it hedging your bets. And targeting institutional and individual investors? Everyone’s a target, apparently.

What Does This All Mean?

Look, the size of the trade isn’t the point. It’s the principle of the thing. TBH already has a ton of money in large-cap, mega-cap stocks. They’re practically swimming in Apple and Google. Adding small-cap growth is like… ordering a side salad with a steak. It doesn’t fundamentally change anything. It just makes you feel slightly less guilty.

The ETF gives you access to 350 small-cap growth companies. Industrials, tech, healthcare, financials… the whole shebang. Diversification. It’s the buzzword of the decade. Small caps have lagged mega-caps for a while now. But earnings growth expectations are still intact. Which means… what? That they hope things will get better? The expense ratio is less than 0.20%. And it’s liquid. So, you can sell it quickly if you panic. Which, let’s be honest, you probably will.

For long-term investors, the timing is interesting. Small-cap growth stocks do well when rate volatility stabilizes. And when money flows beyond the biggest companies. This position complements their Apple, Alphabet, and Berkshire holdings. It fills a structural gap. Rather than replacing existing exposure. It’s like adding a new shelf to a bookcase that’s already overflowing. Does it solve the problem? No. Does it make you feel slightly more organized? Maybe. For about five minutes.

Read More

2026-01-29 18:43