RBO & CO LLC

RBO & Co. entered 2026 with a $619M book that leans harder on healthcare names and consumer staples than its prior quarter, even as the overall portfolio shrank slightly. Johnson & Johnson and AbbVie still command the top two slots — together roughly 15% of the portfolio — but the firm trimmed both in Q1 while adding to Pfizer and Keysight Technologies, a shift that signals a willingness to replace mega-cap pharma weight with high-conviction mid-cap healthcare and technology names rather than simply paring risk. The most interesting move may be the complete exit from Heineken Holdings and LyondellBaseell, suggesting the portfolio is shedding residual cyclical and basic-materials exposure in favor of names that carry higher recurring revenue characteristics. For a $619M manager, these aren't seismic trades — but the pattern matters: lower AUM is being concentrated into fewer, more predictable cash-flow businesses.