Vault-13

RF INDS LTD RFIL

COM PAR $0.01 · Common Stock · CUSIP 749552105

51 institutional holders +15 vs Q2 2025
3,839,3883.8m shares reported held*
36.0% of all shares outstanding*
$31.6mreported value*
22 new 14 added 6 reduced 6 sold out net bought ≈ $10.6m (+1.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 10.7m as of 2025-09-11, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $8.23. Options: 5 managers hold calls ($604.1k notional), 1 hold puts ($189.3k).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 27Q4 22: 29Q1 23: 27Q2 23: 28Q3 23: 29Q4 23: 26Q1 24: 27Q2 24: 32Q3 24: 28Q4 24: 29Q1 25: 32Q2 25: 36Q3 25: 5151Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202227
Q4 202229
Q1 202327
Q2 202328
Q3 202329
Q4 202326
Q1 202427
Q2 202432
Q3 202428
Q4 202429
Q1 202532
Q2 202536
Q3 202551

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 23: 8 bought or addedQ4 23: 10 cut or sold outQ1 24: 8 bought or addedQ1 24: 10 cut or sold outQ1 24Q2 24: 14 bought or addedQ2 24: 6 cut or sold outQ3 24: 5 bought or addedQ3 24: 12 cut or sold outQ3 24Q4 24: 9 bought or addedQ4 24: 9 cut or sold outQ1 25: 13 bought or addedQ1 25: 10 cut or sold outQ1 25Q2 25: 16 bought or addedQ2 25: 8 cut or sold outQ3 25: 36 bought or addedQ3 25: 12 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023810
Q1 2024810
Q2 2024146
Q3 2024512
Q4 202499
Q1 20251310
Q2 2025168
Q3 20253612

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$200k$400k$600k$800kQ4 24 calls: $4.3kQ4 24 puts: $24.2kQ4 24P/C 5.64Q1 25 calls: $143.2kQ1 25 puts: $12.7kQ1 25P/C 0.09Q2 25 calls: $181.8kQ2 25 puts: $83.5kQ2 25P/C 0.46Q3 25 calls: $604.1kQ3 25 puts: $189.3kQ3 25P/C 0.31
Numbers
QuarterCallsPutsP/C
Q4 2024$4.3k$24.2k5.64
Q1 2025$143.2k$12.7k0.09
Q2 2025$181.8k$83.5k0.46
Q3 2025$604.1k$189.3k0.31

Biggest buyers

MARSHALL WACE, LLP New +248,762+248.8k
AMH Equity Ltd New +223,900+223.9k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP New +200,589+200.6k
O'SHAUGHNESSY ASSET MANAGEMENT, LLC New +134,295+134.3k
Informed Momentum Co LLC New +118,371+118.4k
RITHOLTZ WEALTH MANAGEMENT New +91,609+91.6k
Huntleigh Advisors, Inc. New +82,385+82.4k
ACADIAN ASSET MANAGEMENT LLC Added +46,450+46.5k
Jump Financial, LLC New +27,768+27.8k
Cubist Systematic Strategies, LLC New +21,059+21.1k

Biggest sellers

RENAISSANCE TECHNOLOGIES LLC Reduced -36,200-36.2k
CITADEL ADVISORS LLC Sold out -35,512-35.5k
Virtu Financial LLC Sold out -28,698-28.7k
SIMPLEX TRADING, LLC Reduced -18,168-18.2k
HRT FINANCIAL LP Sold out -11,320-11.3k
Hillsdale Investment Management Inc. Reduced -9,000-9.0k
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Reduced -7,800-7.8k
DIMENSIONAL FUND ADVISORS LP Reduced -7,729-7.7k
UBS Group AG Reduced -6,155-6.2k
RAYMOND JAMES FINANCIAL INC Sold out -2,000-2.0k

Biggest calls

CITADEL ADVISORS LLC Added $305.3k37.1k shares
JANE STREET GROUP, LLC New $129.2k15.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $108.6k13.2k shares
GROUP ONE TRADING LLC Added $56.0k6.8k shares
SIMPLEX TRADING, LLC Added $5.0k700 shares

Biggest puts

JANE STREET GROUP, LLC New $189.3k23.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13G · institution -2.2 pts · filed 2026-08-14 5.4% -2.2 pts 588.1k≈ $12.5m 2026-08-14
BlackRock, Inc. 13G · institution new · filed 2026-07-29 5.4% new 591.2k≈ $12.5m 2026-07-29

Insider purchases and sales in Q3 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
202Q4 23: 2 buyingQ4 23: 0 sellingQ1 24: 0 buyingQ1 24: 0 sellingQ1 24Q2 24: 0 buyingQ2 24: 0 sellingQ3 24: 1 buyingQ3 24: 0 sellingQ3 24Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 1 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20232$35.6k0——
Q1 20240—0——
Q2 20240—0——
Q3 20241$20.5k0——
Q4 20241$139.2k0——
Q1 20251$70.8k0——
Q2 20250—0——
Q3 20250—0——

None reported in Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.38% of their portfolio EDINA, MN 803,059803.1k $6.6m $6.6m 0.38% Reduced -7.8k -7,800
2 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 508,608508.6k $4.2m $4.2m 0.01% Reduced -36.2k -36,200
3 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 391,659391.7k $3.2m $3.2m 0.00% Added +20.5k +20,536
4 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 248,762248.8k $2.0m $2.0m 0.00% New
5 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 228,308228.3k $1.9m $1.9m 0.00% Reduced -7.7k -7,729
6 AMH Equity Ltd 2.31% of their portfolio Great Neck, NY 223,900223.9k $1.8m $1.8m 2.31% New
7 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 200,589200.6k $1.7m $1.7m 0.00% New
8 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 134,295134.3k $1.1m $1.1m 0.01% New
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 134,136134.1k $1.1m $1.1m 0.00% Added +2.2k +2,156
10 Informed Momentum Co LLC 0.11% of their portfolio SOLANA BEACH, CA 118,371118.4k $974.2k $974.2k 0.11% New
11 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 100,434100.4k $826.8k $826.8k 0.00% Added +7.8k +7,787
12 RITHOLTZ WEALTH MANAGEMENT 0.01% of their portfolio NEW YORK, NY 91,60991.6k $753.9k $753.9k 0.01% New
13 Huntleigh Advisors, Inc. 0.12% of their portfolio ST. LOUIS, MO 82,38582.4k $678.0k $678.0k 0.12% New
14 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 66,67666.7k $548.7k $548.7k 0.01% Added +18.4k +18,380
15 Hillsdale Investment Management Inc. 0.01% of their portfolio Toronto, A6 50,00650.0k $411.5k $411.5k 0.01% Reduced -9.0k -9,000
16 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 49,84449.8k $409.0k $409.0k 0.00% Added +46.5k +46,450
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 36,18436.2k $297.8k $297.8k 0.00% Added +2.0k +2,000
18 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 34,75834.8k $286.1k $286.1k 0.00% Added +17.6k +17,628
19 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 27,76827.8k $228.5k $228.5k 0.00% New
20 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 26,62726.6k $219.1k $219.1k 0.00% Added +10.3k +10,341
21 BERKSHIRE ASSET MANAGEMENT LLC/PA 0.01% of their portfolio WILKES BARRE, PA 25,00025.0k $205.8k $205.8k 0.01% Unchanged
22 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 21,68421.7k $178.5k $178.5k 0.00% Added +19.7k +19,684
23 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 21,05921.1k $173.3k $173.3k 0.00% New
24 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 20,55820.6k $169.2k $169.2k 0.00% New
25 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 19,87719.9k $163.6k $163.6k 0.01% New
26 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 17,97518.0k $147.9k $147.9k 0.00% New
27 Centiva Capital, LP 0.01% of their portfolio New York, NY 17,48617.5k $143.9k $143.9k 0.01% New
28 GSA CAPITAL PARTNERS LLP 0.01% of their portfolio LONDON, X0 17,08417.1k $141.0k $141.0k 0.01% Added +1.0k +1,014
29 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 16,31916.3k $134.3k $134.3k 0.00% Unchanged
30 WOLVERINE TRADING, LLC 0.00% of their portfolio CHICAGO, IL 16,30316.3k $139.2k $139.2k 0.00% New
31 BAILARD, INC. 0.00% of their portfolio Foster City, CA 15,71715.7k $129.4k $129.4k 0.00% New
32 Walleye Capital LLC 0.00% of their portfolio NEW YORK, NY 14,27414.3k $117.5k $117.5k 0.00% New
33 Heron Bay Capital Management 0.02% of their portfolio BLOOMFIELD HILLS, MI 13,11713.1k $108.0k $108.0k 0.02% Added +2.7k +2,711
34 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,0937.1k $58.4k $58.4k 0.00% Added +3.8k +3,842
35 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 5,9445.9k $49.0k $49.0k 0.00% New
36 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 5,3225.3k $43.8k $43.8k 0.00% New
37 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 4,6194.6k $38.0k $38.0k 0.00% New
38 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 3,5003.5k $27.9k $27.9k 0.00% Unchanged
39 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,7542.8k $22.7k $22.7k 0.00% Reduced -6.2k -6,155
40 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,5902.6k $21.3k $21.3k 0.00% Added +2.5k +2,502
41 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 2,3462.3k $19.0k $19.0k 0.00% Reduced -18.2k -18,168
42 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,1602.2k $17.8k $17.8k 0.00% New
43 Palisade Asset Management, LLC 0.00% of their portfolio MINNEAPOLIS, MN 2,0002.0k $16.5k $16.5k 0.00% New
44 Founders Capital Management 0.01% of their portfolio HOUSTON, TX 1,8201.8k $15.0k $15.0k 0.01% Unchanged
45 Indiana Trust & Investment Management Co 0.00% of their portfolio MISHAWAKA, IN 1,6751.7k $13.8k $13.8k 0.00% Unchanged
46 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 1,3501.4k $11.1k $11.1k 0.00% Unchanged
47 North Star Investment Management Corp. 0.00% of their portfolio CHICAGO, IL 1,3251.3k $10.9k $10.9k 0.00% Unchanged
48 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 257257 $2.1k $2.1k 0.00% Added +65 +65
49 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 200200 $1.7k $1.7k 0.00% Unchanged
50 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $8 $8 0.00% Unchanged
51 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 11 $8 $8 0.00% New