Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in RFAI held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | Karpus Management, Inc. | 1.6M | $17.9M | — | 15.419% | 0.56% |
| 2 | BERKLEY W R CORP | 766K | $8.4M | +157.3% | 7.202% | 0.45% |
| 3 | MIZUHO SECURITIES USA LLC | 732K | $8.0M | +219.3% | 6.882% | 0.19% |
| 4 | Vivaldi Asset Management, LLC | 515K | $5.6M | 0.0% | 4.835% | 0.29% |
| 5 | DEUTSCHE BANK AG\ | 243K | $2.6M | 0.0% | 2.284% | 0.00% |
| 6 | CNH PARTNERS LLC | 169K | $1.8M | -0.7% | 1.589% | 0.03% |
| 7 | WOLVERINE ASSET MANAGEMENT LLC | 134K | $1.5M | -10.8% | 1.264% | 0.02% |
| 8 | Polar Asset Management Partners Inc. | 50K | $545K | 0.0% | 0.470% | 0.01% |
| 9 | Logan Stone Capital, LLC | 28K | $302K | +45.4% | 0.260% | 0.08% |
| 10 | GOLDMAN SACHS GROUP INC | 16K | $177K | 0.0% | 0.152% | 0.00% |
| 11 | Clear Street Group Inc. | 14K | $151K | +50.9% | 0.130% | 0.00% |
| 12 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 12K | $127K | -27.8% | 0.110% | 0.00% |
| 13 | GLAZER CAPITAL, LLC | 96K | $1K | -51.7% | 0.907% | 0.02% |
| 14 | MORGAN STANLEY | 77 | $839 | -86.4% | 0.001% | 0.00% |
| 15 | Kepos Capital LP | 29K | $317 | 0.0% | 0.273% | 0.52% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in RFAI — a direct measure of their conviction.
Filings activity in RFAI during Q1 2026, grouped by how each filer changed its position.
Institutions that fully closed their RFAI position in Q1 2026
No institutional exits this quarter.
7 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 15 | +7.1% | 40.20% | +24.46 pp | $47M | +155% |
| Q4 2025 | 14 | 53% | 15.74% | 68.54 pp | $18M | 81% |
| Q3 2025 | 30 | +3.4% | 84.28% | +2.61 pp | $99M | +3.2% |
| Q2 2025 | 29 | 6.5% | 81.67% | +3.50 pp | $96M | +4.5% |
| Q1 2025 | 31 | 11% | 78.17% | +1.03 pp | $92M | +1.3% |
| Q4 2024 | 35 | +13% | 77.14% | +1.49 pp | $90M | +2.0% |
| Q3 2024 | 31 | — | 75.65% | — | $89M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying RFAI stock.
Based on Q1 2026 13F filings, institutional ownership of RF Acquisition Corp II Ordinary Shares stands at 40.2%, held across 15 reporting institutions.
Karpus Management, Inc. is the largest reported institutional holder of RFAI, with approximately 1,640,733 shares worth $0.02B as of Q1 2026.
Yes — 1 widely-followed marquee investor appear among the top 25 institutional holders of RFAI, including SUSQUEHANNA INTERNATIONAL GROUP, LLP.
Our composite Smart Money Score for RFAI is 74 out of 100 (Bullish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
1 institutions opened new positions in RFAI during Q1 2026, while 0 fully exited. 10 added to existing positions and 4 trimmed.
RFAI institutional ownership rose by 24.46 percentage points quarter-over-quarter, with a net change of +1 holders.
The top 10 institutions account for 99.4% of all reported 13F value in RFAI, and the top 25 account for 100.0%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.