Ranked by reported Q2 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 | -1.3% | 10.788% | 0.51% |
| 2 | BERKLEY W R CORP | 815K | $9.0M | +6.3% | 5.428% | 0.41% |
| 3 | MIZUHO SECURITIES USA LLC | 734K | $8.0M | +0.3% | 4.892% | 0.08% |
| 4 | First Trust Capital Management L.P. | 515K | $5.7M | 0.0% | 3.427% | 0.33% |
| 5 | DEUTSCHE BANK AG\ | 240K | $2.6M | -1.2% | 1.599% | 0.00% |
| 6 | AQR Arbitrage LLC | 170K | $1.9M | +0.8% | 1.136% | 0.03% |
| 7 | WOLVERINE ASSET MANAGEMENT LLC | 132K | $1.5M | -1.8% | 0.880% | 0.01% |
| 8 | Polar Asset Management Partners Inc. | 50K | $552K | 0.0% | 0.333% | 0.01% |
| 9 | Clear Street Group Inc. | 17K | $192K | +25.5% | 0.116% | 0.00% |
| 10 | GOLDMAN SACHS GROUP INC | 16K | $179K | 0.0% | 0.108% | 0.00% |
| 11 | MORGAN STANLEY | 669 | $7K | +768.8% | 0.005% | 0.00% |
| 12 | GLAZER CAPITAL, LLC | 40K | $441 | -58.6% | 0.266% | 0.01% |
| 13 | Kepos Capital LP | 29K | $320 | 0.0% | 0.194% | 0.44% |
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 Q2 2026, grouped by how each filer changed its position.
Institutions that opened a new RFAI position in Q2 2026
No new institutional buyers this quarter.
Institutions that fully closed their RFAI position in Q2 2026
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q2 2026 | 13 | 13% | 29.17% | 0.44 pp | $47M | +0.8% |
| Q1 2026 | 15 | +7.1% | 29.61% | +16.65 pp | $47M | +155% |
| Q4 2025 | 14 | 53% | 12.96% | 53.23 pp | $18M | 81% |
| Q3 2025 | 30 | +3.4% | 66.19% | +0.70 pp | $99M | +3.2% |
| Q2 2025 | 29 | 6.5% | 65.49% | +1.37 pp | $96M | +4.5% |
| Q1 2025 | 31 | 11% | 64.12% | 0.15 pp | $92M | +1.3% |
| Q4 2024 | 35 | +13% | 64.27% | +0.75 pp | $90M | +2.0% |
| Q3 2024 | 31 | — | 63.52% | — | $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 Q2 2026 13F filings, institutional ownership of RF Acquisition Corp II Ordinary Shares stands at 29.2%, held across 13 reporting institutions.
Karpus Management, Inc. is the largest reported institutional holder of RFAI, with approximately 1,619,533 shares worth $0.02B as of Q2 2026.
No marquee "smart money" managers (Berkshire, Burry, ARK, Tiger Global, Pershing Square, Baupost, etc.) currently appear among the top 25 institutional holders of RFAI.
Our composite Smart Money Score for RFAI is 13 out of 100 (Heavy Distribution). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
0 institutions opened new positions in RFAI during Q2 2026, while 2 fully exited. 9 added to existing positions and 4 trimmed.
RFAI institutional ownership fell by 0.44 percentage points quarter-over-quarter, with a net change of -2 holders.
The top 10 institutions account for 100.0% 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.
RF Acquisition Corp II Ordinary Shares (RFAI) Institutional Ownership