Aldebaran Capital, LLC

A 28.1% cut to Bunge was the sharpest move in an otherwise exit-free Q1 2026 for Aldebaran Capital, a concentrated $130.8 million, 43-position value shop anchored by Berkshire Hathaway (14.7% of assets), with real commodity and energy conviction running through Occidental Petroleum, Suncor Energy, Chevron, Freeport-McMoRan and Century Aluminum, plus a satellite of small-cap biotech names. Notably, the fund didn't fully exit a single position this quarter — every holding it had is still on the books. The largest genuine move was a 28.1% share cut in Bunge, the agricultural commodities trader, pulling out roughly $3.4 million — more than four times the size of any other reduction — even though Bunge's dollar value actually rose slightly on price strength. Suncor Energy shows a similar pattern: shares cut 10.3%, yet the position's value climbed $1.7 million. On the buying side, Microsoft shares were increased 12.2% even as the position's total value fell $1.2 million on a weaker stock price — Aldebaran added into the decline rather than chasing strength. The largest new commitment is a fresh $5.1 million stake in Glencore, the commodities trading giant, alongside new positions in LKQ Corp, Ziff Davis, and a handful of smaller additions including Exxon Mobil and Bank of Montreal.