AI Analysis · Q1 2026

RBF Capital's $2.05B portfolio contracted roughly $200M in Q1 — AUM fell from $2.25B to $2.05B — and the outflows land most visibly on the positions the manager was already reducing anyway, producing a filing that reads as defensive pruning rather than a rethink of the investment thesis. The single largest numerical move was Morgan Stanley, the fund's biggest holding at $135.3M, which was trimmed by $29.7M and 11.6% in share terms, taking it from 6.6% to 6.6% of the book but removing real dollar conviction. Meta fell by $11.2M to $60.1M, a roughly 16% reduction in both shares and dollar value, and now sits at 2.9% of the portfolio compared to 3.2% a quarter ago. Two moves that belong in the same conversation: the fund sold all of its Berkshire Hathaway Class B position — a $33.3M exit — while retaining a 76-share Class A position worth $54.6M, a structural oddity that suggests the Class B sale was a balance-sheet or liquidity decision rather than a view on the company, since the Class A remains. The three new names that entered alongside those exits tell a more interesting story about sector tilts. Entegris, a semiconductor- materials-and-equipment supplier, arrived with a $13.0M position — a supply-chain play inside a technology sleeve that already contains Meta, Apple, and Microsoft. Caterpillar entered at $10.6M, adding industrial exposure alongside the existing Energy Transfer and Tenet Healthcare positions. And Ardmore Shipping, a dry-bulk carrier, arrived with $13.8M, which together with the existing $47.1M Danaos Corporation position and the $16.3M Global Ship Lease creates a combined $77.2M shipping cluster — nearly 3.8% of the portfolio and one of the more distinctive sub-themes in the filing. That shipping cluster is the sharpest read in this book: it is not accidental, it is a deliberate container-shipping-and-dry-bulk bet, placed during a period of elevated freight rates and supply-chain disruption that the manager appears to believe is durable. Against that thesis, the AUM contraction and the simultaneous trimming of financial-services names (Morgan Stanley, Bank of America, Goldman Sachs) suggests the manager was reducing cyclical-financial exposure at the same time as building out what it views as more defensive industry exposures. The sector breakdown confirms the shift: Financial Services fell from roughly 42% to 36% of the portfolio, Technology and Healthcare both expanded slightly, and the shipping cluster emerged as a new thematic anchor.

Morgan Stanley, the largest single position heading into Q1 at $165M and 7.3% of the book, absorbed the biggest dollar reduction of the quarter: $29.7M shaved off, bringing it to $135.3M and 6.6%. The share count fell from 930,432 to 822,432 — a reduction that is consistent with outflows (fewer shares outstanding means the fund had less capital to deploy into MS as AUM declined) but is also large enough to read as a deliberate decision to reduce financial-services risk at the margin. Bank of America fell from $41.8M to $37.1M on a smaller share reduction, Goldman Sachs crept up slightly, and the broader Financial Services sleeve — which includes JPMorgan, Visa, Mastercard, State Street, BNY Mellon, Capital One, and State Street — remains the portfolio's largest sector at 36% of total assets. But the trimming at the margin of the largest position is a signal that the manager is rotating away from the sector's cyclical beta, not that it has lost conviction in the names themselves.

Meta Platforms received the second-largest dollar reduction, from $71.3M to $60.1M in value and from 108,000 to 105,000 shares, a roughly 16% reduction in both metrics that brings it from 3.2% to 2.9% of the portfolio. The reduction is not a vote against the name — Meta remains the third-largest single position — but it is a meaningful scale-back from a manager who had been building the position aggressively across prior filings. What replaced that exposure in the Technology sleeve is instructive: Entegris, a semiconductor materials-and-equipment supplier that processes chemicals and chambers used in chip fabrication, entered at $13.0M. That is not a broad tech bet; it is a supply-chain thematic, placed under the implicit thesis that semiconductor manufacturing capacity expansion is durable and that the equipment-and-materials layer of the stack is the cleanest publicly-listed expression of that trend. The existing tech book — Apple, Microsoft, Broadcom, Nvidia, Micron — is composed of end-market names; Entegris is a midstream supplier. Having both in the same sleeve is coherent only if the manager is expressing a multi-layer semiconductor thesis, and that is a more sophisticated positioning than a typical large-cap-growth filing shows.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight

MORGAN STANLEY

$135M822K6.6%02

SPY

STATE STR SPDR S&P 500 ETF T

$95M146K4.7%03

Filing history

2026Q1Mar 31

$2.0B▼ 54.6%

491 positionsView →2025Q4Dec 31

$4.5B▲ 100.9%

1,110 positionsView →2025Q3Sep 30

$2.2B▲ 6.7%

576 positionsView →2025Q2Jun 30

$2.1B▲ 26.2%

602 positionsLocked 2025Q1Mar 31

$1.7B▼ 13.8%

575 positionsLocked 2024Q4Dec 31

$1.9B▼ 3.1%

545 positionsLocked 2024Q3Sep 30

$2.0B▲ 14.7%

598 positionsLocked 2024Q2Jun 30

$1.7B▼ 2.8%

570 positionsLocked 2024Q1Mar 31

$1.8B▲ 8.2%

556 positionsLocked 2023Q4Dec 31

$1.7B▲ 8.6%

547 positionsLocked 2023Q3Sep 30

$1.5B▼ 5.1%

533 positionsLocked 2023Q2Jun 30

$1.6B▲ 16.5%

527 positionsLocked

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