MFF Capital Investments Ltd

MFF Capital Investments' Q1 2026 13F is a $1.52B, 19-position concentrated quality-growth long-only portfolio with one of the most stable profiles in institutional data. Total AUM fell from $1.63B in Q4 2025 to $1.52B in Q1 2026 (-$111.2M or -6.8%), a moderate contraction driven entirely by mark-to-market weakness in the portfolio's financial-services core (Bank of America -$16.3M, American Express -$22.3M, Mastercard -$16.1M, Visa -$18.0M) and modest declines elsewhere. The portfolio's eight-anchor core -- Mastercard ($165M, 10.9%, 330K shares, +4.1% shares), Alphabet ($151M, 10.0%, 528K shares, -5.6% shares, -$23.2M), Visa ($150M, 9.8%, 495K shares, +3.6% shares), Bank of America ($139M, 9.1%, 2.84M shares, +0.9% shares), Amazon ($129M, 8.5%, 620K shares, +12.0% shares, the portfolio's largest absolute increase), META ($128M, 8.4%, 223K shares, +10.0% shares), American Express ($122M, 8.0%, 402K shares, +3.3%), and Home Depot ($108M, 7.1%, 328K shares, +0.8%) -- accounts for 71.8% of AUM. The portfolio is notable for holding BOTH classes of Alphabet stock simultaneously (GOOGL $151.9M, 528K shares AND GOOG $18.2M, 63K shares -- a $170.1M combined position on 591K shares, 11.2% of AUM), a pattern reflecting either legacy dual-class tracking or an options/arbitrage overlay. 20 total changes occurred in Q1 (1 new, 1 sold, 15 increased, 2 decreased, 1 unchanged), reflecting a manager running a high-conviction, low-turnover, accumulate-into-weakness strategy. The sole new opening: Dick's Sporting Goods ($18.6M, 0.9%, 94K shares) -- sporting-goods retail -- is a small consumer-discretionary addition. The sole sale: HCA Healthcare ($12.7M in Q4, SOLD entirely) -- a complete exit of the portfolio's only healthcare position, reducing the healthcare sleeve from 5.6% of AUM to zero. The two decreases were both Alphabet (GOOGL -5.6%, -$23.2M; GOOG -14.8%, -$5.2M) -- the only positions the manager reduced in Q1. Every other position (15 of 18) was increased: the most dramatic being RB Global (+303.9% shares, +$3.4M from $1.2M to $4.6M -- a 4x increase on a small base), Microsoft (+26.0% shares), UnitedHealth (+11.8%), META (+10.0%), Amazon (+12.0%), CVS (+17.2%), and the financial-services core (AXP +3.3%, V +3.6%, BAC +0.9%, MA +4.1%). The sector breakdown -- Financial Services $408.6M (26.9%, Mastercard/Visa/BAC/AXP/Blackstone/KKR/US Bancorp/ICE), Consumer Cyclical $319.8M (21.0%, Amazon/Home Depot/Lowe's/CVS/Dick's Sporting Goods), Communication Services $257.6M (17.0%, META/Alphabet), Technology $101.2M (6.6%, Microsoft), Healthcare $84.5M (5.6%, UnitedHealth) -- reflects a classic high-quality, financial-and-consumer-focused long-only mandate. The 76.50 whaleScore on $1.52B reflects AUM. The portfolio's identity reads as a concentrated best-ideas quality-and-momentum fund with heavy exposure to the 'Mag 7' ecosystem (Microsoft, Amazon, META, Alphabet, Visa, Mastercard) plus financial-services and home-improvement retail -- the kind of portfolio run by a single-family office or a sub-$2B long-only equity manager with a high-conviction, low-turnover philosophy. The defining characteristic is that the manager INCREASED shares in 15 of 18 positions in a quarter where AUM fell -6.8% -- this is pure accumulation-into-weakness behavior, not a single defensive trim (except HCA's sale and the Alphabet reductions). The Q1 2026 delta is best read as: MFF Capital executed a confident, accumulator-style quarter -- adding to every major position except Alphabet (trimmed) and HCA (sold), opening a small Dick's Sporting Goods toehold, and maintaining a 72% concentration in 8 anchor names across the AI-and-payments ecosystem (MSFT, AMZN, META, GOOGL combined ~$495M), financial infrastructure (MA, V, BAC, AXP combined ~$468M), and consumer quality (HD, LOW). The -6.8% AUM decline was absorbed without a single defensive-name reduction -- a signal of strong conviction in the core book.