Substantial doubt about the company's ability to continue as a going concern.
“management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the unaudited financial statements are issued.”
Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.
Recent SEC filings are still being reconciled. Holder totals and changes may be incomplete until processing catches up.
Holders:36
Total Value:$48,441,962
Total Shares:12,829,645
Institutional Ownership Trend
9 quarters
Holder Concentration
Across 36 13F filers
· Δ vs Mar 31, 2026
Top Holder
36.9%
−0.0 pts
Top 5
89.3%
+1.7 pts
Top 10
98.9%
+0.5 pts
HHI
2,178
Moderately concentrated+53
Who Holds RFAI
Last 8 quarters through Jun 30, 2026
Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory
records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book.
The quarter selector does not change this card.
Shares are 13F common shares restated to today's split basis; options and principal amounts are left out.
The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later
quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type
comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster
current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and
book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none
was. Actively managed books are those measured systematic-like, concentrated or diversified active.
Conviction and Crowding
13 13F filers, quarter ended Jun 30, 2026
Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts
filers with high turnover or that advise private funds on Form ADV.
Conviction holders
0
0.000% of filers hold it in their top 10
Mar 31, 2026: 0
Holders above 5%
0
median weight 0.035%
Mar 31, 2026: 0
Crowding
—
holders exceed shares outstanding: 13F filers report more shares than the cover-page count, which predates an issuance, is misstated, or misses shares lent and reported twice
Mar 31, 2026: 21.6%
Private-fund advisers
—
of shares outstanding
Institutional ownership
—
holders exceed shares outstanding: 13F filers report more shares than the cover-page count, which predates an issuance, is misstated, or misses shares lent and reported twice
How long holders have held itvalue-weighted 7.5 quarters
Under 1 year 0.000%1 to 3 years 100.0%3 years or more 0.000%Since coverage start 0.000%
Managers in the top fifth by current three-year FundScore alpha were net
buyers of $0
(0 buying, 0 selling).
Estimated Holder Cost Basis
Quarter ended Jun 30, 2026, on that quarter's share basis
Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps
the average cost, so this is what holders paid on average if they traded evenly through each quarter.
Estimated avg cost
$10.23
estimated per share
Mar 31, 2026: $10.22
Quarter-end price
$11.03
implied by 13F values
Estimated gain or loss
+7.8%
price against the estimated cost
Estimated at a loss
0.000%
of costed 13F value
Estimated cost covers 82.8% of the 13F shares; positions
already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.
Shared Holders
Companies RFAI's active holders also own, quarter ended Jun 30, 2026
Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026
Index funds and index ETFs hold 0.00% of shares outstanding.
Fund type
Of shares outstanding
Change
Shares
Funds
Index funds
0.00%
0.00 pp
0
0
Index ETFs
0.00%
0.00 pp
0
0
Active ETFs
0.00%
0.00 pp
0
0
Active funds
14.56%
0.00 pp
511,438
2
Unclassified
0.00%
0.00 pp
0
0
All registered funds
14.56%
0.00 pp
511,438
2
How fund types are measured
Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share
positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or
before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have
no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their
advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.
Quarterly Activity
vs Mar 31, 2026
New
3
Increased
10
Decreased
5
Sold Out
2
Unchanged
18
New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.
