Key Points
Sterling Investment Management, LLC initiated a 39,433-share position in VBIL, with an estimated transaction value of $2.97 million based on quarterly average pricing.
The quarter-end value of the VBIL stake increased by $2.97 million, reflecting both new share purchases and price movement over the period.
This position represents 1.69% of 13F reportable assets under management (AUM).
Post-filing, the fund holds 39,433 VBIL shares valued at $2.97 million.
VBIL is not among the fund’s top five holdings after the trade, placing it outside the most significant positions by size.
On Feb. 2, 2026, Sterling Investment Management, LLC disclosed a new position in Vanguard Institutional Index Funds - Vanguard 0-3 Month Treasury Bill ETF (NASDAQ:VBIL), acquiring 39,433 shares in an estimated $2.97 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated Feb. 2, 2026, Sterling Investment Management, LLC established a new position in Vanguard Institutional Index Funds - Vanguard 0-3 Month Treasury Bill ETF, acquiring 39,433 shares during the fourth quarter of 2025. The transaction is estimated at $2.97 million based on the average price over the quarter. The quarter-end value of the position also stands at $2.97 million, reflecting both the purchase and subsequent price shifts.
What else to know
- This was a new position for the fund, representing 1.69% of its 13F reportable assets under management as of Dec. 31, 2025.
- Top holdings after the filing:
- NASDAQ: VMBS: $15.3 million (8.7% of AUM)
- NYSE: BRK.B: $15.0 million (8.5% of AUM)
- NYSEMKT: GLD: $13.5 million (7.7% of AUM)
- NYSE: GE: $7.9 million (4.5% of AUM)
- NASDAQ: GOOG: $7.5 million (4.3% of AUM)
- As of Feb. 2, 2026, VBIL shares were priced at $75.43.
- VBIL’s one-year total return was 4.0%, underperforming the S&P 500 by 12.4 percentage points.
- The fund’s annualized dividend yield was 3.4%.
ETF overview
| Metric | Value |
|---|
| Price (as of market close February 2, 2026) | $75.43 |
| Market capitalization | $2.28 billion |
| Dividend yield | 3.42% |
| 1-year price change | 3.71% |
ETF snapshot
- Offers an exchange-traded fund (ETF) that tracks an index of U.S. Treasury bills with maturities of three months or less, primarily investing in investment-grade government securities.
- Holds a portfolio of short-term U.S. Treasury bills and related cash equivalents, in line with its stated investment strategy.
- Offers exposure to ultra-short-term U.S. government debt instruments, investing in Treasury bills with maturities of three months or less.
Vanguard 0-3 Month Treasury Bill ETF provides investors with a low-risk vehicle for short-term capital allocation by tracking an index of high-quality U.S. Treasury bills. The fund's strategy emphasizes liquidity and principal stability through a diversified portfolio of short-maturity government securities. Its competitive advantage lies in its disciplined sampling approach and its focus on minimizing interest-rate risk for conservative investors.
What this transaction means for investors
Sterling Investment Management manages a diversified portfolio of 69 positions based on its latest 13F filing. It seeks to deliver attractive long-term returns by investing in a variety of asset classes. It reduced positions in assets like the SPDR Gold Shares ETF after significant gains last year, while adding to income investments like VMBS and VBIL that may perform well if interest rates continue to fall.
The Federal Reserve cut rates twice in the fourth quarter, and investors are expecting more cuts in 2026. Lower rates could prompt savvy investors to start positioning now, since they can lock in higher yields.
Bond funds can also benefit investors by countering portfolio volatility, especially for those loaded up on growth stocks. If recession fears weigh on stock prices, bond income can serve as a safety net.
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