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]

Core Insights - A small group of investment consultants has significantly influenced the allocation of US pension funds into private markets, including private equity, real estate, and hedge funds, leading to a multi-trillion-dollar shift [1][2][6] Group 1: Shift in Investment Strategy - Over the past two decades, the movement towards alternative investments was primarily driven by consultant recommendations rather than changes in pension fundamentals [2] - The share of total investments in alternatives has increased from 10% at the beginning of the century to three times that amount, marking a significant trend for professional money managers [3] Group 2: Impact of Consultants - The influence of a few consultants on the retirement outcomes of many individuals is profound, with the potential consequences of incorrect guidance being substantial [4] - Consultants have historically been the behind-the-scenes advisors, shaping the investment strategies of endowments and foundations without drawing much public attention [6] Group 3: Return Forecasts and Expectations - Between 2001 and 2021, the average expected alpha from alternative assets increased by approximately 60 basis points, indicating a rising belief in their potential for higher returns compared to public equities [7] - Despite the increased return expectations, consultants have not adjusted the beta for alternatives, suggesting that these assets are still expected to behave similarly to equities while promising superior performance [8]

Core Insights - The article discusses the expertise of Nikola in finance and consulting, particularly focusing on North American public equities and ETFs [1] - Nikola has experience in corporate credit risk analysis, government consulting, and venture capital analysis in the med-tech sector [1] - The article highlights Nikola's recent efforts to assist investors in identifying better ETF options amidst a crowded market [1] Group 1 - Nikola has over three years of experience in finance and consulting [1] - The focus is on finding value in North American public equities and ETFs [1] - Nikola's professional background includes corporate credit risk analysis and consulting for government entities [1] Group 2 - Nikola has been involved in venture capital analysis specifically in the med-tech space [1] - The article notes that every asset manager currently offers similar ETF options, indicating a need for differentiation [1] - Nikola aims to help investors narrow down better ETF options [1]

Core Insights - Investors are reducing their exposure to US assets due to concerns over tariffs, pressure on the Federal Reserve, rising deficits, and a potentially weaker dollar [2][3][6] - The start of Trump's second term has prompted a genuine diversification in client portfolios, with a shift towards European and Japanese markets, as well as private markets linked to the AI boom [3][6] Investment Trends - A growing number of clients from Mercer LLC, managing a total of $17 trillion, are reallocating funds from the US to Europe, Japan, and other regions [2] - US equities have underperformed compared to global peers for dollar-based investors, particularly following uncertainties related to Trump's trade policies [3] Tariff Implications - Tariffs present a dual challenge for markets, potentially squeezing profit margins or leading to inflation if costs are passed on to consumers [4] - The Trump administration's support for a weaker dollar could exacerbate inflationary pressures caused by tariffs, complicating the Fed's ability to cut rates [5] Federal Reserve Dynamics - Trump's criticisms of Fed Chair Jerome Powell and attempts to influence Fed governance have contributed to a shift away from US assets, raising concerns about the politicization of the Fed [6] - The focus on inflation and employment by the Fed is becoming increasingly complicated, leading to a stronger advocacy for diversification among investors [6]

As filed with the Securities and Exchange Commission on August 7, 2025. Registration Statement No. 333-284140 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Zenta Group Company Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands 8742 Not Applicable (State or other jurisdiction of incorporation or organization) (P ...