RBF Capital, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), RBF Capital, LLC reported 589 stock positions worth $2.0 billion. Its top holding was Morgan Stanley (MS) at 5.6% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 4.5%) and Meta Platforms Class A (META, 3.8%). Compared with Q1 2025, it opened 57 new positions, sold out of 26, added to 32 and reduced 83. The biggest buy was a new position in Morgan Stanley (MS) and the biggest sale an exit from Despegar.com (DESP).
- Most Recent 13F
- Q2 2026
- Location
- RENO, NV
- CIK
- 0001134621
- Portfolio Value
- $2.0B (Q2 2025)
- SEC Filing
- 0001062993-25-014366 ↗ filed Aug 14, 2025
Holdings Value
Holdings 589 stocks · $2.0B
| MS Morgan Stanley | 5.65% | 810,432 | $114.2M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.47% | 146,300 | $90.4M | New |
| META Meta Platforms Inc. Class A | 3.84% | 105,000 | $77.5M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 2.74% | 76 | $55.4M | No change |
| APP AppLovin Corp. Class A | 1.99% | 114,955 | $40.2M | New |
| MA Mastercard Inc. Class A | 1.82% | 65,500 | $36.8M | No change |
| FICO Fair Isaac Corp. | 1.81% | 20,000 | $36.6M | No change |
| DAC Danaos Corp. | 1.78% | 418,015 | $36.0M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.78% | 760,000 | $36.0M | No change |
| V Visa Inc. Class A | 1.67% | 95,000 | $33.7M | No change |
| BLDR Builders Firstsource Inc. | 1.49% | 258,702 | $30.2M | No change |
| HCA HCA Healthcare Inc. | 1.42% | 75,000 | $28.7M | No change |
| SPGI S&P Global Inc. | 1.30% | 50,000 | $26.4M | No change |
| MSFT Microsoft Corp. | 1.23% | 50,000 | $24.9M | No change |
| AAPL Apple Inc. | 1.22% | 120,000 | $24.6M | No change |
| MMYT Makemytrip Ltd. | 1.06% | 218,722 | $21.4M | No change |
| GOOG Alphabet Inc. Class C | 1.05% | 120,000 | $21.3M | New |
| UBER Uber Technologies Inc. | 1.05% | 228,000 | $21.3M | Reduce -9.7% |
| ET Energy Transfer LP | 0.90% | 1,000,000 | $18.1M | No change |
| UNH Unitedhealth Group Inc. | 0.85% | 55,000 | $17.2M | New |
| THC Tenet Healthcare Corp. | 0.81% | 93,237 | $16.4M | No change |
| GS Goldman Sachs Group Inc. | 0.81% | 23,000 | $16.3M | No change |
| UTI Universal Technical Institut | 0.80% | 475,840 | $16.1M | Reduce -1.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.77% | 214,574 | $15.6M | No change |
| WLFC Willis Lease Finance Corp. | 0.76% | 107,711 | $15.4M | No change |
| WMT Walmart Inc. | 0.75% | 155,322 | $15.2M | No change |
| COF Capital One Financial Corp. | 0.73% | 68,916 | $14.7M | Add +32.3% |
| PEP Pepsico Inc. | 0.71% | 108,400 | $14.3M | No change |
| JLL Jones Lang Lasalle Inc. | 0.63% | 50,000 | $12.8M | No change |
| GBTC Grayscale Bitcoin Trust ETF | 0.63% | 150,000 | $12.7M | No change |
| WFC Wells Fargo & Co. | 0.59% | 150,000 | $12.0M | No change |
| JPM JPMorgan Chase & Co. | 0.59% | 41,000 | $11.9M | No change |
| UBS UBS Group AG-Reg | 0.58% | 348,859 | $11.8M | Add +7.3% |
| WLDN Willdan Group Inc. | 0.57% | 185,543 | $11.6M | No change |
| MSCI MSCI Inc. | 0.57% | 20,000 | $11.5M | No change |
| GSL Global Ship Lease Inc. Class A | 0.57% | 437,463 | $11.5M | Reduce -5.0% |
| LINC Lincoln Educational Services | 0.57% | 499,070 | $11.5M | No change |
| VIPS Vipshop Holdings Ltd. - ADR | 0.54% | 722,165 | $10.9M | Reduce -11.6% |
| OPY Oppenheimer Holdings Class A | 0.54% | 165,000 | $10.9M | No change |
| STT State Street Corp. | 0.51% | 96,000 | $10.2M | No change |
| MOD Modine Manufacturing Co. | 0.49% | 100,000 | $9.8M | No change |
| OSCR Oscar Health Inc. Class A | 0.48% | 449,604 | $9.6M | No change |
| NWL Newell Brands Inc. | 0.47% | 1,776,922 | $9.6M | Add +28.3% |
| BGC BGC Group Inc. Class A | 0.47% | 928,365 | $9.5M | Reduce -4.1% |
| VCTR Victory Capital Holding - A | 0.47% | 149,063 | $9.5M | No change |
| NVDA Nvidia Corp. | 0.47% | 60,000 | $9.5M | New |
| STC Stewart Information Services | 0.47% | 145,540 | $9.5M | No change |
| AVGO Broadcom Inc. | 0.46% | 33,730 | $9.3M | No change |
| TOL Toll Brothers Inc. | 0.45% | 80,500 | $9.2M | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.45% | 100,000 | $9.1M | No change |
| ENTG Entegris Inc. | 0.45% | 111,735 | $9.0M | No change |
| GOOGL Alphabet Inc. Class A | 0.44% | 50,000 | $8.8M | No change |
| TPR Tapestry Inc. | 0.43% | 100,000 | $8.8M | No change |
| BKD Brookdale Senior Living Inc. | 0.43% | 1,251,242 | $8.7M | Reduce -3.6% |
| BKNG Booking Holdings Inc. | 0.43% | 1,500 | $8.7M | No change |
| ASC Ardmore Shipping Corp. | 0.43% | 901,880 | $8.7M | No change |
| AIG American International Group | 0.42% | 100,000 | $8.6M | No change |
| SPNT Siriuspoint Ltd. | 0.42% | 416,943 | $8.5M | No change |
| DAL Delta Air Lines Inc. | 0.41% | 170,000 | $8.4M | Add +6.3% |
| URI United Rentals Inc. | 0.41% | 11,000 | $8.3M | No change |
| CE Celanese Corp. | 0.39% | 143,000 | $7.9M | Add +53.8% |
| BCS Barclays PLC-Spons ADR | 0.37% | 400,000 | $7.4M | No change |
| AXP American Express Co. | 0.36% | 23,000 | $7.3M | No change |
| ROCK Gibraltar Industries Inc. | 0.36% | 123,099 | $7.3M | No change |
| MLCO Melco Resorts & Entert-ADR | 0.36% | 1,000,000 | $7.2M | Add +17.7% |
| CNO Cno Financial Group Inc. | 0.35% | 185,034 | $7.1M | No change |
| CTEV Claritev Corp. | 0.34% | 154,034 | $7.0M | Add +23.4% |
| GBLI Global Indemnity Group LLC-A | 0.33% | 214,941 | $6.7M | No change |
| AMCR Amcor PLC | 0.33% | 726,065 | $6.7M | New |
| CSV Carriage Services Inc. | 0.32% | 143,430 | $6.6M | No change |
| UAL United Airlines Holdings Inc. | 0.32% | 80,000 | $6.4M | No change |
| BLK BlackRock Inc. | 0.31% | 6,000 | $6.3M | No change |
| LYV Live Nation Entertainment Inc. | 0.30% | 40,000 | $6.1M | No change |
| MPAA Motorcar Parts of America Inc. | 0.30% | 539,021 | $6.0M | Add +4.2% |
| PSX Phillips 66 | 0.30% | 50,000 | $6.0M | No change |
| JRVR James River Group Holdings I | 0.29% | 1,000,000 | $5.9M | Reduce -2.0% |
| CAT Caterpillar Inc. | 0.29% | 15,000 | $5.8M | No change |
| MDLZ Mondelez International Inc. Class A | 0.28% | 85,000 | $5.7M | No change |
| HBAN Huntington Bancshares Inc. | 0.28% | 339,596 | $5.7M | No change |
| MDY State Street SPDR S&P Midcap | 0.28% | 10,000 | $5.7M | No change |
| PCG P G & E Corp. | 0.28% | 400,000 | $5.6M | No change |
| USPH U.S. Physical Therapy Inc. | 0.27% | 69,999 | $5.5M | No change |
| JEF Jefferies Financial Group Inc. | 0.27% | 100,000 | $5.5M | No change |
| OPLN Openlane Inc. | 0.27% | 220,000 | $5.4M | No change |
| BKR Baker Hughes Co. | 0.27% | 140,000 | $5.4M | No change |
| LPG Dorian LPG Ltd. | 0.26% | 219,406 | $5.3M | No change |
| PHM Pultegroup Inc. | 0.26% | 50,000 | $5.3M | No change |
| VSTS Vestis Corp. | 0.26% | 906,180 | $5.2M | Add +199.2% |
| CROX Crocs Inc. | 0.25% | 50,000 | $5.1M | No change |
| HIPO Hippo Holdings Inc. | 0.25% | 180,000 | $5.0M | No change |
| RCL Royal Caribbean Cruises Ltd. | 0.25% | 16,000 | $5.0M | No change |
| LEG Leggett & Platt Inc. | 0.25% | 560,705 | $5.0M | Add +19.4% |
| KO The Coca-Cola Co. | 0.25% | 70,000 | $5.0M | No change |
| ONIT Onity Group Inc. | 0.24% | 129,356 | $4.9M | No change |
| THR Thermon Group Holdings Inc. | 0.24% | 174,684 | $4.9M | New |
| RNR Renaissancere Holdings Ltd. | 0.24% | 20,000 | $4.9M | No change |
| JBI Janus International Group Inc. | 0.24% | 590,000 | $4.8M | Reduce -3.9% |
| CWH Camping World Holdings Inc. Class A | 0.24% | 279,179 | $4.8M | Add +39.6% |
| AER Aercap Holdings NV | 0.23% | 40,000 | $4.7M | Reduce -11.1% |
| MHO M/I Homes Inc. | 0.23% | 41,700 | $4.7M | No change |
Options reported separately and not counted above: MS puts ($21.1M), TSLA puts ($17.2M), SPY puts ($15.4M), BRK.B puts ($9.7M), UBER puts ($4.4M), C puts ($4.3M), MSTR puts ($4.0M), SMCI calls ($1.5M), DJT puts ($1.4M), SNAP calls ($1.0M), C calls ($851K), LYFT calls ($630K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $4K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AP.WS Ampco-Pittsburgh Corp. -CW25 | *W EXP 08/01/202 | 211,652 | $4K | No change |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q1 2025 → Q2 2025
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.56 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.44 |
| VXUS Vanguard Total Intl Stock | Reduce -68.0% | 0.14% | −0.35 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -11.6% | 0.54% | −0.27 |
| AMZN Amazon.com Inc. | Reduce -39.4% | 0.22% | −0.18 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.18 |
| SVIX -1X Short Vix Futures ETF | Sold out | 0.00% | −0.15 |
| PHX PHX Minerals Inc. | Sold out | 0.00% | −0.14 |
| VEA Vanguard Ftse Developed ETF | Reduce -66.7% | 0.06% | −0.14 |
| XOM Exxon Mobil Corp. | Reduce -35.5% | 0.11% | −0.13 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −0.12 |
| GSM Ferroglobe PLC | Reduce -41.0% | 0.10% | −0.11 |
| UBER Uber Technologies Inc. | Reduce -9.7% | 1.05% | −0.11 |
| SMG Scotts Miracle-Gro Co. | Sold out | 0.00% | −0.10 |
| REZI Resideo Technologies Inc. | Reduce -63.0% | 0.05% | −0.10 |
| GSL Global Ship Lease Inc. Class A | Reduce -5.0% | 0.57% | −0.09 |
| CC The Chemours Co. | Reduce -3.4% | 0.17% | −0.09 |
| EHTH Ehealth Inc. | Reduce -1.2% | 0.09% | −0.09 |
| BGC BGC Group Inc. Class A | Reduce -4.1% | 0.47% | −0.09 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -50.0% | 0.07% | −0.09 |
| JD Jd.com Inc.-ADR | Reduce -14.3% | 0.10% | −0.08 |
| DFAI Dimensional International Co. | Reduce -16.1% | 0.22% | −0.08 |
| BKD Brookdale Senior Living Inc. | Reduce -3.6% | 0.43% | −0.08 |
| HBI Hanesbrands Inc. | Reduce -14.7% | 0.09% | −0.08 |
| BZH Beazer Homes USA Inc. | Reduce -22.7% | 0.15% | −0.08 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.07 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.07 |
| WNC Wabash National Corp. | Reduce -25.9% | 0.09% | −0.07 |
| SON Sonoco Products Co. | Reduce -16.7% | 0.11% | −0.07 |
| OPRT Oportun Financial Corp. | Reduce -65.4% | 0.04% | −0.07 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.07 |
| DFAX Dimensional World Ex US Core | Reduce -15.2% | 0.20% | −0.07 |
| HZO Marinemax Inc. | Reduce -35.6% | 0.10% | −0.07 |
| ALLY Ally Financial Inc. | Reduce -7.7% | 0.23% | −0.07 |
| DFIC Dimensional International Co. | Reduce -13.3% | 0.20% | −0.06 |
| AOUT American Outdoor Brands Inc. | Reduce -2.3% | 0.12% | −0.06 |
| CVS CVS Health Corp. | Reduce -33.3% | 0.07% | −0.06 |
| YELP Yelp Inc. | Reduce -50.0% | 0.03% | −0.06 |
| AER Aercap Holdings NV | Reduce -11.1% | 0.23% | −0.06 |
| CVX Chevron Corp. | Reduce -30.0% | 0.05% | −0.06 |
| JBI Janus International Group Inc. | Reduce -3.9% | 0.24% | −0.04 |
| BMBL Bumble Inc. Class A | Reduce -33.8% | 0.13% | −0.04 |
| GT Goodyear Tire & Rubber Co. | Sold out | 0.00% | −0.04 |
| BSET Bassett Furniture Inds | Reduce -6.5% | 0.09% | −0.03 |
| ADT Adt Inc. | Reduce -13.0% | 0.08% | −0.03 |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | Sold out | 0.00% | −0.03 |
| THRY Thryv Holdings Inc. | Reduce -22.9% | 0.04% | −0.03 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.03 |
| VIRT Virtu Financial Inc. Class A | Reduce -40.0% | 0.03% | −0.03 |
| MAN Manpowergroup Inc. | Reduce -50.0% | 0.01% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| MS Morgan Stanley | New | 5.65% | +5.65 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 4.47% | +4.47 |
| APP AppLovin Corp. Class A | New | 1.99% | +1.99 |
| GOOG Alphabet Inc. Class C | New | 1.05% | +1.05 |
| UNH Unitedhealth Group Inc. | New | 0.85% | +0.85 |
| NVDA Nvidia Corp. | New | 0.47% | +0.47 |
| AMCR Amcor PLC | New | 0.33% | +0.33 |
| THR Thermon Group Holdings Inc. | New | 0.24% | +0.24 |
| CTEV Claritev Corp. | Add +23.4% | 0.34% | +0.18 |
| XRAY Dentsply Sirona Inc. | New | 0.16% | +0.16 |
| TSQ Townsquare Media Inc. Class A | Add +862.7% | 0.17% | +0.14 |
| HOFT Hooker Furnishings Corp. | New | 0.14% | +0.14 |
| COF Capital One Financial Corp. | Add +32.3% | 0.73% | +0.14 |
| MYE Myers Industries Inc. | New | 0.12% | +0.12 |
| DOCU Docusign Inc. | New | 0.12% | +0.12 |
| LYFT LYFT Inc. Class A | New | 0.11% | +0.11 |
| ONL Orion Properties Inc. | New | 0.11% | +0.11 |
| LCUT Lifetime Brands Inc. | New | 0.10% | +0.10 |
| ULBI Ultralife Corp. | New | 0.10% | +0.10 |
| HI Hillenbrand Inc. | New | 0.09% | +0.09 |
| KHC The Kraft Heinz Co. | New | 0.09% | +0.09 |
| MAC The Macerich Co. | Add +355.7% | 0.11% | +0.08 |
| MLCO Melco Resorts & Entert-ADR | Add +17.7% | 0.36% | +0.08 |
| SQQQ Proshares TR | New | 0.07% | +0.07 |
| VSTS Vestis Corp. | Add +199.2% | 0.26% | +0.07 |
| DLHC DLH Holdings Corp. | New | 0.07% | +0.07 |
| MLR Miller Industries Inc. | New | 0.06% | +0.06 |
| CMCO Columbus McKinnon Corp. | Add +241.8% | 0.10% | +0.06 |
| CE Celanese Corp. | Add +53.8% | 0.39% | +0.06 |
| INMD Inmode Ltd. | New | 0.06% | +0.06 |
| TAYD Taylor Devices Inc. | New | 0.05% | +0.05 |
| AMPY Amplify Energy Corp. | New | 0.05% | +0.05 |
| LYEL Lyell Immunopharma Inc. | New | 0.04% | +0.04 |
| RRX Regal Rexnord Corp. | New | 0.04% | +0.04 |
| SNAP Snap Inc. Class A | New | 0.04% | +0.04 |
| MTN Vail Resorts Inc. | Add +300.0% | 0.06% | +0.04 |
| JBLU Jetblue Airways Corp. | Add +900.0% | 0.04% | +0.04 |
| TNC Tennant Co. | New | 0.03% | +0.03 |
| CWH Camping World Holdings Inc. Class A | Add +39.6% | 0.24% | +0.03 |
| ALTG Alta Equipment Group Inc. | New | 0.03% | +0.03 |
| DIS The Walt Disney Co. | New | 0.03% | +0.03 |
| TSLA Tesla Inc. | New | 0.03% | +0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.03% | +0.03 |
| NNBR NN Inc. | New | 0.03% | +0.03 |
| XBIT Xbiotech Inc. | New | 0.03% | +0.03 |
| SRI Stoneridge Inc. | New | 0.03% | +0.03 |
| TWIN Twin Disc Inc. | New | 0.03% | +0.03 |
| HRI Herc Holdings Inc. | New | 0.02% | +0.02 |
| ST Sensata Technologies Holdplc | Add +60.0% | 0.06% | +0.02 |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | New | 0.02% | +0.02 |
Options Activity Q1 2025 → Q2 2025
| MS Morgan Stanley | put | Add +41.5% | 150,000 | $21.1M |
| TSLA Tesla Inc. | put | Reduce -15.6% | 54,000 | $17.2M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +150.0% | 25,000 | $15.4M |
| UNH Unitedhealth Group Inc. | put | Sold out | 20,000 | $10.4Mbefore exit |
| NVDA Nvidia Corp. | put | Sold out | 60,000 | $6.5Mbefore exit |
| GOOG Alphabet Inc. Class C | put | Sold out | 30,000 | $4.7Mbefore exit |
| UBER Uber Technologies Inc. | put | New | 47,000 | $4.4M |
| C Citigroup Inc. | put | New | 50,000 | $4.3M |
| APP AppLovin Corp. Class A | put | Sold out | 10,000 | $2.6Mbefore exit |
| DOCU Docusign Inc. | call | Sold out | 25,000 | $2.0Mbefore exit |
| SMCI Super Micro Computer Inc. | call | Reduce -16.7% | 30,000 | $1.5M |
| BIDU Baidu Inc. - Spon ADR | call | Sold out | 10,000 | $920Kbefore exit |
| C Citigroup Inc. | call | New | 10,000 | $851K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| GBGWF Global Blue Group Holding AG | *W EXP 08/28/202 | Sold out | 546,131 | $12Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 506 | $2.4B | MS, SPY, APP, META, BRK.A |
| Q1 2026Amended | 487 | $2.0B | MS, SPY, META, BRK.A, DAC |
| Q4 2025Amended | 547 | $2.2B | MS, SPY, APP, META, BRK.A |
| Q3 2025 | 569 | $2.2B | MS, SPY, APP, META, BRK.A |
| Q2 2025 | 589 | $2.0B | MS, SPY, META, BRK.A, APP |
| Q1 2025 | 558 | $1.6B | BRK.A, META, FICO, MA, V |
| Q4 2024 | 536 | $1.9B | MS, SPY, META, BRK.A, APP |
| Q3 2024 | 589 | $2.0B | MS, SPY, META, BRK.A, BLDR |
| Q2 2024 | 561 | $1.7B | SPY, MS, META, BRK.A, DAC |
| Q1 2024 | 547 | $1.8B | SPY, MS, BLDR, META, BRK.A |