This Portfolio Cut $23 Million in T-Bills as Stocks Took Center Stage

Core Insights - Focused Wealth Management sold 300,114 shares of the Vanguard 0-3 Month Treasury Bill ETF (VBIL), valued at approximately $22.66 million based on quarterly average pricing [1][2] - The fund's holdings in VBIL decreased significantly, representing only 0.07% of its 13F reportable assets, down from 2.48% in the previous quarter [2][3] Fund Performance - As of January 28, VBIL shares were priced at $75.62, reflecting a 0.75% increase over the past year [3][4] - The fund has a 30-day SEC yield of 3.56% [4][10] Fund Overview - The Vanguard 0-3 Month Treasury Bill ETF is designed for low-risk short-term capital allocation, primarily investing in U.S. Treasury bills [6][7] - The fund operates on a passive investment model, aiming to replicate its benchmark index through a sampling strategy [7][8] Market Context - The significant reduction in VBIL holdings suggests a shift in capital allocation as investors seek better opportunities amid rising risk appetite [9][11] - The portfolio is heavily weighted towards equity ETFs, with over 40% allocated to large-cap growth, value, and technology funds, indicating a preference for riskier assets as volatility subsides [11]