SJS & VBIL: A Very Short Story

Right. So, SJS Investment Consulting…they’ve decided to pile another $6.39 million into Vanguard’s 0-3 Month Treasury Bill ETF – VBIL. Honestly? It’s less a bold move and more…a very polite retreat. Like when you’re at a party and realize you’ve made a terrible mistake and start edging towards the coat check. January 21st, 2026, the filing says. As if the date itself is an apology.

They already had $9.07 million in the thing. Which, let’s be real, is a lot of short-term government debt. It brings their total stake to 1.15% of their reportable assets. A tiny sliver of the pie, sure, but a sliver that’s suddenly looking awfully…safe. And in my experience, ‘safe’ is usually code for ‘expecting something to go wrong.’

Their top holdings, just for context, because transparency is so hot right now: NYSEMKT:DFAC at a cool $360.73 million – that’s where the real action is, isn’t it? – followed by DFIC, DUSB, VCRB, and DFSD. All perfectly respectable, aggressively managed things. Then you have VBIL, quietly hoarding Treasury bills like a squirrel preparing for a nuclear winter.

As of January 20th, VBIL was trading at $75.56, up 3.9% over the year. And the dividend yield? 3.11%. Thrilling, isn’t it? It’s down 0.11% from its 52-week high, which, honestly, is probably the most drama this fund will ever see. SJS, overall, is managing a hefty $790.38 million. 2,087 positions. They’re busy people. Probably too busy to notice the world is possibly ending.

Let’s be clear about what VBIL is. It’s not exciting. It’s a collection of very, very short-term Treasury bills. Three months or less. It’s the financial equivalent of beige. It tracks an index, replicates risk and return, the usual jargon. It’s for people who want low-cost access to government debt. Which, again, is not a sentence I ever thought I’d be writing.

Here’s my take, and you’re getting the honest version, because that’s how I roll. SJS isn’t suddenly embracing fiscal conservatism. They’re hedging. They’re building a little sandbag fort against…something. Maybe they see the same cracks in the market I do. Maybe they just had a bad dream. Either way, they’re quietly shifting assets into something that will hold its value when everything else…doesn’t. It’s basically a higher-yielding savings account with extra steps.

It yields around 3.6%, which beats most savings accounts, and it’s got billions in assets. People are treating it like cash. Which is…sad, really. But smart, I guess. It’s perfect for emergency funds or near-term expenses. Basically, for people who are preparing for the inevitable. The ultra-short duration means minimal interest rate risk. Though yields will fall when the Fed inevitably decides to throw a wrench into everything.

So, what does it all mean? It means SJS is being…sensible. Which is irritating, frankly. It means they’re acknowledging that things are uncertain. And it means that, while everyone else is chasing growth, they’re quietly building a lifeboat. I hate them a little bit. But I also understand. Because sometimes, the smartest thing you can do is just…survive.

2026-02-02 00:13

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