Group 1 - SJS Investment Consulting has more than doubled its position in Treasury bills, indicating a defensive shift in its cash management strategy [1] - The firm has a significant focus on actively managed ETFs, with its largest equity holding exceeding $360 million [1] - The increase in Treasury bill holdings suggests that SJS may be prioritizing short-duration investments as a safe harbor [1] Group 2 - The Vanguard Institutional Index Fund - 0-3 Months Treasury Bill ETF (VBIL) offers efficient access to the U.S. Treasury bill market, focusing on ultra-short maturities to minimize interest rate risk [2][6] - VBIL employs a disciplined, index-tracking approach designed to deliver consistent returns that mirror its benchmark, appealing to investors seeking low-cost, stable fixed income exposure [2] - As of January 20, 2026, VBIL shares were priced at $75.56, reflecting a 3.9% increase over the past year, with an annualized dividend yield of 3.11% [4] Group 3 - SJS Investment Consulting acquired 84,687 shares of VBIL, valued at approximately $6.39 million based on the average closing price during Q4 2025, increasing its total VBIL position to $9.07 million [5] - VBIL holds Treasury bills maturing in one to three months, providing government-backed safety with yields tracking short-term rates, functioning as a higher-yielding alternative to money market funds [6] - The fund currently yields around 3.6%, making it an attractive option for conservative investors needing capital preservation and quick access to funds [7]