Colorado Firm Trims $6M Treasury Bill ETF Stake, Maintains Strategic Cash Buffer
In a recent regulatory filing, Colorado financial advisory firm Jim Saulnier & Associates disclosed a significant reduction in its holdings of the Vanguard 0-3 Month Treasury Bill ETF (NASDAQ:VBIL). The firm sold 77,109 shares during the fourth quarter, a transaction valued at approximately $5.82 million based on the quarter's average pricing.
The sale decreased the fund's reported stake in VBIL by $5.86 million when accounting for both the transaction and price movements. Despite the reduction, the ultra-short-term Treasury ETF still represents 5.55% of the firm's $192.93 million in reportable assets under management, signaling a deliberate recalibration rather than a full retreat from cash-equivalent holdings.
The Vanguard 0-3 Month Treasury Bill ETF, designed for capital preservation and liquidity, provides exposure to a basket of short-term U.S. Treasury bills. It reported a 30-day SEC yield of 3.56% as of late January, with its share price showing minimal volatility over the past year. The fund's low 0.06% expense ratio and near-zero credit risk make it a favored vehicle for parking cash in uncertain rate environments.
Analysts view the move as a tactical adjustment within a broader, growth-oriented portfolio strategy. "This isn't about fleeing to cash or abandoning it entirely," said market strategist Eleanor Vance. "It's a precision adjustment. The firm is likely freeing up capital for reallocation into equity or other higher-yielding assets while maintaining a meaningful liquidity buffer. Holding over 5% in such a low-volatility instrument is a prudent risk management move in today's market."
The firm's top holdings remain anchored in balanced and global equity allocation funds, with the trimmed VBIL position continuing to serve its core purpose: providing stability and ready capital.
Market Voices: A Split on Cash Strategy
Michael Rourke, Portfolio Manager at Horizon Trust: "This is a textbook case of active portfolio management. They're not making a macro call against Treasuries; they're simply optimizing their cash sleeve's size. With equity markets showing strength, it makes sense to marginally reduce the lowest-yielding, albeit safest, part of the book."
David Chen, Chief Investment Officer at Oakstead Capital: "I find this move curiously timid. If you're bullish on the economic outlook, why hold over 5% in near-zero-return cash proxies? That's a significant drag on overall portfolio performance. This half-measure reeks of indecision."
Sarah Gibson, Independent Financial Advisor: "For my clients, especially those nearing retirement, a 5-10% allocation to instruments like VBIL is non-negotiable. It's the shock absorber for the portfolio. Jim Saulnier is demonstrating discipline, not indecision. You need dry powder for opportunities and for peace of mind."
Lisa Moreno, Retail Investor & Finance Blogger: "So a 'professional' firm sells a safe asset that's yielding over 3.5% with no risk? Meanwhile, they're probably chasing overvalued stocks. This is why small investors get nervous. They talk about 'liquidity management,' but it often just means following the herd into overbought assets."
Disclosure: This analysis is for informational purposes only. Investor positioning is based on public SEC filings and does not constitute investment advice.