Extreme concentration defined RV Capital AG’s $382.63 billion Q1 2026 equity portfolio, holding only 13 positions. New positions numbered two and exits three; Carvana (CVNA) alone commanded 31.1% of the portfolio. Meta Platforms (META) contributed 21.8%, Credit Acceptance (CACC) 13.8%, Interactive Brokers (IBKR) 13.4%, and H World Group (HTHT) 7.3%, pushing the top five’s combined weight to 87.4%.

RV Capital AG deployed $653.8 million into Morningstar Inc. during Q1 2026, backing a provider of financial data and independent investment research. This bet on MORN reflects confidence in the persistent need for objective ratings and analytics, as financial markets grow more complex and investor demand for passive strategies expands. Morningstar’s subscription-driven model and entrenched position within asset management deliver predictable revenue streams. RV Capital also bought $242.5 million of Spotify Technology S.A., signaling a conviction in the global shift toward audio consumption and the platform’s ability to monetize its vast user base. Spotify’s dual revenue engine, combining premium subscriptions with expanding advertising, captures value from both creators and consumers in the digital audio economy.

Analyzing the new purchases reveals a clear pattern: RV Capital targets businesses building defensible platforms around data, content, or information. Morningstar and Spotify both generate substantial recurring revenue from distinct, sticky customer bases. RV Capital seeks companies creating competitive advantages through proprietary data, network effects, or strong brand affinity, enabling high gross margins and efficient capital allocation. These additions confirm a preference for models less reliant on physical assets, emphasizing intellectual property and user engagement.

RV Capital AG significantly increased its stake in Microsoft during Q1 2026, adding 119% to its position, which now totals $9.41 billion. The manager also raised its Carvana holdings by 24%, boosting that investment to $118.82 billion. Salesforce saw a 41% increase, growing its total to $2.90 billion. These moves demonstrate focused buying activity in specific names.

Further portfolio adjustments included a 7% addition to Meta Platforms, bringing its value to $83.31 billion. Interactive Brokers received a more modest 1% addition, reaching $51.11 billion. RV Capital allocated substantial capital to established tech giants while also expanding exposure to a high-growth e-commerce play. The significant percentage increases, particularly in Microsoft and Salesforce, indicate strong conviction behind those growth trajectories. Total dollar values confirm Carvana and Meta remain core holdings, even with smaller percentage increases.

RV Capital AG, a registered institutional investment manager, pared down several positions during Q1 2026. The firm cut its stake in Credit Acceptance Corp. (CACC) by 5%, simultaneously reducing its exposure to H World Group Ltd. (HTHT) by 7%. RV Capital also trimmed its holding in Yum China Holdings Inc. (YUMC) by 5%. These targeted reductions suggest a re-evaluation of specific sector prospects rather than a broad market retreat from the institutional investor.

RV Capital’s choices highlight evolving sentiment towards consumer credit and Chinese market dynamics. Reducing CACC indicates potential caution regarding the subprime auto lending sector’s stability or growth prospects. The simultaneous pullbacks from HTHT and YUMC, both significant operators in China’s consumer sector, point to a measured approach to the country’s economic recovery or regulatory environment. These moves, revealed in its Q1 13F filings, offer a window into the investment manager’s updated portfolio strategy, prioritizing liquidity or seeking alternative growth avenues.